Why the snowbirds come to Florida

Up north



Sarasota, Florida


Chicago 11 27

New York 31 39

Atlanta 40 49

Charlotte 35 49

Columbus 31 37

Sarasota 56 75

Good news for the real estate market

I was trading emails with a potential buyer from England today. As you probably know the Euro is very strong against the dollar. For Canadians and Europeans Florida is turning out to be the perfect storm for them. Prices here are down significantly and their currency is very strong against the dollar.

One of the comments I found interesting was, "I find the prices in Sarasota amazing! We should all move to Florida."

Foreigners are interested in our real estate market

Prices are down 30%-40% since the market highs of 2005

Mortgage rates are low

Lenders are loosening up credit just a bit (but not too much)

An administration change in Washington will increase confidence with many Americans

There is pent up buyer demand

Home construction is very low meaning few new homes added to the market

With the volatile stock market some people will put their assets in real estate

Property tax relief on the way

Inventory of Sarasota Homes and Condos

I had a request from my blog reader Todd for the latest inventory levels. He requested inventories for October, November and December. Unfortunately, our MLS system does not allow us to go back in time like that so I can only give today's numbers.

If you look at the right side of this page you will see a log of Sarasota home and condo inventory levels. The latest figures from the Sarasota MLS are as follows:

January 25, 2008
Single Family Homes - 5,056
Condominiums - 3,426

I originally displayed the trendgraphix chart of inventory but it was a little skewed as there were a large number of properties that expired the last day of the year. Apparently, most of them have been relisted. I wish we could chart the inventory levels of sellers who were priced within 5%-10% of market value.

While inventories are still high there are pockets with a limited number of properties. Take a look at the condo on Longboat Key that I mentioned in the post below. If you were a buyer for a beach front 2 bedroom, 2 bathroom condo on the south end of Longboat Key with an unobstructed view of Gulf of Mexico under $1 million dollars you only have about 17 condos in 8 complexes to choose from.

I was out with a client yesterday looking at downtown Sarasota condos. My client wanted a quality newer building, between $1 and $1.5 million, a view of the bay, 2+ bedrooms, 2+ bathrooms. There are only 16 condos that currently fit and I can eliminate most of the 16 units for various reasons. He really did not have much to choose from.

Some friends of mine wanted to purchase a small rental for a long term investment. We started working out the details of our offer when the listing agent called to tell me that they already sold the home that day.

Properly priced homes will see action. People are starting to see value again. I have sold 4 properties since the beginning of the year. All of my buyers needed to get a sense of value before they got off their check book. Those of you trying to sell right now should objectively compare your property to your competition. Make your property the best value by improving it and/or pricing it better.

Longboat Key Condo - Under Contract

My client just put this gorgeous two bedroom/two bathroom condominium in Sunset Beach under contract. It is listed by Hannerle Moore with SKY Sotheby's.

Property description:

Uninterupted and spectacular full gulf and sunset views from every room. Direct beach front Sunset Beach condominium with sweeping views all the way up Longboat Key to Lido Beach. Largest two bedroom floor plan with great kitchen, laundry room, master suite, guest room, large living room and balcony. Beautifully decorated and pristine with Bahama shutters and new appliances. Sunset Beach is a true island gem located in a lush tropical setting with a large heated, beachfront pool & hot tub, gorgeous white sand beach for miles and miles of walking and miles of bike paths around the island. Asking price of $850,000.

There are some great values on Longboat Key. Looking for a beach front condominium with breathtaking views? Go to my Longboat Key condo page and view everything for sale. Call me at 941-812-6272 or email me if I can help find you one.

Broadway Promenade

Looking for value in downtown Sarasota? Take a look at the Broadway Promenade condominiums on the edge of downtown. This mixed-used development consists of 187 condos homes priced from the $200's to the $600's. Residents can walk to the brand new Publix grocery, bank, day spa, several upscale retailers and are within minutes to main street. For a complete list of condos for sale call me at 941.812.6272.

Canadians looking for Florida real estate

I have not had much time to keep you up to date on Sarasota real estate news as I have been busy with several Canadian home buyers. Take a look at this 5 year chart of the Canadian dollar - U.S. dollar exchange rate. As you can see from the chart the Canadian dollar (Loonie) is hovering around par with the U.S. dollar. The strength of Loonie in conjunction with a depressed real estate market in Florida has caught the eye of our friendly neighbors to the north.

As we were looking at a home today one of them stated to me that "the stars are perfectly aligned for us". I have had the pleasure of working with several home buyers from Canada recently and have many others arriving to look at property in the coming months. Please contact me at 941-308-6491 if you need help finding your next dream home or selling your property in Sarasota.

Holiday Party Photos

This is not very real estate related but here are some photos of a holiday party I attended at Paul and Carol Clark's home. They are agents with SKY Sotheby's.

Me, Judie Berger and Matt Morris

1/2 of Glenn Johnson (SRQ360 photographer), Mary Hellhake, Charlotte Hedge and Chad Roffers

A bunch of agents, spouses and a photographer.

Carol Clark and Matt Schulz

Chad Roffers, Phillip and Donna Smith and Carol Clark