Foreclosed Property for Sale in Sarasota as Vacation Home
A foreclosed property for sale in Sarasota can be turned by a buyer into a vacation home as the city of Sarasota is a favorite destination for families and individuals looking for sparkling beaches, clean air, beautiful weather and other tourist spots.
Sarasota has also been voted as one of the best places to live and work in several surveys by travel publications. An investor can also turn the foreclosed property into a rental house for Sarasota workers.
In terms of prices, foreclosure homes in Sarasota have been competitive compared to home prices in other destinations that boast of beaches and sunny weather. According to real estate professionals in the area, house prices in Sarasota have fallen by as much as 70 percent below their peak prices in 200 and 2007.
A realtor who relocated to Sarasota because of sales opportunities in the city said that nearly a third of all homes on the market are foreclosures, making it easier for prospective investors to budget their money for their investments.
Gulf Coast realtors said that beachside luxury condo units that were selling for $800,000 three years ago can now be purchased at half the price. Another realtor said that a typical foreclosed property for sale located far from the beach is now being sold at $200,000, complete with an inground pool and expensively furnished bedrooms, bathrooms and kitchen.
Prospective buyers, however, are advised to get familiar first with the Sarasota housing market before plunging into the market or to get help from a trusted real estate professional. According to news reports, short sale flippers have been operating wildly in Sarasota and the rest of Florida. Although one can acquire good homes from these flippers, a smarter investor can purchase similar homes at lower prices.
The pace of foreclosures has slowed slightly in Sarasota and in other areas of Florida in October, but foreclosure filings are still high compared to other cities and states. In October, more than 2,500 residential units in the Sarasota, Manatee and Charlotte area were hit with foreclosure actions, marking a drop of 6.5 percent compared to filings in September and a drop of almost 5 percent compared to October last year.
Based on statements from Bill Geller, head of the Sarasota Association of Realtors, foreclosures in the area have been driven by various factors, and buying a foreclosed property for sale in the city for investment purposes is still a good decision because of strong economic prospects for the city.
