Downtown Sarasota Condo Inventory Continues Favorable Trend
Sales for the first 2 months of 2011 were a bit light compared to 2010 dropping from 49 unit sales last year to just 38 this year. However, there was a near identical percentage drop in inventory from 381 last year to just 311 this year. While the drop in sales is somewhat alarming, it shouldn’t be totally unexpected given that there were less units available.
During the month of February, 2 condos in 34236 sold for over $1000000. A La Bellasara residence (Golden Gate Point) sold for $2.2MM and a L’Elegance (Lido) sold for $1.455MM. For the year-to-date 2011 period ended February 28, three downtown condos have sold for over $1MM. Last year during this same time period, 5 residences had sold for over $1MM.
The number of distressed properties in inventory has dropped from 40 residences at the end of February 2010 to just 29 at the end of February 2011. So far this year (through February), 8 distressed properties have sold compared to 12 during the same period last year.
