Thursday, May 10, 2012

Lido Key Condo Market Update

Lido Key is a small barrier island off the coast of Sarasota, Florida. The island is chock full of luxurious single family homes as well as condominiums. If you are looking for a relaxed lifestyle where your days are filled with beach, dining, boating, golfing, shopping or numerous other fun activities you should explore the lifestyle that a condo on Lido Key will provide you.

Lido Key has an easy-going, laid back tropical island feel. Shopping and restaurants add a certain charm that makes Lido Key appealing. Several galleries and museums are in the area as well as a considerable amount of parks that offer nature trails and picnic shelters. Numerous golf courses are in the area as well as tennis courts for the athletic minded. Casual dockside restaurants and beach bars dot the island while upscale fine dining can be found high above in the tops of several buildings. Enjoy marine life at the Mote Marine Laboratory/aquarium. St. Armands Circle offers world class shopping where everyone will be able to find something. Car and art shows are frequently held here in the inner circle.

Lido Key Condo Market Update

Below is a chart showing activity in the 34236 zip code. This includes both Lido Key and downtown Sarasota.


The chart shows activity for the last 5 years. It is great to see the decline in inventory. The light green bars represent properties for sale, the dark green shows closed sales and the red line are pending sales.

In April of 2007 we had over 750 condos for sale in the 34236 zip code. Now we are hovering around 300.

Average Price of Lido Key Condos

The chart above shows the average price for Lido Key condos for sale and Lido Key condos sold

The red line indicates the average price of sold condos on Lido Key. In 2007 the average price was ranging from $650,000 to as high as $1,350,000. Today, the average price ranges from $250,000 to $750,000. That makes sense - as prices decline buyers get more interested and eat up the inventory. Sellers also lose interest in selling because the prices are lower.


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Tuesday, November 16, 2010

10 Tips to Pricing Your Sarasota Home

As a Realtor, one of our biggest frustrations is dealing with the unrealistic expectations of a seller. Sellers are notorious for believing their home is worth more than its true value. The market has plenty of properties that will never sell without a price adjustment. Lack of comparable sales, poor or no Realtor representation, believing improvements are worth more than they really are, no knowledge of the real estate market, ignoring current competition, needing a certain sales price based on personal expenses and not staying on top of the current market conditions are a few reasons sellers overprice their Sarasota homes.

Market value is the dollar amount for which a property should sell for between an able buyer and seller in an arms length transaction after sufficient marketing where both parties acted knowledgeably, prudently and with no compulsion.

What market value is not:
  • It is not what you bought the home for plus improvements and Realtor selling commissions.
  • It is not what your friend, accountant, family members, relative with a real estate license or anyone else thinks your home is worth unless they are willing to purchase it at that price and you are willing to sell it at that price.
  • It is not what you paid for the home plus an expected rate of return.
  • It is not necessarily what your neighbors house sold for plus some simply because you like your home better.
Here are 10 tips to pricing your home properly:

1. Be objective – Yes, you are selling your home and all of the great memories and experiences that you have had but try to be as objective as you can. Don’t factor those great memories into the price tag of your home. Buyers are more concerned with location, quality, size and condition. They won’t pay you extra for the great experiences.

2. Forget about what your home used to be worth – Like the stock market, the real estate market changes daily. Homes sell, expire and new competition comes on the market. Real estate prices don’t move as quickly as stock prices but nonetheless the market does change. Concentrate on what your property is worth today and what it will be worth in the next six months. Don’t dwell on what it used to be worth.

3. Don’t plan on finding a sucker – Many people hope that their Realtor can find that one sucker who is willing to pay more for their home than it is really worth. Does it happen? It sure does. Does it happen often enough for you to rely on? No.

4. Where are prices going? – If prices are dropping in your area then you need to sell quickly. If your home lingers on the market for months or years in a declining market then you won’t put as much money in your pocket. I once has a seller who listed their home for $1,200,000. Not too long after we listed it we received an offer for $1,000,000. This was a good offer. The seller was offended and did not take it. Roughly a year later the seller received another offer for $825,000 and took it.

5. Analyze the market thoroughly – This is where a good Realtor can come in handy. I’ve worked along side some agents who put about five minutes worth of work into arriving at an asking price. In some cases that may work but most of the time it doesn’t. Look at the properties currently on the market, under contract, recently sold and expired. Many people forget to look at the expired listings. These are good to analyze to see what went wrong so you don’t make the same mistakes. How does your home compare with the recently sold properties? Again, make sure you are being objective.

6. More advertising does not justify overpricing – Good marketing is important. However, many believe that listing their home with a broker that advertises heavily means they can overprice their home. That does not work either. Buyers typically look at more than one home when making a purchase. Advertising may get a buyer in your home but they will still compare it with the competition. Your brokers extensive advertising campaign may just end up selling your competitors home.

7. Keep appraisals in mind – You don’t want to go through the hassle of an offer, negotiations, inspections and packing your belongings only to find out that your home did not appraise for the sales price and the deal is off. In a perfect world you can find three recently sold similar homes. Do your homework and establish an asking price based off of these three sales. Lending and appraisal guidelines have changed dramatically. Lenders are looking at appraisals closely so don’t figure on selling your home for a price that an appraiser cannot justify.

8. Get in front of the market – when prices are falling many sellers make the mistake of chasing the market lower. They establish their asking price at say $500,000 when it is really worth $400,000. After a year their home has dropped to $350,000 so the seller drops their price to $400,000. This is an example of chasing the market lower. Had the seller priced their home properly from day one they would have put more money in their pocket.

9. Be the best value – Home selling is not brain surgery. People buy the best deal. Examine your competition and be the best deal. It is almost that simple.

10. Lower your price – You need to be flexible. Since the market changes daily you may need to change with it. Be the best deal out there and wait patiently. If a better deal comes on the market then you may have to lower your price to stay competitive.

Buyers are still driving the Sarasota real estate market. The pendulum does seem to be shifting where buyers don’t have as much leverage as before. Sellers should keep these ten tips in mind when it is time to sell. Remember, the market determines the value of your home. You just get to decide if that price is enough for you to sell.

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Friday, September 10, 2010

Downtown Sarasota Condo Market Update

The downtown Sarasota condo market has been pretty active in 2010. Let's compare 2010 vs 2009 downtown condo sales.

2010 Downtown Sarasota Condo Sales
  • 172 sales
  • Lowest sales price - $51,000
  • Highest sales price - $3,350,000
  • Average sales price - $482,594
  • Median sales price - $354,000
  • Average days to contract - 145
2009 Downtown Sarasota Condo Sales 
  • 141 sales
  • Lowest sales price - $42,000
  • Highest sales price - $3,300,000
  • Average sales price - $435,944
  • Median sales price - $365,000
  • Average days to contract  - 170
It is good to see the volume increase from 2009 to 2010 (172 sales vs 141 sales). The average sales price also increased from 2009 to 2010 while the median sales price decreased a little bit.  Average days to contract also decreased as well. The Sarasota real estate market does not seem to be as sick as other real estate markets around the country.

If you want to buy or sell a property around Sarasota give Marc Rasmussen a call at 941.812.6272.

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Tuesday, March 09, 2010

The endless Sarasota real estate search

Have you been looking to buy a home for a really long time? I have some clients that have literally been looking to buy a home for the last 5 years. Of course, they don't bother me very often. Every now and then they call and want to see a property. A few of them are second home buyers and give me a call whenever they are in town.

Ask any Realtor if they want to spend years looking for a home for a buyer and if they answer honestly they will tell you no. However, times are a little different now. If you bought within the last 5 years there is a good chance that the home you bought is worth less today from when you purchased it. Realtors are more lenient on buyers on the never ending search because of lowering prices.

In some instances the reason people never buy is because they are only wanting to purchase a home for less than it is really worth. For example, a buyer might be willing to pay $300,000 for a home that is really worth $350,000. Let's say 6 to 12 months later that home is now worth $350,000. Then the buyer is no longer interested in the home at that price. They now want it for $250,000. They are always wanting to purchase something for less than it is really worth. Those people tend to spend years looking for a home and never buy. I guess there is nothing wrong with that other than wasting the Realtor's, seller and their time.

If this may be you here is an exercise for you. Have you Realtor email you all of the homes that have sold in the price range and areas you like within the last 6-12 months. If you don't see one home that you would have bought for what it sold for then you probably have an unrealistic view of the market and will never buy.

Give me a call at 941.812.6272 if I can help you buy or sell a home. Visit my Sarasota real estate page to view thousands of homes for sale.

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Monday, April 28, 2008

Worst Cities For Homeowner Debt

I read an interesting article tonight from Forbes.com about the worst cities for homeowner debt.

Here are the top 50 cities for worst homeowner debt:
Sacramento--Arden- Arcade--Roseville, CA
Denver-Aurora, CO
San Diego-Carlsbad- San Marcos, CA
Minneapolis-St. Paul- Bloomington, MN-WI
Washington-Arlington- Alexandria, DC-VA-MD- WV
Los Angeles-Long Beach- Santa Ana, CA
Boise City-Nampa, ID
Colordo Springs, CO
Las Vegas-Paradise, NV
Madison, WI
Reno-Sparks, NV
Boulder, CO
Seattle-Tacoma-Bellevue, WA
Detroit-Warren-Livonia, MI
Cincinnati-Middletown, OH-KY-IN
Riverside-San Bernardino-Ontario, CA
Portland-Vancouver- Beaverton, OR-WA
Columbus, OH
Richmond, VA
Atlanta-Sandy Springs- Marietta, GA
Boston-Cambridge- Quincy, MA-NH
Green Bay, WI
San Francisco-Oakland- Fremont, CA
Lexington-Fayette,KY
Cleveland-Elyria-Mentor, OH
Phoenix-Mesa-Scottsdale, AZ
Salt Lake City, UT
Raleigh-Cary, NC
Worcester, MA
Louisville, KY-IN
Baltimore-Towson, MD
Pittsfield, MA
Indianapolis, IN
Charlotte-Gastonia- Concord, NC-SC
Bridgeport-Stamford- Norwalk, CT
Akron, OH
Dayton, OH
Virginia Beach-Norfolk- Newport News, VA-NC
Lansing-E.Lansing, MI
Providence-New Bedford- Fall River, RI-MA
Appleton, WI
Portland-South Portland- Biddeford, ME
Durham, NC
San Jose-Sunnyvale- Santa Clara, CA
Lincoln, NE
Allentown-Bethlehem- Easton, PA-NJ
Omaha, NE-IA
New Haven-Milford, CT
Milwaukee-Waukesha- West Allis, WI
Orlando, FL

Do you see anything interesting? There is only one city in Florida and that is Orlando and #50. It is refreshing to see this.

Market Update

Sarasota MLS shows:
846 single family homes under contract and waiting to close
362 condominiums under contract and waiting to close.

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Saturday, April 26, 2008

St. Armands Key home under contract

This home on 213 North Washington Drive went under contract yesterday. Read my post below.

Property description:

Exquisite classic modern on St. Armands Key. Gorgeous bay views from most living spaces and truly amazing 360-degree views of the open bay, city & Ringling bridge from the roof top terrace. Wonderful interiors w/walls of glass for lots of natural light, wide plank blond maple floors, silky marble and honed granite, high ceilings, Snaidero kitchen, faucets of Axor and an elevator are some of the extra details. The private, designer landscaped grounds are set off by a dramatic 40 ft. lap pool with stone waterfall. This is a very special residence with exciting visuals at every turn.

I represent the buyers. They came to me from the United Kingdom via the web. If you would like your home to be featured on this and several other highly visited websites email me.

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Friday, April 25, 2008

Trapped on the Roof











On Wednesday, I showed this lovely modern home at 213 North Washington on St. Armands Key to some clients of mine from England. The home has 3 bedrooms, 3.5 baths, 3,412 square feet with 2 floors of living area, a bottom non conforming ground floor and a 4th floor rooftop terrace.


We meet the listing agent, Hannerle Moore of SKY Sotheby's, at the home so she can give us a tour. She gives us a tour of the private lush swimming pool area. Then we proceed to see the non conforming ground floor, 2nd floors with 3 bedrooms and then the 3rd floor which is the main living area and kitchen. They designed the house that way so you can get high enough to view the lovely waters of Sarasota bay.


My clients and I then decide to take the elevator to the 4th floor to check out the view from the rooftop terrace. The elevator is not equipped to carry 4 people so Hannerle decides to stay on the 3rd floor. So my clients and I take the elevator to the top. It is the type of elevator that requires you to shut the metal cage door in order for it to move. We get to the top and go out on the roof top deck to look at the gorgeous views of downtown, Sarasota bay and the Ringling bridge. The views are gorgeous. When we left the elevator I did not think to shut that cage door because I figured we would only be up there for a couple of minutes.


We take a couple of minutes to enjoy the view and then decide to go back down to the 3rd level. Well, somehow, the outside door to the elevator got locked. My client thinks he may have locked it but was not sure. I call Hannerle on the telephone who is on the 3rd floor to tell her that the outside door is locked and to call the elevator to the 3rd floor so she can come up and unlock the outside door. Unfortunately, she cannot do that because the metal cage door on the elevator is not shut so she cant retrieve it.


Hear I am with a couple from England stuck on the 4th floor of this modern home on St. Armands Circle with no stairs and a very long way down so there no chance of jumping. Fortunately, it was a gorgeous day. So, I try to jimmy the door lock with my house key and that did not work. I yanked on the door as hard as I could and that did not work. I called Hannerle on the 3rd floor and told her to throw up a key or flat head screw driver. She said, "I can't throw something up that high." She calls the owner who was close by to come back to the home to see if he can figure out what to do. We wait up there for about 15 minutes and one of the owners friends shows up. He tries to mess with the elevator to see if he can get it to come down. That did not work. While we were up there I was making jokes about how they were going to have to sign a purchase agreement in order to get off the roof and that is how we sell real estate in the United States. Fortunately, these buyer are very nice and have a great sense of humor.

Finally, after they exhausted of their ideas of getting us down I told them to throw up a flat head screw driver. The owners friend goes to the very back of the back yard and launches one of those large, heavy screw drivers up to the roof, over me and was about to go over the entire house and land on one of the cars in the drive way. My client who looks pretty athletic jumps in the air deflects the screw driver and it lands on the deck. I take the screw driver and jimmy the door open to access the elevator.


We got down safely and had a wonderful laugh about it. I had a good story for my friends in the office and my clients have a good story for their friends back in England.

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