Pine View Rated #6 in the top 100 High Schools by U.S. News and World Report

U.S. News and World Report came out with their list of the top 100 best high schools in the country. I was pleased to see that Pine View in Osprey was voted as the #6 best school.

Pine View School for the Gifted is a full-time gifted public school located in Osprey, Florida. Pine View serves students in second through twelfth grades.

To see the rest of the countries 100 best high schools go here.

Just Sold on Longboat Key

This Beachwalk condominium on Longboat Key listed by a SKY Sotheby's agent recently sold for $2,850,000.

Property Description:

Simply gorgeous, direct beachfront home at Beachwalk of Longboat Key. 5,000 sq. ft. of incredible gulf, sunset and beach views from all the major rooms of this beachfront home. The master suite encompasses the entire beachside of the top floor with sweeping beach views from the master bedroom w/ fireplace and bath, private den, two seating areas and a private screened lanai. This 4 bedroom home has exquisite hand crafted detailing throughout and includes: crown moldings, hand painted ceilings and frescos, 3 fireplaces, private elevator, 3 beachfront terraces and a private 3-car garage.

October 2007 home sales up 14 percent over September

Members of the Sarasota Association of Realtors® reported an increase of 14 percent in October 2007 sales compared to September 2007, when only 234 single family home sales and 104 condominium sales were reported. October sales of 264 homes and 120 condos indicate a market beginning to heat up after the normally slower September, and ahead of the usual return of tourists and seasonal residents in the early winter months.

In addition, the market continues to mirror 2006 sales figures. Combined sales of homes and condominiums in the Sarasota real estate market slid by a modest 3 percent in October 2007, compared to October 2006, and prices also dropped slightly for the same period. The statistics continue to indicate that the local market is fairing much better than the overall state of Florida, and has weathered the real estate downturn well.

Year to date, sales in the Sarasota market are off only 6 percent from the same period in 2006. The total sales dollar volume is also close to the 2006 figure - bolstered by a big jump in the median selling price of condominiums. The median sale price for condos has increased from $310,000 in 2006 up to $345,000 in 2007 through the first 10 months of the year. Single family home prices dropped by 11 percent during the same time period.

In total, 5,250 closings were reported through the end of October 2007, compared to 5,590 closings through October 2006. The total volume of sales for the first 10 months of 2006 was $2.56 billion, compared to $2.77 billion in 2006. These numbers represent a major increase from only six years ago. In 2001, the year-to-date sales volume through the end of October was only $2.05 billion - indicating a 35.1 percent increase in terms of overall real estate market dollars.

"As we have stated throughout this year, the numbers reflect that we are returning to normalcy, and the drop in prices coupled with the quality inventory represents a tremendous opportunity for buyers in our market" said Joe Hembree, 2007 SAR President. "While some areas of the state and nation have seen dramatic sales drops, we have been consistently performing better than most other regions in the state. Sarasota's resiliency and strong fundamentals in our market should propel us into 2008."

The Sarasota-Bradenton Metropolitan Service Area (MSA), which includes all of Sarasota and Manatee counties, also saw improving numbers in October 2007 relative to the entire state.

Condominium sales in the MSA were up 10 percent in October 2007 compared to October 2006, and prices were level, down less than 1 percent. This compares to the overall state drop of 20 percent, and a drop in prices of 8 percent. Sarasota figures were also up 11 percent month to month.

Residential sales dropped by 17 percent in the MSA, with prices sliding 5 percent. The Sarasota residential sales were down only 8 percent for the month, but this also compares favorably to the overall state, which saw a 29 percent drop in sales and an 8 percent price slide.

Many other factors are beginning to forecast a better 2008 for Florida.

Economist Hank Fishkind, president, Fishkind and Associates in Orlando, recently noted Florida's job market is fundamentally strong. "Outside of the construction industry, Florida is generating a significant number of new jobs, particularly in leisure and hospitality, healthcare, trade and education," said Fishkind in an FAR interview.

With a growing consumer market, an expanding talent pool, a supportive government and a strong asset base, Florida offers an attractive environment for business growth. The state had 12 cities named to Economy.com's Business Vitality Index - more than double the number of leading cities in any other state.

In addition, Forbes magazine named 11 Florida metro areas "best places for business and careers," based on criteria such as cost of doing business, job growth and educational attainment.

With such a vibrant job market, the stage is set for additional movement to the state, and many will likely relocate to the Sarasota area. Relocation brings home buyers, and buyers will see a market offering a wide assortment of quality, well-priced homes, experts agree.

Just Sold on Longboat Key

This home at 2912 Gulf of Mexico Drive just sold on the 15th of November for $500,000.

Property Description:

Wonderful vacation bungalow on Longboat Key directly across the street from the beach and convenient to shopping, banking, and restaurants. Three bedroom, two bath home with tile floors, turnkey furnished and caged, heated pool.

October Inventory Levels

Here are the inventory levels for October. Sorry for the blurry chart. The November figures should be out any day now.

Below is the chart for the condominium inventories in Sarasota county.





This chart represents the single family home inventory levels in Sarasota county



The chart below are all single family homes and condominiums for sale in Sarasota county.





Inventories for both single family homes and condominiums inched up in October. The rise in inventories is typical for this time of year because sellers are putting their properties on the market for the busy winter season. Look at the rise in inventories in late 2006.

Fall 2007 Luxury Auction a Success

SKY Sotheby's International Realty and Dan Decaro Auctions conducted an auction Friday, November 16th. It was held in a large tent at The Longboat Key Club.

There were 79 properties on the auction block. One newspaper article reports 30 successful sales but I will verify that number this week. We also have plenty of after auction action. I am working with a buyer on one of the properties that did not sell. There are also several other properties in negotiations.

The largest Sarasota county residential real estate transaction was established at the auction. The Casey Key estate known as Sugar Bay fetched $14 million.

The waterfront Georgian mansion below sold for $6.1 million.

Another notable sale was 204 Bird Key drive. The highest bid was $4 million.

"We are ecstatic about the outcome of today's auction and are moving forward with another auction of luxury properties on March 16," Sky Sotheby's Chad Roffers said. "We already have 23 sellers committed. Other sellers who are interested in participating should contact us immediately since space is limited."

Contact me or call 941-308-6491 if you would like to sell your property or buy in our March 2008 auction.

Just sold in downtown Sarasota at Burns Court Villas

This condominium at Burns Court Villas in downtown Sarasota recently sold. Located on Orange avenue this unique condo design is within walking distance of all of the amenities of downtown Sarasota.

Property description:

Burns court villas give you all the amenities of a condo without the high rise headaches. 2 stories with a direct street entrance and pool level patio, this stunning home features 3 bedrooms and 2 1/2 baths, with the finest upgrades. Hardwood and Travertine floors, Viking appliances, cherry wood cabinets, granite counter tops, gas fireplace, the list goes on! Live in the heart of the Arts district, just an easy walk to galleries, shops, restaurants and the Bay front park.

Sold for $850,000

Just Sold on Siesta Key

This stunning home near Siesta Key beach just sold for $930,000. The seller and buyer were represented by SKY Sotheby's International Realty.

Property description:

Tropical elegance abounds in this tri-level town home. Immaculately maintained by original owner, this residence was built in 2002. Enjoy a peaceful very private complex of 4 residences with elevator, over sized 2 and a half car garage and the pool right outside your door. First level - enjoy an open kitchen area as well as the inviting and comfortable family room. Second level - three bedrooms and two full baths. Third level - wonderful entertainment room, or 4th bedroom. This room opens to an over sized rooftop lanai to enjoy views of the Gulf and sunsets. Come relax on the Key.

Getting back to 2005 values

One thing I hear frequently when speaking with potential sellers is, "Oh, we will just wait until the market comes back and we will sell it then." They usually say this after we establish a range of value for their property. This is a common response from a seller who purchased in 2005 and is now upside down in their property.

So, how long will it take for this market to get back to 2005 values? No one knows. It depends on when prices stop dropping and at what rate we grow every year after bottoming out. Let's make some assumptions and see what happens:

The market will bottom out in 2008
There will be no appreciation in 2008
You purchased a home in 2005 for $500,000
Your home has dropped in value to $375,000 or 25%





Here is a snapshot of the excel file I used. So if the Sarasota real estate market grows on average 5% a year starting in 2009 it will take until 2014 to get back to 2005 home values. If we have an 8% growth rate it will take until 2012, with 10% it will be 2011 and with a 12% it will be in the middle of 2010.

What will be our growth rate? We can only make educated guesses. If you assume a 7% average annual appreciation rate you will get back to even sometime at the end of 2012. So should you sell now or wait it out 4 or 5 years? It depends on your situation. Remember, properties have carrying costs in property taxes, insurance, maintenance and headaches. Weigh those future costs versus the loss you would take on the property by selling it today to decide if you should hang on to it.

Just Sold on Bird Key

This home at 536 North Spoonbill on Bird Key closed recently for $1,500,000.

Property description:

Incredible value in this 26,747 sq. ft. waterfront lot offering a bay view & incomparable boating. Located where 3 canals converge, the gracious home has an open floor plan. French doors open to the spacious patio area with pool & spa. . The guest wing allows for privacy and the extra patio is a great spot for coffee, cocktails or reading. The light & bright kitchen features a casual dining space. Lots of storage throughout the home. The seawall has been recapped, has a newer north side & newer dock & boat hoist. The property has been tastefully landscaped

N.J. appraiser finds ‘test pricing’ doesn’t work

NEW JERSEY – Nov. 2, 2007 – Home sellers who list at a high price to “test” the market do themselves a disservice, according to research by a New Jersey appraiser – their homes spend more days on the market and eventually sell for less than similar homes priced realistically from the start.

New Jersey-based appraiser Jeffrey Otteau of Otteau Valuation Group Inc. conducted the research of sales in a declining market in the first six months of 2007. In his analysis of 4,500 home sales mainly in North and Central Jersey in the $500,000-to-$700,000 range, Otteau first looked at homes that sold within one month of listing. He found that the median asking price was $599,900 and the median sales price was only slightly less at $599,000.

However, the disparity was greater for homes on the market longer than one month. In that group, the median asking price was $634,900, and the median sales price was $585,000. Otteau believes the higher price immediately turns off many buyers and, if prices are falling, becomes even more overpriced three months later if the house languishes on the market.

According to Otteau, many buyers fear that home prices will continue to decline and are afraid to make a commitment. But if a home is priced slightly below the competition, it not only attracts immediate attention, it also assures buyers that they won’t have to worry about local median prices falling a bit more.

“Overpricing extends days on the market and guarantees that you will sell your home for less in a declining market,” says Otteau.

Just Sold on Lido Key!

I just sold this charming Lido Key condominium in the Lido Regency complex on the beach. It was a 1 bedroom/1.5 bath with almost 1,000 square feet on the 4th floor. Upgrades include new 22" Porcelain tiles, berber carpet, windows, plantation shutters, granite counters in kitchen and baths as well as completely remodeled master bath. The best feature of the unit is the accessibility to Lido Key beach as this building is right on the beach.