Sarasota is a city located on the central west coast of Florida. Its official limits include Sarasota Bay and several barrier islands -- some natural and some artificial -- locally called keys, facing the Gulf of Mexico.

The coastal area of Sarasota is also famous for its beaches, the most renowned being Siesta Key, Lido Key, and Longboat Key. Sarasota, is known for being one of the best places in America to own a home. No matter if you're looking for a home to raise your family, or seeking a vacation home and planning for your future, the real estate market in Sarasota is considered as a very vibrant one.

Longboat And Siesta Key Condo Markets Have Been Performing Well

Despite the gloomy media forecasts of the extent of the US housing crunch, the Sarasota housing and property market has surprisingly weathered the slump fairly well. Real Estate market conditions in Sarasota have significantly improved compared to last year. More home sales are taking place and the vast number of condos and housing units for sale here has gone down.

This positive sign is quite evident in the Longboat Key and Siesta Key condo markets. The number of condominium units for sale in Siesta Key went down by more than 10% to 545 by July, from a peak of 620 in February. Condo units for sale in Longboat Key also declined by 16%, to 420, from a March high of 503. Monthly condo and home sales in both keys have also roughly doubled.

Sarasota Waterfront Homes Have Grown In Value Recently

In another promising sign that the local housing market has regained its confidence, market analysts have noted that the value of waterfront homes in this city has steadily risen. The recent scarcity of waterfront homes here has indicated that many buyers are still buying up waterfront properties, and demand for these types of homes has contributed to their sustained value.

The Current Housing Slump Has Slowed Home Purchases

An important point to note is that the US housing boom was the first one in the country States to impact the economy at a vastly broader scale than just the building activity. As private households, using the rising house prices as collateral for housing loan withdrawals, stampeded as never before into debt to finance other kinds of spending, the whole economy developed into an outright bubble economy.

In America, new single-family homes and multifamily homes rose in 2005 from a trough of fewer than 1.5 million units in recession year 2001 to a post-war high of 2.2 million units. Over the same period, the constant quality price index for new homes rose 30%, and the purchase-only price index of existing homes published by the Office of Federal Housing Enterprise Oversight (OFHEO) rose by 50%. Most housing and market analysts surmise that it was a boom that plainly went to extraordinary excess in various ways. As a rule, this suggests a very severe aftermath of painful corrections.

The first effects of the US housing bust have definitely been bigger and more abrupt than most experts had expected. However, hopes are riding high for a benign adjustment. According to Federal Reserve Vice Chairman Donald L. Kohn, "The economy will grow at a moderate pace for a while, somewhat below the rate of increase of its potential, and then growth will begin to strengthen".

Sarasota Real Estate - http://siestakeyrealestate.com

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