Market Forecast - Summer 2015

While an abundance of capital appears eager to capture the yields that especially “early mover” developments promise, many investors for the time being seem content to wait on the proverbial sidelines to see whether the economy recovery maintains traction or sputters as a result of undulating consumer confidence, anticipated interest rate hikes and stagnant wages. Harshman & Co. believes the market will remain largely unchanged until projects like Vue Sarasota Bay, the aloft hotel under construction at Palm Avenue and Ringling Boulevard, the 18-story Jewel condominiums and other projects are completed and occupied. If the larger U.S. economy remains stable into 2016 and beyond, however, look for Sarasota and the surrounding county to make considerable strides – especially as new residential communities attract a new wave of retail offerings. Likewise, city rental projects now on the books could add hundreds of residents and spur further condominium developments.