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.

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.

Just Sold - Casey Key Home

Isn't the above photo gorgeous? It was taken from the Sugar Bay estate on north Casey Key.

3005 Casey Key Road just closed today for $4,500,000. It is the highest transaction on Casey Key this year. The home was listed for $4,750,000. Kudos to the fellow Realtor who listed and sold it and another brokerage firm.

The home was built in 1970. It has 3 bedroom with possibly a 4th bedroom or den and 4,028 square feet. Please call me at 941-812-6272 if you are considering a purchase on Casey Key or in the Sarasota area.

New listing - Siesta Key Condo Terrace East

I just listed a gorgeous condominium in The Terrace East building on Siesta Key. This building is located in the village of Siesta Key. It offers fabulous views of the beach and crystal clear waters of Gulf of Mexico. Tired of hopping in your car to do anything fun? No need to drive when you live here. This location allows you to walk to the beach, shopping, restaurants, ice cream, entertainment or a drink with your friends.

The condominium is a 2 bedroom, 2 bathroom 1,375 square foot unit on the 4th floor. It has been remodeled with new ceramic tile flooring, new kitchen cabinets, appliances and granite countertops.

Asking price $899,000. To view the unit call me at 941-812-6272.

Lido Key Home Sold

This gorgeous home on Lido Key just closed for $6,387,500. This is the second-most expensive house to sell this year in Sarasota County. It was originally listed for $10,990,000 in January of 2006. The sellers eventually dropped the asking price to $7,495,000 and it went under contract in January of 2008.

This home is a gulf front estate on coveted Westway Drive which has the most valuable real estate in all of Sarasota. It offers breathtaking gulf views and sunsets, 121 ft on the Gulf, over1/2 acre. 4 bedrooms, office, exercise room, wine room storing 700 + bottles, family and gathering rooms, elaborate elevator w/entry vestibule, 9 car a/c garage, its own white sand beach, elevated pool and spa w/fire pit, docking pier w/fishing station, children's gulf front play area, gated & walled.

The thing I love about Lido Shores is the diversity of homes in the neighborhood. Every home in the neighborhood has deeded access to Lido Key beach. The waterfront homes offer stunning views and the convenience of the neighborhood to St. Armands Circle and Sarasota is great. Give me a call if you are looking for a home on Lido Key 941-308-6766.

SKY Sotheby's Luxury Property Auction

SKY Sotheby's hosted another luxury portfolio auction yesterday at The Longboat Key Club. The auction team was much more selective this time. Last November there were over 80 properties for sale which was way too many. I was pleased with some of the results. The highlight of the auction was the sale of 4067 Shell Road.

This home on Shell Road has been on the market since November 2006. It was originally listed for $12,800,000. It was eventually lowered to the current asing price of $9,950,000. This is a good example of how an auction can be successful when the traditional method is not working.

This home at 1644 Dolphin Lane fetched in the 900,000's. I dont remember the exact number but with the 10% buyer premium the final sales price will be just over $1,000,000. This recently built home at 1654 Dolphin Lane in downtown Sarasota fetched $775k which puts the final sales price at $852,500. The above two homes were very nice.

The home above was located in The Sanderling Club on Siesta Key. I don't remember the exact amount it fetched but I believe it was just over $1,100,000. While this number was much lower than the asking price of $1,660,000 I think the final sales price was near market value. Auction haters may go on about how low this fetched compared to the asking price but that is going to happen when the asking price is too high.

These were great units near Bradenton beach. There were 3 of them in the auction and all fo them sold. They have partial views of the bay and the gulf! Every amenity including elevator, full use of the bayfront pool and dock, attached garage, beautiful finishes throughout and only 1 block to the white sand beaches.

This is Hudson Crossing on Orange Avenue west of the trail. These were finished in 2007. It is a small community of 12 units offering bayou views and sailboat water. They are very nice. This was put under contract shortly after the auction. There were other sales and I am sure a few more of them will come together over the next few days. Overall, I think it was a very successful day. Love them or hate them auctions can be successful for some people. They aren't for everyone. In fact, they probably aren't for 99% of the general selling public. There are situations where they can be useful. If you want to buy or sell in the next auction give me a call at 941-812-6272.

What is Selling?

I was getting a haircut the other day when I overhead the guy next to me talking about real estate. This guy was telling his stylist that only the low end of the market was selling. It turned out that this guy was not a Realtor so I'm guessing he heard this information from one.

Let's see what is selling. Below are all of the sales of single family homes and condos by price range for the first quarter of 2008.

There were 1,293 total sales of homes and condos in the first quarter of 2008.

$3 million and up - 10 units - .7%
$1,000,000 - $2,999,999 - 86 units - 6.6%
$500,000 - $999,999 - 184 units - 14.3%
$300,000 - $499,999 - 293 units - 22.7%
0 - $299,999 - 720 units - 55.7%

Since I just woke up from a very refreshing nap I am going to the Sarasota MLS and get these same stats from 2002 to 2007.

2002

1,773 closed homes and condos in the first quarter of 2002

$3 million and up - 9 units - .6%
$1,000,000 - $2,999,999 - 51 units - 2.9%
$500,000 - $999,999 - 117 units - 6.6%
$300,000 - $499,999 - 262 units - 14.8%
0 - $299,999 - 1,334 units - 75.2%

2003

2,012 closed homes and condos in the first quarter of 2003

$3 million and up - 6 units - .2%
$1,000,000 - $2,999,999 - 69 units - 3.4%
$500,000 - $999,999 - 214 units - 10.6%
$300,000 - $499,999 - 319 units - 15.8%
0 - $299,999 - 1,404 units - 69.7%

2004

2,557 closed homes and condos in the first quarter of 2004

$3 million and up - 10 units - .4%
$1,000,000 - $2,999,999 - 102 units - 3.9%
$500,000 - $999,999 - 335 units - 13.1%
$300,000 - $499,999 - 521 units - 20.3%
0 - $299,999 - 1,589 units - 62.1%

2005

2,612 closed homes and condos in the first quarter of 2005

$3 million and up - 19 units - .7%
$1,000,000 - $2,999,999 - 159 units - 6%
$500,000 - $999,999 - 494 units - 19%
$300,000 - $499,999 - 705 units - 27%
0 - $299,999 - 1,235 units - 47.3%

2006

1,687 closed homes and condos in the first quarter of 2006

$3 million and up - 13 units - .8%
$1,000,000 - $2,999,999 - 116 units - 6.8%
$500,000 - $999,999 - 405 units - 24%
$300,000 - $499,999 - 493 units - 29%
0 - $299,999 - 660 units - 39.4%

2007

1,722 closed homes and condos in the first quarter of 2007

$3 million and up - 24 units - 1.4%
$1,000,000 - $2,999,999 - 104 units - 6.1%
$500,000 - $999,999 - 359 units - 20.8%
$300,000 - $499,999 - 541 units - 31.4%
0 - $299,999 - 694 units - 40.3%

Low end of the market
The percentages are obviously going to change as the overall market prices move up and down. In the 2003 to 2006 time frame notice that the percentage of homes selling under $300k decreases as market prices moved up. Also notice that in 2002 about 75% of the units sold were under $300k.

Now as prices decline from 2006 to 2008 the number of properties under $300k increases.

Luxury Properties
Even though prices have declined from 2006 to 2008 the million and up market still constitutes 6%-8% of the market.

So what does all of this mean? I don't know but let me digest it. Right now, my family is waiting for me to take them to dinner.

What do you think?

Ft. Lauderdale/Miami Luxury Property Auction

In conjuction with other Sotheby's affiliates SKY Sothebys and Daniel Decaro conducted a portfolio luxury property auction in Ft. Lauderdale yesterday. The auction included properties in the Ft. Lauderdale and Miami area. Take a look at the two stunning properties below. It looks like the auction was successful in uncovering buyers for each of these properties.

One Isla Bahia - listed at $22,999,999

1235 East Lake Drive - listed at $14,999,000

Since the Ft. Lauderdale/Miami real estate markets are behind Sarasota in terms of a recovery the auction failed to get bids on many properties. According to the Florida Association of Realtors—the Sarasota/Manatee area once again outsold the Miami and Ft. Lauderdale markets, which continues the trend for every month of 2007 and 2008. It appears the home sellers in the Miami area need to be punched in the nose with a dose a reality.

Sarasota market recovery

SKY Sotheby's had an outstanding first quarter in terms of transactions. Many of our listings have gone under contract and we represented numerous buyers in the purchase of a property.

Sarasota is recovering faster than other Florida real estate markets. Too bad the national media paints the entire Florida real estate market with one broad stroke.

This market has become more affordable again. Back in 2005 if you wanted to get a condo on the beach side of the road on Longboat Key, Siesta Key or Lido Key you would pretty much have to pay at least $500,000. Now, there are options out there under $400,000. I know of a condo on Lido Key under $350,000.

In 2005 you would have to pay at least $400 a square foot for a Downtown Sarasota condo. Now there are options out there at $250 a square foot.

Want a house under $150,000? You have 659 to choose from in the Sarasota MLS.

Want a gulf front condo under $500k? You have 68 to choose from on Siesta, Lido and Longboat Keys.

Want a house built within the last 5 years in the Sarasota area under $350k? There are 175 of them to choose from.

Want a condo built within the last 5 years on the barrier islands less than $2 million? You have 43 to choose from.

We are affordable again. I see the light at the end of the tunnel. The Sarasota MLS shows 747 homes and 309 condominium under contract. The downward movement on price is turning to go sideways.

International Exposure

Looking for some international exposure for your home? With the U.S. dollar so weak and our correcting real estate market we are getting a lot of interest from Canadians and Europeans. This is a fabulous time for them to buy.

I was perusing through my website statistics yesterday to see how many visitors I had from foreign countries. In the last 30 days my Sarasota real estate website had visitors from 99 different countries. I had a visitor from Togo who stayed on my site for 25 minutes. Togo is a country in West Africa (I had to look it up). Below are the number of visits for the top 10 countries:

• 2,516 Canada
• 838 United Kingdom
• 162 Germany
• 119 France
• 85 Denmark
• 78 Sweden
• 73 Japan
• 71 Netherlands
• 70 Czech Republic
• 55 Ireland

Contact me at 941-812-6272 if you need to sell your home and want extensive internet and international exposure.

House Price 'Bubble' Now Deflated

According to a new study by SMR Research Corporation the housing "bubble" -- whose bursting triggered the current mortgage credit crisis -- has now fully deflated.

This sets the stage for a mild housing recovery, which SMR said would begin prior to year end 2008.

The recovery is likely to be gradual, with house prices merely firming up or increasing slightly, rather than returning to the strong growth they showed from 2002 to mid-2006, the firm said.

SMR specializes in mortgage and home equity loan industry research. An SMR study was among the first to declare (in 2002) that a housing price bubble existed, defined as prices rising faster than consumer incomes. In a 2004 study, SMR forecast that a "perfect storm" in credit quality would cause an explosion in foreclosures within two years.

"Our prior forecasts were accurate but widely disbelieved when issued," noted SMR President Stuart A. Feldstein. "We similarly expect a skeptical reaction now to a recovery forecast, which is not the common view. But the numbers are what they are."

The new recovery forecast was published within SMR's annual Spring study on mortgage industry trends and leading players: Giants of the Mortgage Industry, 2008. More than 230 pages this year, Giants has been in continuous publication since 1986.

A special section in the study used home price and consumer income data from several sources to show how the bubble grew from 2002 to 2006. The same data now show the bubble has evaporated at current mortgage interest rates after 18 months of rising incomes and falling home values.

"Homes are now affordable again," Feldstein said. "Consumer psychology is the biggest remaining hurdle to recovery."

Prospective home buyers, still hearing predictions that prices will fall further, keep waiting to buy, SMR noted. This becomes a self-fulfilling prophecy, as scant demand pushes home prices lower.

"The stage is set for recovery, but the play won't go on if no one buys a ticket," Feldstein said. "Consumers must believe prices have bottomed out, or nearly so, before they will buy in larger numbers."

SMR noted that home price depreciations always do come to an end eventually, as occurred over the last 20 years in California, New England, New York, and Hawaii. Falling mortgage interest rates could trigger the end of this one.

The recovery in housing will be tempered by three negatives, SMR said.

First, borrowers with low credit scores may be unable to participate. Second, existing home owners who owe more money than their homes are worth may find it difficult to move until prices firm up.

Third, there is another type of housing "bubble" that may still exist, SMR said. It is the difference between home purchase downpayments and household savings.

SMR cited IRS data showing a big increase over 10 recent years in the percentage of tax filers reporting zero taxable interest income, implying no available cash savings. It is more difficult and expensive today to get 100% home purchase financing, so most buyers must have some downpayment funds.

Still, even though these problems will make the housing recovery modest, they will not prevent it from coming, SMR said.

In its analysis of the house price/income bubble, SMR used gross household income data from the Census Bureau as well as per capita disposable incomes from the Commerce Department's Bureau of Economic Analysis.

The firm used house price data reported separately by the Census Bureau on newly constructed homes and from the National Association of Realtors on existing homes.

In addition, SMR compared income trends to required average monthly mortgage payments under prevailing annual interest rates from 1990 through February, 2008. Results showed that gaps created from 2002 through 2006 are now closed.

SMR's annual Giants study also includes the firm's complete coverage of full-year 2007 mortgage originations and servicing data by lender and for the industry, plus new measures of loan delinquency, foreclosure, and other industry and company statistics.

Founded in 1984, SMR Research Corp. is the nation's largest provider of industry research studies on mortgage and home equity loan subjects.

February Sales

Here are some sales figures for February 2008 and February 2007. I pulled these numbers from the Sarasota MLS. The areas included in the totals are for Longboat Key, Siesta Key, Lido Key, Bird Key, Casey Key, Lakewood Ranch, Sarasota, Osprey and Nokomis. All other areas were exluded.

February 2007
Total single family homes transactions: 180
Total condo transactions: 215

February 2008
Total single family homes transactions: 170
Total condo transactions: 93

February 2007
Longboat Key homes: 5
Longboat Key condo: 14

February 2008
Longboat Key homes: 7
Longboat Key condo: 14

February 2007
Siesta Key homes: 7
Siesta Key condo: 11

February 2008
Siesta Key homes: 5
Siesta Key condo: 12

February 2007
Lido Key homes: 0
Lido Key condo: 1

February 2008
Lido Key homes: 1
Lido Key condo: 5

February 2007
Casey Key homes: 1

February 2008
Casey Key homes: 2

February 2007
Bird Key homes: 1

February 2008
Bird Key homes: 1

February 2007
Lakewood Ranch homes: 23
Lakewood Ranch condo: 12

February 2008
Lakewood Ranch homes: 31
Lakewood Ranch condo: 3

Pending Transactions - These are all of the properties in the areas mentioned above that are currently under contract and waiting to close.

Total single family homes: 421
Total condominiums: 225

Longboat Key homes: 9
Longboat Key condos: 38

Siesta Key homes: 18
Siesta Key condos: 41

Lido Key homes: 3
Lido Key condos: 2

Casey Key homes: 3

Bird Key homes: 4

Lakewood Ranch homes: 46
Lakewood Ranch condos: 10

Sold - Longboat Key Condo

My client closed on this wonderful beach front Longboat Key condo yesterday. This 2 bedroom, 2 bathroom condo offers unobstructed gulf and beach views. It was listed for $850,000. Please contact me at 941-812-6272 if you are looking to purchase on Longboat Key.

(photos removed)

93%

In December of 2007 the average sales price to list price ratio was 93% for single family homes and 91% for condominiums.

Here is a run down of 2007 statistics.

Single Family Homes
January - 91%
February - 90%
March - 93%
April - 93%
May - 92%
June - 92%
July - 93%
August - 93%
September - 92%
October - 93%
November - 91%
December - 93%

Condominiums
January - 93%
February - 94%
March - 94%
April - 97%
May - 92%
June - 94%
July - 93%
August - 92%
September - 91%
October - 92%
November - 90%
December - 91%

These statistics are the sales prices versus the last list price. Not the original list price.

Don't list your property unless you are truly motivated to sell it

I turned down another listing yesterday. I hate to turn down the possibility of making a buck but the best advice I can give to many potential sellers is to not list. If you are unmotivated to sell there is a slim chance your property will sell. In most cases, you have to be the best property at the best price in your market segment. You have to be the bright flower in the field of weeds.

Another problem with a bunch of overpriced properties on the market is that it affects our supply statistics which in turn affects our demand. Newspapers often report that there is enough property on the market to last several years. This kind of stuff scares buyers into not acting. If you are a possible buyer and you read in the newspaper that the Sarasota real estate market has a 3 year supply of properties for sale that is going to make you think twice.

There will always be overpriced properties on the market. That will never go away. We had them in a strong market and we have much more of them in a weak market.

If you are thinking of selling your property hire an appraiser or a competent Realtor to give you a realistic valuation. You will save yourself a ton of headaches. Be objective about your property and put yourself in the buyers shoes. Visit other like kind properties to compare. The value of your property does not have anything to do with how much you owe on it, how much your friend "thinks" it is worth (unless they want to buy it) or what it appraised for 2 years ago.

Can you imagine what our inventory levels would be if Realtors stopped taking grossly overpriced listings?

Longboat Key Condo - Under Contract

My client just put this gorgeous two bedroom/two bathroom condominium in Sunset Beach under contract. It is listed by Hannerle Moore with SKY Sotheby's.

Property description:

Uninterupted and spectacular full gulf and sunset views from every room. Direct beach front Sunset Beach condominium with sweeping views all the way up Longboat Key to Lido Beach. Largest two bedroom floor plan with great kitchen, laundry room, master suite, guest room, large living room and balcony. Beautifully decorated and pristine with Bahama shutters and new appliances. Sunset Beach is a true island gem located in a lush tropical setting with a large heated, beachfront pool & hot tub, gorgeous white sand beach for miles and miles of walking and miles of bike paths around the island. Asking price of $850,000.

There are some great values on Longboat Key. Looking for a beach front condominium with breathtaking views? Go to my Longboat Key condo page and view everything for sale. Call me at 941-812-6272 or email me if I can help find you one.

Peppertree Condo For Sale

We just listed a gorgeous beach front condominium in Peppertree Gulfside. This town home offers breathtaking unobstructed gulf, beach and sunset views and is located within steps of the world famous white sands of Siesta Key. This unique 3 bedroom beach front condo boasts several picturesque windows from the living area and master bedroom that provide generous natural light and stunning views. This popular gulf to bay condo development offers two swimming pools, clubhouse, exercise room, tennis courts and great management. Asking price is $1,050,000.

To see this stunning Siesta Key condo please call me at 941-308-6491.

Happy Holidays!

Happy Holidays to everyone. I hope everyone has a wonderful holiday season.

December has been a very active month for Sarasota real estate. I sold a couple of properties recently and many other agents in my office have been busy as well. There are plenty of people in town looking at property. I would like to take a little time off but am working with some over the next few days. I think the season will be very active. Canadians as well as all of the fence sitters are monitoring the market closely. Some of them are buying feeling that the market will not drop much further.

If I can be on any assistance to any of you feel free to call me at 941-308-6491.

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 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.

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.