Sarasota Florida Foreclosures

Many people looking for great deals have found them in Sarasota Florida Foreclosures

. They feel that the prices that they are seeing now in late 2010, will never be seen again.

To give you a little history, Sarasota Real Estate was one of the best markets in the nation during the real estate boom. From 2000-2005 prices went spiraling upwards at unprecedented rates, with Sarasota foreclosures being unheard of during this time. Homes and Condos were literally selling overnight, at double digit appreciation. However, after about a year of negative news about the market, things started to change in late 2005. Demand begun to decrease, investors saw this and started to try to dump their properties. However, it was too late and many investors got caught with properties they were not able to afford. Sarasota Florida Foreclosures started hitting the market in early 2006 with many properties being auctioned.

As we look at the market now in late 2010, we see a market that is dominated by foreclosures and short sales. These represent about half of the current available properties and they drive the other valuations down. Prices in many areas have dropped up to 75%.

For example, a foreclosure bank owned condo was sold recently which was originally sold in 2007 for $882k. This brand new 2,600sf condo overlooked a beautiful marina and had the best finishes inside. The selling price?, just $246k. Another foreclosure condo in the same building which originally sold for $1.2M, sold for $400k. A golf course condo that originally sold for $460k in 2007, sold for $160k. Sarasota Florida Foreclosures are available in all price ranges also. Whether you are looking for a small cottage or a waterfront mansion, foreclosures and short sales would present the best deals in the market right now.

The Tax Credit incentive worked to create some excitement in the real estate market. Sales were increasing steadily month over month as compared to the previous years. Foreclosures and short sales were the most sought after properties. Now that the tax credit has expired, the market has returned to pre-incentive sales levels. Many believe that there is a second wave of Sarasota foreclosures and short sales to hit the market. However, with Sarasota being the international destination that it is, sales will continue to increase and the market will find a stable level.

Sarasota Florida Foreclosures continue to present the best deals for homes and condos. In fact, many people are coming into Sarasota right now to specifically purchase real estate, specially foreclosures and short sales.

by: sellsarasota

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