Buyers are purchasing second homes, investment properties, and vacation condos on Siesta Key. They are buying now to lock in today’s prices and benefit from the appreciation before retirement. Siesta Key condos prices have fared better than Single Family Homes, and are still on an upward trend. Condos on Siesta Key have appreciated 1.7% last year. Single Family Home prices have decreased slightly by 5.3%.
In addition, there is virtually no land to build on left on the key. So many people trying to get into the real estate game are purchasing homes to tear down and build a new one on the lot. The lack of inventory has a direct effect to why the properties are being markeded at record high prices in the upwards of $21,000,000.
In all, even though we are in a changing market it is a great time to make an investment in property on Siesta Key. You can realize the benefit of real estate appreciation by purchasing a single family home or condominium.