Comments welcome

Have an opinion about the Sarasota real estate market? Let me hear it.

Good news about the Sarasota real estate market

I have been following the number of homes and condos for sale in the Sarasota market. Although, the number of properties for sale has not declined it also has not increased much since April 29th either. My guess is that a good portion of the properties up for sale are people trying to take profits. On April 29th the Sarasota market had 4,307 single family homes and 3,123 condos for sale. Today we have 4,509 homes and 3,059 condos for sale. I believe we have hit some sort of plateau in the number of properties for sale. In my humble opinion I think we will hover around these numbers for awhile and then drop as people change their mind about selling or drop their prices to current market levels. As the market stabilizes more I think buyers will feel more comfortable and hop off the fence. This combination will lead to a more balanced and healthy real estate market.

Sarasota properties sold from July 23rd to July 30th

Here are some stats on what closed this week in the Sarasota real estate market. This data comes from the Sarasota MLS. I only searched Sarasota, Longboat Key, Siesta Key, Lido Key, Casey Key, Nokomis, Osprey, Bird Key and Lakewood Ranch.

51 Single Family Homes Sold

$0 - $300,000 - 18 homes
$300,001 - $500,000 - 25 homes
$500,001 - $1,000,000 - 6 homes
Over $1,000,000 - 2 homes

45 Condominiums Sold

$0 - $300,000 - 21 condos
$300,001 - $500,000 - 7 condos
$500,001 - $1,000,000 - 8 condos
Over $1,000,000 - 9 condos

Please call me at 308-6766 if I can help you buy or sell a home/condo in the Sarasota area.

Pricing your home properly when selling

Pricing your property when selling is more important now than ever before. You need to thoroughly examine your competition, similar properties have recently sold, properties currently under contract and also look at the ones that failed to sell so you don't become one of them. If your home is listed or you plan on listing have your agent show you these statistics. Some agents may not give you a straight answer fearing that they might offend you and lose your listing. The statistics generally don't lie.

Here is an article from the Sarasota Herald Tribune about creative ways to sell houses - Name Your Price.

Be careful using Zillow to determine the value of your home

Alot of people are relying on Zillow.com to find the value of their home. I have played with Zillow and find it to be a very fun and useful program. However, I have seen large discrepencies between a properties actual value and the value from Zillow. I think it is a good way to get an estimate of value. However, most people have a pretty good idea of what their home is worth.

Here is a write up on Zillow with several reviews from people around the country. http://mortgagenewsdaily.com/2242006_Zillow_Review.asp

July 22nd Sarasota MLS stats

Here is my ongoing look at inventory levels in the Sarasota real estate market.

July 22nd
4,486 single family homes for sale
154 more homes on the market since July 6th

3,062 condos for sale
20 more condos on the market since July 6th

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.

Fed Chairman: Housing downtown 'appears orderly'

Here are some comments that Federal Reserve Chairman Ben Bernanke had to say about the housing market. A few of the highlights are:
"Softening in the housing market has been gradual"
"The downturn in the housing market so far appears orderly"
"The level of (housing) activity is still relatively high on a historical basis."

Bernanke said the Fed estimates that 20 percent of outstanding mortgages have variable rates. Half of those are set to change interest rates this year, he said.

"So there will be some effect on variable-rate mortgages," Bernanke said. "But it should be a relatively slow process that would provide some cushion."

Read more here:
http://www.planetrealtor.com/Florida/News/2006/n2-07212006.cfm

I am in a big office with alot of opinions. Some agents cry doom and gloom while others are very positive. No one knows what will happen. If you need a home over your head and don't have the expectation of flipping the property in a short time period for a huge profit then this is a good time to buy.

Pinestone condo on Palmer Ranch

Take a look at this immaculate condo I just listed for sale in Pinestone on Palmer Ranch. This 3 bedroom/2 bath Chateau model was built in 1998 and is located in the highly sought after gated community of Pinestone on Palmer Ranch. You will enjoy the new bamboo wood floors, new plush carpeting in the bedrooms and custom wall paint. Need amenities? Pinestone offers a gated entrance, a heated Olympic sized pool to frolic, a private cinema to watch movies on the big screen, spacious clubhouse for gathering with family for parties, tennis courts and fitness room for a little exercise, BBQ cooking area to give you more of a reason to exercise, spa for relaxing, billiard room for fun with your friends. Located within a few minutes to Siesta Key beach, shopping, golf courses, Casey Key and downtown Sarasota. Offered at $299,900.

Sarasota Waterfront Homes

Are you looking for a home on the water? Visit my Sarasota Waterfront home page to view different homes and neighborhoods in waterfront communities. The homes listed for sale are updated from the Sarasota MLS everyday so you know you are getting up to date information. Give me a call at 941-308-6766 if you want help finding a gorgeous bay front, canal front or beach front home or condo.

Lakewood Ranch Real Estate

Here is an article from the Sarasota Herald Tribune about Sarasota's approval of 5,000 new homes in Lakewood Ranch. The new homes would be in Sarasota county instead of Manatee county. They are planning a village style community with higher density situated around commercial centers. This village style concept is designed to avoid suburban sprawl which leads to increased traffic. Many are concerned about what another 5,000 homes will do to the existing traffic congestion. The project is won't break ground for atleast 2 years. In the meantime the developer, Schroeder-Manatee Ranch, will come up with several options to alleviate any problems.

The village style community sounds great. I get numerous requests from people who want to live in areas that allow residents to walk to shopping, restaurants and entertainment.

Here is the link to the article - Lakewood Ranch Home Expansion

How do the 2006 Sarasota real estate sales compare to previous years?

Here are the 2006 sales compared to sales in previous years. I searched the MLS database for sold properties in Sarasota, Nokomis, Osprey, Casey Key, Lido Key, Longboat Key, Bird Key, Siesta Key and Lakewood Ranch.

Properties sold - January 1 to July 8th, 2006:
1,601 single family homes
1,056 condominiums

Properties sold - January 1 to July 8th, 2005:
2,836 single family homes
1,813 condominiums

Properties sold - January 1 to July 8th, 2004:
3,217 single family homes
1,905 condominiums

Properties sold - January 1 to July 8th, 2003:
2,646 single family homes
1,532 condominiums

Properties sold - January 1 to July 8th, 2002:
2,435 single family homes
1,286 condominiums

I think these numbers are typical for the slow period that follows a number of boom years. I see alot of buyers sitting on the fence waiting to see what is going to happen to the market. A few of them are jumping in and buying. I think more buyers will follow. At the same time it looks like more sellers are having realistic expectations about the market. In my humble opinion, if the worst is not behind us I think we are pretty close to it.

These statistics come from the Sarasota MLS database. There are obviously other transactions not reported here such as FSBO activity and the new home builders and condo developers who do not report sales in the MLS system (the majority of them do not report).

Harbor Towers condos on Siesta Key for sale

Gorgeous bay views from the 6th floor of this bayfront condominium on Siesta Key. Walk to the world famous Siesta Key beach or use either of the 2 tropical swimming pools in this resort style condo community. Amenities include tennis courts, exercise room, clubhouse, security, gated entrance and boat docks. Boaters will love having their boat docked behind the complex with no bridges to bay. Grossed 12,246 in 2005 with some owner usage. $7880 grossed so far in 2006. $419,900. Call me at 308-6766 if you would like to see this Siesta Key condo.

Pending Home Sales Index levels out in May

Here are some highlights of an article about pending home sales:

WASHINGTON -- July 7, 2006 -- The index of pending home sales, a leading gauge for the housing sector, rose slightly in May -- an indication that the market is stabilizing, according to the National Association of Realtors®.

“The slight change in pending home sales indicates the market is beginning to level out,” says David Lereah, NAR’s chief economist. “This is consistent with our forecast, which is showing a soft landing for the housing sector. We are entering the second phase of the transition period from the housing boom, in which sellers are becoming more realistic about their expectations -- sales are stabilizing and annual home price appreciation is returning to historic norms.”

Read this article

Mortgage Rates Dip Following Fed Announcement

RISMEDIA, July 7, 2006—After rising for three consecutive weeks, fixed mortgage rates took a breather in the immediate aftermath of the Federal Reserve's June 29 interest rate hike. The average 30-year fixed rate mortgage slid to 6.91 percent from 6.93 percent the day before last week's Fed announcement. According to Bankrate.com's weekly national survey of large lenders, the 30-year fixed rate mortgages had an average of 0.31 discount and origination points.

Rest of the article

July 6th Sarasota MLS stats

Here is my ongoing look at inventory levels in the Sarasota real estate market. Go to June 25th MLS stats to see changes in inventory.

July 6th
4,332 single family homes for sale
105 fewer homes for sale since June 25th

3,042 condominiums for sale
69 fewer condominiums for sale since June 25th

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.