It appears that the banking situation is not affecting the Sarasota real estate market. In fact, the level of activity in our business this month may be indicative of how real estate holdings may be considered a safer bet than other investment options. It is also undeniable that owning a place on the water and in the sun creates a happiness factor that is impossible to quantify.
Just this past week there have been multiple showings on our listings, and we have received offers and negotiated contracts on listings in the luxury segment. We have also written contracts for buyers and encountered multiple offer situations.
Today I want to focus on the upper tier of the ultra-luxury real estate market here in Sarasota. These are properties that are listed for $5M or more. They are currently 56 active listings in the ultra-luxury segment. This number does NOT include new or preconstruction, just existing homes. There are nine properties in this segment that are currently under contract. Within the last three months, nine properties have sold.
Some people are calculating that there are about 30 months of inventory in this segment. If you are a Seller, you need to be patient. If you are contemplating selling, it is imperative that you do all you can to prepare your home to make it easy for buyers to purchase.
If you are a buyer, it’s an interesting time. The ultra-luxury segment is under pressure. There is more inventory here locally, and it’s competing with other communities around the globe. However, buyers should not be naive that they are the only ones looking. People want to own homes and great estates in neighborhoods such as this.
While there is more inventory available to look at, buyers should not be fooled into thinking that it will be easy to find the right match for your needs.
Currently, we are seeing high-net-worth individuals and families move their money among asset classes. Some no longer want to have all their eggs on the equities roller coaster. The venture capital market has slowed down, and debt (bonds) continues to be hotly speculated. The real estate market in Sarasota continues to appreciate both in value and desirability.
We always assert that when you invest in the right property here, you are also investing in a lifestyle- a quality of life that is priceless. If you’re interested in participating, get off the fence and give me a call @ 941.587.0740.