Siesta Key

In a further sign of the importance of foreign investors in the local real estate market, officials from Hyatt Siesta Key Beach made a pitch to Realtors specializing in overseas sales. The company hosted the Second Annual Sarasota Real Estate Congress during a lunch gathering on Friday.

The project, still under construction on Siesta Key, is being sold through fractional ownership. That differs from a timeshare in that there are no points, and clients can take ownership of the physical site and amenities at the 44-unit beachfront development. Prices range from $170,000 to $695,000, depending on the size of units being purchased and the number of weeks buyers plan on using the residences through the years.

David Lehrman, director of sales and marketing, said it is the sort of development which offers special appeal to international customers who only plan on staying in a seasonal home for six weeks a year or less.

Carla Rayman, director of international business development for Prudential Palms Realty, said the project is important as the community relies more on buyers from Europe and the United Kingdom. She said 90 percent of the sales her company made in the first six months of the year were to foreign investors.

“There has been a lot more interest because of the dilution of the U.S. and the inflation of their own currency, as well as the fact prices are down here and they want to take advantage of that.”

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