Tuesday, July 21, 2009
Tuesday, May 12, 2009
Breaking News
Reported Sarasota-Bradenton Price Drops Are Good News For Homebuyers and Sellers
May 12th, 2009
Headlines of an article posted online today from the Sarasota Herald Tribune website…
“Sarasota-Bradenton Posts Nation’s 7th Biggest Home Price Drop”
…and what good news it could be for the homebuyer!
Let’s take a closer look at some other “dropping” statistics, but positive ones. In April of 2008, Trendgraphix reported that Sarasota County had a 14.6 month supply of inventory based on current listings and pending properties. April of 2009 showed a drop of that number to a 7 month inventory or a 52% “drop.” What does this mean? It means that buyer confidence in the local real estate market is returning. It means that buyers are moving off that fence. They are taking advantage of pricing that is correcting itself from the runaway inflation of years like 2005 where the annual appreciation of homes exceeded 30% due to a lack of inventory and frenzied investor buying. This is the statistic that we need to be creating the buzz about. This change in inventory is a positive trend that every prospective buyer should know and heed. It is a true sign of a market that is in the process of a healthy correction.
Admittedly, we are cautiously optimistic that this trend continues. However, this should carry a word of caution to the contemplating buyer that he can’t wait too long to take his foot off the fence. The inventory of homes to choose from is dwindling! Consider these statistics:
The number of Sarasota homes that went under contract in January was 763 while the number of homes contracted in April was 1207…that’s a 58% increase in four months.
The number of Sarasota homes closed in January was 489 compared to 734 in April…that’s a 50% increase in four months.
And what’s happening to the pricing of those sales? Let’s go beyond comparing year to year and look at what’s happened year to date. Today’s Buyer should be aware that the sold prices are going up as evidenced in the first four months of this year in Sarasota County.
The average sold price has risen each month from January till April, from $197,000 to $221,000.
The average listing price has also risen each month from January till April from $515,000 to $545,000.
The median sold price has risen in January through April from $123,000 to $134,000.
The average square foot pricing has risen in January through April from $121.90 to $134.10.
It has been said that the only true way we will know if we have hit the bottom of the market is when prices and units of sale start to go up! Well, if you look at these stats…I’d say the bottom very well could be behind us and the Buyer needs to take his foot off the fence and hit the ground running to your nearest Realtor!
May 12th, 2009
Headlines of an article posted online today from the Sarasota Herald Tribune website…
“Sarasota-Bradenton Posts Nation’s 7th Biggest Home Price Drop”
…and what good news it could be for the homebuyer!
Let’s take a closer look at some other “dropping” statistics, but positive ones. In April of 2008, Trendgraphix reported that Sarasota County had a 14.6 month supply of inventory based on current listings and pending properties. April of 2009 showed a drop of that number to a 7 month inventory or a 52% “drop.” What does this mean? It means that buyer confidence in the local real estate market is returning. It means that buyers are moving off that fence. They are taking advantage of pricing that is correcting itself from the runaway inflation of years like 2005 where the annual appreciation of homes exceeded 30% due to a lack of inventory and frenzied investor buying. This is the statistic that we need to be creating the buzz about. This change in inventory is a positive trend that every prospective buyer should know and heed. It is a true sign of a market that is in the process of a healthy correction.
Admittedly, we are cautiously optimistic that this trend continues. However, this should carry a word of caution to the contemplating buyer that he can’t wait too long to take his foot off the fence. The inventory of homes to choose from is dwindling! Consider these statistics:
The number of Sarasota homes that went under contract in January was 763 while the number of homes contracted in April was 1207…that’s a 58% increase in four months.
The number of Sarasota homes closed in January was 489 compared to 734 in April…that’s a 50% increase in four months.
And what’s happening to the pricing of those sales? Let’s go beyond comparing year to year and look at what’s happened year to date. Today’s Buyer should be aware that the sold prices are going up as evidenced in the first four months of this year in Sarasota County.
The average sold price has risen each month from January till April, from $197,000 to $221,000.
The average listing price has also risen each month from January till April from $515,000 to $545,000.
The median sold price has risen in January through April from $123,000 to $134,000.
The average square foot pricing has risen in January through April from $121.90 to $134.10.
It has been said that the only true way we will know if we have hit the bottom of the market is when prices and units of sale start to go up! Well, if you look at these stats…I’d say the bottom very well could be behind us and the Buyer needs to take his foot off the fence and hit the ground running to your nearest Realtor!
Monday, May 11, 2009
Thursday, April 16, 2009
April 16, 2009 - Sarasota Association of Realtors.
*The following press release was sent to local media on April 16
March 2009 sales up 33 percent over February;
single family median sale price rebounds
The Sarasota real estate market saw sales rise to the highest level of the year in March 2009, besting the previous month by 33 percent. In addition, the median sales price for single family homes rose after steadily declining since late last year, indicating a potential sign of the bottoming of the local market.
The overall sales level of 481 was the highest since June 2008, and nearly equaled the level of 504 sales reported in March 2008. Of those sales, 353 were single family homes while 128 were condominiums.
The good news also extended to pending sales, which once again rose in March 2009 to 817. The last time pending sales climbed over 800 was in March 2006, when pending sales also were reported at 817. The total of 817 was 21 percent higher than the 679 pending sales reported in March 2008.
According to statistics from the Mid-Florida Regional MLS for members of the Sarasota Association of Realtors®, 645 single family homes and 175 condominiums went under contract in March 2009, compared to only 471 homes and 208 condos in March 2008.
Pending sales have now exceeded the 500 level for the 15th consecutive month, and the statistic bodes well for the next two or three months, when many of these pendings will become closed sales. Pending sales reflect contracts executed by buyers and sellers during the month. The report continues to reflect a steady, strong pattern, and indicates buyers are more active in the Sarasota market even in the face of difficult economic times.
"We believe the current climate of historically low interest rates, major incentives for first-time homebuyers, and the many other government programs designed to stabilize the economy and the housing industry is all having a very positive impact," said 2009 SAR President Bill Geller. "Every downturn is followed by an upturn - we know this to be true historically. We've been through a difficult time in the real estate industry, and hopefully we are seeing the beginnings of a new, dynamic era."
The recently enacted first-time homebuyers' tax credit of $8,000 will likely continue to boost sales this year, Geller said. Those who meet eligibility requirements and purchase a home this year prior to Dec. 1 are eligible for a tax credit of up to $8,000, and unlike the 2008 tax credit, this one does not have to be repaid.
The median sale price for single family homes rose to $152,125 in March 2009 from $142,000 in February 2009 - a 7 percent increase. The median sales price for condominiums fell to $166,750 in March 2009 from $198,000 in February 2009, for a 15 percent drop.
The median price of all single family homes sold in the last 12 months was $217,000, compared to a median of $299,900 for the 12 months ending in March 2008. For condominiums sold in the last 12 months, the median sales price was $256,000, compared to last year's figure of $295,000.
Another important market tracker - the absorption rate of properties on the market - continues to track lower than last year at this time for both single family homes and condominiums, as inventories have declined. Absorption rate is the number of months it would take to sell the entire remaining listed inventory in a particular category, based upon the sales for that particular month.
For March 2009, the absorption rate for single family homes stood at 17.1 months, compared to 24.1 months the previous month and 25.1 months in March 2008. For condominiums, the absorption rate was at 21.2 months, lower than the 28.5 months in the previous month, and much lower than the 34.1 months reported in March 2008.
*A 12-month rolling median price is not as susceptible to the volatility that can occur within any particular month, which sometimes results in drastic statistical swings up or down from one month to the next.
*The following press release was sent to local media on April 16
March 2009 sales up 33 percent over February;
single family median sale price rebounds
The Sarasota real estate market saw sales rise to the highest level of the year in March 2009, besting the previous month by 33 percent. In addition, the median sales price for single family homes rose after steadily declining since late last year, indicating a potential sign of the bottoming of the local market.
The overall sales level of 481 was the highest since June 2008, and nearly equaled the level of 504 sales reported in March 2008. Of those sales, 353 were single family homes while 128 were condominiums.
The good news also extended to pending sales, which once again rose in March 2009 to 817. The last time pending sales climbed over 800 was in March 2006, when pending sales also were reported at 817. The total of 817 was 21 percent higher than the 679 pending sales reported in March 2008.
According to statistics from the Mid-Florida Regional MLS for members of the Sarasota Association of Realtors®, 645 single family homes and 175 condominiums went under contract in March 2009, compared to only 471 homes and 208 condos in March 2008.
Pending sales have now exceeded the 500 level for the 15th consecutive month, and the statistic bodes well for the next two or three months, when many of these pendings will become closed sales. Pending sales reflect contracts executed by buyers and sellers during the month. The report continues to reflect a steady, strong pattern, and indicates buyers are more active in the Sarasota market even in the face of difficult economic times.
"We believe the current climate of historically low interest rates, major incentives for first-time homebuyers, and the many other government programs designed to stabilize the economy and the housing industry is all having a very positive impact," said 2009 SAR President Bill Geller. "Every downturn is followed by an upturn - we know this to be true historically. We've been through a difficult time in the real estate industry, and hopefully we are seeing the beginnings of a new, dynamic era."
The recently enacted first-time homebuyers' tax credit of $8,000 will likely continue to boost sales this year, Geller said. Those who meet eligibility requirements and purchase a home this year prior to Dec. 1 are eligible for a tax credit of up to $8,000, and unlike the 2008 tax credit, this one does not have to be repaid.
The median sale price for single family homes rose to $152,125 in March 2009 from $142,000 in February 2009 - a 7 percent increase. The median sales price for condominiums fell to $166,750 in March 2009 from $198,000 in February 2009, for a 15 percent drop.
The median price of all single family homes sold in the last 12 months was $217,000, compared to a median of $299,900 for the 12 months ending in March 2008. For condominiums sold in the last 12 months, the median sales price was $256,000, compared to last year's figure of $295,000.
Another important market tracker - the absorption rate of properties on the market - continues to track lower than last year at this time for both single family homes and condominiums, as inventories have declined. Absorption rate is the number of months it would take to sell the entire remaining listed inventory in a particular category, based upon the sales for that particular month.
For March 2009, the absorption rate for single family homes stood at 17.1 months, compared to 24.1 months the previous month and 25.1 months in March 2008. For condominiums, the absorption rate was at 21.2 months, lower than the 28.5 months in the previous month, and much lower than the 34.1 months reported in March 2008.
*A 12-month rolling median price is not as susceptible to the volatility that can occur within any particular month, which sometimes results in drastic statistical swings up or down from one month to the next.
Thursday, April 9, 2009
Stats show..sales and pendings are up, listings down
For Sale Feb. 2008 - 13047 vs Feb. 2009 - 9400
Sold Feb. 2008 - 475 vs Feb. 2009 - 532
Pended Feb. 2008 - 614 vs Feb. 2009 - 954
Could this mean we have hit bottom...
Many say yes...
Wednesday, March 25, 2009
The Ultimate Beach house on Manasota Key
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Spectacular Gulf to Bay property at the most northern tip of gated North Manasota Key Road. Absolute privacy in a true tropical paradise setting with over 1.25 acres and over 200 feet of beach front. Casual beach house with gulf side heated pool, vaulted ceilings, coral stone fireplace and a wonderful screened porch. Owner offering approved plans for a 7000 sq. ft. home that spent three years in the approval process. Includes a permit to retain a beach side pool and the ability to gate the road at the property's entrance. Beautiful "pet-friendly" walking beach and a private dock on Lemon Bay. Two platted lots. Property next door is also available....combined purchase would be over 300 ft. of beach front on 2 plus acres. Both properties are at the end of this private gated road.
Monday, March 23, 2009
Key Concierge Opens Concierge Sarasota
Longboat Key-based Key Concierge, a home watch and property management company, has opened a Concierge Sarasota division that plans to provide comprehensive services to individuals and groups. Concierge Sarasota is partnered with the Sarasota Association of Realtors. Susan Robinson is president of both companies.
Contact us and we will be happy to put you in touch.
941-993-6443 or 1888-755-2637
Longboat Key-based Key Concierge, a home watch and property management company, has opened a Concierge Sarasota division that plans to provide comprehensive services to individuals and groups. Concierge Sarasota is partnered with the Sarasota Association of Realtors. Susan Robinson is president of both companies.
Contact us and we will be happy to put you in touch.
941-993-6443 or 1888-755-2637
Thursday, March 12, 2009
Condo sells for boom time price
Sarasota Herald Tribune
By Tom Bayles
SARASOTA - A penthouse at the Residences at the Ritz-Carlton Sarasota sold for $3.3 million on Monday, or about $125,000 above what it last sold for during the height of the housing boom.
The Ritz-Carlton penthouse is nearly 5,000 square feet, with four bedrooms and three-and-one-half baths. It has wide views of the Gulf of Mexico. The price - $3.3 million - is the highest paid for a luxury condominium in Sarasota County since August 2008.
The penthouse was listed Jan. 26 for $3.995 million and was bound to contract in 16 days.
The 18th-floor penthouse includes an entry foyer, large living room, formal dining room, eat-in kitchen and a library.
The condo has wide views of the Gulf of Mexico.
Property records show that the penthouse has been owned since April 2005 by William E. Wallace III and Rose S. Wallace. The sellers were represented by Linda Driggs of the Main Street office of Michael Saunders & Co.
The buyer, whose name was not released, was represented by Prudential Palms Realty.
The penthouse deal came after the March 4 sale of a $7.125 million mansion on Longboat Key that marked the highest-priced single residential sale for the region in nearly a year.
The estate's sales price represented a $3.375 million drop from the September listing price of $10.5 million, but the property at 5871 Gulf of Mexico Drive went under contract in a little more than four months.
Before that sale, the largest area residential sale in the past year was an $8 million beachfront home at 4067 Shell Road on Siesta Key.
By Tom Bayles
SARASOTA - A penthouse at the Residences at the Ritz-Carlton Sarasota sold for $3.3 million on Monday, or about $125,000 above what it last sold for during the height of the housing boom.
The Ritz-Carlton penthouse is nearly 5,000 square feet, with four bedrooms and three-and-one-half baths. It has wide views of the Gulf of Mexico. The price - $3.3 million - is the highest paid for a luxury condominium in Sarasota County since August 2008.
The penthouse was listed Jan. 26 for $3.995 million and was bound to contract in 16 days.
The 18th-floor penthouse includes an entry foyer, large living room, formal dining room, eat-in kitchen and a library.
The condo has wide views of the Gulf of Mexico.
Property records show that the penthouse has been owned since April 2005 by William E. Wallace III and Rose S. Wallace. The sellers were represented by Linda Driggs of the Main Street office of Michael Saunders & Co.
The buyer, whose name was not released, was represented by Prudential Palms Realty.
The penthouse deal came after the March 4 sale of a $7.125 million mansion on Longboat Key that marked the highest-priced single residential sale for the region in nearly a year.
The estate's sales price represented a $3.375 million drop from the September listing price of $10.5 million, but the property at 5871 Gulf of Mexico Drive went under contract in a little more than four months.
Before that sale, the largest area residential sale in the past year was an $8 million beachfront home at 4067 Shell Road on Siesta Key.
Thursday, March 5, 2009
Longboat Key sale
LONGBOAT KEY - A deal closed Wednesday for a $7.125 million mansion on this tiny island, one that marks the highest-priced single residential sale for the region in nearly a year.
The sales price represented a $3.375 million drop from the September listing price of $10.5 million, but the property at 5871 Gulf of Mexico Drive went under contract in a little more than four months.
The $7.125 million price represented a sum that is nearly 50 times the median sales price of $144,800 for homes in the Sarasota-Bradenton market during January. Foreclosures and short sales have driven that median down to late 2001 prices.
Christina Landry, a Realtor with the St. Armands Circle office of Michael Saunders & Co. brought the unidentified buyer to the table while Longboat Key's Reid Murphy was the listing agent.
The 1.2-acre estate, completed last year, includes 7,046 square feet of air-conditioned space.
The property also includes a private two-bedroom guest house with a loft, accessible from the main house by a covered walkway.
The main home has five bedrooms, a 40-foot beach-entry pool and another, upstairs pool.
Before the sale of this estate, the largest area residential sale in the past year was an $8 million beachfront home at 4067 Shell Road on Siesta Key.
That property sold in April to a client of Kim and Michael Ogilvie of Michael Saunders & Co.
Thursday, February 12, 2009
If your favorite store was having a huge sale would you wait for the last day ?
Be it a beach front condo, a golf course home or downtown penthouse with a view..... if you delay today .....your choice for that perfect property will be limited.
Here in Sarasota it's just that straight forward.
I have been working with buyers recently that have missed out on a deal because they were too concerned about thinking the prices might come down. Sure that is true for some. But when you see a great opportunity trust your instincts ..don't second guess.. Trust yourself, trust us.
Make that offer !!
Here in Sarasota it's just that straight forward.
I have been working with buyers recently that have missed out on a deal because they were too concerned about thinking the prices might come down. Sure that is true for some. But when you see a great opportunity trust your instincts ..don't second guess.. Trust yourself, trust us.
Make that offer !!
Thursday, February 5, 2009
Lakewood Ranch Announces $110 Million Sports Complex
Lakewood Ranch, in conjunction with Corvus International, Iowa Sports Management and Johan Kriek Tennis, will soon unveil plans for a new $110+ million sports, spa and training complex.
The complex, which will be located at the most eastern end of Lakewood Ranch in Manatee County, will bring international attention to Lakewood Ranch, Manatee and Sarasota counties and the entire region. It will be one of the largest facilities of its type in the country and will provide for a much needed influx of construction related jobs and activity along with stable, long-term employment opportunities. Watch the newspapers for more details.
The complex, which will be located at the most eastern end of Lakewood Ranch in Manatee County, will bring international attention to Lakewood Ranch, Manatee and Sarasota counties and the entire region. It will be one of the largest facilities of its type in the country and will provide for a much needed influx of construction related jobs and activity along with stable, long-term employment opportunities. Watch the newspapers for more details.
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