What do you think will happen to Sarasota realestate? (new home, landscaping)

[craigiri]

Originally Posted by Ladywithafan

Actually, everything's pretty much overpriced ~ that may sound generalized trivial but it's true. IMO, it's crazy at the moment due to the explosion of brand new condominiums starting out in the millions in the mile area between Golden Gate Park & Main Street, Rosemary District & the area around the Women's Exchange. W....k

I have a nice lot we decided not to build our cottage on in that area (Gillespie Park) - perfect for a small to medium place and a forward thinking person could end up with a nice house - walk to downtown - for less than $250K.

That's darn reasonable, IMHO - especially since many of your neighbors that you can walk to are paying millions....

I wouldn't take one of those condos if you gave it to me just because of the fees and dealing with the HOA...

[Spectrum1]

Gillespie Park? sorry but that area has been trying to "gentrify" north of Fruitville etc for the last 25 years, and it still is a mish-mash and still somewhat sketchy.

[London_to_MD]

Originally Posted by crazy4fl

Single Family

Thanks!

[craigiri]

Originally Posted by Spectrum1

Gillespie Park? sorry but that area has been trying to "gentrify" north of Fruitville etc for the last 25 years, and it still is a mish-mash and still somewhat sketchy.

100's of nice apartments, some 1/2 million dollar houses and some even higher priced townhomes being built and actually selling in Rosemary and Gillespie

I know the area started out going uphill but then took a 8 year+ break due to the Great Recession - the same is somewhat true of a lot of other areas.

Point is..or was....whether 90K for our lot or 110K elsewhere - or 110-130 for a teardown west or sw of downtown, one can then build a house and live nicely at a relatively low Cost of Living.

Location is always key - out by the Amish (east of tuttle) is a bit cheaper but you can't walk to wholefoods, downtown and vast amounts of other places.

Everyone trades one thing for another. Remember, folks inland sometimes have 40 minutes of traffic just to get to a beach.

[StreetSmarts]

Sell while u can. We are at the top imo. I held off bc I honestly think it will correct again and willing to wait it out.

[Picshooter]

I wonder how many people that live a "walkable" distance to the Farmers Market, Whole Foods, and Downtown shopping actually walk, shop, and hand carry their wares home any distance at all? My guess is that they walk to their car parked as close as they can find a parking spot

Personally i live near the Amish and can walk to Yoders, or be downtown by bike in 10 minutes.

How about that builder doing all the tear downs west of Tuttle? They seem to be going up faster than......

Originally Posted by craigiri

100's of nice apartments, some 1/2 million dollar houses and some even higher priced townhomes being built and actually selling in Rosemary and Gillespie

I know the area started out going uphill but then took a 8 year+ break due to the Great Recession - the same is somewhat true of a lot of other areas.

Point is..or was....whether 90K for our lot or 110K elsewhere - or 110-130 for a teardown west or sw of downtown, one can then build a house and live nicely at a relatively low Cost of Living.

Location is always key - out by the Amish (east of tuttle) is a bit cheaper but you can't walk to wholefoods, downtown and vast amounts of other places.

Everyone trades one thing for another. Remember, folks inland sometimes have 40 minutes of traffic just to get to a beach.

[motordavid]

Agree that many SFH prices are a bit bubblelicious, and it feels a bit like 2006-2008, at least in terms of house pricing..
as for overall debt obligations by all parties, governmental, personal & private, that is a term paper for another forum.

If one thinks Sarasota County is pricey, be glad one isn't looking in Collier County, which we migrated north from 3 winters ago: the same builders with very similar house sizes/plans, amenities et al are 25 to 40% higher in CC vs SC.

Similar situ for existing homes, though maybe not quite as dramatic.
GL, mD

[bbronston]

I wish prices were lower, too. I've lost a couple of customers recently who simply couldn't find what they wanted in their price range and they were willing to go up to a substantial amount. We just didn't have what they wanted.

I think it is important, though, to keep things real and in perspective. The lax lending conditions that existed during the last bubble, which made it possible for prices to increase in an overly exuberant way, don't exist now. The median sales price for single family homes in Sarasota County reached into the mid-to-upper $300s when the market was at the top but it is currently $257.5K and our market appears to be balanced for now. That median is still pretty high relative to recent years but that is what you see with a recovery. Prices might continue to go up or they might go down once there is too much inventory or too much resistance to higher prices but there's a difference between a bubble and market cycles.

[FLHfan]

Also a good percentage of recent home sales were cash and owners aren't in danger of losing their jobs and defaulting on a mortgage.

[FLHfan]

Originally Posted by Maggas

This has little to do with whether the market prices are inflated and reasonably priced or not, a contract price is a contract price. Whether that contract price is in fact a closed deal is another matter. Very few prospective buyers are in the market now who don't know if they have been approved for a mortgage. Those buyers are long gone. The tire kickers don't exist. The market here is overpriced and in another bubble. Don't fall for the hype and BS.

I didn't say it did. The bubble is only in your head Zack.