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Local Market Update 
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IS NOW A GOOD TIME TO BUY SARASOTA REAL ESTATE? YES, EVEN IF PRICES CONTINUE TO DROP!
Friday, September 3rd, 2010 at 2:55pm. 16 Views, 0 Comments.
And here is why.....I know prices are still dropping in some areas, but is this a good time to buy? The answer is a resounding YES. If you bought a $400,000 dollar home (for the purpose of illustration obtained a $320,000 loan) and that house drops 10% in the next year, the math is easy. You just lost $40,000. BUT - and this is a big BUT - if you obtained a loan today for that house at 4.25% and if that same loan in one year costs 6%, then the difference in payment is a lot LESS if you buy the house now. ($320,000 @ 4.25% = $1574 / $320,000 @ 6% = $1918) for a difference of $344 every month. Over 30 years, that difference is a whopping $123,840! One thing we have been assured of is that interest rates have to and eventually will be going up as the…
DID I MESS UP BY MISSING THE OBAMA TAX CREDIT? NO!
Friday, September 3rd, 2010 at 2:54pm. 7 Views, 0 Comments.
At the end of April (when the tax credit expired) the interest rate was hovering around 6% versus about 4.25% now. That means that if you took out a loan for $320,000, in April your loan would be $320,000 @ 6% = $1918 versus now $320,000 @ 4.25% = $1918, for a difference of $344 every month. Over 30 years, that difference is a whopping $123,840!
Despite what you read and see, homes ARE selling. Our team has been having a stellar year selling lots of homes for our sellers and finding quality homes at good prices for our buyers. We have become experts at distressed sales (short sales) and are CDPE certified, and we are even listing and selling some bank owned homes (REOs).
We are well aware that you have a choice in Realtors. We feel that now more…
WAVE OF FORECLOSURES IN SARASOTA!
Wednesday, August 25th, 2010 at 11:04am. 22 Views, 0 Comments.
The wave of foreclosure filings that real estate experts had been anticipating all year began in a big way in July. Total filings in the three-county region jumped to 3,349 during July, a 40 percent increase from a month earlier and a 10.6 percent increase from July 2009. Charlotte County led the way with a 61 percent leap, while both Manatee and Sarasota counties saw their increases of more than 26 percent, data released by California's RealtyTrac Inc. shows.
Real estate analysts expect the number to keep growing in the months ahead because of two factors:
- A new wave of adjustable-rate mortgages resetting to higher interest rates.
- Banks feeling more comfortable about releasing supplies of unprocessed foreclosures because of increased demand and…
FEWER HOMES IN FORECLOSURE IN THE SARASOTA REAL ESTATE MARKET
Wednesday, August 4th, 2010 at 1:42pm. 33 Views, 0 Comments.
Foreclosure filings in the Sarasota real estate market during the first six months of the year fell by 10 percent from the latter half of 2009. The report by RealtyTrac Inc. was the latest in a series of signs that the foreclosure crisis could be ebbing in Southwest Florida.
The Sarasota real estate market logged 10,359 foreclosure filings, or 2.65 percent of all the housing units in the area. That was down from the 5.26 percent of homes and condominiums during all of 2009 that made the region 17th nationally.
There has been strong demand in Southwest Florida for distressed properties, and many of those in the best condition already have been snatched up by first-time buyers or investors looking for bargains.
Nine Florida markets included in the…
SARASOTA CONDO SALES CONTINUE TO SOAR IN JUNE!
Wednesday, July 28th, 2010 at 1:23pm. 43 Views, 0 Comments.
Condominium sales soared in the Sarasota real estate market during June when compared with those of a year ago. Last month 326 condo units changed hands in the Sarasota real estate market, up 53 percent from a year ago, but down from 384 in May and 406 in April. The June sales represented the fourth highest percentage increase in the state.
Prices in the Sarasota real estate market dropped 9 percent to $133,000 from $145,800 a year ago. This is also 13% from May.
This information is from the Sarasota Herald Tribune.
Don't forget to contact Re/Max Platinum Realty at 941-929-9090 for your needs in Sarasota real estate, as well as your needs for Siesta Key real estate and Casey Key real estate.
U.S. HOME PRICES SHOWED IMPROVEMENT IN MAY
Wednesday, July 28th, 2010 at 11:04am. 35 Views, 0 Comments.
Home prices rose in May for the second straight month as federal tax incentives pulled more buyers into the market. The Standard & Poor's/Case-Shiller 20-city home price index released Tuesday posted a 1.3 percent increase in May from April.
Nineteen of 20 cities showed price gains month over month. Minneapolis and Atlanta led the way with 2.8 percent and 2 percent increases, respectively. San Diego posted its 13th straight monthly gain.
Only Las Vegas recorded a price decline. That metro area hit a record low in May. Home prices there have lost 56.4 percent of their value since peaking in August 2006. While Detroit recorded a 0.7 percent increase from April, the average home price there is about the same as it was in 1994.
The Sarasota real estate…
STRONG SHOWING FOR JUNE IN THE SARASOTA REAL ESTATE MARKET!
Wednesday, July 28th, 2010 at 11:03am. 33 Views, 0 Comments.
Home sales in Southwest Florida soared during June, rising 35 percent in the Sarasota real estate market. June was the fourth straight month that sales topped the 1,000 mark in the Sarasota real estate market, a level that harkens back to the pace of summer 2005, when the real estate boom was still in swing.
The median sales price of $170,400 in the Sarasota real estate market was a 5 percent increase from a ago and up 2.4 percent from May, according to data released Thursday by Florida Realtors, the former Florida Association of Realtors.
The region's strong showing -- and a 17 percent spike in sales statewide -- was somewhat overshadowed by a 5.1 percent decline nationally, evidence that the broader housing market is struggling and may drag on the…
NEW HINTS OF RELIEF FOR HOUSING IN SARASOTA REAL ESTATE
Wednesday, July 28th, 2010 at 11:01am. 24 Views, 0 Comments.
Southwest Florida entered 2010 with dire predictions from a bevy of experts that a housing market showing signs of sales and price stability would be overwhelmed by summer with a wave of new foreclosures driven by the region's stubbornly high unemployment rate. But so far, that has not been the case. In fact, the most recent foreclosure data would seem to suggest that Manatee, Sarasota and Charlotte counties may have dodged the bullet.
The great unknown is just how many loans on properties will ultimately fall into the distressed category. Foreclosure filings in June hovered around their lowest point since summer 2009, according to data released Wednesday by RealtyTrac Inc., a California company that has been tracking the phenomenon.
Realtors will…
SARASOTA COMMERCIAL REAL ESTATE DEFIES NATIONAL DECLINE!
Wednesday, July 14th, 2010 at 2:40pm. 49 Views, 0 Comments.
Despite a nationwide decline in rents and an increase in empty office and retail space, landlords in Sarasota, Miami and Pensacola reported collecting more rents on commercial property during the first four months of the year than they had during the same period in 2009, data from the Florida Department of Revenue shows.
In March, Sarasota County landlords took in $55 million, their best single month since May 2005 and 14 percent more than March 2009 revenues. While January, February and April were still down from last year, March was so strong that revenues were up 1 percent for the four-month period, compared with the same period last year.
That is a big improvement from 2009, when landlord revenues were down 8 percent in Sarasota County.
This…
CONDO SALES SOAR DURING MAY IN SARASOTA!
Wednesday, June 30th, 2010 at 12:15pm. 51 Views, 0 Comments.
Condominium sales soared during May in the Sarasota real estate market, rising 71 percent when compared with the same month a year ago and staying at par with levels the previous month.
The sales increase was the biggest on a percentage basis for Florida's largest markets except for Orlando, which posted a 73 percent rise in condominium sales, according to an analysis of data provided by Florida Realtors, the former Florida Association of Realtors.
There were 384 units that changed hands last month in the Sarasota real estate market. That compared with 225 a year ago and 406 in April.
The median sales price rose 3 percent to $152,800 from $148,500 a year ago. But the May median was down slightly from $154,100 in April.
This information is from the…
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