A few days ago there was a wonderful celebration, Rosemary Rising, an event to raise awareness of this changing neighborhood. The Rosemary District is indeed coming to life and Sarasota will greatly benefit as this happens.
However, Sarasota itself is also rising, this time on a list that may not be the greatest thing for our community. It is the list of most over-valued real estate areas. Global Insight/National City Corporation issued their 2005 3rd Quarter listing of "HousePrices in America" yesterday.
In the list of "Extremely Over-Valued Metropolitan Areas", Naples ranks No 1 with an "over-valuation" of 84%. Sarasota checks in at No. 20 with an "over-valuation" of 56%. Sarasota was No. 26 last year. We are rising.
Other FL cities on this list include Port St Lucie at No. 4, West Palm at No. 16 and Miami at No 21., right behind Sarasota.
Commentary on this was reported in the Naples Daily News.
Real estate people tend to discount this information, saying the market will determine the price and people are willing to pay a premium to live here. Speculators should be cautious, however, as over paying for an investment will likely make it difficult to achieve a return.