A significant improvement in the market for Siesta Key and Longboat Key condos bodes well for sellers.

Despite doom-and-gloom media coverage and serious problems in the mortgage front, real estate market conditions in Sarasota have undoubtedly improved compared to last year. More sales are taking place and the number of condos and homes for sale in Sarasota has gone down. This reversal of fortune is quite clear in the Longboat Key condo and Siesta Key condo markets.

The number of condos for sale on Siesta Key went down by more than 10% to 545 at the end of July from a peak of 620 during February. Condos for sale on Longboat Key declined over 16% to 420 from the March high of 503. At the same time, monthly sales increased on both Keys: the number of condos sold on Longboat roughly doubled, while on Siesta it almost tripled compared to the extra-sluggish months of 2006.

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The value of Sarasota waterfront homes has climbed steadily over time.

(By Raul Elizalde, 7/07)  

When talking about waterfront, it is often said that “they are not making any more of it”. That is intended to mean that the scarcity of waterfront properties is an important contributor to their sustained value and that because of it, they withstand the ebbs and flows of the general market than other properties. When it comes to Sarasota and Siesta waterfront homes, this is certainly the case.

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