Thinking about buying a fabulous Lido Key condo? You might be timing the market perfectly. Inventories of Lido Key condos for sale have declined dramatically from the high figures we saw back in 2006 and 2007. The big question everyone is wondering is whether we are at the bottom or not. Everyone has opinion but no one knows for sure. What we do know is that inventories are down, prices are down, sales are up and there seems to be a glimmer of hope and enthusiasm in the economy. Personal spending is increasing as people seem to be sick and tired of this great recession.

Remember about 15 years ago when Realtors used to use the MLS books to figure out what was for sale or not. That was before my time. I started selling real estate in 2000 when the multiple listing service (MLS) was just getting onto the computers. The days of the MLS books are long gone. With the advent of the internet real estate is now at lightning speed. A Realtor can list a property in the Sarasota MLS one minute and then the next minute an electronic alert is sent to hundreds of Realtors and possibly thousands of potential buyers signaling them of a new listing. Information is passed at the speed of light. The Sarasota Florida real estate market is super efficient with virtually all information known. The days of little information is over as we have at our fingertips virtually all properties for sale, what they sold for, when they sold, how long then took to sell, price adjustments and a virtually endless supply of valuable market statistics.

Finding the right Lido Key condo

Lido Key is not that large. It is much smaller than Longboat Key and Siesta Key. As a result there are not a ton of condos for sale. I just checked the Mid Florida MLS as I write this and see that there are 75 condos/townhouses and villas for sale on Lido Key. Let’s break that down by price.

• $0 – $400,000 – 31 condos. Of those 31 condos only 18 of them have 2 bedrooms/2 bathrooms.
• $400,000 – $1,000,000 – 22 condos
• Over $1,000,000 – 22 condos

Think about it for a second. If you can spend up to $400,000 and you want 2 bedrooms and 2 bathrooms you only have 18 to choose from. When you ignore the obviously overpriced condos or the ones that need a dramatic face lift you are down to just a few condos. By the way, if you do a search for Lido Key FL condos with 2 bedrooms, 2 bathrooms, under $400,000 and with the word ‘remodeled‘ in the description there ZERO condos for sale. You have to assume that a remodeled condo would at least mention it in the description. I am actively working with a buyer for a condo on Lido Key and am amazed at how little is out there.

Buyers seem to be running out good properties to buy. This is another signal that a market bottom might be here or near.

Thinking about buying a condo on Lido Key? Here is a market update for Lido Key condos for sale:

• 101 condos currently for sale
• Lowest priced condo – $169,900
• Highest priced condo – $6,985,000 – Orchid Beach Club
• 7 Lido Key condos currently pending and waiting to close

Lido Key Condos Sold in 2009

• 36 Lido Key condos sold so far in 2009
• Highest sales price – $3,050,000 – Ritz Carlton Beach Residences
• Lowest sales price  – $196,322
• Average sales price – $920,466
• Median sales price – $530,000

Visit my Sarasota MLS if you want to search for Lido Key condos for sale.

Lido Key Condos Sold in August 2009

• 7 Lido Key condos sold in August of 2009
• Lowest sales price – $280,000
• Highest sales price – $2,350,000 – Orchid Beach Club
• Average sales price – $855,428
• Median sales price – $485,000

If I can help you buy or sell Sarasota real estate call me at 941.812.6272.

Looking for a powerful engine to search the Sarasota MLS? Take a look at my other website http://www.luxurysarasotarealestate.com/idx. You can look at properties for sale in Sarasota and Manatee counties including Siesta Key, Lido Key, Longboat Key, Bird Key, Casey Key and Lakewood Ranch.

A new feature that I just had built is my new “keyword” search query. Haven’t you ever just wanted to query by a keyword or phrase? Well, now you can do it. Go to my website and give it a whirl.

If I can help you with a purchase or sale in Sarasota give me a call at 941.812.6272.

Sarasota MLS

Wikipedia’s definition of MLS:

A Multiple Listing Service (MLS) (also Multiple Listing System or Multiple Listings Service) is suite of services that (1) enables brokers to establish contractual offers of compensation; (2) facilitates cooperation with other broker participants; (3) accumulates and disseminates information to enable appraisals; (4) is a facility for the orderly correlation and dissemination of listing information to better serve broker’s clients, customers and the public. A multiple listing service’s database and software is used by real estate brokers representing sellers under a listing contract to widely share information about properties with real estate brokers who may represent potential buyers or wish to cooperate with a seller’s broker in finding a buyer for the property. The listing data stored in a multiple listing service’s database is the proprietary information of the broker who has obtained a listing agreement with a property’s seller.

The Sarasota Association of Realtors recently joined the Mid Florida MLS. This multiple listing services is one of the largest in the country. It covers a large area of central Florida including Orlando, Tampa, Sarasota, and parts of the east coast. Go to my Sarasota MLS search to view virtually every property listed with the Sarasota Association of Realtors. It is not the actual Sarasota MLS but it is a window that allows you to view most of the properties listed there.