Sarasota's Median Sales Price for Single Family Homes reaches $500,000 (Christmas: power lines, rentals)

[johns55]

Many people are in a pickle. They may have retired and planned moving to Florida years ago. Now the reality of the present market hits. You either don't move or pay the crazy prices being asked for. I have friends who have been trying to buy a house in the Venice area for a year. The market was always $50,000 ahead of them. They would decide to up the amount they would spend, and withing a month, that wasn't enough. They have decided to wait it out. Not everyone will do that.

[Trying941]

Originally Posted by johns55

Many people are in a pickle. They may have retired and planned moving to Florida years ago. Now the reality of the present market hits. You either don't move or pay the crazy prices being asked for. I have friends who have been trying to buy a house in the Venice area for a year. The market was always $50,000 ahead of them. They would decide to up the amount they would spend, and withing a month, that wasn't enough. They have decided to wait it out. Not everyone will do that.

1. If they do not own a home, then this is a problem that will most likely never be solved. Prices of homes are not going down anytime in the near future unless we are in a severe recession. Bank of America did an analysis this week of their customers debt and asset position. It is pretty clear that the Fed has a wide berth in which to navigate a slow down without causing a deep recession - disposable assets are double two years ago adjusted from inflation. Just look at checking account balances.

Want to know when to worry? Watch the unemployment rates. If they go up a lot, then we will have trouble. Until then, it is just slowing - and the Fed knows this. Also, it is an election year and Janet is not going to hurt Joe and the Dems if she can help it.

2. If your friends own a home up North in a NYC, Chicago or Philadelphia suburb, they just got their $50,000. The crime in the cities is so bad that people with children, who must stay for their jobs, are fleeing to the suburbs. Homes in the nicer suburbs are up 15% since last year. The $740,000 home is now $850,000.

People from the city with kids in the city are buying homes from 50 year old couples in the suburbs with kids that flew the roost. Those couples are moving south. Not all are moving to Florida, but many are.

3. Homes here are going to keep going up as long as the migration here continues and inflation is not going to change that. If anything, inflation is only going to make new construction more expensive and drive up the prices of existing stock.

Prices may be "stupid" but supply and demand is what it is.

[Yukenbo]

Originally Posted by MOforthewin

depends on what you mean by vacation.



If you're talking about a snowbird, 3 month vacation for the coldest times of the year, sure. Since houses are hard to find and are overpriced, 4500-5k a month would be cheaper option.


If it's a two week vacation I'd stay at a hotel.

Wow. Where is this happening and what size of place are we talking about? No wonder people were jumping at us for $3K per month.

[MOforthewin]

Originally Posted by Yukenbo

Wow. Where is this happening and what size of place are we talking about? No wonder people were jumping at us for $3K per month.

Depends on the size of the house of course. IN oct 2015 we rented a 2 bedroom condo in PGI on a salt water canal with a boat lift for $2700 a month for 3 months! I bet that is almost 4k a month now due to have a slip and all. At the time that was the best option for short-term even though we didn't need to be on a canal with gulf access.

[Hbcapital]

Originally Posted by MOforthewin

Depends on the size of the house of course. IN oct 2015 we rented a 2 bedroom condo in PGI on a salt water canal with a boat lift for $2700 a month for 3 months! I bet that is almost 4k a month now due to have a slip and all. At the time that was the best option for short-term even though we didn't need to be on a canal with gulf access.

Our rental experience: rented a 2 bedroom house in south Venice Feb 2019-$4100. Rented a 2 bedroom condo near downtown Sarasota Feb 2020-$4350. Was planning to rent Feb 2021 in same condo complex but could only find a 1 BR for $5000, so we took it. Cancelled rental agreement in May 2020 and bought a house in Venice instead. Best decision we ever made.

[newtovenice]

Originally Posted by BirksDentley

The housing prices are artificially high. Totally inflated due to too many people selling elsewhere and moving to Florida. The demand is not from first-time or even move-up buyers. It's re-circulated, transplanted not really any new blood. That's why it's going to collapse or just backup. We're just amazed at the cheerleading and justification for out of control prices for houses that are clearly not worth what is actually constructed..no way. Higher prices is not a good thing to be welcomed or even slyly justified by some, including sales agents. Of course, the higher the prices the more commission is pocketed - so many of these commenters are actually boosters in suggesting and justifying continued runaway housing markets.


Sorry, some of us believe in a thing called "diminishing returns".Touting an irrational and overly exuberant market should set off loud alarms for all buyers, and potential sellers might consider to hurriedly get out and head for the sidelines, go to the beach, the mountains and have a beer.

Agree 100%.

[brianwy]

Originally Posted by MOforthewin

Ugly. Bland, no personality to it. For that price range I'd rather have those older homes I see around me in the PG historic district.



But these New Englanders will pay 700 to 1.1 million for these types of houses lol. I too live in a cookie cutter.


I'd love to see what these things look like 20 years from now. How many issues with them. All because it's a million bucks doesn't mean it doesn't have shoddy work done.


There are houses in Naples for sale in the same price range as this that look much better.

I have noticed you repeatedly bash the quality of new construction in the area, can you tell me specifically what is so bad about them . I was a project manager for a fairly large builder in the past, so I know how to construct a home. I agree the finish quality may not be the best, (ie. trim and tile work is so so and no smooth walls/ceilings since they have no one to finish it) the new construction I see in Sarasota is virtually indestructible. I would much rather ride out a hurricane in a new home built to current code than a 20-30 year old home. Why do you think no one wants to insure these older homes?

[MOforthewin]

Originally Posted by brianwy

I have noticed you repeatedly bash the quality of new construction in the area, can you tell me specifically what is so bad about them . I was a project manager for a fairly large builder in the past, so I know how to construct a home. I agree the finish quality may not be the best, (ie. trim and tile work is so so and no smooth walls/ceilings since they have no one to finish it) the new construction I see in Sarasota is virtually indestructible. I would much rather ride out a hurricane in a new home built to current code than a 20-30 year old home. Why do you think no one wants to insure these older homes?

Here in charlotte county many of these "older" homes are still standing, even after Charley.

Maybe it's different up there but lee, collier, and Charlotte county its different. Build them and build them fast.

They dont even nail the shingles down on many of these newer homes here. Just stuck on. After the dec wind storm all over charlotte and sarasota counties people are having to get new roofs and the wind gusts only reached 80. Still lots of tarps.

[brianwy]

Originally Posted by MOforthewin

Here in charlotte county many of these "older" homes are still standing, even after Charley.

Maybe it's different up there but lee, collier, and Charlotte county its different. Build them and build them fast.

They dont even nail the shingles down on many of these newer homes here. Just stuck on. After the dec wind storm all over charlotte and sarasota counties people are having to get new roofs and the wind gusts only reached 80. Still lots of tarps.

Most new construction roofs in Sarasota are roof tiles. Only the very low end of the market are they using shingles. I have never heard of gluing architectural shingles. I guarantee you that is not code. Gluing shingles to tar paper is a recipe for disaster even if you aren't in a hurricane zone.

[MOforthewin]

Originally Posted by brianwy

Most new construction roofs in Sarasota are roof tiles. Only the very low end of the market are they using shingles. I have never heard of gluing architectural shingles. I guarantee you that is not code. Gluing shingles to tar paper is a recipe for disaster even if you aren't in a hurricane zone.

Yes, many of them are shingles here in SWFL. I don't see a lot of tile roofs down here in SWFL unless it's the really high end now or homes a bit older.



Not kidding about the glued. DR Horton is good at that. Their homes in Cape Coral are having roof issues as well. In my sub division there were not nailed in. I'm not kidding. I'll have to find a pic of mine. Lots of roof damage in the area. Roofers had a back log earlier this year. Hell, the apartments I drive by in 75 in PC still have tarps all over their roofs as well.


KB Homes, DR Horton, etc. are all big here and build them on that fast. Cookie cutters down here and they don't care because people will buy them up.


It's just like Apple. You can take a pile of dog sh*t and slap the Apple logo on it and people will buy it. These New Yorkers will pay top dollar right now even for a crappy put together house.


It's not shock at all with the roof damage in the area.


Cutting corners has been going on in FL for years. Just like I said about Andrew how the homes were not built to code.


I'm from St. Louis and this isn't as bad up there. My villa needed the roof replaced in St. Louis. It was shingles but they were nailed on like they're supposed to be.


I'm thinking with the Dec windstorm with me the previous storms like Irma, Elsa, and Eta loosened the shingles, and this last one was hurricane force gusts and did them in.