Sarasota Real Estate Future Looks Bright, Says Eminent Economist

Posted by Kristine Nickel — January 10, 2008

OSPREY, Fla. – (Jan. 11, 2008) – Leading real estate economist John Tuccillo, Ph.D. answered the question plaguing many people’s mind during the first minute of his presentation before a group of real estate professionals. The question, "Will Sarasota come back?" was answered by Tuccillo instructing the group to "Stand up. Turn around and look outside. There’s your answer. Of course Sarasota will come back!"The former chief economist for the National Association of REALTORS®, Tuccillo based his case on more than the renowned beauty and climate of Southwest Florida. "The national housing market has bottomed out. The sales cycle is at the bottom," he said. "We’ll see an up tick in sales by the 4th quarter 2008 and 2009/2010 should be very strong."Florida has led the nation in recession and should be coming out sooner than the rest of the country. And while migration into the state is down, it still is a significant factor. People will still come to Florida with a demand for jobs and housing. The present overbuilding will be taken off the market.”Tuccillo, along with Florida State Representative Ron Reagan, addressed the broker networking event, covering a range of topics from the Jan. 29th election to the state of the general economy to Florida taxation issues. Reagan, representing District 67, cited statistics showing that insurance was the number-one issue of concern in the State Legislature, followed by economic stimulus. Reagan urged the crowd to support the constitutional amendment on taxation."We have to get back to equity in taxes," he said. "Business owners and second-home owners are penalized with our current system. We need a system that allows for portability so people can buy up or down in real estate without being penalized. That will stimulate our economy."Recession on the Horizon?Tuccillo speculated on the current state of the economy and the probability of an upcoming recession. "Pain has a place in the world – take it and move on. Losses have a disciplinary role in the economy. The market works."Tuccillo, author of “The Eight New Rules of Real Estate,” commented on the recent loss of some manufacturing jobs in the local economy. “As an economist, I would love to see a diversified economy here, but we have two pillars in the Sarasota economy – health services and financial services and they are growing and solid sectors. In addition, we have the scenery, significant culture institutions and all the amenities one could want. The overhang of overbuilding is an issue that will go away fairly quickly. The future here is very bright."The event was sponsored by Premier Properties and their broker Deborah Beacham, along with Broker Agent Magazine. Around 70 people attended the lecture held at one of Beacham’s listings, Toscana on the Bay, a $7.3 million property on Casey Key. With more than 230 licensed sales professionals, Premier Properties represents buyers and sellers of luxury properties throughout Southwest Florida. Premier’s Sarasota office is located at The Plaza at Five Points, 50 Central Avenue, in downtown Sarasota.

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