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Alison & Raul Elizalde
Sarasota Realtors
Alison and Raul Elizalde understand the Sarasota real estate market like nobody else. Their unique understanding comes from experience, specialized research, and deep community involvement. Their commitment to client service earned them the prestigious 5-Star Award given to the best real estate agents in Sarasota. Click here to learn more about Alison and Raul.
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Sarasota Real Estate Insights
Siesta Key Condos
The inventory of Siesta Key condos is bloated in comparison to Longboat Key, offering good opportunities to buyers.
>Click here to see past newsletters
Earlier this year I focused on the Longboat Key condo market (Longboat Key Condos, Feb. 2007). Instead analyzing general trends, I took a condo-by-condo approach to take a look at the details. This time, I do the same for Siesta Key condos, where I look at thirty-nine different complexes on the Gulf side, accounting for virtually all of the Siesta Key beachside condos for sale.
The picture that emerges of this analysis, just as it did for Longboat Key condos, is one of a very broad range of inventory and turnover which would be unaccounted for when looking at aggregate figures.
|
For Sale |
Sales last 12 months |
Inventory (months) |
Turnover |
Crystal Sands |
1 |
3 |
4 |
2.0% |
The Terrace |
2 |
2 |
12 |
2.9% |
Horizons West |
5 |
4 |
15 |
3.5% |
Tortuga |
4 |
3 |
16 |
3.9% |
Siesta Dunes |
7 |
5 |
17 |
3.1% |
Whispering Sands |
12 |
8 |
18 |
3.0% |
Windward Passage |
3 |
2 |
18 |
9.1% |
Beachway |
2 |
1 |
24 |
2.2% |
Gulf & Bay Club |
14 |
7 |
24 |
1.8% |
Aloha Kai |
5 |
2 |
30 |
2.9% |
Bay Tree Club |
5 |
2 |
30 |
1.7% |
Casarina |
5 |
2 |
30 |
2.2% |
Sarasota Surf & Racquet |
14 |
5 |
34 |
2.7% |
Siesta Beach House |
3 |
1 |
36 |
2.2% |
Siesta Towers |
9 |
3 |
36 |
4.8% |
Palm Bay Club |
10 |
3 |
40 |
2.1% |
Beachhaven |
7 |
2 |
42 |
3.4% |
Crescent Royale |
12 |
3 |
48 |
3.0% |
Casa Mar |
5 |
1 |
60 |
1.4% |
Fisherman's Cove |
5 |
1 |
60 |
1.2% |
Sandy Cove |
10 |
2 |
60 |
1.8% |
Midnight Cove |
7 |
1 |
84 |
1.5% |
Island House |
8 |
1 |
96 |
1.4% |
Crescent Arms |
12 |
1 |
144 |
1.1% |
Casa Blanca |
7 |
0 |
? |
0.0% |
Coquille |
5 |
0 |
? |
0.0% |
El Presidente |
6 |
0 |
? |
0.0% |
Fisherman's Haven |
3 |
0 |
? |
0.0% |
Island Reef |
3 |
0 |
? |
0.0% |
Jamaica Royale |
13 |
0 |
? |
0.0% |
La Siesta |
7 |
0 |
? |
0.0% |
Our House at the Beach |
11 |
0 |
? |
0.0% |
Sea Shell |
5 |
0 |
? |
0.0% |
Sea Village |
7 |
0 |
? |
0.0% |
Siesta Breakers |
3 |
0 |
? |
0.0% |
Siesta Royale |
3 |
0 |
? |
0.0% |
Siesta Town House |
3 |
0 |
? |
0.0% |
Terrace East |
4 |
0 |
? |
0.0% |
Tivoli |
2 |
0 |
? |
0.0% |
|
|
|
|
|
Sample Total |
249 |
65 |
46 |
1.8% |
At the top of the list, Crystal Sands stands out from the crowd, but one more listing or one less sale would have significantly altered the inventory number and put it right where most of the other Siesta Key condos are – at more than 12 months of inventory.
The number of complexes that saw no sales at all in the last 12 months was rather high, and presents a challenge for sellers. How to measure the inventory load for a large complex such as Jamaica Royale? With 175 units, it had no turnover for the last 12 months. There is no way of telling when the current 13 units might sell; one way to gauge the potential time on the market would be to use the sample load of 46 months, which is not a source of great comfort for those sellers.
The disparity between the Siesta Key condo market and Longboat Key condo market is remarkable. While Longboat Key condos have been experiencing a 20- to 40-month inventory load, the Siesta Key condo inventory grew steadily during 2006 and, despite a short-lived dip early in 2007 due to a spike of sales during January, still stands at 60 months (five years). That means that if no other condo comes to market on Siesta, it would take that long to sell all the current listings if the sales volume remains stable at current levels. This happens because at the present time, there are both less sales and more listings of Siesta Key condos than Longboat Key condos.
For buyers, this spells opportunity. Although sellers are reluctant to reduce their listing prices, the high inventory load in Siesta inevitably translates into a good negotiating position.
When it comes to knowing the Sarasota real estate market, Alison and Raul Elizalde have the expertise and knowledge to help you see where you stand when negotiating your real estate transaction, whether you are buying or selling a property. Our track record, added to the unsurpassed reputation of Michael Saunders & Company as the premier real estate company in Florida's Gulf Coast, give you the peace of mind you deserve. Alison and Raul have been named Best in Customer Satisfaction by an independent research company.
Call us today at 941-350-7904 for a consultation, and visit our website, www.SarasotaProperty.info, for monthly updates on the Sarasota real estate market.