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hi i'm lee mirman with investments in sarasota and today we're taping at
one of our newest listings here in the north end siesta key
behind me is the ever beautiful gulf of mexico
and in the distance is lido key, one of sarasota's barrier islands
so the first quarter two thousand eleven is in the books
and it's been quite busy in our local real estate market
sales were up over
twenty percent over the fourth quarter of two thousand ten
this equates to more
more than an additional four hundred properties being sold so what does that mean
for today's buyer and seller
well buyers are showing that they are less willing to negotiate
however buyers are still moving forward
once decisions are made
and they've come from the closing table
both seem happy with their choice
in fact to demonstrate what type of busy market it's been been
one of my listings closing this week
and in twelve days we had twenty showings
and three offers one at ninety five percent of the asking price one at ninety seven percent and
and the other at a hundred percent of the asking price
it's clearly a market on the move
so what does the market look like right now
well for the first quarter nearly two
thirds of all sales
were for properties listed under two hundred thousand
ninety one percent of our market is for
properties sold
under five hundred thousand
this is very consistent
with the data from last quarter
distressed sales were up
fifteen percent this quarter
however if you take the raw number of distress sales as a percentage of total sales
still roughly four out of every ten property sold as a distressed sale
this number too is consistent with the data from last quarter
the bright spot as i talked about in my last newsletter
was the opportunity for properties listed at a million dollars or more
and this showed the biggest increase
there is more than thirty percent increase in sales for properties listed at a
million dollars or more
this is a great validation point for sarasota
as this demonstrates people are
willing to invest in our area and this is a good sign for local economy
finally buyers and sellers most specifically buyers who've decided to move
forward in the last two quarters are
already enjoying this great lifestyle
an example of this is a buyer I recently saw who bought a property on siesta key
he greeted me with a great big hug and said the purchase of that waterfront home was one of
the best decisions he's made in his entire life
for investments in sarasota i'm lee mirman