Home sales continue to slow

Some economists say prices may have to give
Southwest Florida started off the second quarter with sales as dry as the first. It was in good company: nearly every large community in Florida fell by double-digits during April as the real estate market continued to shed the rapid momentum of the last several years.

Homes sales in the Sarasota-Bradenton market fell 44 percent in April when compared with the same month a year ago while Charlotte County-North Port fell 33 percent.

Read the rest of the article here: http://www.heraldtribune.com/apps/pbcs.dll/article?AID=/20060526/BUSINESS/605260487


Prices have already declined. I have seen properties sell recently for prices lower than they would have sold a year ago. Some segments of the market, like condo conversions, have dropped 20% in price. I could be wrong but I believe the worst is behind us.

There are still alot of overpriced homes on the market. A property has to be priced properly to sell. No amount of advertising is going to sell an overpriced property.

Siesta Key lot sold

My listing on North Shell Road closed yesterday for $570,000. I can disclose the price now since it public record. It is unethical to disclose a sales price until it closes.

I represented the buyer and seller. The buyer is currently working on the plans to build a very nice home. I look forward to seeing the plans. If you are in the market for a new home on Siesta Key within steps to Shell beach please give me a call at 941-308-6766.

I believe there is value in having a new home on the water or within a few steps of the beach. They can always build another golf course neighborhood a little further east but waterfront property is limited.

If you are thinking of selling your property in Sarasota or any of the barrier islands please give me a call at 308-6766 or email me.

Sarasota MLS Stats for May 20th

Inventory levels are staying about even. I was hoping to see a decrease in the number of homes and condos for sale in Sarasota. When scanning the MLS I still see plenty of overpriced listings. The properties that are selling are priced well and the values can be substantiated by comparably sold homes.

May 20th
4,380 - single family homes for sale
3,116 - condominiums for sale

May 13th
4,305 - single family homes for sale
3,105 - condominiums for sale

May 5th
4,285 - single family homes for sale
3,076 - condominiums for sale

April 29th
4,307 - single family homes for sale
3,123 - condominiums for sale

I searched Sarasota, Lakewood Ranch, Lido Key, Longboat Key, Siesta Key, Bird Key, Casey Key, Nokomis and Osprey for these numbers. MLS data is believed to be accurate but not guaranteed.

Lakewood Ranch Expansion

Lakewood Ranch plans to add thousands of homes on the section just north of State Road 70. The plans include 3,675 homes and 3.2 million square feet of commercial and office space on about 700 acres. The project, dubbed Lakewood Centre, would surround the 60-acre home of a stalled hockey arena project.

Read the rest of the article here: http://www.heraldtribune.com/apps/pbcs.dll/article?AID=/20060517/NEWS/605170482/-1/GOOGLE01

Sarasota Memorial Hospital's plans for new towers to get city's review

City officials have begun reviewing Sarasota Memorial Hospital's plan to replace an aging doctors' office with a high-rise that will be among the tallest on the hospital's 24-acre campus.

Plans submitted earlier this month to the city's Development Review Committee by a team comprised of Benderson Development Co. and Dr. Mark Kauffman call for two new buildings totaling 204,360 square feet.

The taller of the pair, an 11-story building with a mix of physicians' offices and residences, is being designed to rise 150 feet. The tallest building on the hospital's campus today is 10 stories.

Read the rest of the article here: http://www.sarasotaherald.com/apps/pbcs.dll/article?AID=/20060515/COLUMNIST31/605150553/1201/REALESTATE

Home sales continue to cool Sarasota-Bradenton leads the state with 44 percent decline

The slowdown in residential real estate sales took a firm hold on the region and state during the first quarter.

Sales of existing single-family homes dropped 44 percent during the quarter in the Sarasota-Bradenton market, while those sales dropped 22 percent in the Charlotte County-North Port market.

The decrease in the Sarasota-Bradenton market -- from 3,210 homes to 1,800 in the most recent quarter -- was the largest in terms of a percentage in the state.

Read the rest of the article here: http://www.sarasotaherald.com/apps/pbcs.dll/article?AID=/20060516/BUSINESS/605160703

The market is picking up a little bit. Two of my clients put properties under contract last week and have another client thinking of purchasing a unit in The Orchid Beach Club.

Over the last 6 months or so buyers have been cautious because of the changing market. They have been doing their research and looking at properties but were not in a rush to do anything. I think they were waiting to see what the market was going to do. Looking at my office's activity and my activity it looks like people are starting to jump back into the market. Most of them are end uers and not investors, which is a healthy thing.

Siesta Pointe Development

A 10 story hotel and shopping center development was proposed for the northwest corner of of Stickney Point Road and U.S. 41 (Tamiami Trail). The project will include a 220-room hotel, 575 condominiums and nearly 2,000 parking spaces, according to preliminary plans Benderson Development filed this week.

This is the first filing under Sarasota counties new rule that allows higher density and higher construction of residences if affordable homes are built.

Read the rest of the article here: http://www.sarasotaherald.com/apps/pbcs.dll/article?AID=/20060515/NEWS/605150425

Sarasota MLS Stats for May 13th

The number of properties for sale in Sarasota increased slightly this week. The Sarasota MLS shows 4,305 single family residences and 3,105 condominiums for sale on May 13th. I searched Sarasota, Lakewood Ranch, Lido Key, Longboat Key, Siesta Key, Bird Key, Casey Key, Nokomis and Osprey for these numbers. MLS data is believed to be accurate but not guaranteed.

Posting comments

Feel free to post your comments, questions, concerns pertaining to Sarasota and/or the Sarasota real estate market.

Sarasota MLS Stats for May 5th

The Sarasota MLS shows 4,285 single family residences and 3,076 condominiums for sale on May 5th. Last friday the 29th there were 4,307 single family residences and 3,123 condominiums for sale. Sarasota single family home and condo inventories decreased a little bit.

I searched Sarasota, Lakewood Ranch, Lido Key, Longboat Key, Siesta Key, Bird Key, Casey Key, Nokomis and Osprey for these numbers. MLS data is believed to be accurate but not guaranteed.

Economists Predict Soft Landing for Housing

Here is an interesting article about the outlook of the real estate market.

RISMEDIA, May 2, 2006—After soaring to record levels for three consecutive years, the single-family housing market is gliding toward a “soft landing” in 2006, as rising interest rates, affordability issues and a reduced role for investors/speculators contribute to a softening in demand, according to economists at the National Association of Home Builders (NAHB) Construction Forecast Conference in Washington, D.C. on April 27.

To read the rest of the article go here: http://www.rismedia.com/index.php/article/articleview/14360/1/1/