Sarasota Homes for Sale | Royal Canadian Realty

All you need to know about Sarasota

Sarasota is one of the best tourist places in Florida city. It is not expensive when compared to other places in Florida. In recent times, it has become an ideal location for many property buyers to invest in, and it is only looking to generate more interest in the near future. If you are new to the Sarasota area, below mentioned is all you need to know about the city. It is a stunning city located in Southwest Florida on the Gulf Coast south of Tampa Bay. Over the years, there has been an increase in the city’s population. The county consists of three main cities. The biggest one is Sarasota city and the other two are North Port and Venice. Other neighbourhoods and communities include Englewood, Lakewood Ranch, Nokomis, Siesta Key and Plantation.

Home to several notable educational institutions and tourist attractions

Sarasota houses some of the best institutions of higher education like New College of Florida, Keiser University Sarasota, State College of Florida Manatee-Sarasota, and University of South Florida Sarasota-Manatee to name a few. In addition to notable educational institutions, the city also has several tourist attractions such as the John and Mable Ringling Museum of Art, Siesta Key Beach, Marie Selby Botanical Gardens, Sarasota Jungle Gardens, Lido Key Beach and much more.

With lots of people moving to Florida every day, it should be no surprise that real estate markets in cities like Sarasota are gaining traction. There is an increase of over 30% annually in the Sarasota real estate market. Whether you are looking for properties for sale in Sarasota or looking to invest in Sarasota real estate, the team at Royal Canadian Realty can help you identify the right house based on your specific needs.

What you need to know about the Sarasota real estate market

The current listing of a house price in Sarasota is roughly around $525,000, and the price per square foot of the property is $304. Moreover, there is an increase in the price of 30% annually. The property market in Sarasota is more of a strong seller’s market. There are more than 2000 properties for sale currently in Sarasota with prices as low as $6,500 up to $23 million. If you want to grab hold of this opportunity and own the house of your dreams in Sarasota, Florida, you cannot go wrong with the real estate brokers at Royal Canadian Realty to help you get started on your home-buying journey. To schedule an appointment or to find out more information, talk to our professionals today.

Why investing in Sarasota real estate is a sound financial decision

Now that you have a fair idea of the Sarasota property market in general, the next thing you will have to consider is whether it is worth investing in. Based on the considerable population growth in recent times, there has been a boom of 15% in the property market. This shows that there is a lot of promise for individuals looking for Sarasota properties for sale. Below mentioned is what you need to be aware of to make a smart financial investment in Sarasota real estate.

There are various ways to invest. For instance, you could either invest it in a commercial or a residential property. Within the residential property market, you can either buy a single or multi-family home and for commercial real estate, you could either invest in an office space, retail or industrial. As housing costs continue to rise, it is driven more to strike now and get a better deal than wait. Furthermore, the city is a tourist hub having some of the best beaches in Florida. If you are looking for properties for sale in Sarasota, you can invest in one and earn passive income by putting it out as a short-term rental for visitors to utilize.

When is the right time to invest in the Sarasota property market?

The right answer is “NOW”. Experts in real estate will tell you that timing the property market is important and can help secure you a great deal. Over the past couple of months, the interest rates have increased, which has led to the lesser competition making it ideal for investors to take advantage of the prices that are only going to keep rising irrespective of the high-interest rates.

Furthermore, there are other benefits of investing in Sarasota real estate like the lack of state income tax. This is one of the main reasons many people move to Florida in addition to the better quality of life. US News ranked Sarasota as one of the best places in the country for retirees to settle down because of the friendly population, sunny beaches and lack of state income tax as mentioned above. All the reasons listed above make investing in Sarasota real estate more desirable than ever.

Where should one invest in the Sarasota real estate market?

The city is large that spreads across 725 miles. It has several neighbourhoods. So, if you are unsure as to where to invest, don’t worry. Our real estate brokers will advise and provide relevant information to help you make a well-informed decision. Below are some of the best locations in Sarasota to invest in:

Avondale – The average property price is around $225,000
Arlington Park – The average property price is around $535,000 with a 3.5% cash-on-cash return.
Park East – The average property price is around $275,000 with a cash-on-cash return of 3%
Alta Vista – The average property price is around $806,000 with a cash-on-cash return of 2%

Reasons to invest in Sarasota, Florida:

Stunning sandy beaches

Annually, thousands of visitors come to Sarasota to bask in its award-winning beaches. The 35-mile stretch is truly stunning. Furthermore, there are six barrier islands around the coastline and each of them has its own aura. Some of the famous beaches include Venice Beach, Lido Key and Longboat Key. If you are a property that is exploring purchasing property for short-term rentals, then investing in Sarasota is a huge opportunity.

This very reason alone sees the city attract many families including university students looking for housing.

A-Rated school district

There are plenty of schools in Sarasota that rank high. Some notable ones are:

Sarasota Middle School
Bay Haven Elementary
Pine View High School
Southside Elementary School
And much more

Additionally, there are also several reputable colleges such as:

Ringing College of Arts & Design
University of South Florida Sarasota-Manatee
New College of Florida
And much more

This very reason alone sees the city attract many families including university students looking for housing.

Steady increase in population

As the employment market rises in Sarasota, so does the population. Over the next couple of years, the population is expected to grow by nearly 8%. If you are someone that is looking to invest in real, then this is a good sign, as when the population increases, the demand for housing and properties for sale also increases. So, if you are looking for Sarasota homes for sale, we’ve got you covered.

Several tourist attractions

One of the driving factors that drive up tourism in Sarasota is its notable tourist attractions. One of the popular ones is the Myakka River State Park. This park provides ample opportunities for boating, kayaking, and fishing, as well as tons of other fun activities. Additionally, children can also enjoy the Marietta Museum of Art and Whimsy. This place brings unusual art to life. Other famous tourist attractions include:

Lido Key
Sarasota Jungle Gardens
Mote Marine Laboratory and Aquarium
The John and Mable Ringing Museum of Art

The above-mentioned attractions appeal to both residents and travellers.

Competitive real estate

Did you know that Sarasota real estate is one of Florida's most sought-after property markets? One of the significant reasons is that there are several competitively priced neighbourhoods. On average, a city resident spends around 15% of their income on mortgage repayments. However, a Sarasota resident spends only 9% which is way more reasonable when compared to other real estate markets.

Friendly laws that favour landlords

Ideally speaking, most investors aim to earn a passive income. However, based on a particular state’s law, the process can be straightforward or challenging. Sarasota has laxed landlord-tenant laws. The reason being:

Fantastic climate

There is a reason why they call Florida the sunshine state. It boasts one of the most fantastic climates in the world. On average, the residents of Sarasota get to enjoy almost 300 days of sunshine. Even during the winter months, residents will still be able to enjoy clear blue skies and warm days. This is why many retirees are moving to Sarasota. Another reason for them moving is also to invest in real estate and let it out as a short-term rental.

Increase in rent

Since there is an increase in population, rental prices have also increased. There is an increase in rental prices by around 2% every month. Rising rental prices indicate a strong demand, which is fantastic for potential real estate investors.

A thriving employment market

The city of Sarasota continues to enjoy a thriving economy. There is a diversification of trade in the field of health care, hospitality, retail and much more. Capgemini, The Zenith and APAC Customer Services are some of the notable organizations found in Sarasota. Additionally, other top private employers in the city include Sarasota Memorial Health Care System, PGT Innovations Publix, Venice Regional Medical Centre and Sun Hydraulics to name a few. As of October 2021, the unemployment rate was around 3.5%. With plenty of businesses looking to open offices here, the employment market will continue to boom. Sarasota’s popularity as a tourist sport and vacation place is helping create a plethora of job opportunities in the hospitality sector. Similarly, with many retirees moving here, there are plenty of jobs in the healthcare industry as well. In recent years, Sarasota has become highly industrialized with most jobs coming from manufacturing, shipping, and software development. Jobs which are not common in other cities in Florida are available in Sarasota like zoologists, wildlife biologists and nuclear medicine technology to name a few. These opportunities have young taking notice to come and reside here to earn a stable income.

Sarasota real estate: A good investment option

Generally, investing in real estate is a sound financial option. You can generate a sustainable passive income and amass wealth that increases over time. With that being said, not every property market is the same. When investing in a location, it needs to have the following:

A booming job market
Plenty of tourist spots
A great quality of life
An increase in population over time

Sarasota checks the above-mentioned and much more. So, it is a fantastic place to invest in property.

The bottom line

The city of Sarasota offers a plethora of fantastic opportunities for investors as there is a high demand for families and students moving here, because of the sandy beaches and tourist attractions, including no state income tax. If you are looking at earning passive income from short-term rentals, then this is the place as rents are constantly rising. Not to mention the education is fantastic and the landlord-tenant laws are lenient.

If you are looking at Sarasota houses for sale or wish to find out more details about the city’s property market, please do not hesitate to get in touch with our team at Royal Canadian Realty today. Whatever your property needs, we’ve got you covered. Rest assured; that we can help you reduce risk and increase the potential of your investment.