SRQ [Statistics] Realtors See Boost in Sales
Pending sales of properties stood at 504 in November, according to the Sarasota Association of Realtors. That number is a slight boost from 489 pending sales in November 2007. The association said pending sales for the first 11 months of the year were slightly better than 2007—4,250 this year compared to 4,214 last year. Condominium sales, however, are down 20.6 percent this year.
Thursday, October 9, 2008
[NEWS] Saunders Addresses NAEA in London
Michael Saunders, founder and president of Michael Saunders & Company, addressed the National Association of Estate Agents at their 2008 International Forum, in London, England. The NAEA is the United Kingdom’s equivalent of the U.S.’s National Association of Realtors. Following her speech, Saunders was interviewed for British television, billed as one of America’s top real estate experts.
Invited to address the gathering for her general knowledge of American real estate and property marketing—but especially for her mastery of the art of international property networking—Saunders addressed the forum on the values of focused cross-border brokerage relationships at a time when real estate markets are reeling from the effects of the global housing, credit and financial crisis. The invitation to address the prestigious gathering was extended by Mayfair International Realty with whom Michael Saunders & Company has an exclusive trans-Atlantic brokerage affiliation.
Michael Saunders, founder and president of Michael Saunders & Company, addressed the National Association of Estate Agents at their 2008 International Forum, in London, England. The NAEA is the United Kingdom’s equivalent of the U.S.’s National Association of Realtors. Following her speech, Saunders was interviewed for British television, billed as one of America’s top real estate experts.
Invited to address the gathering for her general knowledge of American real estate and property marketing—but especially for her mastery of the art of international property networking—Saunders addressed the forum on the values of focused cross-border brokerage relationships at a time when real estate markets are reeling from the effects of the global housing, credit and financial crisis. The invitation to address the prestigious gathering was extended by Mayfair International Realty with whom Michael Saunders & Company has an exclusive trans-Atlantic brokerage affiliation.
Tuesday, September 16, 2008
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.”
For more information call us 1888-755-2637 or 941-993-6443
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.”
For more information call us 1888-755-2637 or 941-993-6443
Tuesday, September 9, 2008
Saturday, July 5, 2008
Have home prices hit bottom?
By Aaron Kessler Herald Tribune
In the Sarasota-Bradenton area, sales of existing homes the past few months have moved steadily in one direction: up.
Traditionally, the measure of how much a person could afford when buying a house was based on spending about three times their income. If you make $50,000, for example, you should theoretically buy a $150,000 house.
Jody Hudgins, executive vice president of First National Bank's Florida region, said researchers at the bank consider the ratio one of the most important indicators of whether prices are where they should be.
"When you get to three, you're fine, things are great," Hudgins said. "When you get above four, then you have an immediate 50 percent drop in absorption."
During the boom, skyrocketing prices spilled over that limit, and at $246,200 (in May) they remain at more than three times the income of a typical Sarasota-Bradenton household.
The most recent U.S. Census data shows average household income in Sarasota-Bradenton was about $64,000. The median was about $47,000.
"The main problem is definitely affordability," said Marvin Rose, a residential housing consultant based in Tampa who publishes Rose Residential Reports. "In the resale market, prices are going to continue to fall."
Rose said the new home market may now be priced about as low as builders can go without taking a loss. As a result, some builders are just leaving the market until things improve.
"In the resale market, though, there is room for prices to come down. Some sellers are in denial and hoping things are going to turn around sooner rather than later, but that looks unlikely," Rose said.
For the past 10 months, median home-sale prices appear to have stabilized in a band between $240,000 and $270,000. The May figures released last week showed prices dropping a bit from the previous month but staying within that band.
A new analysis by the Herald-Tribune of historical price appreciation in Sarasota and Manatee counties suggests that prices may be approaching a more normal level. The newspaper overlaid the actual path that home prices have taken the last several years with what they might have been without the 2004-06 bubble.
The difference in the two paths is closing, though a gap remains, and the width of that gap varies based on what level of historic appreciation is assumed. At 6 percent, the gap is more than $30,000. At 7 percent, the gap is within a few thousand dollars. (The graphic at right shows Sarasota-Bradenton prices tracking the 7 percent line for the few years before the boom.)
Trying to predict pricing based on a "normal" market is at best an educated guess. Abundant demand, for one, can cause prices to rise at more than a normal rate.
The effects of distressed properties can cause them to fall at more than a normal rate. Among market watchers, it is a truism that a market bottom is only visible in the rear-view mirror; no one knows whether prices have bottomed out until long after the fact.
But there are signs that the housing market is in transition.
Since March, the number of homes listed for sale in the Sarasota Multiple Listing Service has dropped by 12 percent, or nearly a thousand homes. That still leaves more than 7,000 homes on the market, about three times the normal number. As recently as December 2007, however, the Sarasota MLS showed a glut of about 140 weeks of inventory on hand. As of early June, that figure had dropped to 82 weeks and kept falling.
Helping fuel sales is more realistic pricing on the part of sellers, who appear to be getting the message that the boom is dead and buried.
Buyers are looking, but many are looking for deals, and all are being discriminating about price. Adding to the mix is a wave of foreclosure sales that are further bringing prices down.
A historical picture..........
The Herald-Tribune examined median sales price data from the Florida Association of Realtors going back to the mid-1990s, and looked at what a "normal" rate of appreciation would have been for single-family homes, compared with the boom-fueled price growth that actually took place.
In 1994, the median price in Sarasota-Bradenton was just $94,000.
Two years later, it crossed the $100,000 threshold, rising to $102,000. By 2000, it had grown to $138,500.
Most economists agree that in a normal market, homes appreciate about 6 percent a year on average; the more generous put that figure at 6 to 7 percent.
So how were things faring in the year 2000? Just about right.
Starting with the median 1994 price and clocking it forward at 6 percent per year, by 2000 that house would sell for about $134,000. With 7 percent appreciation, it would sell for about $141,000.
The actual 2000 median price -- $138,500 -- is comfortably in the middle of the range.
But in subsequent years, something begins to happen. The actual median price in Sarasota-Bradenton slips out of the comfort zone in 2001 (just barely), then continues to break away in 2002. By 2003, the gap gets big.
The year-end median sales price in 2003 was $189,700, according to Florida Association of Realtors data -- a 15.9 increase.
By the end of 2004, it had skyrocketed another 29 percent to $244,100. Comparatively, that steady 6 percent appreciation line would have reached a little under $169,000.
The bubble had arrived.
The biggest jump was yet to come. In 2005, the median price rose 32 percent to $322,700. If that steady 6 percent rate had continued, the price would have been only $179,000. Even at the generous 7 percent, it would have been just $198,000.
"It wasn't a lot different than the dot-com bust," said Jody Hudgins, executive vice president of First National Bank's Florida region. "It was greed; it was unsustainable. You had easy, irresponsible mortgage money leading to an inflated demand, and you had people who were able to buy and sell their homes for profit without even trying. People were drinking the Kool-Aid."
The high water mark might have been July 2005, when Sarasota MLS members were selling more than 150 homes each week and barely 1,600 homes were actively listed (in normal times, that number would be about 2,500).
By the end of 2005, though, the inventory had grown to nearly 4,500 homes. By April 2006, it was more than 7,000. In early 2007, it approached 8,000 -- where it generally remained until just a few weeks ago.
So where does that leave us today?
The year-end figures for 2007 put Sarasota-Bradenton's median price at $285,700. The 6 percent growth line? A little under $201,000 at that point. Seven percent would have yielded $227,000. Still quite a disparity.
But the median price has continued to come down. In May, it reached $246,200.
Drawing those 6 percent and 7 percent trend lines out to the end of this year puts them at about $213,000 and $243,000, respectively.
Do the numbers lie?
Median home prices do not always tell the full story about the true value of the homes in a market.
In times of falling prices, the median tends to skew upward, buoyed by those who suddenly feel like they can get more for their money.
"People tend to buy the most house they can afford," said Steve Dutoit, a Realtor with Keller Williams. "It's only natural, but it means the median price doesn't always reflect the actual market value."
Consider the following example: a couple looking to buy a home two years ago qualified for a $200,000 house.
They find a $200,000 house they really like, but decide not to buy.
Now, two years later, that $200,000 house is only worth $160,000, down 20 percent. If the couple decides to buy the house now, they will have saved themselves $40,000, and the market should reflect a 20 decline in value.
But in many cases, the couple is likely to be aspirational -- they do not buy the $160,000 house anymore because they can afford a better house.
Homes that were selling for $250,000 or $270,000 two years ago are now selling for -- you guessed it -- $200,000.
So given they are already qualified for $200,000, the typical couple tends to spend the money and buy what they see as the better house.
The MLS records a $200,000 sale, even though the value of that original house they looked at has indeed fallen to $160,000.
That price will not appear until someone else buys it -- and those buyers are aspirational as well, albeit further down the chain. The pattern cascades from there.
When all those choices are compounded, a down market may show a 10 percent drop in median price, though the actual value of the typical home has dropped by 20 percent.
Key factor: when you bought
Though their usefulness is limited, median sales prices remain one of the few measures to look to for signs of where a market is going and where it has been.
So if prices continue to fall, the real question may be: What does that mean for the typical resident? How does that affect those looking to enter, or leave, the real estate market?
The answer may depend largely on one factor -- when a person bought their home.
If you bought during the boom, well, you are in a pickle. Prices were so inflated that your mortgage is now likely more than your house is worth. Even if you paid cash or borrowed little, the drop in home values means your investment has substantially evaporated.
The choices, then, are not good. You can take a financial hit by selling or hold onto the property until prices start rising.
Even when they do, though, the home is unlikely to appreciate back to the boom price anytime soon.
Some opportunities..........
However, if you are not an unlucky boom-buyer, falling prices may present some opportunities.
First-time home buyers without the baggage of a previous purchase have many more options than before.
Another group may benefit as well.
"For 'move-up' buyers especially, they really can do very well for themselves right now," DuToit said.
A "move-up" buyer is someone looking to sell his or her house and upgrade to a bigger, more expensive house. DuToit said it is this group in particular -- if they bought their current home pre-boom (say in the 1990s) -- that can really catch a break.
How is that possible?
Let's say a couple owned a modest home that during the boom was valued at $300,000. But the couple had been saving for years to move up to a pricier home.
During the boom, they came across a neighborhood where the houses were selling for $600,000. They did not buy at the time.
Now, because of the falling market, the couple's home will sell for only $200,000. It has dropped by a third in only a few years. Their dream is over, right? Not exactly.
"Although the typical mid-range house has dropped significantly, we've seen that the more expensive homes have dropped even more in price," DuToit said.
So the $600,000 home the couple contemplated buying during the boom can now be bought for $400,000. A desperate seller may even be willing to sell for $350,000.
Do some quick math, and it becomes apparent that the couple could sell their house today for $200,000 and buy the one they wanted for $350,000, and they will spend an extra $150,000 to do so.
During the boom they would have received $300,000 for their house but their dream home would have cost $600,000 -- meaning they would have had to pay an additional $300,000.
Theoretically, the couple can upgrade today for half the money it would have cost a few years ago.
Of course, any such deals depend on having the money in the first place.
By Aaron Kessler Herald Tribune
In the Sarasota-Bradenton area, sales of existing homes the past few months have moved steadily in one direction: up.
Traditionally, the measure of how much a person could afford when buying a house was based on spending about three times their income. If you make $50,000, for example, you should theoretically buy a $150,000 house.
Jody Hudgins, executive vice president of First National Bank's Florida region, said researchers at the bank consider the ratio one of the most important indicators of whether prices are where they should be.
"When you get to three, you're fine, things are great," Hudgins said. "When you get above four, then you have an immediate 50 percent drop in absorption."
During the boom, skyrocketing prices spilled over that limit, and at $246,200 (in May) they remain at more than three times the income of a typical Sarasota-Bradenton household.
The most recent U.S. Census data shows average household income in Sarasota-Bradenton was about $64,000. The median was about $47,000.
"The main problem is definitely affordability," said Marvin Rose, a residential housing consultant based in Tampa who publishes Rose Residential Reports. "In the resale market, prices are going to continue to fall."
Rose said the new home market may now be priced about as low as builders can go without taking a loss. As a result, some builders are just leaving the market until things improve.
"In the resale market, though, there is room for prices to come down. Some sellers are in denial and hoping things are going to turn around sooner rather than later, but that looks unlikely," Rose said.
For the past 10 months, median home-sale prices appear to have stabilized in a band between $240,000 and $270,000. The May figures released last week showed prices dropping a bit from the previous month but staying within that band.
A new analysis by the Herald-Tribune of historical price appreciation in Sarasota and Manatee counties suggests that prices may be approaching a more normal level. The newspaper overlaid the actual path that home prices have taken the last several years with what they might have been without the 2004-06 bubble.
The difference in the two paths is closing, though a gap remains, and the width of that gap varies based on what level of historic appreciation is assumed. At 6 percent, the gap is more than $30,000. At 7 percent, the gap is within a few thousand dollars. (The graphic at right shows Sarasota-Bradenton prices tracking the 7 percent line for the few years before the boom.)
Trying to predict pricing based on a "normal" market is at best an educated guess. Abundant demand, for one, can cause prices to rise at more than a normal rate.
The effects of distressed properties can cause them to fall at more than a normal rate. Among market watchers, it is a truism that a market bottom is only visible in the rear-view mirror; no one knows whether prices have bottomed out until long after the fact.
But there are signs that the housing market is in transition.
Since March, the number of homes listed for sale in the Sarasota Multiple Listing Service has dropped by 12 percent, or nearly a thousand homes. That still leaves more than 7,000 homes on the market, about three times the normal number. As recently as December 2007, however, the Sarasota MLS showed a glut of about 140 weeks of inventory on hand. As of early June, that figure had dropped to 82 weeks and kept falling.
Helping fuel sales is more realistic pricing on the part of sellers, who appear to be getting the message that the boom is dead and buried.
Buyers are looking, but many are looking for deals, and all are being discriminating about price. Adding to the mix is a wave of foreclosure sales that are further bringing prices down.
A historical picture..........
The Herald-Tribune examined median sales price data from the Florida Association of Realtors going back to the mid-1990s, and looked at what a "normal" rate of appreciation would have been for single-family homes, compared with the boom-fueled price growth that actually took place.
In 1994, the median price in Sarasota-Bradenton was just $94,000.
Two years later, it crossed the $100,000 threshold, rising to $102,000. By 2000, it had grown to $138,500.
Most economists agree that in a normal market, homes appreciate about 6 percent a year on average; the more generous put that figure at 6 to 7 percent.
So how were things faring in the year 2000? Just about right.
Starting with the median 1994 price and clocking it forward at 6 percent per year, by 2000 that house would sell for about $134,000. With 7 percent appreciation, it would sell for about $141,000.
The actual 2000 median price -- $138,500 -- is comfortably in the middle of the range.
But in subsequent years, something begins to happen. The actual median price in Sarasota-Bradenton slips out of the comfort zone in 2001 (just barely), then continues to break away in 2002. By 2003, the gap gets big.
The year-end median sales price in 2003 was $189,700, according to Florida Association of Realtors data -- a 15.9 increase.
By the end of 2004, it had skyrocketed another 29 percent to $244,100. Comparatively, that steady 6 percent appreciation line would have reached a little under $169,000.
The bubble had arrived.
The biggest jump was yet to come. In 2005, the median price rose 32 percent to $322,700. If that steady 6 percent rate had continued, the price would have been only $179,000. Even at the generous 7 percent, it would have been just $198,000.
"It wasn't a lot different than the dot-com bust," said Jody Hudgins, executive vice president of First National Bank's Florida region. "It was greed; it was unsustainable. You had easy, irresponsible mortgage money leading to an inflated demand, and you had people who were able to buy and sell their homes for profit without even trying. People were drinking the Kool-Aid."
The high water mark might have been July 2005, when Sarasota MLS members were selling more than 150 homes each week and barely 1,600 homes were actively listed (in normal times, that number would be about 2,500).
By the end of 2005, though, the inventory had grown to nearly 4,500 homes. By April 2006, it was more than 7,000. In early 2007, it approached 8,000 -- where it generally remained until just a few weeks ago.
So where does that leave us today?
The year-end figures for 2007 put Sarasota-Bradenton's median price at $285,700. The 6 percent growth line? A little under $201,000 at that point. Seven percent would have yielded $227,000. Still quite a disparity.
But the median price has continued to come down. In May, it reached $246,200.
Drawing those 6 percent and 7 percent trend lines out to the end of this year puts them at about $213,000 and $243,000, respectively.
Do the numbers lie?
Median home prices do not always tell the full story about the true value of the homes in a market.
In times of falling prices, the median tends to skew upward, buoyed by those who suddenly feel like they can get more for their money.
"People tend to buy the most house they can afford," said Steve Dutoit, a Realtor with Keller Williams. "It's only natural, but it means the median price doesn't always reflect the actual market value."
Consider the following example: a couple looking to buy a home two years ago qualified for a $200,000 house.
They find a $200,000 house they really like, but decide not to buy.
Now, two years later, that $200,000 house is only worth $160,000, down 20 percent. If the couple decides to buy the house now, they will have saved themselves $40,000, and the market should reflect a 20 decline in value.
But in many cases, the couple is likely to be aspirational -- they do not buy the $160,000 house anymore because they can afford a better house.
Homes that were selling for $250,000 or $270,000 two years ago are now selling for -- you guessed it -- $200,000.
So given they are already qualified for $200,000, the typical couple tends to spend the money and buy what they see as the better house.
The MLS records a $200,000 sale, even though the value of that original house they looked at has indeed fallen to $160,000.
That price will not appear until someone else buys it -- and those buyers are aspirational as well, albeit further down the chain. The pattern cascades from there.
When all those choices are compounded, a down market may show a 10 percent drop in median price, though the actual value of the typical home has dropped by 20 percent.
Key factor: when you bought
Though their usefulness is limited, median sales prices remain one of the few measures to look to for signs of where a market is going and where it has been.
So if prices continue to fall, the real question may be: What does that mean for the typical resident? How does that affect those looking to enter, or leave, the real estate market?
The answer may depend largely on one factor -- when a person bought their home.
If you bought during the boom, well, you are in a pickle. Prices were so inflated that your mortgage is now likely more than your house is worth. Even if you paid cash or borrowed little, the drop in home values means your investment has substantially evaporated.
The choices, then, are not good. You can take a financial hit by selling or hold onto the property until prices start rising.
Even when they do, though, the home is unlikely to appreciate back to the boom price anytime soon.
Some opportunities..........
However, if you are not an unlucky boom-buyer, falling prices may present some opportunities.
First-time home buyers without the baggage of a previous purchase have many more options than before.
Another group may benefit as well.
"For 'move-up' buyers especially, they really can do very well for themselves right now," DuToit said.
A "move-up" buyer is someone looking to sell his or her house and upgrade to a bigger, more expensive house. DuToit said it is this group in particular -- if they bought their current home pre-boom (say in the 1990s) -- that can really catch a break.
How is that possible?
Let's say a couple owned a modest home that during the boom was valued at $300,000. But the couple had been saving for years to move up to a pricier home.
During the boom, they came across a neighborhood where the houses were selling for $600,000. They did not buy at the time.
Now, because of the falling market, the couple's home will sell for only $200,000. It has dropped by a third in only a few years. Their dream is over, right? Not exactly.
"Although the typical mid-range house has dropped significantly, we've seen that the more expensive homes have dropped even more in price," DuToit said.
So the $600,000 home the couple contemplated buying during the boom can now be bought for $400,000. A desperate seller may even be willing to sell for $350,000.
Do some quick math, and it becomes apparent that the couple could sell their house today for $200,000 and buy the one they wanted for $350,000, and they will spend an extra $150,000 to do so.
During the boom they would have received $300,000 for their house but their dream home would have cost $600,000 -- meaning they would have had to pay an additional $300,000.
Theoretically, the couple can upgrade today for half the money it would have cost a few years ago.
Of course, any such deals depend on having the money in the first place.
Monday, May 26, 2008
Siesta Key ranks # 3 in Nation
Siesta Public Beach jumped from 10th to 3rd in his national rankings this year.
TOP 10 BEACHES
1. Caladesi Island Clearwater
2. Hanalei Beach Kauai, Hawaii
3. Siesta Beach Sarasota
4. Coopers Beach Southampton, N.Y.
5. Coronado Beach San Diego, Calif.
6. Main Beach East Hampton, N.Y.
7. Hamoa Beach, Maui, Hawaii
8. Cape Hatteras Outer Banks, N.C.
9. Cape Florida Key Biscayne
10. Beachwalker Park Kiawah Island, S.C
Says who ???
'Dr. Beach' That's who......
AKA Stephen Leatherman, a coastal science professor at Florida International University in Miami.
Each year, with clipboard in hand, Leatherman visits beaches from Maine to California and Hawaii. He rates them on 50 categories, everything from water quality and recreational opportunities to cleanliness and parking, then compiles his top 10.
"It's the lighter side of my research, but people like to see the list every year," Leatherman said. "I think it's a reward for good management."
This year, Caladesi Island State Park near Clearwater was ranked No. 1. Hanalei Beach in Kauai, Hawaii, was No. 2. And Siesta Public Beach in Sarasota was No. 3.
In 2005, Fort DeSoto Park in Pinellas County was ranked No. 1 by Leatherman. Rangers there still get calls from tourists who want to visit the top-ranked beach in the nation.
Caladesi Island will earn headlines this year, but the rankings are still good news for Siesta Public Beach.
"In the next three days, it will really snowball," said Erin Duggan, public relations director for the Sarasota Convention and Visitors Bureau. "I've already gotten a call from the L.A. Times."
Dr. Beach did not cite one thing in his Siesta ranking, but Duggan could think of a significant change in the last year.
"Quite frankly, I think it had a lot to do with Sarasota County banning smoking at the beach," she said. "Without butts on the beach, it's a healthier beach."
Leatherman said he first saw Siesta Public Beach 16 years ago, when he was at the University of Maryland. Now that he lives in Miami, with friends in Sarasota, he visits several times a year.
The fine white sand of Siesta always makes an impression, but that is not the only draw.
"It's an incredibly wide beach," Leatherman said. "Lots of space, pretty good parking. You've got shade and recreation areas, barbecue pits. It really puts everything together."
TOP 10 BEACHES
1. Caladesi Island Clearwater
2. Hanalei Beach Kauai, Hawaii
3. Siesta Beach Sarasota
4. Coopers Beach Southampton, N.Y.
5. Coronado Beach San Diego, Calif.
6. Main Beach East Hampton, N.Y.
7. Hamoa Beach, Maui, Hawaii
8. Cape Hatteras Outer Banks, N.C.
9. Cape Florida Key Biscayne
10. Beachwalker Park Kiawah Island, S.C
Says who ???
'Dr. Beach' That's who......
AKA Stephen Leatherman, a coastal science professor at Florida International University in Miami.
Each year, with clipboard in hand, Leatherman visits beaches from Maine to California and Hawaii. He rates them on 50 categories, everything from water quality and recreational opportunities to cleanliness and parking, then compiles his top 10.
"It's the lighter side of my research, but people like to see the list every year," Leatherman said. "I think it's a reward for good management."
This year, Caladesi Island State Park near Clearwater was ranked No. 1. Hanalei Beach in Kauai, Hawaii, was No. 2. And Siesta Public Beach in Sarasota was No. 3.
In 2005, Fort DeSoto Park in Pinellas County was ranked No. 1 by Leatherman. Rangers there still get calls from tourists who want to visit the top-ranked beach in the nation.
Caladesi Island will earn headlines this year, but the rankings are still good news for Siesta Public Beach.
"In the next three days, it will really snowball," said Erin Duggan, public relations director for the Sarasota Convention and Visitors Bureau. "I've already gotten a call from the L.A. Times."
Dr. Beach did not cite one thing in his Siesta ranking, but Duggan could think of a significant change in the last year.
"Quite frankly, I think it had a lot to do with Sarasota County banning smoking at the beach," she said. "Without butts on the beach, it's a healthier beach."
Leatherman said he first saw Siesta Public Beach 16 years ago, when he was at the University of Maryland. Now that he lives in Miami, with friends in Sarasota, he visits several times a year.
The fine white sand of Siesta always makes an impression, but that is not the only draw.
"It's an incredibly wide beach," Leatherman said. "Lots of space, pretty good parking. You've got shade and recreation areas, barbecue pits. It really puts everything together."
Saturday, May 24, 2008
May 23, 2008
SAR monthly stats report for April 2008
*The following press release was sent to local media on May 23 at 11:30 a.m.
Sarasota market hits highest sales figure since June 2007
Home sales in the Sarasota MLS for April 2008 stood at 567 - the highest level in 10 months, and approximately 72 percent higher than the sales in January 2008. In 2008, sales have been progressively stronger month by month, possibly due to the influence of the new property tax portability law adopted in late January. Sales have climbed from 329 in January to 423 in February, then 514 in March.
Bucking the trend of dropping median sales prices for single family homes, April also saw the median sale price rise to $285,000 from $266,750 in March - about a 7 percent increase.
Condominium sales prices have shown a decline of about 8 percent since the first of the year, but they are also beginning to trend upward and have remained at relatively high levels for the Sarasota market. The median sale price for a condominium stood at $277,000 in April, about 18 percent higher than the $235,000 median sale price in March, but roughly 8 percent off the 2008 peak of $303,500 in January.
"We are very fortunate to live in a beautiful, vibrant community, with world-class culture and amenities," said Helen Sosso, 2008 SAR President. "These obvious factors continue to enhance the value of local properties, and we are seeing this reflected in our stronger sales figures. In addition, it appears we are beginning to see the effects of the recent state legislation which made it easier for families to upsize or downsize, without such a dramatic impact on their property taxes. Portability will likely continue to be a factor as we move forward in 2008."
The April 2008 report continued to reflect strength in pending sales, which stood at 765 - the highest level in the past year. In April 2007 pending sales were at only 609. Pending sales have been edging upward since December 2007, when there were only 374 pending sales reported. Pending sales reflect contracts executed by buyers and sellers, and indicate more closings in upcoming months and an improving market in the early summer months.
Inventory levels were lower in April 2008 at 9,830 single family homes, compared to 10,443 in April 2007. Condominium levels also decreased from the April 2007 level of 6,344 to 5,608 in April 2008. Lower inventory normally means a tighter selling market, which tends to put upward pressure on prices over time.
Declining inventory is one of the indicators that a market is beginning to return to a more normal, balanced state. In fact, the Sarasota MLS statistics reveal a lower level of new listings on the market, combined with higher unit sales, which means the inventory is declining for two reasons and should more quickly reach a healthy equilibrium.
The days on market, which translates to the average time it took to sell a property, was at 166 days for single family homes in April 2008, slightly higher than the 158 days in March 2008. The figure has been steadily in the 158 to 160 range throughout the year. Average days on the market for condos was at 189 in April 2008, lower than the 192 figure in March 2008, and much lower than the 203 days reported in February 2008. The days on market reflects the pace of sales.
In general, the Sarasota MLS statistics show a rebound throughout 2008 - every month seeing stronger numbers than the month before.
In an article in the Wall Street Journal last month by Cyril Moulle-Berteaux, a managing partner of Traxis Partners LP, a hedge fund firm based in New York, the author puts together a thought provoking piece headlined "The Housing Crisis Is Over."
In the article, he defined the basic elements of the housing boom, and the historic trends that follow such a boom and return to normalcy. He concludes that the national housing market is bottoming out right now, and says the return of affordability to the market makes a recovery an almost certainty.
He predicts the nationwide home inventory will drop significantly by the end of 2008, and this shift will begin to be reflected in prices.
In the local Sarasota market, we have seen the trend already beginning toward lower inventories, higher sales, and a leveling of prices after a few months of declines. The April figures reflect this new reality.
Sarasota Association of REALTORS®
SAR monthly stats report for April 2008
*The following press release was sent to local media on May 23 at 11:30 a.m.
Sarasota market hits highest sales figure since June 2007
Home sales in the Sarasota MLS for April 2008 stood at 567 - the highest level in 10 months, and approximately 72 percent higher than the sales in January 2008. In 2008, sales have been progressively stronger month by month, possibly due to the influence of the new property tax portability law adopted in late January. Sales have climbed from 329 in January to 423 in February, then 514 in March.
Bucking the trend of dropping median sales prices for single family homes, April also saw the median sale price rise to $285,000 from $266,750 in March - about a 7 percent increase.
Condominium sales prices have shown a decline of about 8 percent since the first of the year, but they are also beginning to trend upward and have remained at relatively high levels for the Sarasota market. The median sale price for a condominium stood at $277,000 in April, about 18 percent higher than the $235,000 median sale price in March, but roughly 8 percent off the 2008 peak of $303,500 in January.
"We are very fortunate to live in a beautiful, vibrant community, with world-class culture and amenities," said Helen Sosso, 2008 SAR President. "These obvious factors continue to enhance the value of local properties, and we are seeing this reflected in our stronger sales figures. In addition, it appears we are beginning to see the effects of the recent state legislation which made it easier for families to upsize or downsize, without such a dramatic impact on their property taxes. Portability will likely continue to be a factor as we move forward in 2008."
The April 2008 report continued to reflect strength in pending sales, which stood at 765 - the highest level in the past year. In April 2007 pending sales were at only 609. Pending sales have been edging upward since December 2007, when there were only 374 pending sales reported. Pending sales reflect contracts executed by buyers and sellers, and indicate more closings in upcoming months and an improving market in the early summer months.
Inventory levels were lower in April 2008 at 9,830 single family homes, compared to 10,443 in April 2007. Condominium levels also decreased from the April 2007 level of 6,344 to 5,608 in April 2008. Lower inventory normally means a tighter selling market, which tends to put upward pressure on prices over time.
Declining inventory is one of the indicators that a market is beginning to return to a more normal, balanced state. In fact, the Sarasota MLS statistics reveal a lower level of new listings on the market, combined with higher unit sales, which means the inventory is declining for two reasons and should more quickly reach a healthy equilibrium.
The days on market, which translates to the average time it took to sell a property, was at 166 days for single family homes in April 2008, slightly higher than the 158 days in March 2008. The figure has been steadily in the 158 to 160 range throughout the year. Average days on the market for condos was at 189 in April 2008, lower than the 192 figure in March 2008, and much lower than the 203 days reported in February 2008. The days on market reflects the pace of sales.
In general, the Sarasota MLS statistics show a rebound throughout 2008 - every month seeing stronger numbers than the month before.
In an article in the Wall Street Journal last month by Cyril Moulle-Berteaux, a managing partner of Traxis Partners LP, a hedge fund firm based in New York, the author puts together a thought provoking piece headlined "The Housing Crisis Is Over."
In the article, he defined the basic elements of the housing boom, and the historic trends that follow such a boom and return to normalcy. He concludes that the national housing market is bottoming out right now, and says the return of affordability to the market makes a recovery an almost certainty.
He predicts the nationwide home inventory will drop significantly by the end of 2008, and this shift will begin to be reflected in prices.
In the local Sarasota market, we have seen the trend already beginning toward lower inventories, higher sales, and a leveling of prices after a few months of declines. The April figures reflect this new reality.
Sarasota Association of REALTORS®
Friday, April 25, 2008
Our April Newsletter
“No one wants to catch a falling knife.”
As we drove around looking at property, this was the philosophy one Canadian shared with me regarding
his take on the average buyer. “Once it clangs on the floor, everyone will know it has hit bottom and then everyone
will scramble to buy." His own strategy was different. He was not about to wait. Even though he was unsure if
further price declines were to come, he had a fantastic selection of homes to choose from and he knew he was
getting a great price not seen since 2003. He bought. But there is another potent case for buying now.
Finance costs will rise as the economy recovers, so trying to time real estate might not pay off.
Consider this example. A $500,000 Siesta Key condo purchased today, with 20% down, leaves $400,000
financed at about 6% over 30 years. That's a monthly P&I payment of $2,398. If prices drop an additional 10%, the
cost of this condo next year is $450,000. But when the recession ends and the Fed starts to raise rates to say,
7.5%, your monthly payment would be $2,517. If you waited a year to buy, you would have saved nothing and
spent one less year in your beach side condo.
When prices are falling, few people have the discipline to buy stocks, a house, art or any other asset. But
those who do pull the trigger excel in the long run.
What's with all those headlines ?
Considering all of the negative press the housing market received in late 2007, it's more important than
ever for people to separate fact from fiction when deciding on a time to buy or sell a home. The fact is, we were
due for, and are now experiencing, a natural cyclical correction. The recent "housing boom" which lasted from 2001
until 2005, was caused by low interest rates and a rapid increase in property valuations. This combination
prompted a high sense of urgency in home buying and selling. Poor lending practices, which caused many home
buyers to secure loans that they ultimately couldn't afford, also fueled the fire. Finally, and possibly the biggest
culprit here locally, speculative purchases of homes by investors hoping for a quick return on investment took us
over the top.
But are these problems so deep that recovery is years away ? Actual facts and history say no.
Let's start with lending practices. Unlike the media's portrayal, the reality is that subprime loans comprise
only 9% of total loans nationwide and of those 9%, less than 11% of those subprime ARM and fixed borrowers
have defaulted on their loans. Problematic, yes. Of epidemic proportions, no.
As for speculators, like the dot-com bust, the housing market has begun to correct itself after a number of
years of unwise purchasing. But unlike what the media would have us believe, a correction in the housing market
doesn't equate to a crash. The ongoing negative news about the most troubled areas in the U.S. has caused a
ripple effect, with home buyers and sellers on a national level exercising caution before making a decision.
What we are seeing now is a repeat of a housing cycle we've seen before. In the early 1980's and 1990's
some areas of the country experienced the worst downturn they had seen in the last 25 years. It was caused by
localized economic weaknesses and a loss of jobs. But on a nationwide average others, like the Pacific Northwest,
were barely affected at all. Even those areas hit the hardest in the past experienced a historic uptick in prices, and
then a continuing long term appreciation trend followed.
It is our belief that we in Sarasota are actually positioned quite nicely. According to the latest statistics -
issued the last week of March by FAR - Sarasota-Manatee once again outsold such mega-markets as Miami and
Ft. Lauderdale, building on a solid trend that held throughout every month of 2007 and continues thus far into
2008. We simply need our inventory of homes and condos to decline to more acceptable levels.
The avalanche of east coast baby boomers on the horizon may well be the cure for our local recovery.
Lawmakers will look at more tax cuts in 2008.
On January 29, 2008 Florida Voters approved Amendment 1, which made significant changes to the Florida
Constitution regarding property tax laws. These include an additional $25,000 Homestead exemption, and
portability of the Save Our Homes benefit. (Although too detailed for this newsletter, feel free to e-mail us for a 3
page recap of the specifics of all changes.) Governor Charlie Crist, top lawmakers and other backers promised it
would be just the start of property tax relief. Let's hope so. For non-homesteaded owners the government put a
modest 10 percent cap on annual assessment increases. That's not enough to satisfy out of state owners who saw
their tax bills increase the most due to sharp rises in property values in recent years. The Sarasota Association of
Realtors (and all similar associations in Florida) will continue to press for true relief for the second home/vacation
type owner. It will happen. We will keep you updated.
Patrick Doherty, Joe James, Michael James, Maureen James Doherty
April 2008
Michael, Joe, Maureen & Patrick
James Brothers Real Estate Team
Realtors
info@jamesbrothers.com
www.JamesBrothers.com
(your on-line resource)
Local: 941-993-6443
Toll free: 1-888-755-2637
As we drove around looking at property, this was the philosophy one Canadian shared with me regarding
his take on the average buyer. “Once it clangs on the floor, everyone will know it has hit bottom and then everyone
will scramble to buy." His own strategy was different. He was not about to wait. Even though he was unsure if
further price declines were to come, he had a fantastic selection of homes to choose from and he knew he was
getting a great price not seen since 2003. He bought. But there is another potent case for buying now.
Finance costs will rise as the economy recovers, so trying to time real estate might not pay off.
Consider this example. A $500,000 Siesta Key condo purchased today, with 20% down, leaves $400,000
financed at about 6% over 30 years. That's a monthly P&I payment of $2,398. If prices drop an additional 10%, the
cost of this condo next year is $450,000. But when the recession ends and the Fed starts to raise rates to say,
7.5%, your monthly payment would be $2,517. If you waited a year to buy, you would have saved nothing and
spent one less year in your beach side condo.
When prices are falling, few people have the discipline to buy stocks, a house, art or any other asset. But
those who do pull the trigger excel in the long run.
What's with all those headlines ?
Considering all of the negative press the housing market received in late 2007, it's more important than
ever for people to separate fact from fiction when deciding on a time to buy or sell a home. The fact is, we were
due for, and are now experiencing, a natural cyclical correction. The recent "housing boom" which lasted from 2001
until 2005, was caused by low interest rates and a rapid increase in property valuations. This combination
prompted a high sense of urgency in home buying and selling. Poor lending practices, which caused many home
buyers to secure loans that they ultimately couldn't afford, also fueled the fire. Finally, and possibly the biggest
culprit here locally, speculative purchases of homes by investors hoping for a quick return on investment took us
over the top.
But are these problems so deep that recovery is years away ? Actual facts and history say no.
Let's start with lending practices. Unlike the media's portrayal, the reality is that subprime loans comprise
only 9% of total loans nationwide and of those 9%, less than 11% of those subprime ARM and fixed borrowers
have defaulted on their loans. Problematic, yes. Of epidemic proportions, no.
As for speculators, like the dot-com bust, the housing market has begun to correct itself after a number of
years of unwise purchasing. But unlike what the media would have us believe, a correction in the housing market
doesn't equate to a crash. The ongoing negative news about the most troubled areas in the U.S. has caused a
ripple effect, with home buyers and sellers on a national level exercising caution before making a decision.
What we are seeing now is a repeat of a housing cycle we've seen before. In the early 1980's and 1990's
some areas of the country experienced the worst downturn they had seen in the last 25 years. It was caused by
localized economic weaknesses and a loss of jobs. But on a nationwide average others, like the Pacific Northwest,
were barely affected at all. Even those areas hit the hardest in the past experienced a historic uptick in prices, and
then a continuing long term appreciation trend followed.
It is our belief that we in Sarasota are actually positioned quite nicely. According to the latest statistics -
issued the last week of March by FAR - Sarasota-Manatee once again outsold such mega-markets as Miami and
Ft. Lauderdale, building on a solid trend that held throughout every month of 2007 and continues thus far into
2008. We simply need our inventory of homes and condos to decline to more acceptable levels.
The avalanche of east coast baby boomers on the horizon may well be the cure for our local recovery.
Lawmakers will look at more tax cuts in 2008.
On January 29, 2008 Florida Voters approved Amendment 1, which made significant changes to the Florida
Constitution regarding property tax laws. These include an additional $25,000 Homestead exemption, and
portability of the Save Our Homes benefit. (Although too detailed for this newsletter, feel free to e-mail us for a 3
page recap of the specifics of all changes.) Governor Charlie Crist, top lawmakers and other backers promised it
would be just the start of property tax relief. Let's hope so. For non-homesteaded owners the government put a
modest 10 percent cap on annual assessment increases. That's not enough to satisfy out of state owners who saw
their tax bills increase the most due to sharp rises in property values in recent years. The Sarasota Association of
Realtors (and all similar associations in Florida) will continue to press for true relief for the second home/vacation
type owner. It will happen. We will keep you updated.
Patrick Doherty, Joe James, Michael James, Maureen James Doherty
April 2008
Michael, Joe, Maureen & Patrick
James Brothers Real Estate Team
Realtors
info@jamesbrothers.com
www.JamesBrothers.com
(your on-line resource)
Local: 941-993-6443
Toll free: 1-888-755-2637
Thursday, April 10, 2008
Longboat Key Club Announces $500 Million Expansion
Owners of The Longboat Key Club and Resort announced yesterday that they have plans to invest $500 million into an expansion of its current facilities, including an 18-hole golf course designed by world-renowned Rees Jones. The addition of 222 new hotel rooms, 261 new condominium residences, luxury waterfront villa residences, a wellness center and a country club complex enhance the resort's luxury appeal and potential for a five-star rating.
The mixed-use resort will showcase the modern designs inspired by Sarasota School of Architecture and more native trees, preserving Longboat Club Road's live oaks, will enhance the property's natural beauty.
According to economist Hank Fishkind, the development plan contains serious economic ramifications for the community, including an estimated 600 jobs, an increase of $60 million expected in total impact to Longboat Key per year, a 7-12% home value market appreciation and a cumulative net of $1.4M operating surplus for the Town of Longboat Key and $24 million in fiscal surplus. “The upside of the project to homeowner values is one of the considerations,” says Longboat Key Club general manager Michael Welly. “Our neighbors will benefit from that. If we don’t do a project and the club continues to mature, at some point property values start to go down.” The four phase project aims for a completion date around 2014.
Owners of The Longboat Key Club and Resort announced yesterday that they have plans to invest $500 million into an expansion of its current facilities, including an 18-hole golf course designed by world-renowned Rees Jones. The addition of 222 new hotel rooms, 261 new condominium residences, luxury waterfront villa residences, a wellness center and a country club complex enhance the resort's luxury appeal and potential for a five-star rating.
The mixed-use resort will showcase the modern designs inspired by Sarasota School of Architecture and more native trees, preserving Longboat Club Road's live oaks, will enhance the property's natural beauty.
According to economist Hank Fishkind, the development plan contains serious economic ramifications for the community, including an estimated 600 jobs, an increase of $60 million expected in total impact to Longboat Key per year, a 7-12% home value market appreciation and a cumulative net of $1.4M operating surplus for the Town of Longboat Key and $24 million in fiscal surplus. “The upside of the project to homeowner values is one of the considerations,” says Longboat Key Club general manager Michael Welly. “Our neighbors will benefit from that. If we don’t do a project and the club continues to mature, at some point property values start to go down.” The four phase project aims for a completion date around 2014.
Tuesday, April 8, 2008
Sarasota Boating Real Estate
The Boat yard consists of 21 units on the mainland just before you go over the Stickney Bridge to Siesta Key. For Boaters this location is convenient with no bridges to the Bay and you can be close to Siesta Key without being on it.....No bridge traffic.
Walk to Coasters.
It is all about location.
These condos come with a boat dock. They all have garages. It is gated with a pool .
They are beautifully updated and decorated to the max.....they come furnished.
If you are a boater looking for mainland .....check out our web site to view these listings in the Boatyard. www.jamesbrothers.com
Go to our features listings.
And if you are not a boater...the units are available without the dock for a discounted price.
Walk to Coasters.
It is all about location.
These condos come with a boat dock. They all have garages. It is gated with a pool .
They are beautifully updated and decorated to the max.....they come furnished.
If you are a boater looking for mainland .....check out our web site to view these listings in the Boatyard. www.jamesbrothers.com
Go to our features listings.
And if you are not a boater...the units are available without the dock for a discounted price.
Tuesday, April 1, 2008
There are home deals on the waterfront
The one thing that some buyers are not getting is the fact that if they really want a property but don't like the list price they can always make an offer.
We are seeing so many properties go to contract with the sellers conceding to the buyers offers.
If you want to learn more we suggest you call us at 1888-755-2637 or locally at 941-993-6443
Don't miss out on a wonderful opportunity.
SARASOTA'S real estate market is unique and has been rated the best in all of Florida for real estate sales ! If you live by the news you might lose out....in our market anyway.
.....find out more............contact us..........
Our web site is an excellent way to view homes or condos for sale.
http://www.jamesbrothers.com/
We are seeing so many properties go to contract with the sellers conceding to the buyers offers.
If you want to learn more we suggest you call us at 1888-755-2637 or locally at 941-993-6443
Don't miss out on a wonderful opportunity.
SARASOTA'S real estate market is unique and has been rated the best in all of Florida for real estate sales ! If you live by the news you might lose out....in our market anyway.
.....find out more............contact us..........
Our web site is an excellent way to view homes or condos for sale.
http://www.jamesbrothers.com/
Monday, March 24, 2008
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