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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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.

 

 

I have looked at transactions between 1967 and the present time for 400 Sarasota and Siesta waterfront homes located on the bayfront of mainland Sarasota between downtown and the Stickney Point bridge, and on the opposite side, on the bayfront of Siesta Key. My conclusion is that the price of the land for these properties shows a remarkably consistent appreciation, from an average of $20 or so per square foot during the mid-1990s to the current $100 or more for the same Sarasota waterfront land. Few blips have marred this appreciation over the years, and given the scarcity of the location, there is little expectation that this may not continue.

 

 

The value given to the structures, on the other hand, although skyrocketing from the average $50 per square foot in the mid-1990s to a peak average of $250 per square foot at the end of 2005, has been less consistent. In fact, it can be argued that the price of the structures have not changed much  for the last three years, and possibly showing some marginal decline since the peak.

 

One factor that might explain why the value of the structures has softened a bit in the last year or so is that more homes were reported as new construction sales during 2005 than during 2006. The higher value associated with new construction translated into a 2005 blip. Another explanation can be simply that the general softening of the Sarasota real estate market is reflected mostly on the value given to buildings. Even if this is the case, it is hard to argue that the appreciation of waterfront homes continues to defy restraint, at least when observed with a long-term perspective. The increasing appeal of Sarasota as a desirable location for a waterfront luxury home might well push this trend to even higher grounds.

 

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.