Ft. Lauderdale/Miami Luxury Property Auction

In conjuction with other Sotheby's affiliates SKY Sothebys and Daniel Decaro conducted a portfolio luxury property auction in Ft. Lauderdale yesterday. The auction included properties in the Ft. Lauderdale and Miami area. Take a look at the two stunning properties below. It looks like the auction was successful in uncovering buyers for each of these properties.

One Isla Bahia - listed at $22,999,999

1235 East Lake Drive - listed at $14,999,000

Since the Ft. Lauderdale/Miami real estate markets are behind Sarasota in terms of a recovery the auction failed to get bids on many properties. According to the Florida Association of Realtors—the Sarasota/Manatee area once again outsold the Miami and Ft. Lauderdale markets, which continues the trend for every month of 2007 and 2008. It appears the home sellers in the Miami area need to be punched in the nose with a dose a reality.

Sarasota market recovery

SKY Sotheby's had an outstanding first quarter in terms of transactions. Many of our listings have gone under contract and we represented numerous buyers in the purchase of a property.

Sarasota is recovering faster than other Florida real estate markets. Too bad the national media paints the entire Florida real estate market with one broad stroke.

This market has become more affordable again. Back in 2005 if you wanted to get a condo on the beach side of the road on Longboat Key, Siesta Key or Lido Key you would pretty much have to pay at least $500,000. Now, there are options out there under $400,000. I know of a condo on Lido Key under $350,000.

In 2005 you would have to pay at least $400 a square foot for a Downtown Sarasota condo. Now there are options out there at $250 a square foot.

Want a house under $150,000? You have 659 to choose from in the Sarasota MLS.

Want a gulf front condo under $500k? You have 68 to choose from on Siesta, Lido and Longboat Keys.

Want a house built within the last 5 years in the Sarasota area under $350k? There are 175 of them to choose from.

Want a condo built within the last 5 years on the barrier islands less than $2 million? You have 43 to choose from.

We are affordable again. I see the light at the end of the tunnel. The Sarasota MLS shows 747 homes and 309 condominium under contract. The downward movement on price is turning to go sideways.