Beachfront homes active in Sarasota, Florida - Is the smart money buying?

I've noticed something interesting lately in Sarasota, Florida. Several beach front & bay front homes have recently gone under contract. Just off the top of my head I know of 3 beach front homes on north Longboat Key, 2 on Siesta Key, and a bay front home on Lido Key (shown above) for $8,999,000 have gone under contract. There also have been several homes and lots on the beach that have closed within the last 60 days. We just had a home on Bird Key close for $4.75 million.

Is the smart money buying?

Sarasota seems to be forming a bottom. The low end of the market is selling quickly. I cannot imagine prices will drop too much more in that segment of the market. If you ever wanted to get into buying rentals this would be the time for it.

With the recent action in the luxury sarasota market it makes me think that those who were sitting on the sidelines with cash are starting to jump in and buy the beach front and bay front homes that are priced well. I do believe that this is a great time to start looking and to seriously consider buying. Eventually, all of the great properties will have sold and those who wait too long will have to settle for what is left. There may be some further price drops in Sarasota but I don't think they will be much. How can they? In some areas our prices have dropped 50%-60%.

Visit luxury Sarasota homes for sale to read more news and updates on the luxury market in Sarasota, Florida.

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