What’s Availability Like in Sarasota’s Real Estate Micro Markets?

Today I am standing in front of a turtle nest here on Turtle Beach, south Siesta Key. The incredible wildlife we have all around us in Sarasota is one of the many reasons we enjoy the Sarasota lifestyle so much.

Turtle Key is a great example of that lifestyle. It takes its name from the turtles which nest here May through October – some of the multitudes laying roughly 168,000 eggs a year across Sarasota County. It’s a wildlife lover’s dream. I for one always enjoy seeing the Mote sea turtle patrol find and mark new nests.

Each and every micro market in Sarasota has its own particular magic, and its own very specific lifestyle. As a buyer your first choice is which of those suits your lifestyle wants. Then it’s a question of what’s available in each of these markets for your budget?

If we take the segment between $500k and $1M as an example (about 20% of the market) there is about 8.5 months of inventory and it is growing, which is favorable for buyers.

However there is massive variation in what you get within that price range, depending on the micro market, the home’s age, water views, proximity to the islands and many other factors.

Availability Comparisons Between Sarasota’s Islands:

To get a sense of what you can get in this price range on the Sarasota islands, let’s start with Bird Key — an island with 511 single-family homes. Bird Key has only one property in the price range, whereas on Siesta Key there are roughly 116 different choices.

However, of these Siesta Key homes, only 16 are single-family homes on the water and the newest was built in 1983. The majority of single-family houses are mid-20th century ranches. If we head out to Longboat Key, there are roughly 119 in this price range. The newest was built in 1993 and there are 37 waterfront single-family homes.

In the popular Mainland neighborhood of South-side Village there are approximately 24 choices, the newest being built in 2015 and none on the water.

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Choice Varies Hugely Market to Market

The point I want to make about options in this price point is that your experience, and what you can get for the money, varies greatly as you look on different islands or micro markets on the mainland.

If you value living on the beach and watching the sunset from your home, condos – especially on the barrier islands – are going to be the better option. If a spacious home is more important, then it may have to be older, and without those sea views.

As always the choice is yours. And deciding what lifestyle you desire to achieve with your budget should always be your first priority. Call with any questions, 941.587.0740.

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