LUXURY ON FIRE – condo market soggy??? This article put out by ‘Sarasota’ magazine – stay tuned to the full video for reasons I agree AND disagree.

Before I dive in – i had some “good luck” while doing this video :). you’ll just have to watch in its entirety to find out what it was :)!!

HISTORICALLY the single family home market has generally been more stable than condos/townhomes/villas anyway, which is why every month I post the market updates based upon single family homes versus condos.

IT is not the buyers’ market that buyers had hoped it would be – per the article. As of July 2024, I disagree. This is a very SWEET spot for buyers to purchase, NOW July 2024 – Sept 2024, especially if the Fed lowers the interest rates. And IF that is done, demand will rise and therefore increase demand and therefore prices.

REAL estate is highly hyper local – always remember that. We have some markets that are still SELLERS’ markets where others are equal, and some are now extreme buyers’ markets. It varies based upon your actual very specific location.

SELLERS are staying resilient and motivated to sell. They realize that keeping their properties in tip top shape are critical. Pricing is very very important now more than ever. Try not to chase the market down because higher days on the market DO NOT SUIT sellers well. It begs for lower offers!

RECORD sales are the Ohana house on Longboat Key FL, at over $19M AND a condo sale, located downtown Sarasota, at over $11M – to contradict somewhat the article in question.

SALES are taking longer… yes, but a 5 month level of inventory is a NORMAL market, folks. YES, this is considered normal.

BUYERS are more selective. The inner and outer workings of a home should be as tip top as you can make it. Otherwise buyers are reluctant to move forward in the transaction. Overcome objections before buyers have the chance to either back out or ask for major reductions in the price!

The condo market has taken a hit for a few reasons, namely the condo fees due primarily to the Surfside laws now in place. This, coupled with an average of 6.3 months of inventory means BUYERS have a lot of options.

There are certain markets that are very well buffered with there is a recession or downturn in the general market. Longboat Key, FL, for example is one of those areas that is LAST to feel a recession and FIRST to bounce back from a dip in the markets.

Call me to discuss the equity position of YOUR property. Don’t rely on an algorithm when this is likely the most money you’ve invested in your life. You could be leaving money on the table. Schedule some time with me! I can’t wait to hear from you:

SHAYLA TWIT, Star Team Principal
Coldwell Banker Global Luxury
443 John Ringling Blvd Suite F
Sarasota, FL 34236

CALL / TEXT: (941) 544-7690
EMAIL:

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#floridarealestate #floridahousingmarket #floridaproperties

The luxury real estate market in Sarasota is on fire but the K of Market Is soggy this was an article put out There by sarota magazine I'm going to Talk about it in today's video but also Refute it at the same time so please Listen in to this luxury versus condo Market update Video all right let me start with like The subtitle in this article it says Following record-breaking cash sales the Median single family home sale price Rose by 3.9% to $530,000 in CET County but the condo Market in both counties experienced Declines well number one I'm going to Agree with that to an extent and that in The market update videos that I always Put out there I always tell you that I'm Basing my market stats on the Sarasota County single family home Market not the Condo Market because of exactly what They're saying here that his Historically speaking it does this Condos uh Town Homes Villas that M Maintenance-free more like type Properties some properties that you own The land and many that you don't condos In particular tow houses you own the Land in many cases but single family Homes are taken out of that mix and it's For very good reason to showcase the Strength or weakness of a market and

While I do agree with this sentiment we Have had some record condo sales as well But they've been in the luxury segment Right so in the second paragraph of this Article it says it's not the buyers Market that buyers would have hoped for Right now even though there's tremendous Price Decreases um yes and no I think right Now okay as I'm filming this it's the Middle of July 2024 this is a really Awesome time for a buyer to Buy because interest rates have not yet Gone down we don't know what's going to Happen there but there's Word on the Street Inman reports stating that Potentially and middle or to end of September that they might lower the the Interest rates so by waiting till the Interest rates go down in effect you're Actually waiting to pay more because the Demand will rise and therefore when the Demand rises even with a high level of Inventory the prices will go up because The demand will say hey we've had more Showings now we have offers and Therefore quicker days on the market Right shorter days on the market and Therefore it's going to just increase The prices I just talked to someone just Before videoing this for you uh saying The exact same thing I'm telling you so Yes also it depends on where I as I say All the time real estate is such a

Hyperfocused um business you know and so Like for Example down on mannasota key it's just About a 9month level of inventory right Now it's kind of gone down a little bit Because a couple of these properties Have Sold congrats to all the people that Have had these beach front houses sell So it depends on where and if you're in A nine month level of inventory that is A very strong buyers Market and I have a listing that's been Pending on Anna Maria it's the one that Has the adverse possession property uh Uh that we have deal to deal with it's The one that's pending on hammock Road Right there in the canal and that market Is last time I checked it could be Different as of the date of this viewing Uh video but it was a 19 month level of Inventory so those buyers have even more Leverage right get the prices down while You can is kind of like the name of the Game the article goes on to State quote Buyers aren't seeing the correction they Expected and if they move in for a buy Move in pun intended for a buy we're Seeing low offers and lots of negot Iations Jennings said I don't know if This is David Jennings uh shout out to You David if that's you quoting this Sellers are trying to stay resilient and Are motivated to sell because data is

Showing that even just over a year ago They're still getting 2% to 6% more than What they would have spent on their home A year ago values are resilient and Business is getting done I will say uh I Just thought of this as um David I think David Jennings quoted that that for for Example a in a location like Longboat Key it is one of those islands one of Those pristine locations that is last to Feel a recession or a dip in the market And the first to see a a boom back when The market shifts in a positive Direction and to that point and to the Point of this article that luxury is in Full swing there is a home on longbo key That just set a record it closed for Over 19 it was 19.75 Million the Ohana House and I did a whole video about that And another record-breaking condo sale So check that out in the library by the Way as an aside I do have a listing for Sale across from the Ohana house it's a Vacant lot listed so inquire with me you Can build whatever you want there Because that neighborhood will sustain It Cas in point the Ohana house that Sold for 19 million so we have these Record-breaking sales you know in the Area and if you buy right and listen if You're not selling if you're not selling In a downturn what does it matter what The price of your house is worth I mean Like I look at my properties and I

Wonder and I sort of calculate in my Mind if I had to do something dramatic Then what would it be worth but outside Of that if you're not selling does it Matter to you personally and yes to his Point okay they are selling for more and They're taking a little bit longer and You know what like as we are sitting Right here it's about a five month level Of inventory and a five to six month Level inventory is normal and back in The day and I'm repeating myself here But like back in the day A Million Dollar Listing we would take a one-year Long listing agreement because it would Take about that to sell you know and Some of these multi-million dollar Properties are taking even longer and You know and that just is what it is and Some places the prices are not quite There with the sellers want and if they Bought let's say in 2022 they're Expecting their property to double and That's not the case again we've warned Everybody that this was not sustainable So yes the luxury Market is in full Swing um one just closed up the road Here for 4.3 million was that a record No the record for manota where I'm Filming this video was 8 million and That sold not this past January I think The January before for a flat eight Million it was listed for 7.5 million Sold for eight not on the market very

Long and um that kind of set the bar for Mannasota key and then as you get up to Casy key the further uh just the island North those prices are vastly different They're a lot more like for the house I'm sitting in right here 7160 that I Have for sale mannasota key listed for 4499 this house a 3,800 foot house on Mannasota key would easily be a lot more Probably broaching the 7 million Mark Right but this is a different Island It's further south it's quieter you take This house and put it on Longboat Key And it' probably be about the same as Casey Key so again hyperfocus hyper Local real estate is uh very very Specific to your own address it very Much is and you know we could do these Overviews all day long but the condo Market yes I do agree with the gist of This article the article goes on to say Uh that buyers won't tolerate Things that they used to tolerate like They weren't even doing inspections Before now they're like broken broken Irrigation system uh-uh I want to credit At closing so you know sellers are Starting to do like pre-home inspections It might not be a bad idea for you to do A pre-home inspection now if you choose To do a pre-home inspection whether You're a single family home or condo Seller just understand that anything That comes up on that pre-inspection you

Have to disclose along with anything Else materially that you know Could affect the value or the workings Inner workings outer workings whatever Of the home I'm a fan of overd Disclosing personally so pre-inspections Are great just know that you have to Disclose any items on your sellers Disclosure forms okay you don't want That to come back to buy you but it Could be a great tool in that you could Even advertise that in your listing Pre-inspection done all items fixed or Remediated or will be remediated for the Buyer it's a good selling point um um And you can even just help that justify Your price even more right shifting Gears to attacking the condo Market Finally here so uh condo Market Inventory is now when I say condo it Means townhouse Villa 2 6.3 months of Inventory that is a very strong buyer Market because a five to six month is Like equilibrium so 6.3 that's a strong Buyers Market buyers have options condo Toown HS Villa is sitting on the market Longer they have leverage I mean it just Is what it is you know I'm just the Bearer of the news I'm not I don't Control the market Realtors don't Control the market part of the reason There might be an increase in The condos listed in the market or Sitting or the fact that they call this

A soggy Market it's probably due to the Condo fees right in the fees Particularly on the islands now when I Say that I also have a caveat going back To what I said like Longboat Key is a Very very special place it's a luxury Market it's a condom Market it's both of The two things that this article is Saying combined into one these people Have discretionary income even though They have discretionary income though They're always asking what are my fees Going to be how much is it cost to Maintain this property it's always going To be a question on any I don't care how Much money you have or the wealth that You have understandably that's always a Question and it's something that has Gone up and some cases double and triple On the islands especially if you're an Older property if you're within three Miles of the coastline if you're 25 Years or older and you're three stories Or higher all of you are affected go Into my playlist if you have questions About that I did a whole couple of Videos about the impacts of the Insurance and the oh my gosh I'm seeing I think Dolphins out there I'm right Here on the Gulf of Mexico which I'll Show you I think I'm seeing Dolphins out There that's probably that's good luck So understandably these sellers are Wanting to sell if they're on fixed

Income maybe even more so so those are Some of the reasons why we're seeing an Increase in um that inventory coupled With the election year and the interest Rates and all the things we always talk About so to summarize this lovely s Magazine article up I would say this buy When you're ready to buy and sell when It's the best time for you and your Family nobody can time the market as Much as we all try and want to to Believe I will say this the best time to Buy was probably five years ago right or You could say the best time to buy was Yesterday you know we know that overtime Real estate always goes up and you know This right here from now until September So July August September When lots of people are on vacation and The Realtors are going up north I'm here Working for you and to sell your homes And help you purchase property and this Is a very sweet spot that we're in if Especially if you're a buyer but if You're seller capture that Equity that You have we don't know what the future Holds maybe there'll be a little bit of A dip we don't know so I'm here as your Resource since 2002 I work all the way from Anna Maria All the way all of Sarasota so manate Sarasota County and on down to Charlotte County which is where this great listing Is here it's listed for sale 4499 please

Call me I love the islands and I'm going To show you around here but I love it And I want you to reach out to me I love That very much I can be reached at 941 54476 n0 or email Shaya twit Gmail.com your calls your comments your Subscribing liking commenting means the World to me and I really much appreciate You for watching continuing to watch and Thank you for the support and please Call me

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