Real Estate For Million Dollar Homes
As reported by the Herald Tribune today, the number of homes in Sarasota which were valued over the million dollar mark has dropped dramatically- from over 8,000 to just under 4,000, a 54% decrease. Historically, the concentration of homes in this price range was on Longboat and Siesta Keys; the distinction for the most high end properties now lies with the prestigious 34236 zip code (Downtown, Lido Key and Bird Key)
Longboat Key has the second highest concentration, and Siesta Key is a distant third due largely to the drop in value of interior key, canal homes. Full bay and Gulf properties still demand high values, and this fact largely explains the rise of downtown bayfront, Bird & Lido Key properties which sit on big water views.
This information should make Sarasota real estate buyers sit up and take notice – the homes on Siesta, especially, once valued for millions, are on sale in this market; the 34236 market has remained strong through the most adverse of markets and should look desirable to those looking forward as well. The water views combined with the proximity to downtown and beaches will always hold inherent value.