Nowfly, an International Travel Web Site announces that Sandbar Restaurant on Ann Marie Island near Sarasota, FL is one of the top five beach restaurants in the world. Owner, Ed Chiles was really excited to hear this fantastic news.
The Sarasota Florida Real Estate market in July 2009 was substantially healthier than last year at this time, with total unit sales up 29 percent to 595, and the months of home supply on the market once again dropping to levels not seen in three years. There were 450 single family and 145 condos sold in July, compared to 331 and 130 last July.
July 2009 sales were only slightly lower than the 610 sales in June 2009, when overall sales rose above the 600 level for only the second time in 26 months. The statistics all continue to point to a market in the initial stages of recovery.
Inventory levels continued to decline. There were 4,067 single family homes for sale at the end of July, down from 4,477 at the end of June. Condos experienced a similar decline, to 2,447 from 2,587. Inventory is now at its lowest point in more than 5 years.
The number of months of inventory – the time it would theoretically take to sell all the current properties on the market – now stands at 9.04 for single family and 16.9 months for condos. This is in stark contrast to last year at this time, when the figures were 26.2 months for single family homes and 35.4 months for condominiums. The trend is downward toward the figure of 6 months, which indicates a market in balance (anything below 6 months indicates a return to a seller’s market).
Prices have also returned to more realistic, sustainable levels, with the median sale price for single family homes at $185,000 in July 2009, compared to $190,000 in June and $250,000 a year ago. The median sale price for condos was $212,000 in July, compared to $250,000 the previous month and $252,500 a year ago.
Pending sales also remained at very high levels, with 802 properties going under contract in July 2009. Pending sales have dropped off slightly from the 929 reported in May 2009 and the near record 981 pending sales reported in April 2009. But the total of 802 was still 37 percent higher than the 584 pending sales reported in July 2008. Pending sales have now exceeded the 500 level for the 19th consecutive month, and the 800 level for the fifth straight month. Generally, pendings trend downward during the summer months, the slower sales season in our market.
The statistic is a strong indicator for the next two or three months of sales, when many of these pendings will become closed sales. Pending sales reflect contracts executed by buyers and sellers during the month.
“Our local market is maintaining an encouraging level of sales volume and lower inventories,” said 2009 SAR President Bill Geller. “As we enter the traditionally slower season, we can expect some drop off in activity. But we still have the first-time home buyer tax credit of $8,000 on the table, and that expires on Nov. 30, 2009. We strongly encourage local Realtors® to keep their clients informed about this and get them started in the real estate buying process in order to close the sales prior to the expiration date.”
Geller noted that as the national economy appears to be emerging from recession, according to most leading economists and the Federal Reserve Board, the local real estate market appears to be a leader in the recovery process.
“I’m very optimistic about our local real estate market, because we’ve always emerged strongly from down times in the past,” explained Geller. “We have it all here – great weather, beautiful beaches and green spaces, amazing cultural amenities, and an incredible selection of homes and condos. There are very few places in the nation that have all that we have to offer.”
The median price of all single family homes sold in the last 12 months was $172,000, compared to a median of $260,000 for the 12 months ending in August 2008. For condominiums sold in the last 12 months, the median sales price was $212,010, compared to last year’s figure of $332,000. *
*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.
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The Institute for Luxury Home Marketing is dedicated to building skills and relationships for Real Estate Agents who represent Luxury Home Properties. This group represents a select group of agents from across the United States who represent Luxury Homes and provide unique tools to represent those properties.
Reported in the Herald Tribune today that the Baltimore Orioles will start planning for their spring training for the 2010 season in Sarasota, FL. The rebuilding of the stadium is expected to begin in the off season and will take about a year to complete. The Orioles stadium will have the latest features similiar to the new stadium built for the Tampa Bay Rays in Charlotte County, which is fantastic and very busy.
The Making Homes Affordable Program (MHA) has a recent update, announced April 28, 2009 by the White House. The program offers addressing the Second Lien Program and Support for Homeowners.
The Second Lien Program will reach 1 to 1.5 Million Homeowners to reduce loan interest, pay for success incentives and a payment schedule for extinquishing second mortgages.
The Support for Homeowners Program includes making the home affordable by requiring servicers to refinace in tandem with MHA trial modification, pay for success incentives, more principal writedowns, legislation to help homesowners, and U.S. Treasury purchase of special Ginnie Mae Pools to provide liquidity.
Both of these programs need to pass the U.S. House of Representatives and the U.S. Senate.
There are some really Great Deals for single family homes and condos in Sarasota County Florida. Yesterday, we put an offer in on a Beautiful Single Family Home of 1,800 square feet with 3 Bedrooms, 2 Bathrooms, a Lanai and 2 Car Garage built 3 years ago that sold three years ago for $300,000. There were many offers on this Bank Owned Property as it was listed for $72,000. We will find out at what price the property sold when the contract finally closes. Now is the time!
March 2009 Real Estate sales of residential and condo properties jumped to new levels offering the best report since 2006. Residential sales increased 80% in year to date sales and total listings dropping 2%. Condo sales increased 88% in year to date sales and total listings dropping 12%. With interest rates at record lows, great property prices, and a excellent inventory, what a great time to buy!
In February, pending sales of homes and condos in Sarasota, FL rose to the highest level in three years, reaching 782. Clearly, single family homes led the way with 611 and condos reaching 171. This is a 19% increase over January.
As reported last week, two government agencies are proposing plans to attempt to drive the mortgage rates as low as 4.5%. Both the U.S. Treasury and the Federal Reserve have proposed similar plans to help the housing crisis. The idea is that the increased demand for mortgage backed securities would lower the mortgage rates.
A recent article from the National Mesothelioma Center reports about the dangers of asbestos. Asbestos is a mineral with long fibrous crystals which has been used for more than a century as a form of building insulation and piping. Asbestos became popular in the late 19th century due to being resistant to heat and other deteriorating conditions.
Homes or buildings which were constructed before 1980 have a potential to harbor and contain asbestos. It is extremely important to make sure the location has been tested for levels of these chemicals by abatement contractors. Citizens of Florida should be aware that exposure to asbestos fibers become a health concern when high levels are inhaled over a long period of time.
Failure to inspect the property can make you and your family susceptible to asbestos related diseases such as peritoneal mesothelioma and pericardial mesothelioma. These types of cancer take the lives of thousands each year. With limited treatment and poor prognosis, these asbestos lung cancers kill more people than any other work related disease.
After decades of misinformation and repression of the truth, property owners, workers and real estate agents all over the world are now receiving the proper indications and information towards the risks that they face.
With increasing awareness and technology, there are a variety of insulation alternatives and building materials which easily replace the need for asbestos. The United Nations Environmental Program states that the use of recycled building materials such as cotton fiber insulation can reduce energy use by 25% to 35%. These asbestos alternatives allow for a clean, healthy environment, free of health damaging materials.