Sarasota Fl. Real Estate Update

RSS Feed Homepage

Is the Housing Slump at the Bottom?
2008-05-08 18:56:00
Here is a very interesting article from Brett Arends from the Wall Street Journal.It comes from Wellesley College Prof. Karl E. Case, one of the leading experts on the housing market in the country. And it suggests we may be at, or near, the bottom of the housing crash.Of course, even if he's wrong we won't know for sure for many months.But new housing starts have at last slumped below the seemingly magical one million mark. That happened in March. Every time that has happened in the last 50 years, it proved to be the bottom of a recession."It is really remarkable how much where we are today looks like the bottom we've had in the last three cycles," Mr. Case says. "Every time we've gone below a million starts, the market has cleared at that moment."There is no guarantee this market will be the same but the similarities with the past are striking. Each boom peaked at around the same level of 2.5 million starts as well."It's bottom-fishing time, I think," says Mr. Case. "There's...
More About: Housing , Bottom , Slump

SHORT SALES COME UP SHORT
2008-04-24 22:46:00
An article from the national Association of Realtors reports that Realtors across the country believe mortgage lenders make the housing downturn worse by taking months to make decisions on short sales and sticking to high internal target prices. As a result, more home buyers avoid short sale properties, forcing foreclosure sales that typically result in lenders accepting lower prices than they could have achieved in the short sale. "The only question banks should ask is can they make more in a short sale than in foreclosure," according to Lighthouse Point, Fla.-based Realtor Ron Rosen, who cites a "broken" system. "The answer is that in nine out of 10 cases, they will lose more money in a foreclosure." Some Realtors contend that lenders lack the appropriate systems and staff to handle short sale requests, while lenders insist the short sale process is complicated by the need for approvals from investors and mortgage insurers. Still, Realtors note that a more efficient short sale pro...
More About: Sales , Short

FORECLOSURE RATE UPDATE
2008-03-13 16:08:00
FORECLOSURE numbers and news articles...It's certainly hard to avoid them in the media right now. Although all this press is certainly not good news relating to the housing industry, it does not mean the sky is falling either. Many people are under the impression that a large percentage of existing homes are in foreclosure. In reality, the number of homes in foreclosure is still a relatively small number at one filing for every 534 homes nationally, but the rate of filing has certainly risen, hence all the press attention. With that preface stated, lets actually take a look at the numbers.Nearly 60 percent more U.S. homes faced foreclosure in February than in the same month last year, with Nevada, California and Florida showing the highest foreclosure rates, a research firm said. A total of 223,651 homes across the nation received at least one notice from lenders last month related to overdue payments, which is up 59.8 percent from 139,922 a year earlier, according to Irvine, Calif...
More About: Foreclosure , Update , Rate

Sarasota-Bradenton home sales 2nd in '07
2008-01-26 02:01:00
Another positive article about our housing performance locally as compared to the state of Florida! Things are definitely looking a bit better, and activity has certainly improved in January!!!MANATEE --Realtors sold more houses in Bradenton-Sarasota in December than did their counterparts in all but three of Florida's 20 major housing markets.Only Jacksonville, Orlando and Tampa-St. Petersburg - all more populous areas - reported more sales.Miami and Fort Lauderdale both reported fewer sales and more drastic declines in sales than did Bradenton-Sarasota, according to statistics released Thursday by the Florida Association of Realtors.For the year, Bradenton-Sarasota tied the Naples/Marco Island metropolitan statistical area as the state's second best performing market.The latest statistics, which showed that local sales were down 10 percent in December compared to the same month a year earlier, were a major improvement over the statewide average, which was down 31 percent."We are...
More About: Sales , Home

Multiple Offers
2008-01-10 21:09:00
I took a listing last week that had been listed with two other separate realtors over the past year. The list price had been reduced and reduced, and reduced.... I could go on (after all, I have over a year of history to cover) but in the end, when the Seller came to me after being referred by a neighbor, I wanted to make sure I wasn't the third strike!I spent a lot of time on the market analysis. This is critical. The mistake Sellers are making is in the pricing.....If you are a seller and even 1% over where you should be, it can hurt you. There is an over-abundance of inventory, so missing the mark here is brutal.We priced the property very competitively, not overpriced, and not really under priced....priced on the lower end of AVERAGE. The house was in above average condition. Numerous DESIRABLE upgrades. So, in essence, the house had alot of improvements, and priced on the lower end of an average price.....in other words...Priced to succeed! What I warn about most is th...
More About: Offers

Have housing prices hit bottom?
2008-01-08 17:50:00
Florida's best known economist says market in region has stabilizedBy MICHAEL POLLICKFlorida's best known economist says the Sarasota-Manatee residential property market bottomed out in September-October and has now stabilized in both price and volume.Hank Fishkind predicts flat prices for both counties through 2010, as the region chews through excess inventories of new houses and condominiums.His findings jibe with what some Southwest Florida real estate observers have been saying and with what statistics from the Florida Association of Realtors have shown during the final months of 2007.In November, for example, Sarasota-Bradenton Realtors sold twice as many homes as their Miami counterparts. The median price in November -- the most recent sales reports available -- was $267,700, down 4 percent from a year earlier, but an improvement from $244,300 in September and $263,900 in October. Fishkind made his own predictions for this region as part of a 33-county economic report prepa...
More About: Housing , Bottom , Prices

Home prices may be leveling
2008-01-01 14:29:00
REPRINT FROM TRIBUNE 1/1/08Buyers are paying attention as sellers are dangling real estate dealsBy MICHAEL POLLICK and MICHAEL BRAGASARASOTA HERALD TRIBUNESouthwest Florida's sagging housing market showed signs of stabilization in November, with Sarasota-Bradenton agents selling twice as many existing single-family homes as Miami and with prices perking up from fall lows."Our area was inflated for so long," said Garrick Newman, a Re/Max agent in Bradenton. "But over the last six months, people really came down hard with prices."The state and nation are suffering lower sales rates and lower realized prices. But the Sarasota-Bradenton market fell out of bed faster than most after the boom that ended in 2005 and seems to be finding a solid footing sooner.During November, Sarasota-Bradenton Realtors closed on 556 houses -- down 16 percent from the 664 of a year ago -- but a far less painful situation than in South Florida. In Miami, Realtors closed on only 263 houses in November, a 59 ...
More About: Home , Prices

Article in Todays NY Times!
2007-12-30 22:30:00
I received an email today from one of my clients. She lives in New York most of the year, but decided to take advantage of the buyers market here in Sarasota a few months ago by purchasing a beautiful condo overlooking Sarasota Bay. She told me that there was a very positive article about Sarasota Fl. in the Ny Times Travel section today.Check it out!http://travel.nytimes.com/2007/12/30/ travel/30hours.html?ex=1356584400&en= 620d04aacfd4f36c&ei=5124&partner= permalink&exprod=permalinkand also:http://travel.nytimes.com/travel/gui des/north-america/united-states/florida/s arasota/overview.htmlSarasota FL Real Estate
More About: Article

Regional housing showing some life
2007-11-29 15:09:00
Hello everyone,More decent news on our local real estate market as compared to the rest of thestate. I do believe in the "first in-first out" theory, meaning our market was the first to get hit as the market started its downward slide, and I do feel we will be the first to see recovery as well. Prices have shifted much quicker in the Sarasota market as compared to others, thus attracting the buyers who are looking for better value, particularly the foreign buyers. Here is a re-print of another Herald Tribune article in todays paper..... 2 positive articles about Sarasota real estate from the Tribune???? ...in 1 week????? Wow... that tells ya somethin!Reprinted from Herald Tribune 11/29/2007By STEPHEN FRATER and MICHAEL POLLICKMore homes sold in the Sarasota-Bradenton market in October than any place in Florida besides Jacksonville, Orlando and Tampa-St. Petersburg.It speaks to the depth of the malaise in the housing market in Florida, where sales dropped 29 percent when compared wit...
More About: Life , Regional , Housing

Sarasota-Bradenton Home Sales Tops In State
2007-11-25 23:17:00
Sarasota-Bradenton home sales tops in stateBy STEPHEN FRATER - printed in Herald Tribune 11/25/07All things being equal, it was not a bad third quarter for home sales in the Sarasota-Bradenton market.In fact, the 5 percent drop in sales for the local market was the best performance in a state that saw total sales drop 29 percent when compared with the same time in 2006.Ocala posted a 53 percent drop, Miami a 42 percent decline and Fort Myers-Cape Coral and Orlando, 39 percent, the Florida Association of Realtors reported Wednesday.There were 2,084 homes that changed hands in Sarasota-Bradenton during the quarter compared with 2,195 during the third quarter of 2006."We are encouraged by the improvement in our area compared to last year," Joe Hembree, president of the Sarasota Association of Realtors, said Wednesday. "This report mirrors what we have been seeing as a trend all year -- that the Sarasota market is faring much better than many other parts of the state.Both Hembree and Pa...
More About: Tops , Sales , Home , State , Sarasota

Proposed Florida Property Tax Reform Explained!
2007-11-06 13:50:00
On Jan. 29, 2008, Florida voters will decide whether or not to reform the property tax system in the state. Here is an explanation of the proposed changes related to portability.Property tax savings portability (money saved over time on property taxes because of yearly increase limits through Florida’s Save Our Homes amendment) applies to homesteaders (homeowners with a homestead exemption) moving anywhere within Florida. Up to $500,000 of accumulated savings, applied to taxable value, may be transferred when one home is sold and another is purchased, with the transfer applying to all taxes, including the school portion. Homeowners have two years after they sell a home to buy a new one and transfer the savings.If buying a more expensive home, a homesteader calculates savings by subtracting the assessed value (taxable value) from the just value (market value). The amount (savings over time) is then subtracted from the just value on the new home purchased. In most cases, the $50,000...
More About: Reform

Website upgrades
2007-10-24 21:53:00
Hello everyone!!! It's been a little while since I posted, but I have been working hard on website improvements to make WeSellSarasota.com a "state-of-the-art" Sarasota Florida real estate website. If you haven't checked it out already, I have added Sarasota Interactive MLS map searches to the arsensal for Sarasota buyers to quickly find homes that meet their search criteria.The map search doesn't just map the search results, oh no.....it's much cooler than that! It also provides tons of information!!! ..... about the property, multiple picture slideshow, virtual tour, then , if you click the "tools" tab, you have access to zillow tools for the property, mortgage calculators, school info, neighborhood info and stats, and even local stores and restaurants are plotted out on a map to help buyers learn the area quickly. VERY cool stuff!!!! Also, that's not all!!!! I added a "CHAT" button on the site which will allow users to chat with me in real time if I am logged onto my compute...
More About: Website , Upgrades

University Place in Sarasota
2007-10-15 19:55:00
This past week was another good one. I have a listing that is located in Univers ity Place , which is a beautiful gated community located a mile or so behind the Home Depot in University Parkway. It is located in Manatee county, and Sarasota county is just a block or so away.This home is immaculate, and looks like a model home. I have come close to selling it a few times, but this time was the charm, and it will have a brand new owner soon! It was a pleasure marketing this home!....now off to the next one! I actually need some more homes to sell, so if you know anyone thinking of selling, I would greatly appreciate your referral!Sarasota FL Real Estate

Recent Activity
2007-09-28 19:20:00
It's been a little while since I have posted. I am happy to report that I have been very busy the past couple weeks. I successfully closed two properties this week alone, and negotiated a deal for my client to purchase Lee Wetherington brand new construction home to be built in Lakewood Ranch. We negotiated a GREAT deal. It really pays to use a buyer's agent, even with new construction!!!!! Call me, I am happy to help, and it costs you nothing as a buyer to use my services. We saved tens of thousands of dollars on that deal alone! The first closing was a 12th floor unit in Bay Plaza, on Gulfstream Avenue. Gorgeous views of Sarasota Bay!!! The other was a nicely updated home in Lockwood Meadows which had a real large fenced back yard, and it sold for only 185,000! Both are very nice properties, and good deals. This really is a great time to pick up some very nice properties in Sarasota at very competitive prices. There are good deals to be had, sellers are anxious to sell...
More About: Recent

Sarasota Home Sales Update
2007-09-10 18:41:00
As a real estate professional, I am constantly looking at data in order to stay on the market. I look at sales reports, I look at newspaper articles, I look at my offices sales, my personal sales stats, etc etc. One thing has become very clear to me over time; it is really hard to get an accurate Sarasota homes sales statistic, which is frustrating. What really concerns me is the way statistics are reported overall, and how grossly inaccurate numbers that are reported can be, and how that influences buying decisions. We all know the market has been slow, but is it improving? Well, that all depends on what numbers one chooses to look in order to report we are "better"....or "worse".According to the local newspaper, comparing July 2006 to July 2007, residential sales were down 12%. According to the board of Realtors, residential sales are up 7%. Hmmmmn, not even close!In the end, I have seen the newspaper grossly distort numbers, and I have seen the Board of Realtors report numb...
More About: Sales , Home , Update

Sarasota market continues to be bright spot in Florida real estate
2007-08-29 18:04:00
Well, good news considering the general slow real estate market for Florida . Here is an article reporting on the current numbers: "Sales of homes and condominiums compiled in the Sarasota MLS system, and sales within the Sarasota-Bradenton Metropolitan Service Area (MSA), are continuing to reflect strength compared to the overall state of Florida.Statistics indicate the summer months have actually seen a strengthening of sales activity in the Sarasota real estate market, with overall sales in July 2007 up 7 percent from July 2006.There were 369 single family home sales recorded in the Sarasota MLS in July 2007, compared to only 351 sales in July 2006 - a 5 percent increase, while the MSA showed a drop of 4 in single family home sales for the period. But even that figure stands out in stark contrast to other MSAs across the state. A total of 14 MSAs saw double-digit percentage declines in single family home sales, and statewide the real estate market saw a sales decline of 24 percen...
More About: Estate , Real Estate , Market , Spot

My "Price Is Right" Adventure
2007-08-22 16:58:00
Well, the days of the infamous Bob Barker hosting "The Price is Right" game show are behind us, but on a trip to LA in May of 2005, I got my shot at about 2.5 minutes of fame. My brother and I decided to go check it out since we had tickets, actually, we had tickets to two shows. On the first day, we showed up at 6am, like the tickets instructed us to do (Why 6am I thought??...hmmmmn) Well, we found out quickly. When we arrived at the studio, there was a line around the block! Apparently, having a ticket does not guarantee entry! There are only 350 seats, so scrap that day. The second day we got their MUCH earlier!....like, bring your lawnchair and camp out early. Midnight the night before early! We are on vacation, right? So, what the heck,.....we did!I had no idea what the people that actually MAKE it on that show go through. There are lines after lines, waiting after waiting, background checks, interviews with producers! In the end, EVERYONE that makes it into the stu...
More About: Adventure , Advent

Ten Sarasota Home Buying Tips!
2007-08-21 03:20:00
1. Find a real estate agent that’s FULL TIME and a good match for you! Home buying is not only a big financial commitment, but also an emotional one. It’s critical that the agent you chose is both skilled and a good fit with your personality.2. If you are "on the fence" about buying and are waiting for prices to potentially fall before taking the plunge, there is another factor to consider. Interest rates are low right now. Speculating that home prices will drop in the future may be offset by an increase in interest rates, so if you see a home you love, go for it! A fabulous home which is competitively priced will not stay on the market that long.3. Don’t ask for too many opinions. It’s natural to want reassurance for such a big decision, but too many ideas will make it much harder to make a decision.4. Very few previously owned homes will be an absolute "perfect" match unless it is custom built to your taste. Focus in on the things that are most important, the small deta...
More About: Buying , Tips , Sarasota

New Website Design
2007-08-17 20:23:00
I have been working very hard on the redesign of my Sarasota Real Estate website at www.wesellsarasota.com It incorporates a lot of new features such as streamlined property search pages, ability to create your own account, view your saved searches, and save the listings you like as "favorites". I have been tweaking the design this week, so if you are a frequent visitor, you may notice changes almost daily. I hope it makes for a more pleasure visit for all the Sarasota real estate web searchers out there! Let me know what you think of the site!Sarasota FL Real Estate
More About: Design , Website

20 ways to "alter" your Sarasota Home value
2007-08-16 20:47:00
I read an article today on Yahoo, and I thought it may interest you. It lists ten ways to add value, and 10 ways to detract value for your home. Keep in mind this is a national article, so the "pool" listed as a detractor is not reality here in Sarasota !Increase home's value1. An updated kitchen 2. Modern bathrooms3. A well-appointed master suite4. Natural materials5. Curb appeal6. A light, airy spacious feel7. Good windows8. Landscaping9. Lots of storage 10. BasementDecrease home's value1. A pool 2. No garage or small garage3. Garbled floor plan 4. Outmoded appliances or systems5. Stale or overly personal decor6. A bad roof7. Bad location8. Poor maintenance9. Environmental hazards10. A long list of needed home improvementsSarasota FL Real Estate
More About: Home , Alter

Welcome!
2007-08-16 18:59:00
Thank you for visiting my website at WeSellSarasota.com. Today, my blog has been born! This section will include updates concerning the Sarasota Florida Real Estate market. Come back often to see what is happening in the market here in sunny Sarasota Florida!!! If you have any questions you would like answered, feel free to post them here or email me directly at Bill@WeSellSarasota.comSarasota FL Real Estate