hi i’m lee mirman for investments in
sarasota so the first quarter of two thousand ten has
come to an end and where are we in sarasota’s residential
real estate market well there are a couple things that i want to
talk about today the good news is that buyers are in our
market they are predominantly looking at distressed
properties which are bank owned and short sales and they’re looking for
value there’s a lot of pent-up demand during the past several years buyers have been reluctant to make
purchases as they believe there is going to be more and more
depreciation finally in two thousand nine buyers return to our marketplace and that has
discontinued into two thousand ten so what exactly does that mean twenty-two hundred homes or properties were
sold in the first quarter of this year projecting forward that could lead to
up to eighty eight hundred sales for this year so there are buyers and there is pent-up demand
I really believe it’s going to carry forward throughout the year what about our local economy our local unemployment rate here locally was over thirteen percent in january and february however looking at that another way of the eighty
seven percent of the people that were employed those people are beginning to feel more
stability and solvency as companies across the united states are reporting a
return to profitability they’re feeling better about their
prospects and willing to channel some of their pent up buying demand into our
market the other demand in our market comes from
out of town buyers whether domestically or internationally people continue to flock to sarasota to make a full time part-time residents so what actually was sold during the
first quarter more than two-thirds of all sales were of
properties that sold for under two hundred thousand dollars forty percent of all the sales were either
bank owned properties or short sales indicating that buyers while there’s value at all levels continue to flock to the lowest price points going forward i’d expect to see a continuation of this trend government incentives will be going
away and interest rates are creeping up
higher however our market place has showed a remarkable resilience and i look forward
to increasing and consistent demand throughout the remainder this year for investments in sarasota i’m lee mirman