Luxury Properties in Sarasota, Florida
Luxurious waterfront homes in Sarasota are selling briskly, according to a recent edition of the Herald-Tribune. It would seem that many, buying up homes for sale on the beach, are taking advantage of the fact that listing prices on waterfront properties are still much lower than they were before the recession began in 2008. However, as the number of available homes decreases, prices rise. So, if you’ve been dreaming of your own beach home in Sarasota, FL, now is the time to buy.
Waterfront properties on Siesta Key, Bird Key, and Harbor Acres are current hot spots, according to the newspaper. For example, a waterfront home on Siesta Key was purchased in December for $1.65 million. This same 3,700-square-foot property went for $2.3 million in 2006. A home for sale on Lakeshore Drive came on the market in 2008 with an asking price of $4.2 million. It sold in 2011 for $2.15 million.
Contracts and pending sales on waterfront properties of $1 million or more were up about 15% for the first three months of 2012 versus the same time period in 2011. High-end homes for sale in Sarasota are increasingly popular with investors, retirees, and international buyers seeking vacation homes.
Of the current MLS listings, many of the best deals in Sarasota are on the luxury properties for sale. One current posting shows a $2.5 million “prairie-style” four-bedroom home with a $300,000 decrease from the original asking price. Another Sarasota home, a waterfront property listed at $1.99 million — $191,000 below the initial asking price — is described as “a vision of custom-built elegance.”
Pushing the recovery in Sarasota’s luxury real estate market is the sense that prices have bottomed out and that good buys are starting to slip away. Home prices are certainly inching upwards, and while home inventory is dwindling, it’s not yet a serious concern. There are still plenty of desirable luxury homes for sale (as well as homes in all price ranges).
Sarasota is already poised to take advantage of a housing recovery. The city was ranked number five on Realtor.com’s list of the top ten turnaround towns for 2011’s fourth quarter. So, if you’re thinking about buying one of many beautiful luxury properties in Sarasota, FL remember that William True holds the CLHMS designation, making him a Certified Luxury Home Marketing Specialist. Here at True Sarasota Real Estate, we know Sarasota and the Gulf Beaches better than anyone, and as Exclusive Buyer Agents, we have helped buyers all around the world pick out the perfect luxury properties in Sarasota, FL.