The Neighborhood Report – Siesta Key Communities
Summer Cove on Siesta Key
The community of Sarasota Beach stretches from the Gulf of Mexico to the Grand Canal and includes the world renowned Siesta Key Village. Its meandering boating canals and proximity to Siesta’s beautiful beaches, world-class shopping and fine restaurants have made the community’s single-family homes, multi-family properties and carefree condominiums highly sought after for those in search of a convenient island lifestyle. Current list prices throughout Sarasota Beach range from $215,000 to $3.9 million. Presently, there are 34 active homes, 13 under contract (pending) and seven have sold in the past three months. Michael Saunders & Company was involved in four of the seven closings, which demonstrates our influence in the Siesta Key market. The hottest part of this market is found in properties priced under $500,000. At the time of this report, only six homes in Sarasota Beach are priced under $500,000, which means there is just a little over three months of inventory.
Siesta Key Property Snapshot – Single-Family Homes
Overall Under $500K
Active Listings 218 29
Under Contract 41 21
Sold in the Past 3 Months 38 13
Reports from the Office
Our Siesta Key office branch manager Debbie Judge encourages her Siesta Key agents to maintain a sound familiarity with the communities and amenities offered in the area. In her property research, she found that while condominium sales have cooled a bit compared to single-family homes, the inventory of available condominiums priced under $500,000 is thinning. In fact, 43 condominiums priced under $500,000 have sold in the past three months, indicative of the demand for effectively priced residences and the importance of acting before they are all gone.
Time to Take Advantage
New condominiums like Summer Cove have seen some brisk sales activity as of late with five sales in the last three months. Of the four Siesta Key condominiums that sold priced over $1 million in the past three months, three were in Summer Cove and the fourth was in Crescent. One of the buyers represented by Michael Saunders & Company, a savvy real estate investor and CEO of his own company, decided there will not be a better time to buy than now and took advantage of an exceptional opportunity. As always, condominiums with strong rental income remain popular with investors.
Additional Opportunities on Siesta Key
We have some new fractional ownership opportunities available on the key offered as low as $30,000. The Siesta Key office of Michael Saunders & Company is staffed by agents who are well-versed in the details of fractional ownership to help you make an informed decision. Siesta Key and the surrounding areas have options for all price ranges.
Debbie’s Bottom Line
Buyers, if you are looking for properties priced under $500,000 on Siesta Key, your options are dwindling. Find the right property before someone else does.
Sellers, be sure to price your property attractively from the beginning of the listing; sell quickly and go out and find yourself a bargain.
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