Top 3 Sarasota Real Estate Questions

Working with buyers 100% of the time, we find that many of the same questions and concerns arise on a regular basis. Here is a quick FAQ to help you with our most frequently heard concerns:

1) Should I buy a single family home or condo? The main concern about buying a condo seems to be the fees; about a single family home, the maintenance. The fact is, in reality you will pay about the same monthly for similarly sized properties - it comes down to semantics.

For instance, the condo fees often prove a deterrent for buyers. But the condo fees are not empty costs; condo fees generally include public insurance for the unit, lawn care and outside maintenance, pest control, maintenance for the recreational facilities, and sometimes even basic utilities. Single family homes may or may not have HOA fees, but you will have to pay lawn care, pool care, insurance, etc out of pocket.

If you will be a full time resident and don't mind doing your own lawn and home care, a single family home may be best. Seasonal Sarasota residents may prefer to have a condo take care of everything. But take heart - even if you are seasonal, there are plenty of services available to keep your home well maintained.

2) Why are the taxes so different from property to property? This is a big question, and often people prefer one $500K property over another because the taxes appear lower. The fact is, that depending on the sellers length of ownership, whether or not they homesteaded, and other exemptions can greatly affect their taxable (assessed ) value. Unfortunately, their tax rate may be completely irrelevant to yours. When you purchase a home, all levels reset to the current tax rate at market value. Therefore, virtually any $500K home will generate the same taxes. The only slight variable is within the Sarasota city limits, where taxes run a bit higher.


3) Is the Sarasota real estate market going to drop further? Oh how I wish we had the answer to this. however, from our vantage point on the ground, we can make some general observations. Well priced properties are selling, and selling quickly. This is a good sign of buyer activity. Properties languishing on the market may be doing so because the prices are still perceived as a bit high, so individual home prices may drop. But overall, we aren't seeing sellers come down too much on their home prices. Also in general, home prices appear to have less room to fall further, while condos, especially beach properties, likely will drop a bit more.

All that being said, it comes down to the individual property, and whether or not it is priced well. As full time buyer agents, we can help you spot the deals.