Sarasota, Florida (PRWEB) December 31, 2012
Sales of condominium units in the popular barrier island of Siesta Key, Sarasota County, Florida, mirror the robust growth experienced in the metro area this year, Sarasota Bay Real Estate reports. Citing figures from the property appraiser’s office of the county, the full service realty firm noted that sales of 225 condos were confirmed in Siesta Key through January-November 2012, a 10 percent gain from the year-earlier level.
The Sarasota Association of Realtors (SAR) has earlier reported that its members sold a total of 208 condos in the metro area for this November alone, up from the 167 units sold in November 2011. With similarly robust sales gains in single family homes, SAR expects 2012 to be the fourth best year in its ninety-year history.
A significant gain was likewise noted in the median prices for Sarasota condominiums. This November, the average price per unit stood at $160,000 unchanged from the previous month, but a 28 percent gain from the $127,000 median price a year earlier. The current twelve-month rolling average condo price was estimated at $158,000 in the Sarasota area. By comparison this level is lower than the national median price for a home being resold which was reported by the National Association of realtors at $180,600 this November. This U.S.-wide price average stood up 10.1 percent above a year earlier and was the ninth straight monthly year-over-year price gain, the realtors group reported.
The Residences on Siesta Key Beach
That 2012 has emerged as a banner year for Sarasota condo sales is evident at The Residences on Siesta Key Beach. Sales of nineteen units here have been closed since January and two more are in their closing stages, said Dan Raffe, real estate executive of New York-based NorthStar Realty Finance Corp., which early this year took The Residences in a mortgage take-back transaction.
NorthStar was reported to have spent millions of dollars in the rebranding and reintroducing The Residences, located at 915 Seaside Drive. The sales and marketing efforts reeled off to a fast start with four condos sales closing soon after the NorthStar campaign was launched in January 2012. Erstwhile known as the Hyatt Siesta Key Beach, a condo-resort project reputedly built at a $100 million to complete, it remains managed by the Hyatt Residential Group though the property is now owned by NorthStar.
Financing Hurdle for Condos
The six-story, forty-four-unit condo opened in 2009, with residential floor areas measuring from 1,700 square feet to 2,600 square feet. Purchase options in The Residences include fractional and full ownerships. The listed price of a three-bedroom, 1,700-square-foot unit in this condo offered in a full-ownership scheme typically starts at the $900s.
The relatively lower price levels for Siesta Key condos and current low interest rates provide impetus for buyers, said Sarasota Bay Real Estate which early this year sold a 1,148-square-foot unit in the Peppertree Bay condo in Siesta Key. It cautioned though that prospective buyers would have to work with a seasoned realtor in a search for any Sarasota condos for sale. The full service realty firm said that condo financing is more difficult to arrange than a mortgage for single family homes.
About Sarasota Bay Real Estate
Sarasota Bay Real Estate is a full service real estate brokerage in Sarasota Florida owned by Sarasota real estate broker, Christina Miller, and marketing professional, Roy Hunter. Together they, and their team of well-experienced agents, provide the best-in-class real estate marketing services for the properties in the company’s inventory.
Sarasota Bay Real Estate Internet assets receive more than 1,000 visits from perspective home buyers a day due to the wealth of local community information published by the company. Through a direct feed from the Sarasota MLS, Sarasota Bay Real Estate publishes the most current real estate information on the Internet for the Sarasota, Florida, market.
Contact information for Sarasota Bay Real Estate can be found at http://sarasotabayrealestate.com