This is the seventh property this year with a sales price over $500,000 that has been sold in Prestancia and the forth to sell over $750,000.  In 2009 there were a total of three sales over $500,000 but there were no homes sold over $750,000. 

In 2009, fourteen of the seventeen properties sold in Prestancia were under $500,000.  This year so far only nine of the sixteen properties sold YTD are under $500,000. 

In addition to the recent sales, three properties have gone under contract in the last month which shows continued activity in Prestancia through the sometimes slower summer months.  Of the three properties, two of them were listed over 500,000.

“Last year the activity on homes over $500,000 here in Prestancia was minimal”, said Joel Schemmel, listing agent for 4193 Escondito Circle.  “We are very excited about the level of activity we have seen in recent months, especially on the larger estate homes.  This signals continued strength in our local real estate market not only in Sarasota, but in Prestancia.”

The Schemmel Property Group currently has seven properties listed for sale in Prestancia ranging in price from $339,000 for a 2,100 sq. ft. maintenance free villa to $1,350,000 for a 5,500 sq. ft. estate home.  If you would like any additional information on Prestancia or any of our other magnificent properties please fill out the contact us page or email us directly at toni.schemmel@sothebysrealty.com.

Posted 8.25.2010

Follow the link below to see for yourself.

Siesta Beach Live Webcam

Siesta Beach Live Webcam

Property Sales Again Reach Highest Level of the Year in Sarasota Real Estate Market

The Sarasota real estate market remained active and vibrant in June 2010, in spite of the loss of
the federal home buyer tax credits, oil crisis rumors, and the sluggish national economy.  Property sales in June 2010 in the Sarasota market once again topped the 700 mark, with 776 total sales – once again the highest of the year and the highest total since December 2005 when 784 properties were sold. The figure of 776 sales topped the May 2010 total of 766, the previous high, and was 27.2 percent higher than June 2009, when only 610 homes and condos sold.

In June, 576 single family homes were sold, 28.3 percent higher than June 2009, when only 449 single family homes sold. The median price was also trending higher at $175,000, the highest figure in 11 months. Not since June 2009 has the market seen single family home values this high.

Condo sales in June were 200, a 24.2 percent increase over June 2009, when 161 condos were sold. The median price of condos fell in June to $145,000, which primarily reflected distressed property sales. Non-distressed condo sales saw a median price of $236,000, while for distressed properties, the median sale price was $88,000, about a third.

For the last 12 months combined, the median sale price for single family homes was $165,000.  For condos, the median price over the last 12 months was $185,000.

Pending sales were once again strong, hitting 767 - slower than the period during which homebuyers were eligible for tax credits. The March and April pending sales figures both topped 1,000 and reflected a last minute rush to beat the federal homebuyer tax credit deadline.

“With the expiration of the $8,000 tax credit we had anticipated a potential drop off in sales, but the level of pending sales still shows strength in the market,” said 2010 SAR President Erick Shumway. “The June figures are a testament to the strength of this market, and prove the oldadage that all real estate is local. There are still a lot of serious buyers in our market, and we hope this very active period continues through the usually slower summer months.”

The level of sales of distressed properties (foreclosures and short sales) rose slightly in June 2010 to 44.6 percent of the overall market, from 40 percent in May 2010. The distressed market topped 48 percent in late 2009.  The property inventory level dropped below the 6,000 level in June 2010 at 5,993, which is the lowest level since late summer of 2005.

Another interesting statistic in June was the fact that in nearly every price range below $250,000, inventory levels have dropped below a six-month supply, entering “seller’s market” territory.  This generally precedes a period when price appreciation should be expected.

The months of inventory for single family homes in June 2010 dropped to 6.6 months, the number of months it would take to sell all available homes at the current pace. This was a significant drop from June 2009 – 10.0 months – and very near equilibrium. For condos, the figure rose slightly to 10.6 months, much lower than last June’s figure of 16.1 months. Once the market reaches the 6 month level it is considered to be in equilibrium between a buyers and
sellers market.

Sotheby’s International Realty has partnered with FRONTGATE and Architectural Digest to present the FRONTGATE 2010 International Home Tour.  This is an amazing showcase of the most magnificent estates from around the World.

We hope you enjoy exlporing these exceptional homes.  If you would like any more information on one of these magnificent estates or would like information on buying or selling another extraordinary property please fill out the “contact us” page or email me directly at toni.schemmel@sothebysrealty.com.

4005 Las Palmas Way ~ $2,500,000 ~ Closed Transaction

7825 Estancia Way ~ $1,120,000 ~ Closed Transaction

4022 Losillias Drive ~ $675,000 ~ Closed Transaction

4231 Palacio Drive ~ $650,000 ~ Closed Transaction

7270 Alicante Drive ~ $320,000 ~ Closed Transaction

7776 Calle Facil ~ $310,000 ~ Closed Transaction

7864 Esperanza Circle ~ $810,000 ~ Pending Transaction

4193 Escondito Circle ~ $1,125,000 ~ Pending Transaction

7411 Monte Verde ~ $649,000 ~ Pending Transaction

7600 Calle Facil ~ $499,900 ~ Pending Transaction

7377 Regina Royale ~ $335,000 ~ Pending Transaction