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on the market has increased quite drastically internationally over
the last several years, that number has actually declined fairly
substantially in major North American markets, often by as much
as 200%. Inventory is up—but so is demand.
The allure of expatriation is another important factor driving
sales. Overseas migration has been a massive influence in recent
years, with North American and northern European buyers
snapping up whatever they can find in markets that simply were
not on the radar a few years ago. Economics, after all, is a powerful
influencer on all fronts. Markets that have been suffering, in
particular Greece, Spain and Ireland, have seen a drop in the
past few years, with home values hovering about 30% to 50%
lower than only a decade ago. With all of this being said, however,
it is important to remember that much of the information we
have, both statistical and anecdotal, is derived from analysis of
larger markets. Certain markets manage to maintain stability and
continue to offer luxury at a value.
Sarasota and the surrounding communities that define the west
coast of Florida serve as excellent examples of this concept.
Considering the plentiful cultural amenities and picturesque
vistas the area boasts, the Sarasota region offers excellent
value for the money, which is undoubtedly a prominent reason
international purchases have increased in recent years. Visitors
are frequently surprised at what they can get when compared to
properties in cites farther south such as Miami and Naples, where
luxury estates and opulent penthouses garner significantly higher
prices per square foot than similar offerings on the Cultural
Coast.
A wise person once said that the only thing that remains constant
is change. This sentiment is certainly true in real estate. As the
demographics of buyers change, the industry will continue to
adapt to the needs of the clients it serves. However, one thing that
is not likely to ever change is our love of the water and the tranquil
sense of peace we feel watching the sun set over the ocean.
