Starting in 2006 and continuing until early 2009, Sarasota County real estate values fell 30% to 50% and more. A huge real estate investors walked away from their investment homes and condos and other real estate holdings. These homes and condos became bank owned, foreclosed and flooded the market Sarasota real estate market. Mortgage interest rates soared to almost 7% in 2007 keeping many new buyers out of the market. Adjustable mortgage rates almost doubled for many homeowners resulting in huge monthly payments. Homeowners simply walked away from their homes. High interest rates and a growing supply drove values down rapidly and generated a whole new category of real estate the "Short Sale". This further drove all real estate values through the floor back to 2000 pricing.
The huge reason why you should think about buying real estate now in Sarasota County is that the Sarasota, Florida area is now considered to be the best value in America! No where else in America can you buy waterfront, golf course or surburban homes and condos with Sarasota's climate, beaches, culture and lifestyle.
Today, prices are up 13% and the Sarasota Real Estate Market is returning to normal. Real Estate Investors, Baby Boomers, and market savvy homeowners are buying down the surplus rapidly. It is not uncommon for a buyer to make a purchase over the phone relying only on the internet and a Professional Sarasota County Realtor.
Foreclosure, Bank Owned or REO Sarasota real estate can be a wonderful opportunity for many people to pick up a home at a great price BUT you have to be careful and knowledgeable in this ball game. A bargain foreclosure home maybe like buying a bargain used car. While most Sarasorta real estate can be bought at a huge discount over 2006 pricing, Some of these foreclosure bank owned homes and condos can be a fantastic deal. Many Sarasota, Fl Bank Owned properties have had very little or no maintainence and need extra work and money after closing to bring them up to normal condition (ie) leaking roofs, pest problems, plumbing, A/C repairs. They can be a maintenance nightmare unless properly inspected and even then you should be cautious. The Bank Asset Managers, the bankers selling the real estate, are tuff guys and play with their own rules that change often. They try to turn these foreclosure real estate sales into auctions taking several offers at a time then asking for "final and best offers". I don't know why but once or twice a week we see a real cherry that's under valued $50,000 or more. These are the homes that sell in a week or less. Many people think foreclosure homes are always sold far below market value. "WRONG". Bank owned foreclosure homes and condos are usually for sale at or close to the true market value. I know of real estate that has had 3 separate appraisals before the selling price was settled. Some of these foreclosure homes are very good buys but you have to be ready and be quick. Be cautious and work with a Professional Realtor.
