Six years ago, Sarasota had the distinction of being called one of the most overvalued communities in America. Now, after tremendous repricing and dramatic reversal, our community is known as one of the best real estate values in the United States.
To better understand this shift I want to use the analogy of a fish tank, a large beautiful fish tank. And let’s call that fish tank, Sarasota.
What’s the Fish Food in the Sarasota Property Marketplace?
The fish are buyers and fish food is properties for sale. Just a couple short years ago, when new fish food was put into the tank, the tastiest morsels would be gobbled up swiftly. And because there were not that many fish, the majority of the food settled to the bottom. Those that were willing to go down that far, and wait and be patient, were treated to some great finds.
It’s a Feeding Frenzy Out There in the Sarasota Investment Property Market
However word got out, and because it’s a great big beautiful fish tank, fish came from far and wide and increased their numbers in abundance. In addition, with more fish in the tank, their feeding has become much more aggressive.
Today’s buyer doesn’t have the same luxury as a couple of years ago: properties are not making it to the bottom as much as they have in the past. And those that do have larger trade offs, such as location and condition of the property.
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What That Means for the Daily Diet of Sarasota Real Estate
Today’s buyer has to determine: with so many fish in the market, are they ready to find something and purchase it for a reasonable price, or do they prefer to wait and see what happens in the future? In my opinion, it’s better to have a full belly. In other words, choose your meals wisely, but don’t be afraid to snap up some good food and start enjoying Sarasota living. 🙂
