SARASOTA, FLORIDA, April 5th, 2017 – Pricing advantage for Sarasota condos for sale has tilted in favor of buyers and has grown more attractive particularly to investors and snowbirds in search of a seasonal home.
In January‒February, the inventory of multifamily homes in the county including condominium units rose by about 26 percent. This gain sent active listings to nearly 2,000 units as of the last count this February and put months’ supply of inventory to 6.2 months which already indicates a buyers’ market. A 5.5 months’ supply is the industry benchmark for market equilibrium wherein neither buyer nor seller has the edge in pricing.
Price appreciation remains upbeat and in tempo with the recent uptick in inventory levels. Median prices of Sarasota condos for sale in February rose 15.4 percent to $219,245 which was preceded by a 10 percent increase in January to $239,900.
Significantly, the bulk of the new listings coming in recently are multi-family units priced under the $200s typically favored by rental property investors and by those in search of affordable second homes. It is encouraging as well for these buyers that a good number of the recently listed Sarasota condos for sale are in locations close to the downtown district and other local attractions.
One of the conspicuous gains in new listings at the low-end segment of Sarasota condos for sale was in several communities close to the Ed Smith Stadium. This facility located east of downtown remarkably generated a record $89 million in economic impact as a sports tourism magnet in its annual hosting of the spring training camp of the Baltimore Orioles, according to a recent independent study commissioned by Sarasota County.
The potential for sharing in the stadium’s economic largesse could be explored at Sarasota Palms on the southwest corner of Tuttle Avenue and 10th Street adjacent the sports facility. Recent listings in this neighborhood are priced in the low $100s for one-bedroom units with a living area of 714 square feet.
Sarasota Palms, developed in the early 1970s, is a gated community offering such facilities as a swimming pool tennis courts, volleyball sand pit, a dog run, picnic area. It also has a newly remodeled clubhouse with state of the art fitness center, saunas, billiards room, theater, and a business center.
For more spacious choices, Villagio across east of the stadium has newly listed three-bedroom condos with tag prices in the upper $100s. These units feature living areas measuring 1,310 square and are bundled with several amenities.
A gated complex like Sarasota Palms, Villagio has a clubhouse, fitness center, tennis and basketball courts, putting green, playground and a resort-style pool. A picnic area and a dog park are also among the amenities in this property which was developed in 2002 off 12th Street.
Townhouse-style condos priced in the low $100s have also been sales-listed recently at Ramblewood Acres. These too are walking distance to the Ed Smith Stadium.
The newly available residences at Ramblewood have floor areas of close to 1,300 square feet designed with three bedrooms, two baths and a half-bath. Likewise gated, Ramblewood features a clubhouse, three swimming pools, recreation room, kitchen, fitness center, pool table, shuffle board, library, and picnic area.
SARASOTA, FLORIDA, October 7, 2019 – Property values of communities in the Sarasota-Manatee region now face lesser threat from neighborhood eyesores brought about by abandoned, foreclosed homes. Known in the real estate trade as zombie foreclosures, these properties have shrunk significantly in the region. According to an August report of ATTOM Data Solutions, abandoned […] more>>