Sarasota Area Sale/Rents Unaffordable (Tampa, Bradenton: for sale, foreclosures, rent)

[pip349]

Originally Posted by gypsychic

Sarasota is a resort city, and for as long as I can remember prices have ALWAYS been higher than a lot of other places due to demand for the area, not just the past few "bubble years." It's just the way it is. They may be coming down in price from the boom, but will never be in line with the service worker's income. No resort city is, at least none that I have seen.

That is not true. Sarasota prices have always aligned with the median income. That is until the funny lending practices of 2000-2005. They will return to normal, there is no other possible outcome.

[Carbondated]

Originally Posted by gypsychic

Sarasota is a resort city, and for as long as I can remember prices have ALWAYS been higher than a lot of other places due to demand for the area, not just the past few "bubble years." It's just the way it is. They may be coming down in price from the boom, but will never be in line with the service worker's income. No resort city is, at least none that I have seen.

I don't remember Sarasota being considered a "resort city" until the housing "bubble" started. It was a quiet, low key community with many affordable areas for "service workers" aka nurses, teachers, firemen, policemen, plumbers, electricians. If it is true that Sarasota was "ALWAYS" a pricey resort city...where did the teachers, police, firemen and others reside? DeSoto County? Just food for thought....I hope you are wrong about it never again being a place where the likes of these types of "service workers" can live.

[pip349]

Originally Posted by Carbondated

I don't remember Sarasota being considered a "resort city" until the housing "bubble" started. It was a quiet, low key community with many affordable areas for "service workers" aka nurses, teachers, firemen, policemen, plumbers, electricians. I hope you are wrong about it never again being a place where the likes of these types of "service workers" can live.

Exactly, Orlando is a resort city. And prices there still reflect fundamentals. Sarasota has a median income of $44000 and the housing median price will fall until it reflects 2.5-3 times income. Just like it has for a hundred years until 2001.

[gypsychic]

Originally Posted by Carbondated

I don't remember Sarasota being considered a "resort city" until the housing "bubble" started. It was a quiet, low key community with many affordable areas for "service workers" aka nurses, teachers, firemen, policemen, plumbers, electricians. If it is true that Sarasota was "ALWAYS" a pricey resort city...where did the teachers, police, firemen and others reside? DeSoto County? Just food for thought....I hope you are wrong about it never again being a place where the likes of these types of "service workers" can live.

When I moved there in 1980 I had STICKER SHOCK! It was twice the price of Tampa back then. And it's worse now. Just my perception, we struggled for 17 years. Work for professionals was hard to come by, hubby ended up commuting to Tampa. My best friend had to work a PART-TIME teaching job for ten years before she could get a full-time position. I stand by what I said - just look at all the posts over the past year from people who can't find decent paying jobs or affordable housing. Sure, a few do, just like anywhere, but it is most definitely a resort city, one of the most overpriced in the state. It comes up over and over on the housing blogs about being one of the most "overvalued" markets in the country.

As far as where did the "service workers" live, well waiters and waitresses mostly had to have many roommates to afford it (I knew quite a few) or else lived in the undesirable parts of town, i.e. north of downtown, near the airport or around Lime Ave. near the police station - all of which were crime infested and not very nice. Don't know how those areas are now. I guess if someone was lucky enough to have bought many years ago they could be in a nicer neighborhood.

But you are correct that it mostly got really bad in the boom of the last few years; in fact it started earlier in Sarasota, like right about the time we moved about ten years ago.

That's my story, and I'm stickin' to it!

[imagardener]

I recently looked into moving/buying in the Sarasota-Bradenton but in comparison to other cities it was just way overpriced (I guess 30%) when comparing similar houses in SW Florida.

I think it's a beautiful area that owes much of it's price appreciation to the abundance of cultural offerings because other parts of the SW coast have the same beaches and natural beauty. Sarasota is special because of those other things it has and also it's central location.

I ended up farther south (Englewood) and am happy with the smaller town atmosphere but I can be empathetic to people who can't afford the price of a Sarasota house. It is true that the most desirable cities are expensive for "ordinary" people to live in. New York City-duh.

[buffjones]

Thanks everybody, you all have some valid points. It does, however, appear from my research that prices HAVE to come down. My family lived in a rental a couple miles from the bridge to siesta beach many years ago in a modest but nice 2 bd/ 2 bath home, and my father paid the bills as a veterinary technician(he was a single income parent). Now, he couldn't dream of finding that for what the average veterinary technician brings home in the area especially that close to Siesta. It was back in the early 1990's and the wages are not that much higher for vet techs than what he was making then (plus inflation). So the prices have definitely suffered from the "Funny Money" lending craze. Time will tell how the market will or won't adjust. Everything else is just speculating. Thanks again.

[Ladywithafan]

Originally Posted by buffjones

According to city-data, the average median FAMILY income in the area is 36K, and the rents for 2bd/2ba are 900.00-1300.00 range. I have noticed however, that prices are starting to come down on purchases especially fixer uppers. Both need to come WAY down. These prices are just not realistic given the wages paid in the area. Just an observation. Any and all thoughts appreciated.

I don't see you make any "rent" mention here and that's in your headline?
What's up with that? Want my thoughts?

[jay2007]

Warren Buffet avoided the IRRATIONAL ENTHUSIASM of the people who paid too much for a house.
Warren Buffet said FUNDAMENTALS determine price and value. A lot in tampa area cost 10,000 a house new 3-4 bedroom 39,000 cost, 2000 for electric, 2,000 for plumbing, and labor cost make a new 3-4 bedroom home FUNDAMENTAL VALUE apprx 69,000 dollars, condos cost half to 1/4 to build.
Laborers, drywall hangers, masons, etc wages have NOT gone up, copper plumbing and pcv plumbing costs are same as they were 10 years ago, lumber and brick and home materials have not gone up in price in 20 years.
Soooooo the only winners in the enrot irrational exhurberance housing price inflation game is your local property tax assessor. The sellers if caught up in irrational exhuberance will just over pay for thier next overtaxed inflated no fundamental value home.
I wonder do enrot house price buyers and sellers really like eating woodwork? Anyone who pays more then fundamental value, cost of material, lot, and labor is part of the problem, those are the 26 million now on food coupons because they paid too much for a roof.
Stick with ACTUAL FUNDAMENTAL VALUE. Not glitz chintz and hype. Buy low, sell low, pay low taxes, low hoa, low ins. and you will be fine.
Let the irrationally exhuberant overpay and learn enrot real estate prices will not return.

[jay2007]

RENTS are high because 1. deluded enrot buyers overpaid and they are trying to squeeze YOU, the tenant, to PAY INFLATED AMTS OF $$$$ for THIER mistake and, or 2. The landlords are greedy price gougers who need to sit vacant a few more years till they go bust or until squatters move in and open taco stands on thier properties.
Slumlords who overcharge for rent and price gouge can no longer even meet HUD guidelines for adequite housing, these high rent places are old decaying and filled with mold mildew and bugs behind the rotting decaying drywall, and where OLD OLD pipes leak and collect water, you can push your fingers thru the rotting drywall in many of these gouger rentals, if you are a tenant, DO NOT pay one penny to a gouger enrot landlord until new drywall is put in and all bugs mold mildew and rot is eliminated from behind drywall and all CORROSION removed from pipes and all electric wires free of the disease carrying mites and bugs that like to travel on old electric wires, for the heat.
Call the local health dept if a derilict landlord tries to GOUGE high rents out of you to live in a bug, mold, mildew rot, infested apt condo or home. Rent afforable places and live like the mexicans and europeans do, 6 to a one bedroom apt. Share your affordable residence with extended family members and friends. By the by- bugs carry mites and mites carry DEADLY to humans infectious diseases, so call the local health inspector if a gouger landlord has bugs and DO NOT pay 1 penny rent until the bug deadly mite mold and mildew rot and any pipe corrosion is corrected 100%.
Better yet skip the gouger slumlord rentals, they are the bugguest, and rent an affordable apt. Sane landlords that charge sane rents get the best tenants and usually have the best maintenance. Gouger landlords are irrational from the git, in financial trouble or are greedy parasites themselves, so avoid vampires that overcharge rent, offer them 200 to 400 per month less or let them sit vacant.

[jay2007]

RENTS are high because 1. deluded enrot buyers overpaid and they are trying to squeeze YOU, the tenant, to PAY INFLATED AMTS OF $$$$ for THIER mistake and, or 2. The landlords are greedy price gougers who need to sit vacant a few more years till they go bust or until squatters move in and open taco stands on thier properties.
Slumlords who overcharge for rent and price gouge can no longer even meet HUD guidelines for adequite housing, these high rent places are old decaying and filled with mold mildew and bugs behind the rotting decaying drywall, and where OLD OLD pipes leak and collect water, you can push your fingers thru the rotting drywall in many of these gouger rentals, if you are a tenant, DO NOT pay one penny to a gouger enrot landlord until new drywall is put in and all bugs mold mildew and rot is eliminated from behind drywall and all CORROSION removed from pipes and all electric wires free of the disease carrying mites and bugs that like to travel on old electric wires, for the heat.
Call the local health dept if a derilict landlord tries to GOUGE high rents out of you to live in a bug, mold, mildew rot, infested apt condo or home. Rent afforable places and live like the mexicans and europeans do, 6 to a one bedroom apt. Share your affordable residence with extended family members and friends. By the by- bugs carry mites and mites carry DEADLY to humans infectious diseases, so call the local health inspector if a gouger landlord has bugs and DO NOT pay 1 penny rent until the bug deadly mite mold and mildew rot and any pipe corrosion is corrected 100%.
Better yet skip the gouger slumlord rentals, they are the buggiest, and rent an affordable apt. Sane landlords that charge sane rents get the best tenants and usually have the best maintenance. Gouger landlords are irrational from the git, in financial trouble or are greedy parasites themselves, so avoid vampires that overcharge rent, offer them 200 to 400 per month less or let them sit vacant.