Oaks Bayside

April 2009

No matter where I go or to whom I speak, the topic of the Sarasota real estate market is very quickly where the conversation heads.  Everyone is interested in what is happening in our market and everyone is curious as to where it is headed.  I wish I had a crystal ball and could with 100% assurance tell you what will happen in The Oaks in the future.  What I do know is what has happened in the past and where we are at the moment. I’d like to share some of this information with you in the hopes that it will be beneficial.

In the past 12 months there were 5 homes that sold in The Oaks Bayside and there are currently 3 homes under contract.  I have attached the information on each of these homes for you to review.  Compared to the prior 12 months, 8 homes sold so the amount of activity is less but has not changed dramatically when including the homes that are “on the books” to close. Here is a comparison of these timeframes. 

While at first glance one might conclude that the prices have drastically decreased over the past year that is not necessarily a correct assumption.  Averages can be deceiving and we are working with a smaller sampling of closed properties this year so one must dissect the information a bit further.  The average sales price in the past year was $239 per square foot based on the fact that the average sized home that sold was 4195 square feet.  In the prior 12 months the average square footage was 4867 and the average selling price was $299 per square foot. As you likely know, there is a wide range of homes in Bayside which causes there to be a wide range in the values.  The mix of the homes that sold in this past year just wasn’t overall as “high end” as it was in the prior year. It is really just something of a “coincidence” that 3 of the homes that sold were more modest homes and even a couple that would be classified as “distress” sales. These numbers skew the average.  As you will note, the 3 homes currently under contract, simply based on their list prices, will drastically improve the average once they have closed and we know the exact selling prices. (Bear in mind, however, that will be over a longer period of time than 12 months.) All this being said, when I compare similar homes from each time period then it is pretty clear that the prices have only experienced a slight decrease over the past year. The Oaks Bayside is holding fairly steady. This is good news!

At present there are 20 homes on the market in the Oaks Bayside. (If you would like to see the listing information on each of these homes simply email me and I will email you that information immediately. Further, if you are interested in seeing information on The Oaks Clubside, I’d be happy to send you that as well.)  There are also 12 vacant lots for sale.

The Oaks is a fabulous community and enjoys a wonderful reputation within the area.  The recent improvements within the community have brought about a very positive reaction from prospective buyers and have enabled the selling level in the neighborhood to remain strong when the rest of the Sarasota market has not been as strong.

Please feel free to call me or email me with any questions or comments as I am here for you.  If you are considering selling your home I hope that you will speak with me.  My promise to you is that no one will work harder on your behalf than I will.