2011 in Review, Five Star Real Estate Agent Award, and What the Market’s got in Store for 2012

“Learn from yesterday, live for today, hope for tomorrow.” – Albert Einstein

And here in Sarasota I’m pleased to say there is much to learn from the market in 2011, much to enjoy about living the Sarasota lifestyle right now, and plenty of positive indicators for a great 2012.

The Hot Niche Proved Itself, As Predicted

Today’s video couldn’t be a better example of just how fabulous Sarasota living can be. We filmed from the back yard of one of my newest listings, a spectacular 6 bedroom, 6 ½ bathrooms and almost 6500 square feet property in a dream location right on the beach here on Siesta Key.

This property is just one example of the luxury market in Sarasota, which, as I wrote about at the end of Q1, has proved itself the hot niche in which to achieve value this year. And as we enter 2012 that still holds true: the luxury market has the most value available for buyers with a little more than two years of inventory.

Luxury Property is Changing Hands

One of the segments I specialize in is Gulf-front luxury living and in the past week, four of those properties went under contract. They were listed from $2.9m to $7.8m. This is another validation that people are comfortable with making a significant financial investment in the real estate market in Sarasota.

But if there was one thing the market was also full of this year, it was speculation. The rumor mills were in full swing, and the peoples’ impressions of the market were somewhat volatile. Let’s look at what really happened.

So, The Real Facts for 2011:

• The number of properties sold increased by 6.6% from 2010. Over 9500 properties changed hands. This is a very healthy number. I would like to see a number in this range for 2012.
• Distressed sales made up 37% of the total market. This was down from 2010 (which is a good thing). In fact, there were 5½% fewer distressed sales. It would be great for this trend to continue as well.
• Historically, one of the selling points of Sarasota has been its affordability. More than 2/3 of all properties sold are listed under $200,000.

Overall it’s been a great, steady year in the Sarasota real estate market, and exactly what was needed after the tumultuous preceding couple of years. There was a lot of panic and hysteria in every facet of the media this year, but the facts speak for themselves and I am extremely positive going forward into 2012.

Educated, Engaged and Active Buyers

I am also buoyed by the interest level of buyers educating themselves about Sarasota and the market, so they’re ready to purchase when a good lifestyle match comes on the market.

As I wrote about in August, the market can be a fishy business and after drastic re-pricing and drastic reversal, the Sarasota real estate market does now offer some good buys, but buyers have to be sharp, well-informed and ready to move fast when that perfect property comes along.

Sarasota Lifestyle On the Up

Finally, like many communities in the United States, Sarasota has felt the effect of the housing market and economic downturn. However, while the sunsets are still magnificent, the community is even better today than it was 5 years ago.

As I wrote about in September – despite fear mongering – Sarasota lifestyle is definitely on the up. There are better restaurants and more parks, and I believe that the quality of life has improved. All the more reason to start living in Sarasota today.

If I can help you in any way with a real estate decision, call me at 941.587.0740.