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Siesta Key Condominium Market Activity Report

September 14, 2006

Today’s Siesta Key Condominium Market Activity Report (MAR) indicates that currently there are 457 condominiums for sale. Additionally there are 9 listed as “Pending”, 9 listed as “Backup Needed and 29 sold during the last 3 months. Of those listed for sale, the average prices is $872,616. On average these properties have been on the market for 153 days. The average size is 1261 square feet for an average price per square foot of $693.

The 9 pending transactions have an average asking price of $904,200, an average size of 1,530 square feet for an average price per square foot of $591. These properties have been on the market for an average of 176 days. Of the 9 pending, 6 had a reduction in price prior to going to contract.

Those listed as backup needed have a more modest price average of $498,544. They have been on the market for an average of 99 days and have an average price per square foot of $480. Three of the nine owner gave a RIP (Reduction In Price) before accepting an offer.

Of the 29 sold units during the last 3 months, the average asking price price was $950,776 while the average selling price was 91.6% lower at $871,022. At the peak of the market the list price to sale price ratio was 97%. On average the sold properties were listed 125 days. The average price per square foot was $678.

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