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On a personal note, Steve and I hope this newsletter finds you fiscally sound, emotionally calm and with the people you love as you enter this Holiday season. We hope your plans for buying in the Florida sunshine are alive and well. The buzz in the neighborhood this week among Bankers, Accountants and Realtors is that they have heard from their clients that real estate is beginning to look better than anything else for investment at the moment. I have been in contact with some of you this week and you have echoed the same thoughts. Not all of course, each situation is different but don't lose your dream of living healthier and active in the Sarasota area. Steve and I will assist you through all phases of the home buying sale. We are be totally committed to your real estate needs.
The drop in mortgage rates during the past week is bringing out fresh buyers to the real estate market. Rates at 5.25 percent-no points, owner/occupied (as of 12/4/08) are drawing some fence-sitters with good credit who figure rates are not likely to decline much further. Actually because of rates going so low last week we are seeing a new surge of interest as quoted in today's paper. Cash has been clearly king in the recent past and still is King but, "Cash Buyers see the lower rates as a sign they might have renewed competition for what some view as unprecedented opportunities for low priced waterfront luxury" Sarasota Herald Tribune 12/3 2008.
Holiday Bonus property. Seller is offering 100,000 USD holiday bonus for Mercedes Benz or car/ cars of the Buyers choice with accepted offer on:
Please go to front page of my website. 904 Pomelo and 1501 Mallard/1220 Sparrow Court with 200 ft of Sarasota Bayfront.
www.maureenhornrealtor.com
Mortgage Market News: There is no problem obtaining a mortgage for qualified Buyers. There is money in Florida. You just need 20% down.
Would you like to know what opportunities are out there? Call me and I will refer you to an expert in a Sarasota lending institution.
"Discounted property in hot locations is moving at a pace akin to the boom of 2004-2005." Michael Pollick, Sarasota Herald Tribune December 3, 2008
On Bird Key alone in Sarasota, there are 9 homes under contract, ranging in price from the 460,750 (This Garden home with no water had 30 showings in days and had 3 offers above list price last week) to a 2.65 mil waterfront listing on Robin Drive. While the foreclosure sold amazingly fast, it is not unusual to see good homes going in a month if they are attractively priced. Even though you want to say. "There is no hurry. I have plenty of time", but when you see a great house, you really have to act on it. it's not unusual when you see good homes going in a month if attractively priced.
More modest homes that are bank owned are starting to move. More FHA loans are being issued to would-be owners (no second homes) and if you are interested, call me. I will refer you to an expert in FHA. Though FHA can set up an owner-occupant with a loan with only 3% down, the agency requires that money be set aside in escrow to cover needed repairs.
OCTOBER SALES REPORT
Higher pending sales forecast busier season in local market
Pending sales remained above the 500 level once again in October, forecasting a stronger market for the winter real estate season in the Sarasota area. Pending sales reflect contracts executed by buyers and sellers, and current numbers indicate more closings likely in the upcoming months - a positive sign. In October 2008, 549 properties were reported pending, compared to only 446 in the same month last year.
Single family unit sales were also higher in October 2008 than in October 2007, while only a little lower than September 2008. There were 306 single family homes sold in October this year, compared to only 264 in October 2007, an increase of 16 percent. Condominium sales were weaker in October 2008, with 63 sales reported, compared to 120 in October 2007.
Another important market tracker - the absorption rate of properties on the market - is lower than last year at this time and has been steadily declining with decreasing inventories since May. Absorption rate is the number of months it would take to sell the entire remaining listed inventory in a particular category, based upon the sales for that particular month. For October 2008, the absorption rate for single family homes stood at 18.2 months, compared to 18.3 months in September 2008, and 31.7 months in October 2007. For condominiums, the absorption rate was 28.7 months in October 2008, compared to 33.5 months in September 2008, and 45.1 months in October 2007.
The single-family median sales price for the 12-month period ending October 2008 was $257,000. This compares to $310,000 for the same 12-month period ending October 2007. For condominiums, the 12-month rolling median sale price was $320,000 at the end of October 2008, and $357,000 for the 12 months ending October 2007, down about 10 percent.
"The strong pending sales in our market indicate that we should expect the winter season to remain stable and stronger than the late summer and early fall," said Helen Sosso, 2008 SAR President. "We are obviously living in historic times, particularly in respect to our national economy. But people continue to look at real estate as a safer place for their investment dollars in relation to other common investments. The stock market has obviously tumbled, and other commodities, like oil, have seen their values cut in half in only a few short months. Real estate has weathered the storm much better, and there are incredible values in our market right now. Families seeking a home as a future investment and a great place to live are still looking at Sarasota."
The current local market continues to demonstrate statistically that we have a great selection of more affordably priced housing for buyers to purchase. In addition, declining inventory levels normally indicate the market is returning to a more historical balance, which eventually leads to normal, long-term price appreciation.
OPPORTUNITY.......One of my clients would like to offer his Heritage Oaks Golf and Country Club condo for rent. He will be purchasing late January but will not be using it until May. This 2bed plus den condo is pristine and beautifully turnkey furnished. Watch the sunset over the lake and golf course from your second floor lanai. Golf is included along with temporary membership in the country club which offers a gym, social activities, restaurant and bar. It will be available after February 1, 2009 at 3,000 rental per month (1month minimum) and less than market value thru rental agencies. Please contact me and I will forward your information to him.
I have seen some lovely opportunities. One particular University Park Country Club priced at 479,000 http://www.mastervt1.com/ss3/ct002/7301stgeorges/mfr/index.html click here for virtual tour
gorgeous lot with water on two sides. Maintenance free community located west of I-75 and withing 20 minutes to downtown Sarasota. Beautiful pool and upgrades.
Best view for the money: I really mean unbelievable Gulfront view.. 925,000 "Behind the Gates" Longboat Key Club 2bed/2bath, remodeled, 7th floor gulf to bay. Call Me | |