SARASOTA, FL – While the general housing market in the United States is still suffering the slings and arrows of ongoing record-high inflation and excessive prices – which have cooled sales significantly in recent months – more affluent buyers are still making a significant number of purchases, and Sarasota, Florida is one of the top areas of the country that these individuals are searching for real estate in.
According to Coldwell Banker Global Luxury’s recently-released 2022 Trend Report, Florida ranks at number eight nationally for areas that are most attractive to domestic luxury homebuyers, and number one for international buyers for an impressive 14 years in a row.
Wealthy homebuyers, in addition to purchasing residences for their own personal use, are also increasingly acquiring additional properties for investment purposes. The Coldwell Banker report indicates that 77 percent of luxury homeowners currently also own an additional property as a long-term investment strategy to diversify their portfolio; two-thirds of that number actually own multiple properties for that purpose.
Coldwell Banker notes that as the COVID-19 pandemic has waned and travel restrictions have been lifted, the luxury home market throughout the country has – despite the financial uncertainty the rest of the country is facing – managed to remain very much a seller’s market.
And while Florida overall is a destination for wealthy individuals looking to purchase a new home high-end buyers are focusing the lion’s share of their attention – and money – on regions within the Sunshine State such as Sarasota and Longboat Key, according to Coldwell Banker’s Roger Pettingell.
“Almost all our high-end buyers are purchasing with cash,” he said. “Buyers may be getting financing, but in the luxury market, offers contingent upon financing are still not enticing sellers. This is similar to last year. However, when interest rates were very low, buyers often borrowed against their investment portfolios and financed the property privately.”
Florida Gulf Residential specializes in the areas of Sarasota, Siesta Key, Bradenton, Lakewood Ranch, Longboat Key, Venice, Palmer Ranch, Osprey, Anna Maria Island and other Gulf Coast communities. Feel free to give us a call at (941) 304-1975 so we can answer any questions you may have.
Christopher Boyle is an investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher helps keep a keen-eye on what’s happening on the West Coast of Florida on behalf of FLORIDA GULF RESIDENTIAL – Your Real Estate Expert for Sarasota and Surrounding Areas.