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Sarasota condominiums market
Although the town most commonly slated as being the most condominium-crazy not only in Florida but also in the entire United States is Miami, you'd be surprised to know that the market for the Sarasota condominiums is in fact crazier, proportionally speaking. If you study the numbers and pay attention to the proportions of units and residents you'll notice that although condo market developers have plans for 25,000 units in Miami's central business district, or one for every 24 of its 600,000 residents, on the Sarasota condominiums market which caters to only a population of 55,000, there is one condo planned for every 19.
However there are indicators that the high-end market for Sarasota condominiums is overbuilt. Real estate agents have been having trouble selling the Sarasota condominiums priced at $1 million or more for some time now. The question on everyone's minds is whether the stifling construction craze in the Sarasota condo market will counterweigh demand in order to drive the escalating prices back to ground.
The Sarasota condominiums market has been booming, with condos priced from $400,000 to $800,000 flying off the shelf, but real estate agents warn that the Sarasota condo market might be slowing down this year when constructions of nearly 1,000 Sarasota condominiums will be completed.
The number of $1 million-plus condos far exceeds demand, and every development is struggling to sell penthouse units. Nonetheless, real estate agents are optimistic about the Sarasota condominiums market. Sarasota is quickly becoming one of the most sought after places to live. What used to be a sleepy tourist town filled mainly with retirees is now a thriving city with an abundance of arts, culture, business, and recreation. That said, Sarasota Florida real estate is still a glorious destination in which to settle when your working days are done. In fact, retired individuals make up about one third of Sarasota's population and act as the city's base, but the fastest growing segment of the population is middle-aged adults and their children.
Real estate in Sarasota is enhanced by the city's thriving arts scene. Theatre lovers rejoice in all that the thriving drama scene has to offer. The famed Asolo Theatre, Banyan Theatre Company, and Florida Studio Theatre offer superb productions year-round. The area also boasts of magnificent museums, symphonies, operas, and ballets.
The downtown Sarasota area has been revitalized. The recent boom in condos offers buyers a multitude of options for living downtown. Downtown Sarasota condominiums are very popular with second homeowners and retirees. Residents love walking to popular destination spots such as: opera, theater, art galleries, fine or casual dining, Movie Theater, parks, book stores, and boating/fishing facilities.
Still, the general consensus among buyers, real estate agents and analysts is that the market for Sarasota condominiums is in far better shape than those in other places across the country. Two-bedroom units at The Plaza at Five Points, for example, started selling for around $650,000. They're now being resold for as much as $760,000, a 17% appreciation, even if the certificates of occupancy are yet to be issued. The 2005 Michael Saunders & Co. report stated that 314 units priced at more than $1 million were listed on the Sarasota condominiums market between the end of July 2004 and the end of July 2005. Condos priced $1 million and up are more enticing because of the bizarre boom at the lower end of the market for Sarasota condominiums.
