The Neighborhood Report – St. Armands Circle

St. Armands Office

St. Armands Office

As Sarasota’s hub of fine dining and world-class shopping, St. Armands Circle attracts local visitors and international travelers to its casually elegant island location. Set just a stroll from the marketplaces on the circle, our St. Armands site is the company’s flagship office and proudly specializes in serving homebuyers and sellers throughout Lido Key, St. Armands Key, Longboat Key, Bird Key and throughout the Sarasota area.

How is the Market on St. Armands?

Barbara Roberts, the longtime managing broker of the St. Armands office, is pleased to report a very active market—thanks to an abundance of interested folks stopping by while enjoying a day at the Circle. Barbara finds that most of those who inquire about our services and available homes are long-range buyers, not necessarily looking to purchase a home immediately. Their increased curiosity in the market is a good sign for future transactions. This past June has been a great success, as the office booked more than $40 million in open sales. In fact, the last time St. Armands has seen such a high figure was in 2005.

St. Armands Success Stories

Several years ago, St. Armands office agent Kathleen Callender sold a penthouse in Grand Bay—a beautiful bayfront condominium on Longboat Key behind the gates of Bay Isles—to a walk-in client at the St. Armands Circle office. The new owners greatly appreciated the level of service they received and listed the Grand Bay residence with Kathleen just a few months ago. The property sold and closed on June 30 at $3.3 million, marking Kathleen’s second successful sale for the very same penthouse unit.

Linda Roe Dickinson, the company’s top producing agent, just had her listing on prestigious Westway Drive in Lido Shores go under contract. This landmark property was listed at $8,999,000 and is scheduled to close mid-July 2009.

Questions from Buyers

How is the market there?

The most often heard question from potential homebuyers centers on the status of the market. With so many great values emerging from the buyer-friendly market conditions, real estate in the St. Armands and Sarasota areas has been very active.

Have we hit bottom?  

Some areas have reached their lowest levels regarding home prices and values. Of course, the market differs depending on specific areas, communities and conditions. So, some areas do have a bit more to go before we can safely say they have reached the bottom.    

Market Statistics

Overall, market statistics show that the under $350,000 price range is very active, with much of the inventory quickly disappearing. The over $1 million market is quiet, where inventory has grown and is not being absorbed. The hottest areas are found on Lido and St. Armands keys, where modestly priced houses and condominiums are selling. Larger homes on St. Armands are showing some increased activity, but all are “price driven.”

Barbara’s Bottom Line

For sellers, do not list your property now if you don’t have to sell.

For investors, if you have money to invest, low home prices and interest rates have made real estate a very attractive option.

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