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Admirals Walk Condominium Sales Update

March 30, 2009

We do not have to look very far for evidence that the Sarasota Market is recovering.  At Admirals Walk Condominiums there are 12 units for sale out of 249 total units. The big news is that while only 24 units were sold in the last 18 months currently 18 units are under contract and waiting to close escrow. This condominium like many others began as a apartment community and was later converted to condominiums. After 2005 many of these condominiums saw a rapid decline in value which was mainly due to foreclosures from investors who purchased with the sole intent of reselling after closing. 

After 2005, many investors having purchased with little or no money down simply walked away from properties when they found that there were no longer buyers willing  to pay more than they had.   The resulting rash of foreclosures drove prices down to the current levels which are very attractive.  Right now there is a three bedroom unit with an asking price of $83,000.  The owner paid $235,000 for the same unit in 2005.  There are other deals like this but they are selling fast.  At prices like this, these condos make good rental income properties.  Our firm routinely handles the leasing and management of properties like these.

  • Call 941-650-4626 for more information.
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