Friday, June 8, 2012

Focus On: Harbor Acres

Harbor Acres is an upscale neighborhood, west of the Trail, close to downtown Sarasota, Lido Beach, and Siesta Key beaches.  Harbor Acres features a mix of new construction, waterfront homes and original ramblers and split level homes without water frontage.

Harbor Acres, Sarasota FL map courtesy of Bing Maps

The wide range of architecture and waterfront property versus non-waterfront property creates a wide range of prices in Harbor Acres.  As of this writing there are 3 homes in Harbor Acres actively listed for over $5 million.  However, since December 8, 2012, only 4 homes have sold in Harbor Acres, the most expensive being $1.1 million.  This property was at one time originally listed for sale for $1,885,000, a dramatic price reduction of 29%.

See the report here by clicking here.

Some interesting information comes out of this data.   One fact that jumps out is that a couple of brokerages control most of the listings.  The second is that the median list price to sales price ratio is extremely low at 85%.  This means that properties are either over priced when listed, or it's a buyer's market in Harbor Acres.  The average LP/SP ratio for many Sarasota neighborhoods is 93-95%.  Does the fact that so few brokers control the listings (and also represent the buyers in these transactions) attribute to the poor ratio?  It's worth considering.

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