Sarasota Real Estate Info

Sarasota Condominium Market 2011

2012-02-07T11:31:00.000-08:00

For a quick update of the Sarasota Condominium Market in 2011:

http://www.xpressdocs.com/xlinks/2684094

Sarasota's October Housing Statistics Remain Strong

2011-12-18T18:27:00.000-08:00

Realtors utilize a measure of housing supply referred to as “Months of Inventory” to gauge the strength or weakness of the housing market. The calculation looks at the number of months it would take to sale existing inventory based on the most recent monthly sales figures. The lower the “months of inventory ”, the lower the supply of housing available, and the stronger the market.

Sarasota’s housing results for October show that months of inventory for single family homes declined from 11.1 months in 2010 to 7.1 months in October 2011, indicating a continuing strengthening of the market. Prices continue to stabilize, with the median sales price for Sarasota’s single family homes in October 2011 of $156,000 compared to a median sales price of $157,000 in October 2010.

Condominium months of inventory have also declined : to 9.7 months in October 2011 compared to 15.9 months in October 2010. Median sales price for condominiums are also stabilizing with the median price for condominiums in October 2011 of $161,000 versus $165,000 in October 2010.

Attention Homeowners: A government assistance plan that might actually help!!!!

2011-11-15T16:54:00.001-08:00

We can hardly believe it...but the new government plan to assist homeowners refinance their mortgages might actually be a real help to Floridians.

Many Floridian homeowners have been unable to take advantage of historically low interest rates because the value of their homes have fallen and cannot meet the collateral requirements of the lending institution to refinance their existing loans.

Perhaps they purchased a home for $280,000, obtained a loan for $240,000, but their home value is now $150,000. So, they are unable to refinance a loan of $240,000 with a home value of $150,000 under conventional lending practices.

But....the new government program or "HARP" to be introduced next week gives broader guidelines so that some homeowners can refinance to take advantage of today's lower rates..... even if their home value does not meet the conventional loan-to-value ratios.

Other traditional mortgage requirements do remain however. You must be current on your mortgage over the last 6 months and have no more than one late payment in the last 12 months. And, you must meet income requirements, etc.

So, if you know someone who has been faithfully paying their mortgage, but has been unable to refinance to take advantage of the lower rates because of the fallen value of their home, encourage them to look at the possibility of refinancing now under the new HARP program. Their monthly payments could be substantially reduced.

Finally, a government program that might help !

Banks offering cash for short sales?

2011-11-04T15:56:00.000-07:00

Those homeowners behind in their mortgage may now be eligible for cash from their mortgagor to facilitate a short sale according to the Palm Beach Post.

Apparently, banks have discovered that the foreclosure process is long and that the condition of the home often suffers as the foreclosure process drags out.

So apparently in the state of Florida, Bank of America will offer "cash for keys" in some cases to encourage an owner under default to pursue a short sale.

Other banks may also be considering this option.

So if you know someone who unfortunately is going through the painful foreclosure process, let them know this might be an option.

More foreclosures to come ????

2011-11-02T04:53:00.000-07:00

The Sarasota market is benefiting from very few bank-owned properties.

The unknown, however, are the possibility of foreclosures to come.

Realty Trac gives some helpful information in this regard.

Realty Trac reports defaults in Sarasota County total 2385 properties. These are properties that could be reinstated by the mortgagee, sold as a short sale, or eventually foreclosed.

Properties that have made it to auction and could become bank-owned total 639 properties.

Sarasota County properties owned by banks total 1293.

Currently, Sarasota County has 5094 active listings.

So it looks like the foreclosure activity will remain an overhang on Sarasota County property for sometime to come.

But the foreclosure activity varies significantly by location and price, so generalizations are not very helpful in predicting the impact on property values.

But what can be said is that Sarasota County will be dealing with defaults for some time to come.

Costco or Tiffany??

2011-10-29T05:06:00.000-07:00

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??

2011-10-26T19:22:00.000-07:00

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????

2011-10-24T19:20:00.000-07:00

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

Our New Blog

2011-10-24T13:31:00.000-07:00

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