Sarasota Waterfront Living - Florida Multi-Million Dollar Homes & Estates

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2009-07-21T10:57:00.000-05:00

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Breaking News

2009-05-12T18:54:00.001-05:00

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!

2009-05-11T23:23:00.001-05:00

A Bird Key home was just sold for $4.75 million, the highest price this year for a single-family home in Sarasota. The highest sale of the year previously was for a $3.3-million condominium at the Ritz-Carlton in Sarasota.

2009-04-16T18:39:00.001-05:00

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.

Stats show..sales and pendings are up, listings down

2009-04-09T15:36:00.003-05:00

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...

The Ultimate Beach house on Manasota Key

2009-03-25T06:03:00.003-05:00

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.

2009-03-23T11:13:00.000-05:00

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

Condo sells for boom time price

2009-03-12T09:41:00.001-05:00

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.

Longboat Key sale

2009-03-05T10:01:00.002-05:00

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.

If your favorite store was having a huge sale would you wait for the last day ?

2009-02-12T23:03:00.001-05:00

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 !!

Lakewood Ranch Announces $110 Million Sports Complex

2009-02-05T10:26:00.000-05:00

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.

2009-01-07T19:32:00.001-05:00

today's 30 year conforming fixed rate is at 4.875%.......Not sure how long this will last!

This is for purchases only……...

2008-12-24T10:22:00.001-05:00

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.

2008-10-09T10:43:00.001-05:00

[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.

Siesta Key

2008-09-16T10:07:00.001-05:00

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

Our Pic of the Week

2008-09-09T21:21:00.000-05:00

2008-07-05T13:05:00.002-05:00

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.

Siesta Key ranks # 3 in Nation

2008-05-26T09:03:00.004-05:00

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."

2008-05-24T09:38:00.000-05:00

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®

Our April Newsletter

2008-04-25T20:25:00.003-05:00

“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

2008-04-10T09:42:00.000-05:00

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.

Sarasota Boating Real Estate

2008-04-08T23:10:00.002-05:00

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.

There are home deals on the waterfront

2008-04-01T22:10:00.006-05:00

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/

Siesta Key

2008-03-24T00:29:00.002-05:00

Family visitors !!

Casey Key Gulf to Bay

2007-12-02T15:14:00.000-05:00

Key West Style Residence
This is one of the largest Gulf-to-Bay properties on Casey Key. A fabulous piece of property with approximately 3 acres from the Gulf of Mexico waters with wide beach to the deep boating waters at the dock on the bay. Large bayside parcel leaves a number of options to a new owners for guest house, tennis court, etc. The Key West style residence of 3500+ square feet was built around 1990, and features a fabulous great room with towering ceilings at its center. There are 3 bedrooms or 2 bedrooms and a den, dependent upon how a new owner may choose. There is an elevator from the ground level parking (for up to 4 cars) to the second living floor above. Gorgeous porches on both the Gulf and Bay sides of the home.

There is a pool and a dock with 2 boat lifts on the bayside.
Offered at $5,985,000.

A steal on Golden Gate Point

2007-11-26T12:49:00.000-05:00

2700 Sq. Ft. 3 bedrooms, 3 Baths , 2 car parking.

Hurrican slider windows.

Incredible bay views leading all the way to the Gulf of Mexico in the distance. The best views you'll ever see! Total excellence in this spectacular penthouse. New everything and all top of the line. Listed at $ 1,100,000

2007-11-21T23:35:00.000-05:00

Ultimate Gulf to Bay Estate, 16,500 sq. ft. , 8/10 bedrooms and 9 full baths.

Gulf or Bay views from all rooms, privacy and perfection. Luxury master suite with his and her baths, gourmet kitchen with dual cooking centers, 4 fireplaces, billiard room, gym with indoor lap pool, wine room, tennis court, generator, staff quarters, putting green, covered boat house and 2 bedroom pool house.

Call for more information.

1888-755-2637 or 941-993-6443

Sunset over the Ringling bridge

2007-11-13T00:41:00.000-05:00

Day aftere day, as we walk, jog, bike, roller blade or drive over the Ringling bridge to St. Armand's circle and Lido Beach at sunset. it is easy to take for granted this wonderful gold ball setting over the Sarasota Bay.

When a visitor reminds us of how fortunate we are to live in Sarasota we can't help but smile and feel proud.

Sold in 1 Week for $5,330,000

2007-10-12T11:53:00.000-05:00

This bayfront home in Harbor Acres, Sarasota was listed through Michael Saunders & Company and went under contract within 1 week. It recently closed and the buyer was also represented by a Michael Saunders agent.

Sales such as these demonstrate the resiliency of our market and the continued strength of our company.

The Return of Affordable Waterfront!

2007-08-27T16:00:00.000-05:00

Recent market corrections make waterfront living affordable again. if you were squeezed out of the market by double digit appreciation throughout the past decade, you can take heart in knowing that you can now own a canal front home in Sarasota for well under $500,000. Even Longboat Key has older homes on excellent deep water priced in the $600s. Siesta Key also offers great choices. With the help of an experienced Realtor, now is an excellent time to take a fresh look at waterfront living.
- Michael James

Bayfront in Harbour Acres

2007-07-11T09:27:00.000-05:00

Magnificent Bayfront estate on large .85 acre lot located in sought-after Harbor Acres. Panoramic northwesterly views towards downtown and the Ringling Bridge. 2 boat docks. Traditional style home exudes warmth & southern charm, lovingly renovated by current owner. Country French gourmet kitchen by "Kitchens by Design," granite counters, paneled library & FR with extensive built-ins. Private elevator. Extensive use of crown molding, Waterford light fixtures. Wood floors and spacious master suite. Conveniently located just minutes to shops, restaurants, beaches, and hospital.

The White Sands of award winning Siesta Key

2007-07-10T22:20:00.000-05:00

Beautiful Natural Manasota key

2007-07-05T21:19:00.000-05:00

This is the view from a Gulf front Beach home on Manasota key in Sarasota County.
It is listed at $ 1,750,000.
A real value and the lowest priced Gulf / beach front home from Longboat key down to Manasota Key.
Call me direct for the details on this opportunity !
941-993-6443 or 888-755-2637

Waterfront living in Riviera Dunes on the Manatee River

2007-06-08T15:03:00.000-05:00

This 288-acre residential and retail community is located on the shores of the Manantee River minutes from the Gulf of Mexico
with its own deep water marina.

It is close to Gulf beaches and the shopping/entertainment district of St. Petersburg and downtown Sarasota.

The Waterfront residential opportunities are diverse, impressive and affordable.

They include singe family homes, townhomes, the luxury condos of Bel Mare and the more casual condos of Laguna.

Residents enjoy a maintenance-free lifestyle with a resort like setting.
Amenties include Tennis courts, lap pool, Fintness Center, Bocce & Croquet Court, Pitch & Putt, Vollyball, a pet Park, Nature and fitness paths, private beach on the 9 acre freshwater lake.

The new marina restaurant at Riviera Dunes, Mangrove Grill & Bar, is the third from award-winning chef Sean Murphy.

This is just the beginning. A mixed-use retail/residential village is poised on the drawing board.

For pricing and more info call 1-888-755-2637 or local 993-6443.

Sarasota County Beaches

2007-05-22T10:59:00.000-05:00

[SRQ NEWS]
Four County Beaches Awarded National Blue Wave Certification .......
Siesta, Lido, Venice and Caspersen beaches were all recognized by the national Clean Beaches Council as Blue Wave Beaches for the 2007-2008 season because they meet rigorous standards for sustainable management of beach resources and amenities.
Among the criteria the council considers for certifying a site as a Blue Wave Beach are water quality, beach and inter-tidal conditions, habitat conservation, public information and education and erosion management.
Since 2003, Siesta and Venice beaches have been certified through the Blue Wave Campaign.
In 2004 Caspersen Beach was certified, followed by Lido Beach in 2005.

The National Healthy Beaches Campaign, administered by the Laboratory for Coastal Research at Florida International University, has also certified Siesta, Lido, Venice and Caspersen beaches.

Cocoanut Bayou Bayfront estate on Siesta Key

2007-05-21T10:49:00.000-05:00

Live ,Work and Play in your very own tropical secluded paradise with just minutes to all of the conveniences of Siesta Key village and Downtown Sarasota !

This 1 plus acre estate on Siesta Key is back on the market with a new price of $ 3,300,000.
With the feel of a Costa Rican tropical rain forest this home offers open bayou/bay views , sailboat water and a boat dock.
The home is approx. 4600 sq ft, has 2 large professional offices, 3 gas fire places, lofty ceiling heights, large decks, pool, 3 car garage, a huge basement for storage, excersise room, games room ect., lots of privacy and Deeded Beach access.
This property is all about lifestyle with good value.

Siesta Key Farmers Market

2007-05-15T00:23:00.000-05:00

SRQ TALK.........

"I want to have something that's got an old-school Siesta Key feel." --Siesta Key resident and business owner Bryan Eible. Eible is launching "Don't Panic. It's Organic," a Sunday-morning farmer's market in the Siesta Key Village.

Old School Siesta Has a Farmer's Market (With Organic Produce Here, and Natural Products There) It's getting harder and harder to think of an excuse for missing a local farmer's market, especially now that Siesta Key is going to host its own market on Sunday mornings.Foxy Lady owner Bryan Eible is spearheading the efforts to start a market in the Siesta Key Village area from 6 to 10am every Sunday with organic foods and natural products.Eible has the go-ahead from the Siesta Key Village Association, and he hopes to hold the first market in July. Eible, who grew up on Siesta, said he wants to bring the key back to its roots. "When I moved here, in 1972, Siesta Key was all about the environment and hippies. It was groovy," he said. "Now it's kind of turned into a bar scene. I want to give the locals a reason to come to the village."

Find your Waterfront Home

2007-04-19T21:50:00.000-05:00

Search at your leisure for up to date listings of Waterfront propertes from our web site www.JamesBrothers.com