Just when lots of folks thought the real estate market would settle into its summer doldrums around here, I was of the impression that the market was going to be quite busy, and it seems that I was correct, for once.
Judy Green, President and CEO of Signature Sotheby's International Realty in Sarasota, reported that this was a "landmark year in the Sunshine State, and especially in greater Sarasota."
The Sarasota Association of Realtors reported that the inventory for houses that are listed for sale was at it lowest point in over 6 years (down from over 17,089 in 2007 to just over 5,000 units today). That puts us in a place we haven't been for quite some time. This is the place we have been striving to land for since the boom ended. To prove the point that the demand is way up, I had a customer make an offer in June on a bank-owned property. When we arrived to look at the property, there were four cars in the driveway and people walking all around the property. We made an offer and discovered that we were 1 of 9 offers. Needless to say, my customer did not get the highest bid. He made another offer two weeks later on a bank-owned property and we found out there were 5 offers that had already been received. My client sent in a higher counter and now has the property under contract. But this is indicative of where the market may be heading in Sarasota.
In the same article, Judy points out that 31% of international buyers, spending some $82 billion dollars, choose Florida as their final destination. Being named the #1 beach in the nation did not hurt us either.
One might be led to believe that only the lower priced homes are selling, but Sarasota Herald Tribune columnist Michael Braga, one who has generally not put Sarasota housing in a good light, recently said, "Drive around Bird Key and you will get the impression that the Great Recession is receding into memory."
Could it be that the times are a changing? Let's hope so.
No comments:
Post a Comment