Today I’m sitting atop the Java Dog truck here at The Downtown Sarasota Farmers Market. This is one of the top-rated markets in the country- and it is open from 7 am to 1 pm every Saturday YEAR-ROUND! This is THE EPICENTER of Sarasota’s Local Scene- something I contend you should care about if you own local real estate.
Why am I placing so much importance on local? And as I’ve been maintaining for years, part of the economic success of a community is based upon a diverse and high paying job source. Local is a very critical component. When you buy products or services from locally owned businesses, 52 cents of every dollar stays here locally as opposed to leaving the area – that’s 50% more!
There are two key factors illustrating how this works:
- Local money is recirculated. Money earned locally is also largely spent locally instead of being taken out of town.
- Money spent locally flows back into local hands 2 to 3½ times faster- a concept called the velocity of money.
When money touches more people locally it’s great for the local real estate economy. A study by American Express showed that property values are 17% higher in communities that support local businesses. Whether you’re going to your accountant, your lawyer, your banker, shopping at a local boutique, or choosing to eat at a locally owned restaurant, diverting that money locally has a huge impact on the local economy.
It’s critically important that people spend here in Sarasota and the local businesses- whether it’s in Southside Village, out on Longboat Key, or here in downtown. During the Great Recession about ten years ago not all communities fared the same – in fact there were communities that did quite well. Our goal is to have the real estate values in Sarasota to continue on an upward trajectory. Sometimes a little bit faster, sometimes a little bit slower, but always maintaining that forward momentum.
Live Local. Eat Local. Play Local.
If you like to live where “Downtown is Downstairs” so that you can be totally immersed in the local food and art scene, check out the Mark, or Epoch, or the DeMarcay.
To get your personal tour of downtown Sarasota and the opportunities that abound give me a call @941.587.0740. for a personal walking tour.