Real Estate

Found 19 blog entries about Real Estate.

 

In Sarasota and the USA in general, we see that houses are selling faster. This lively pace feels especially welcome locally. After all, we expect the summer slowdown and, by August, businesses await the return of our Snowbirds.

Contrariwise, this summer the housing market is roaring back in Sarasota & Her Islands well before High Season.

New data from the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey released on August 23, 2013 showed strong results for non-distressed properties in July. This property category registers as the biggest and fastest growing segment of the 2013 housing market.

Let’s look at three key barometers that show a healthy housing market:

  • Time on Market fell to a three-and-a-half year low of 8.6
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The Sarasota Association of Realtors® announced another installment in the selling streak that promises to make 2013 a record year in local real estate history. So far this year, Sarasota & Her Islands are seeing a strong recovery after languishing in the doldrums of the Great Recession. Members of the Association closed 911 sales during July 2013, which amounted a 30.3 percent increase as compared to July 2012. The July results were 3.2 percent better than for June 2013. Also, the median price for single family homes rose 7.2 percent from June 2013 to July 2013. Single family home prices have risen 16 percent over the past 12 months.

Inventory continues at very low levels with only 3.1 months of single family homes (SFH) and 4.6 months of condos

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Start looking for your property tax notice to show up in your mailbox any day now. Both Sarasota and Manatee counties have mailed the notice to comply with the state. Truth in Millage (TRIM), which requires disclosure of tax rates proposed by authorities.

Property values generally rose in both counties and government budgets apply the windfall to increase spending. Public hearing on the budget proposals begin in September.

Property values increased 4.8 percent in Sarasota this year, according to the Sarasota Herald-Tribune, and 4.2 percent in Sarasota County. The rates went up 9.3 percent in Anna Maria, 6.9 percent in Holmes Beach, 6.7 percent in North Port and 3.9 percent in Manatee County.

 

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For up-to-date Real Estate Market Statistics for Sarasota County click here.

These statistics offer a clear-eyed view of exactly what's happened in the Sarasota County real estate market during the past 12 months. Community stats appear on the page for each neighborhood.

Note that these four charts are updated frequently and automatically from Multiple Listing Service (MLS) feeds. For the date of the most recent update, please see the line below each chart.

  • The Market Activity chart tracks inventory trends;
  • The Pricing chart tracks median and average sale price changes;
  • The Days On Market chart tracks length of time between listing and sale;
  • The Sold Price to List Price Ratio chart compares aggregate original list price to sold
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In 2007, developers leveled Sarasota Quay (Photo below) to make way for condos, retail and hotel space on the 15-acre gateway property. Today the grassy waterfront parcel Photo at left) at the intersection of Tamiami Trail (US 41) and Fruitville Road (SR 780) fills the space between the Ritz-Carlton Sarasota and the Hyatt Regency Sarasota.

Now the Irish government has cleared the legal hurdles to repossess the vacant bayfront property and established its new ownership as National Asset Sarasota, LLC. The intial asking price will be $40 million, according to the Sarasota Herald-Tribune.

Given the post-recession resurgence in Southwest Florida, the time seems right for development of this desirable downtown location.

Please contact me for more

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The statistics are accumulating to build evidence that a housing recovery is underway, The New York Times reports (June 27, 2012).

Prices are rising in many communities, including Sarasota. Sales are increasing. Home builders are raising roofs again.

Yes, recovery likely will be at a snail's pace, and not all houses will bring higher prices. Many households owe more than their homes are worth and face foreclosure. There's also the ever-present danger that something untoward could happen to douse the positive signs in the overall U.S. economy as well as in housing.

Even so there are signs of life in Sarasota and throughout the industry.

“It feels very much like we’ve hit a bottom and we’re starting to come off of that bottom,” Stuart

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Harold Bubil wrote in his Real Estate Today blog (Sarasota Herald-Tribune, June 22, 2012) that a National Association of Realtors economist predicts a "big Jump in either prices or housing starts."

Behind the gates at Longboat Key ClubAt the National Association of Real Estate Editors’ Spring Journalism Conference in Denver, Colorado, Lawrence Yun, chief economist of the National Association of Realtors, shocked his audience and fellow economists with his view that pent-up demand and a lack of for-sale homes would either create a 70 percent jump in housing starts next year or send median home prices up 10 percent.

By the next day, many listeners were piling on to say that Yun was crazy optimistic.

Yet just days ago, the Sarasota Association of Realtors announced "the available

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As the real estate market rebounds in Sarasota & Her Islands, I find that buyers express different values today than they did in the boom times. Sellers would do well to pay attention to this development, too.

Instead of focusing on resale value, today savvy buyers have shifted to more enduring values. It's no longer "keeping up with the Joneses." Instead I see buyers focusing on finding a true home, comfortable enough and flexible enough for longer-term living. While buyers think about resale value, they focus even more on personal experience than on what might appeal to a future buyer.

As you search for your dream home on my website, I encourage you to explore the Walk Score for the properties that appeal to you.

The Walk Score feature shows up in the

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Thursday, April 21, 2011 at 7:15 by Harold Bubil  

An 11,000-square-foot mansion in Regent Court sold late this afternoon for $12.5 million. 

This represents a record for a home on a single residential parcel in Longboat Key history, according to Coldwell Banker Residential Real Estate, and it is among the top three sales in county history, according to a Herald-Tribune search of the county property appraiser’s website.

Coldwell Banker’s Louis Wery brought in the buyer, who is from Europe and whose name was not revealed. Eva and Siegfried Schulte were the sellers, who had the house listed at $17.5 million through Developers Realty’s Reid Murphy. 

Built in 2002, the house has four bedrooms and six full baths and two half baths in

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