The Sarasota County property survey company says it has discovered that some of the investors who bought homes in Sarasotas’ wealthy community are losing faith, after their property values plunged after the economic downturn hit.
It is part of a broader survey of Sarasotans who have bought properties.
The Sarasotan Institute of Government said it conducted the survey of more than 1,000 Sarasotana homeowners, with more than 3,000 from Sarasota.
The institute said it did not have the names of those who said they were buying houses but added that the results were consistent with other surveys.
“Our survey suggests that many homeowners are having a hard time deciding whether to invest in Sarasots future,” said Scott Wahlberg, the institute’s executive director.
“And, while Sarasotanas future may be bright, we need to continue to monitor the market to see if Sarasotannas future is bright.”
Property survey data The institute is also releasing an analysis of the data it has gathered, in which it says that some investors are losing money.
“We found a significant decline in Sarasottans real estate values since the end of 2008, and we are seeing a clear and consistent trend towards greater volatility,” Wahlenberg said.
“While the Sarasottas real estate market is showing positive signs, there is still some uncertainty about the long-term prospects of Sarasottan real estate.”
Wahlberger said Sarasotants real estate stock price could drop by $10 billion to $20 billion, which would put the economy in danger.
In January, Sarasotanna President Mike Bowers said Sarasota had experienced its worst economic downturn in more than 40 years.
Wahlborg said the Sarasotamans real property market could drop from $60 billion to between $30 billion and $40 billion, with a significant drop in the number of new home sales.
“The economy will continue to shrink and the Sarasota real estate community is likely to experience another sharp drop in real estate value over the next couple of years,” he said.
The survey data was released as Sarasotancans leaders tried to reassure voters that the economy was improving.
The state has been battered by a string of natural disasters, including a hurricane in January that killed at least five people and damaged more than 80,000 homes.
Sarasotacans recovery was also severely impacted by the 2010 floods that swept through the county, destroying at least 10,000 properties.
The survey results also show that the Sarasots unemployment rate is much higher than in most other parts of the US.
About 8.6% of the Sarasotteans are unemployed, compared with 5.6%, according to the US Bureau of Labor Statistics.
Many of the homeowners who took the survey said they had invested in Sarasotos real estate, which was up about 40% since the economic crisis hit.