“Sarasota, Florida is probably what is a symbol of the worst real estate market in the country.”

– Barbara Corcoran

The reason she cites is all about market timing. According to Ms. Corcoran, prices fell one-third in 2008 and are rising rapidly — up 12% this year.

Now I’m not sure where Ms. Corcoran is getting her data, but perhaps she has failed to factor in the pending foreclosures in Sarasota County, which some speculate to number above 7,000! Of those, more than 5000 have yet to even hit the markets. And the other big unknown: what will the impact of the Option ARM resets be when they really begin to escalate in 2010 and 2011?

As I’ve said before, I have friends in the real estate business (and related industries) around here who constantly feed me information about what’s going on. And I must say, the numbers are so loaded with spin by the time they make their way into the public eye that it’s impossible to interpret them accurately.

Ultimately, like any investment, if you’re thinking about purchasing real estate in Sarasota, you need to do your own research and be prepared for the risks you face.

Also Barbara Corcoran’s list: (#2) San Francisco, CA, (#3) Lansing, MI, (#4) Marietta, GA, (#5) Grand Rapids, MI, (#6) St. Petersburg, FL, (#7) Naperville, IL, (#8) Trenton, NJ, (#9) St. Louis, MO, (#10) Saginaw, MI.

Is this encouraging for Sarasota real estate owners? You be the judge.

The post Today Show: Sarasota #1 Place to Buy a Home appeared first on EpiphanyDigest.

So… what do you do when you really only need an office for yourself and perhaps occasional use of a conference room? Executive suites have always been an option, but perhaps you don’t need a receptionist or you aren’t looking to have your phone answered. What you really need is a place to spread out and work. And if you’re like me, you can work from just about anywhere with an internet connection.

A new option for office space in Sarasota just came to my attention. If you’re looking for a furnished (or unfurnished) room that you can move into quickly and get productive, then this may just be the place for you. White Sands Realty in Sarasota is responsible for putting this together. Just pick a room, sign a no-frills agreement for your inexpensive office, and get working!

They’re offering great packages with your internet connection, a desk, a chair, and access to common areas like the conference room, restrooms, and a small break room at very affordable rates. There are a limited number of offices available, so you’ll want to make contact with Allen Jenkins at White Sands (941.228.6785) right away so you can have the best selection to choose from. The offices are conveniently located just minutes from downtown and minutes from I-75.

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With foreclosures at all-time highs, short sales and auctions on the courthouse steps are the major factors applying downward pressure on prices.

Since it wasn’t all that long ago that we were talking about the need for affordable housing, one problem, at least, is getting solved. In fact, just from a little informal research, there are many properties available below $100,000 now.

Have prices bottomed out? I don’t think so.

The numbers suggest that local values are falling much more rapidly than the national average. At this rate, the local economy has some major additional bumps in the road… especially when you consider that a significant percentage of ARMs taken out when prices were soaring have yet to adjust.

The bottom line? That equity you had in 2005 and 2006 wasn’t real… unless you happened to sell at or near the peak.

The post Sarasota Real Estate: Sorry About Your Equity appeared first on EpiphanyDigest.