With each new encounter I have — be it via phone, email or in person — everyone wants to know about the market. While our market is impacted by the political and economic events that occur globally, at its core the decisions are local and personal.
There are numerous real estate statistics that are published and available for you to devour before making any decisions — however they are all devoid of one critical piece of information — YOU! As you will read below there is not a correlation between size of house, $ per square foot and quality of life.
Global Events: Impacting Sarasota’s Real Estate Market…Or Not?
In last month’s newsletter, I shared that I believed the strengthening British pound would have a positive impact on our local real estate market. Increased buying power typically increases the number of buyers. However, with the election in the UK in early June, the British pound actually weakened against the dollar and thus buying power decreased. When this group visits Sarasota for their summer holiday they will either spend less on their real estate purchase, or not at all.
A weakened currency does not hinder all global buyers, however. This week I met a couple from Norway who purchased a home in Sarasota five years ago and have been aggressively investing in Sarasota since. They firmly believe that there is going to be population growth for the next 10+ years, increasing the value of their real estate investments in Southwest Florida.
Why Are People Buying? Stories from the Field
Last month we had two sets of buyers who chose to purchase in Sarasota for reasons that were very personal. And because quality of life was their priority.
One family, whose primary residence is in Colorado, moved their vacation home from Ft. Myers to Sarasota because our water quality is dramatically better here.
Significant resources have been dedicated to improving the water quality in Sarasota from the Bay to the Gulf. This commitment benefits real estate, boaters, visitors and of course our marine life.
To share an interesting antidote from last week, I met a gentleman who for several decades has worked with marine biologists at Mote Marine. He shared that Sarasota’s local dolphin population is the considered the gold standard for health, and the control group by which they measure the health status of other dolphin populations in their research. One such study entailed the dolphins off of the coast of Louisiana. Sadly, they observed how the Gulf oil spill several years ago made those dolphins much more sickly.
A second family we worked with just relocated from Wisconsin to the northern end of Longboat Key. They were deciding between living in Scottsdale, AZ and Sarasota. Their money went significantly further in Arizona, however, they chose lifestyle over size of house. When they focused how important it was to them to be living on the water, engaged in our cultural and artistic community, and the prospects of volunteering at great organizations like Mote Marine, they decided Sarasota was the better match.
Choose a Real Estate Partner Wisely
While the real estate industry is consistently looking backward at housing stats, pricing, inventory, etc., I continually ask our Buyers and Sellers to look forward and to envision their life after a real estate change.
Time goes fast. Shouldn’t you live in the home, setting, and location that is best for you? When you are ready to move toward your desired lifestyle, call me at 941 587 0740. My team would love to show you how we are truly unique partners in the Buying and Selling process.
We Know More. We Care More. We Do More.