Venice and Sarasota Real Estate Markets Showing Signs of a Bottom

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Florida has always been a favorite destination for those looking to escape the northern winters or retirees looking to spend their golden years walking the beach, playing golf or enjoying a great boat ride. However, with the bull market in real estate many people were simply priced of the Florida real estate market. Until now.

The market in Venice, especially the Island of Venice, has seen some renewed vigor in recent months. From what our internal market indicators are telling us, we have already seen the bottom; there is finally a light at the end of the tunnel.

With the recent decline in home and condo prices Florida has once again become very affordable. It is not uncommon to see properties selling for half of what they were selling for at the top of the market in 2009. While not good for those who bought in 2004 and 2005 it is a great opportunity for those looking to buy today.

"There are some tremendous values out there. Since prices have declined buyers are starting to jump back into the market and absorb this inventory. We have been very busy lately," reports Marc Rasmussen of Michael Saunders and Company who specializes in Sarasota real estate.

According to Sarasota MLS statistics, sales in July 2009 were substantially healthier than sales in July 2008, with total unit sales up 29 percent to 595, and the months of home supply on the market once again dropping to levels not seen in three years. According to Trendgraphix, Inc., home inventories in Sarasota county are down over 40%, sales up 53% and pending sales up 102% compared to 3 years ago.

Sarasota, Florida is a beach town located roughly an hour south of Tampa Bay. Just a little further to the south of Sarasota is Venice Florida, both of which are popular retirement locations for baby boomers.

"The market in Venice, especially the Island of Venice, has seen some renewed vigor in recent months. From what our internal market indicators are telling us, we have already seen the bottom; there is finally a light at the end of the tunnel." says Venice Florida real estate agent Jason Painter, Broker of Program Realty.

"It's actually pretty amazing the folks that are coming out of the woodwork to purchase homes when those same homes are priced correctly. When looking for a home in Venice be prepared for multiple offers if the price is right." say Painter.

Sarasota and Venice are known as havens for those looking to escape the harsh winters of the north. Those families and retirees looking to live the relaxed Florida lifestyle will be in good company in the Sarasota and Venice areas.

With mortgage interest rates near an all time low, a substantial correction in real estate prices and good selection of homes and condos to choose from this may be the perfect storm for today's home buyers.

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