Condo resales turning into buyer's market

Here is a link to a recent article about downtown Sarasota condos and the remorse many of the original buyers have. The article discusses the current climate of the Sarasota condo market, mostly in the downtown area. Obviously, with the slow down in the real estate market and condo construction boom over the last few years there are plenty of new and wonderful condominiums to choose from. If you want to buy a downtown sarasota condo for personal use you will probably never have so many choices.

Some of the buyers who purchased from the developer a few years ago are walking away from the deposits. The list of local high-rises where buyers are walking away from deposits or offering their units for resale includes Alinari at Rosemary Place, a 17-story building on Tamiami Trail; Broadway Promenade, which will feature 187 units when completed on U.S. 41 at 10th Street; Rivo at Ringling, a 15-story, 106-unit tower at Ringling Boulevard and Osprey Avenue; and Kanaya, a 35-unit tower on Orange Avenue.

The article paints a pretty bad picture for the downtown condo market. There is a large supply of inventory but it is a very desired area. I get a few requests a week from people who are interested in downtown real estate. A lot people want to buy downtown but have delayed their purchase because they were unsure what prices were going to do when all of these condo buildings finished. Waterfront and downtown are the two most requested locations for 2nd home buyers. The end users are out there but just apprehensive about buying for fear of lower prices. Good properties, priced competitively will see action.