Affordable housing in Sarasota was hard to come by during the real estate boom years. Like many resort areas throughout the country, Sarasota’s beautiful beaches and natural scenery attracted speculative investors, driving up demand and home prices and spurring new development.
Many Sarasota buyers are snatching up homes for a median sale price of $170,000. Sarasota is also seeing a lot of investors and European buyers who are looking for a vacation home or a property to hold on to for two to three years, rent out and sell for a profit when the market recovers.
Falling home prices aren’t the only thing bringing in buyers. While Sarasota has long attracted wealthy, older residents, more young professionals and families are moving in, drawn to cultural amenities that rival those in big cities, including one of the top five repertoire theaters in the country. Ringling Brothers, of circus fame, called Sarasota home and still has a strong influence on the area today.
Young families are flocking to suburban neighborhoods like Lakewood Ranch, a new master-planned community which boasts diverse housing options, commercial space, entertainment venues and championship golf courses. Meanwhile, retirees, empty nesters and young professionals are driving growth in the pedestrian-friendly downtown area. Siesta Key, Longboat Key and Casey Key are popular areas as well.
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