Condo resales turning into buyer's market
SARASOTA -- Roughly one-third of investors who committed to downtown condo towers during Florida's post-2000 real estate boom appear to be having buyers' remorse.
Driven by a desire to distance themselves from rampant speculation or avoid owning overpriced space, buyers are bailing from a handful of high-profile Sarasota towers.
Their movement is likely mirrored across the region and the state.
"It certainly isn't surprising in this market," said Lisa Rooks Morris, a Rooks Morris Real Estate partner who, until last autumn, sold condominiums at 1350 Main, one of downtown's most talked-about addresses.
"The market couldn't be more different now than two years ago. It went from one extreme to the other."
The list of local high-rises where buyers are walking away from deposits or offering their units for resale includes Alinari at Rosemary Place, a 17-story building on Tamiami Trail; Broadway Promenade, which will feature 187 units when completed on U.S. 41 at 10th Street; Rivo at Ringling, a 15-story, 106-unit tower at Ringling Boulevard and Osprey Avenue; and Kanaya, a 35-unit tower on Orange Avenue.
At 1350 Main, buyers are expected to begin closing today and Friday on units they snapped up during a 90-minute buying frenzy in May 2004.
But in a show of just how different the spring 2007 real estate market is, not all 1350 Main St. buyers are likely to finalize their deal and move in.
The rest of story.
Driven by a desire to distance themselves from rampant speculation or avoid owning overpriced space, buyers are bailing from a handful of high-profile Sarasota towers.
Their movement is likely mirrored across the region and the state.
"It certainly isn't surprising in this market," said Lisa Rooks Morris, a Rooks Morris Real Estate partner who, until last autumn, sold condominiums at 1350 Main, one of downtown's most talked-about addresses.
"The market couldn't be more different now than two years ago. It went from one extreme to the other."
The list of local high-rises where buyers are walking away from deposits or offering their units for resale includes Alinari at Rosemary Place, a 17-story building on Tamiami Trail; Broadway Promenade, which will feature 187 units when completed on U.S. 41 at 10th Street; Rivo at Ringling, a 15-story, 106-unit tower at Ringling Boulevard and Osprey Avenue; and Kanaya, a 35-unit tower on Orange Avenue.
At 1350 Main, buyers are expected to begin closing today and Friday on units they snapped up during a 90-minute buying frenzy in May 2004.
But in a show of just how different the spring 2007 real estate market is, not all 1350 Main St. buyers are likely to finalize their deal and move in.
The rest of story.
posted by Marc Rasmussen at
7:49 AM
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