Peter Liakakos Reveals Shifting Trends in Sarasota County's Real Estate Market

Written by:

Steve Marcinuk

Date:

27 May 2025

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The Sarasota housing market is not what it was even a year ago. Homes sit unsold for months, price cuts go unanswered, and buyers are hesitant. Peter Liakakos, a 20-year-old realtor with Gulf Shores Realty, is watching the slowdown unfold in real time.

“Houses that haven’t received a single showing in two months despite multiple price reductions” is the new reality in Sarasota County, he says.

Liakakos may be young, but he is no newcomer to the industry. After giving up a college baseball scholarship to join the family trade, where his mother and grandmother have worked side by side in real estate for over two decades, he’s already carving out a reputation for being sharp-eyed and unfiltered about the state of the market.

The Surprising Exodus: Retirees Fleeing Hurricane Country

The most striking trend Liakakos has observed is a complete reversal of Florida’s traditional migration pattern: retirees who moved to Florida are now selling their properties to return north.

“I’ve noticed many people are selling to move back up north,” Liakakos explains. “It’s mostly retirees who came down to settle but now can’t handle the hurricanes anymore.”

For older residents, the practical challenges of hurricane preparation have become overwhelming. “It takes substantial work to board up houses, requiring both strength and energy. Dealing with all that becomes exhausting,” he notes.

Adding urgency to these concerns is the looming threat of an especially severe hurricane season. “This hurricane season is predicted to be the worst we’ve seen. That’s motivating many people to sell before it arrives,” Liakakos says.

Market Reality Check: COVID Boom Turns to Bust

Sellers face a sobering reality in today’s market. Many who purchased at peak prices during the COVID boom are now confronting significant losses.

“Most likely they bought during COVID when prices were high, and now prices are dropping dramatically,” Liakakos observes. “It’s difficult to sell without reducing the price.”

The shift has been both dramatic and recent. “This trend has emerged over the past three months,” he notes. “I had nine closings in March, which was exceptional. We were selling at market value and secured top dollar for all our sellers. Now, we have houses without a single showing in two months despite multiple price drops.”

This market correction has created a stark divide between sellers. “In this market, you must be a realistic seller, otherwise it simply won’t work,” he emphasizes.

The Condo Crisis: Special Assessments Scare Buyers Away

The condominium market faces even greater challenges, with special assessments and increasing fees driving potential buyers away.

“Selling condos is more challenging than single-family homes right now,” Liakakos says. “The assessments are substantial. Paying for someone else’s damage seems unfair, but that’s the reality in Florida.”

These assessments extend beyond just condos. “New developments also face these issues. Some homeowners get charged $5,000 or more per house, depending on the impact,” he explains.

HOA fees have become a major sticking point. “Everyone looking to buy here specifies, ‘Keep me under $200 or $250 monthly HOA fees—I won’t go higher,'” Liakakos says.

Who’s Still Buying in Sarasota County?

Despite these challenges, Sarasota County continues to attract buyers, just a different demographic than before.

“Currently, we’re seeing a younger crowd. It’s renters who are relocating and purchasing homes,” Liakakos explains. “I’d estimate about 75% are younger, between 30 and 50, wanting to buy and live in Florida, specifically Sarasota County.”

What draws them to the area? “The main attractions are job opportunities and beach access,” he says. “On the southwest coast of Florida, you’re never more than 10 minutes from the beach. Many people value that proximity, along with the sunshine.”

Today’s Buyer Demands: Turnkey Properties and Low Fees

Today’s buyers have specific requirements that reflect both economic realities and lifestyle preferences.

“Communities with low HOA fees and houses with newer, major components already in place are in high demand,” Liakakos notes. With insurance companies requiring newer roofs and other significant updates, buyers avoid properties needing substantial renovations.

The preference for move-in ready homes is pronounced. “Many prospective buyers ask if properties come furnished. Since they’re relocating from northern states, they often want to bring minimal belongings—just their toothbrush—and move right in,” he explains.

The Mortgage Rate Trap

The dramatic rise in mortgage rates has created a “lock-in effect” for many homeowners who secured low rates during the pandemic.

“Homeowners who purchased when rates were around 3% now say, ‘I can’t afford to sell. If I enter this economy, I won’t be able to afford another house,'” Liakakos explains.

This has contributed to what he describes as “a renters market” across the country, with many potential sellers staying put despite wanting to move.

A Young Realtor’s Future Vision

Despite the challenges, Liakakos remains optimistic about real estate investment, particularly in multifamily properties. He’s personally looking to make his first investment purchase by the end of the year.

“I’ve heard mixed advice—some say avoid Florida, others recommend staying. The consistent recommendation is to invest in red states,” he shares.

His long-term vision extends beyond being an agent. “Eventually, I want to transition from real estate agent to portfolio investor. Real estate will be my retirement strategy.”

At just 20 years old, Liakakos is already considering expanding his horizons beyond Sarasota County. “I’m exploring several cities to relocate because I’m drawn to urban environments,” he reveals. “Sarasota feels slow-paced, and with my energy level, I need something more dynamic. I plan to maintain my license here while obtaining another in a different city.”