Costco or Tiffany??

The market environment for homes these days is not unlike the market for food or clothes. It’s the extreme of the market that does best….like Costco versus Tiffany.  Both do well....for different reasons.

 A home will sale these days because it either appeals either to the “value” shopper…. or is so special, that it fulfills the dreams of the buyer.

The value shopper is hunting for the bank-owned property or the short sale.  The “home –of-your-dreams” shopper is looking for the lifestyle that they have always wanted.

But having a home fulfill the dreams of the buyer is a very high threshold to meet.

Unless a home has been recently built using current design fashion, it’s very difficult to have a home fit into this “home-of-your-dreams” segment.

 Many of our sellers have been able to move their home to the “dream” side of the equation  by using stagers.   Stagers are professional designers that make suggestions to sellers to make their home more design “current” and thus more appealing.

If you’re thinking about putting your home on the market, be sure to think about positioning your home to maximize its value in the market.  In this market, it can make a very significant difference to your bottom line.

Not short of Short Sales in Sarasota??

While bank-owned properties on the market in Sarasota have declined ..."short sales" (properties where the mortgage held by the seller exceeds the market value so the proceeds from the sale will not cover the mortgage and requires lender approval) continue in significant numbers.  The inventory varies by neighborhood:

Lido Bank-Owned properties on the market:                       4  homes   ;   1 condos

Downtown Bank-Owned properties on the market:            11 homes   ;  12 condos
West of Trail Bank-Owned properties on the market           2  homes  ;    6 condos
South Gate Bank-Owned properties on the market             11 homes
Phillip Creek/Landings/Gulf Gate Bank-Owned                  34 homes ;   14 condos
Meadows/Desoto Lakes Bank-Owned                                11 homes  ;   16 condos
Palmer Ranch Bank-Owned properties on the mkt              14 homes  ;   20 condos
Palm Aire Bank-Owned properties on the mkt                     35 homes  ;    8 condos
University Park/University Place Bank-Owned                    10 homes  ;    2 condos
Lakewood Ranch Bank-Owned properties on the mkt         32 homes  ;    5 condos
Oaks/Rivendell/Casey Key Bank-Owned properties           18 homes  ;    5 condos
Casey Key/Venetian Golf Bank-Owned properties               28 homes ;    5

Like foreclosures, short sales depress prices.  The higher the inventory, the larger the impact on neighborhood prices.

Foreclosures???? Not in Sarasota????

No foreclosed properties for sale in Sarasota??

Yep, it's true.  Well, almost true.

We have very few bank-owned properties on the market in Sarasota at the current time. And a lower number of homes for sale. Or, as we realtors like to say, we have lower "inventory".

The results??? 

Prices have stabilized .

Of course, the other side of the foreclosure mess is short sales (homes where the owner of the home has a mortgage in excess of the value of the home...so the seller is "short" at closing and the bank has to agree to the sale) , which we do have in greater abundance. 

So few forelcosed properties for sale in Sarasota is good news for sellers...and not so good news for buyers.  

Here's a look at the inventory of bank-owned properties (foreclosed properties on the market) in our various Sarasota neighborhoods:


Lido Bank-Owned properties on the market:                     1  home
Downtown Bank-Owned properties on the market:            1  home   ;   4 condos
West of Trail Bank-Owned properties on the market         0
South Gate Bank-Owned properties on the market            2  homes
Phillip Creek/Landings/Gulf Gate Bank-Owned                 11 homes
Meadows/Desoto Lakes Bank-Owned                               5 homes  ;   2 condos
Palmer Ranch Bank-Owned properties on the mkt             6 homes  ;   2 condos
Palm Aire Bank-Owned properties on the mkt                   5 homes  ;   2 condos
University Park/University Place Bank-Owned                   0
Lakewood Ranch Bank-Owned properties on the mkt        8 homes  ;   2 condos
Oaks/Rivendell/Casey Key Bank-Owned properties          4 homes
Casey Key/Venetian Golf Bank-Owned properties           10 homes ;   2 condos









          

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