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November 2011 property transactions in the Sarasota real estate market totaled 602, up 12.7 percent over last November. The total also exceeded the October 2011 sales figure of 577. The market has remained strong and stable as the winter season gets into full swing, reflecting continued confidence in Sarasota as a destination location.
In fact, the Today Show’s real estate report from Barbara Corcoran in late November noted that Sarasota was one of the top recovering markets in the nation. Corcoran said Sarasota is a “beautiful beachfront community” that offers residents and visitors “a sophisticated, urban cultural experience” that is propelling sales and prices in 2011.
Read the entire
report....
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Florida Realtor reports (JUPITER, Fla. – Dec. 6, 2011) with real estate prices low, many people are considering buying an investment property and becoming a landlord.
It might sound simple, but real estate pros warn that there’s a lot to know. The landlord who doesn’t follow such basic guidelines as conducting a thorough background check can get stuck with a nightmare tenant. It takes both business sense and common sense.
“Most of my tenants, 98 percent, are terrific,” said Jupiter real estate broker and investor Carl Presto, who owns 60 properties. “The problem is that 2 percent.”
The down economy that has resulted in real estate bargains also means it’s more difficult to find a tenant who can afford to pay first and last month’s rent and a security deposit upfront. Landlords report they have to go through 30 to 40 applicants before finding a qualified tenant.
Landlords also find they are competing with foreclosed houses, which some people rent below market, forcing rents lower.
Although picking up a cheap condominium unit might be tempting, David Dweck, founder and president of the Boca Real Estate Investment Club and a real estate broker and investor, advises avoiding them. Instead, buy a duplex, triplex, small apartment building...
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Some housing markets are still battling high numbers of foreclosures that are continuing to put downward pressure on overall housing prices. Many of the cities facing the highest spikes in foreclosure are facing high unemployment rates, underwater borrowers, and low median family income.
24/7 Wall St., using data from RealtyTrac, found that the following cities saw the biggest increases in foreclosures by 30 percent or more between the second and third quarters of 2011:
Click
here for the list....
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Financial analysis firm 24/7 Wall St. has identified the housing markets expected to offer some of the biggest discounts for home buyers. Many of these markets have been plagued with large gluts of foreclosures that have dragged down prices. In fact, six of the 10 markets on the list have had median home prices fall to less than half what they were five years ago, according to 24/7 Wall St.
The following housing markets offer home buyers some of the biggest discounts:
North Port-Bradenton-Sarasota, Fla.
Median home price: $170,000
Home value decline from peak: -51.4%
Predicted change in home value through 2Q 2012: -6.5%
See the entire list
here....
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Property sales for October 2011 in the Sarasota real estate market outpaced last October, with 577 this year compared to only 487 at the same time last year. This represents an 18.4 percent increase, and could be a harbinger for a busy season.
There was also a small increase in transactions compared to September 2011, when 570 sales were recorded. Overall, sales in 2011 are on pace to exceed last year, a remarkable fact considering that 2010 sales were at the highest level since 2005.
The inventory of available properties for sale in Sarasota, after dropping precipitously over the course of 2011, was again up slightly in October to 4,525 from last month’s 4,430 level. The inventory sunk to a 10-year low of 4,408 in August 2011.
The October 2011 median sale price for single family homes dropped to $149,838 from last month’s figure of $165,000. But the amount was higher than last October, when it was $147,500. The condo figure has been fluctuating for several months, and rose slightly in October 2011 to $143,000 from last month’s figure of $140,000. Last year at this time, the figure stood at $158,525. The year-to-date median sale price was $155,000 for single family homes and...
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LOS ANGELES (AP) – Nov. 11, 2011 – More U.S. homes entered the foreclosure process in October than in the previous month, with Florida, Pennsylvania and Indiana registering among the largest monthly increases, new data show.
Some 77,733 properties received an initial default notice last month, up 10 percent from September, foreclosure listing firm RealtyTrac Inc. said Thursday.
The number of homes scheduled to be auctioned or repossessed by lenders also posted monthly increases.
All told, notices of default, scheduled auctions and bank repossessions – warnings that can eventually lead to a home being lost to foreclosure – hit a seven-month high in October.
The numbers are further evidence foreclosure activity is picking up.
Read the whole article
here....
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Peter Crowley of the Re/Max Aliiance Group published the following market analysis in his
weekly blog:
Two important indicators point to a market in recovery:
1) listing inventory is continuing to decrease
2) pending activity is significantly stronger than last year.
The decrease in listing inventory from last year is due in part to increased sales activity coupled with the continued decrease in REO inventory. This drop in inventory has led to a six-month supply of homes, which traditionally signals a market in equilibrium.
Absent a resurgence of REO inventory, the increased demand from our upcoming season will shift the market to a seller’s market. REO specialists and other industry experts still predict an increase in the number of REOs entering the market in the coming months, which would counter this trend.
The significantly stronger pending sales compared to last year indicate a strong buying season ahead. The 2010-2011 buying season was the first healthy activity this market had seen in years, and the upcoming 2011-2012 season appears positioned to surpass that performance. The lower inventory and strong pending activity indicates prices should remain stable if not rise slightly in the short term. The main influence to counter that trend would be the addition of additional REO...
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Today the Sarasota Board of Realtors reported that September 2011 property sales in the Sarasota real estate market were ahead of last September, with 570 this year compared to only 547 at the same time last year. This represents a small drop in transactions compared to August 2011, when 601 sales were recorded. But historically, the early fall is one of the slower sales seasons.
A recent article in Realtor® Magazine Daily News noted that of the top 15 U.S. cities showing signs of year-over-year increases in list prices, ten are in Florida, and the Sarasota-Bradenton area came in 6th, with list prices up 15.9 percent. Listing price increases generally reflect optimism among sellers that a market is ready to head upwards.
The inventory of available properties for sale in Sarasota has been dropping for the past nine months, and was up only slightly in September to 4,430 after hitting a 10-year low of 4,408 the previous month.
The latest monthly figures in September showed a median price of $165,000 for single family homes, the same as August, and $140,000 for condos. The condo figure has been fluctuating for several months, hitting $185,000 in June, then dropping to $145,000 in July before climbing back...
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DAILY REAL ESTATE NEWS | FRIDAY, SEPTEMBER 23, 2011....Prices are rising in Florida: Florida cities have had the largest year-over-year increases in average list prices, according to the latest real estate data from Realtor.com. Florida cities make up 9 of the top 10 places for highest year-over-year list price spikes, based off of August data of 2.2 million listings in 146 markets.
Nationwide, the average list price is $320,325, up 2.36 percent year-over-year.
Here are the
top 15 cities boasting the highest percentage of year-over-year increases in average list prices....
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Sept. 23, 20111 - Condominium sales in the region climbed about 8 percent during August, but prices -- as they did with single-family homes -- sank last month.
Sarasota-Bradenton experienced a 7 percent increase in sales, from 240 units a year ago to 256 last month. Charlotte County-North Port's small base of sales saw an 18 percent increase, from 34 to 40.
Prices, however, in the market fell universally.
The median sales price in Sarasota-Bradenton was $123,300 last month, down 10 percent from a year ago and about 2 percent from July.
In Charlotte County-North Port, the $76,000 median was a 5 percent drop from a year ago and a 15.5 percent decline from July.
Foreclosures and other distressed sales continue to dominate the region, especially in Charlotte County, and accounted for much of the drop, experts said.
Statewide, 7,098 condos changed hands during August, an increase of 17 percent from a year ago.
The median sales price of $91,100 was a 12 percent increase from a year ago and was up a fraction from July.
Read the full story here....
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This week MortgageLoan.com reported that financially distressed homeowners with Freddie Mac mortgages will have a new option for loan modifications beginning next month.
The new option, called a Standard Modification, is designed for borrowers who are ineligible for a Home Affordable Modification Program (HAMP) loan modification or have previously defaulted on a HAMP or other loan mod. For those who are approved, the program reduces a borrower's mortgage principle and monthly payment by at least 10 percent each, thereby making the payments more affordable.
To qualify, homeowners must be at least 60 days past due on their mortgage, that is, having missed at least two monthly payments. Those who are not at least 60 days past due can qualify by proving they are in imminent danger of default, through demonstrating an eligible hardship and providing verification of income.
Read more about it here....
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By DEREK KRAVITZ, AP Real Estate Writer
WASHINGTON (AP) — Foreclosures made up roughly one-third of all home sales this spring. While that's a smaller share of sales from the previous quarter, it's six times the percentage of foreclosures in a healthy housing market.
Foreclosure sales, which include homes purchased after they received a notice of default or that were repossessed by lenders, accounted for 31 percent of the market in the April-June quarter, foreclosure listing firm RealtyTrac Inc. said Thursday.
The share of the market would likely have been larger this spring if not for a state and federal investigation into faulty paperwork by banks and servicers. The probe has led many banks to delay foreclosure sales. Once that is complete, foreclosures will likely surge later this year.
As a slice of all home purchases, foreclosure sales peak two years ago at 37.4 percent. In the second quarter, they declined from 36 percent in the January-March period.
Read the entire article....
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Good morning,
I have extremely exciting news to share with you!
J.D. Power and Associates announced today that RE/MAX ranks highest in customer satisfaction, for both buyers and sellers, in its 2011 residential real estate survey.
That's right – we've earned the highest level of appreciation from BOTH groups of consumers, which is a remarkable statement about the Outstanding Agents in our organization. |
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4 Questions for a Pro: Short Sales
Friday, July 1, 2011 Andrew Bers has been involved with real estate since the late 1970s. He has sold millions of dollars worth of residential property, and he is an expert on foreclosures and short sales, earning "specialist" accreditation by the National Association of Realtors. Correspondent Chris Angermann sat down with him at the RE/MAX Alliance Group office on Webber Street to discuss short sales.
Q:Why do we continue to have so many short sales?
A:At the end of last year, the number of Americans who owed more on their mortgages than their homes were worth rose. Close to 50 percent of the homes in Florida are "underwater." At some point, owners make a determination to sell, sometimes informed, sometimes based on fear, or because they can't carry the mortgage anymore. Short sales — bank-negotiated settlements — are better than foreclosures. They have less impact on credit scores, and in some situations it's possible to sell the property without tax consequence or having to make up any deficiency... ...read full post
Marie Selby Botanical Gardens presents a night to celebrate freedom commencing at 6:00 p.m. until the fireworks end. The Gardens' breathtaking Bayfront location and live music by "Impulse" will ignite the Monday evening celebration. Impulse's musical style ranges from Reggae to Soca to R&B classics with a few surprises along the way.
Children's activities and lawn games for the entire family will take place on the Great Lawn. An all American BBQ and Cook-out as well as beer, wine, soda, and other beverages will be available for purchase. Bring your blankets or chairs to appreciate the spectacular community fireworks along the Bayfront.
Tickets are $20 for adults; $17 for members; $17 for member guests; children 11 and under enter free. Make reservations online now or at the Welcome Center from 10 a.m. to 5 p.m. at 900 South Palm Avenue. All Pre-sale ticket buying ends at 3:00pm on July 4th. Tickets will then be available at the Welcome Center at 6:00pm on July 4th. Please no reciprocals or guest passes, as this is a fundraising event. There are no refunds or exchanges. If the fireworks display is cancelled, all purchased tickets can be exchanged for a one-day Regular Garden Admission Pass valid...
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We've been saying it all along. The real estate market here in Sarasota and Bradenton is on the rise and today's paper confirms.
Sarasota Herald Tribune: SARASOTA-BRADENTON HOME SALES: Rose 5 percent in May when compared with the same month a year ago, with 1,079 homes sold compared with 1,029 in May 2010.
HOME PRICES: The median price dropped 8 percent to $153,700 from $166,400 year ago. The April price was down about 1.3 percent from $155,700 in April.
Read the entire story here.
Want to see what your neighbor's house sold for this year? Check out our monthly sales reports for Anna Maria, Longboat Key, Sarasota and Siesta Key
on our website....
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Continuing our promise to give you the tools to make important decisions we updated our sales reports for Longboat Key, Anna Maria Island, Siesta Key and the downtown Sarasota area. To see what has sold in your building or neighborhood since January 1st of this year visit our
Sales Reports page.
May saw a significant number of sales homes and condos close. Not as many as April but it still puts this year far ahead of the previous two years in sales. The number of foreclosures continues to be a large portion of sales and we expect that rend to continue thru the end of the year.
We here on our team are still actively working with sellers who are looking for help in deciding if a short sale or foreclosure is a better option for them. We had over $1,000,000 in listings under contract for the month of May alone.
With last weeks reports of home prices double dipping - dropping below a recent low - and current interest rates on mortgages, we believe there is no better time to buy a home. If we can assist you or someone you know, please call us at 941-383-3741....
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Herald-Tribune May 31, 2011 One of the most widely watched indexes of home prices in the nation plunged for the second quarter in a row, revealing continued weakness in the nation's real estate market.
The Standard & Poor's/Case-Shiller home price index, which measures 20 major metropolitan markets across the U.S., declined 4.3 percent during the three months ended March 31 compared with the same period a year earlier. The quarterly drop follows a 3.6 percent decline during the three months ended Dec. 31.
Regional statistics of late have run counter to the nationwide data, however, signalling that Southwest Florida, at least, is beginning to rebound from a housing crisis that was worse than in many parts of the country.
Read the entire article here....
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REALTOR Magazine: For the sixth straight week, fixed mortgage rates inched down, reaching new lows for 2011. The 30-year fixed-rate mortgage averaged 4.60 percent this week while the 15-year mortgage averaged 3.78 percent, Freddie Mac reports in its weekly mortgage market survey.
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See the latest sales figures for Longboat Key, Anna Maria Island, Siesta Key and downtown Sarasota on our new website
In our ongoing effort to educate and share vital information, we have established a new place where you, either as a buyer or seller, can see the latest sales figures for some of our more popular areas.
Beginning this month we have established 4 pages highlighting the closed transactions for condominiums, single family homes and vacant lots on Anna Maria Island, Longboat Key, Siesta Key and downtown Sarasota, which includes Golden Gate Point and Bird Key.
We will be updating the reports monthly but will be happy to provide you a report sooner should you have an interest. Please email
Andrew@AndrewBers.com with your request.
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Are you having trouble keeping up with your mortgage payments? Have you received a notice from your lender asking you to contact them? Many home owners in the Sarasota Florida area are like those nationwide, losing sleep about the next mortgage payment. And with many in our area retired they generally feel they have fewer options.
If you are unable to make your mortgage payment:
- Don't ignore the problem. The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.
- Contact your lender as soon as you realize that you have a problem. Lenders do not want your house. They have options to help borrowers through difficult financial times.
- Open and respond to all mail from your lender. The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. Later mail may include important notices of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court.
- Know your mortgage rights. Find your loan documents and read them so you know what your lender may do if you can't make your payments. Learn about the foreclosure laws... ...read full post
The RE/MAX Collection page on
remax.com has been redesigned and restocked with new resources. The page includes a carousel of luxury listing photos and a geo-location feature. See what we can offer here in Sarasota or Longboat Key Florida or anywhere the US.
Visit it here.
When looking for the finest in luxury property, look for The RE/MAX Collection®.
A certain portfolio of homes qualify for The RE/MAX Collection® – an exclusive RE/MAX real estate marketing program for luxury homes. To be eligible for The RE/MAX Collection®, properties must be three times the average listing price in your local area.
Expertise to Match Your Sophisticated Lifestyle
RE/MAX Alliance Group associates understand the preferences of homebuyers and sellers in the luxury market. We recognize your special needs and use our resources and connections to your advantage. Our associates are able to provide extraordinary expertise to clients interested in buying or selling homes in the area’s most distinguished neighborhoods.
An exceptional program for exceptional properties
The RE/MAX Collection program was created to address the special needs of our clients in the luxury market. Since its creation, we’ve developed a reputation for our unparalleled expertise, expansive network of experienced agents and excellent marketing strategies.
As a high-end real...
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There are several items that a professional Realtor can provide to you while in pursuit of your next (or first) home. I offer you several items to consider when asking yourself whether or not you will benefit from the assistance of a real estate agent.
1. Do I have time to research the residential housing market?
2. Do I have the knowledge to integrate and understand the information available to me?
3. Can I integrate the information available on real estate internet sites into useful data that can help me accomplish my goal, of home ownership?
4. Do I have the time and expertise to negotiate on my own behalf on a short sale or foreclosure?
5. Do I have the ability to find a qualified home inspector?
6. Do I have the time to research the home loan programs available in the market?
7. Do I have the time to interview mortgage loan officers?
8. Do I have the time and expertise to target market, if necessary, for the type of property I am looking to purchase? .
9. Do I know the zoning regulations and building codes pertaining to residential real estate in the area I am interested in moving to?
These are just a few of the...
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The weather is getting better each week and the events around the area are not in any short supply. This weekend you could go to a ballet, theatre, concertand more and still have time to enjoy the beaches.
If you are looking for something to do this weekend,
check out the calendar at our friends Sarasota and Her Islands website.
I'm sure we'll see you around town....
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The Herald-Tribune is reporting today that the area real estate market has rebounded a tad. Sarasota county median sales price rose 1% to $137,000 and Charlotte county prices rose 5%. They say that 40 percent of sales nationwide were either foreclosures or short sales. That contradicts CNNMoney's figures of 26%. The truth is probably somewhere in between. The paper goes on to say that about half of Southwest Florida sales figures in the region are distressed properties.
This justifies to what we are saying here on The Bers Team, the market has reached bottom and is now ready to climb. It is the perfect time to buy if you are considering investing in real estate. If you have questions, please give us a call, we are happy to answer your questions.
Read the full newspaper article here....
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Men's Journal has put Sarasota on it's list of the
18 coolest cities to live in for 2011. The magazine selects Sarasota as
“the Best Place to Mix with Artists and Athletes" and the city is called “Florida for people who hate Florida” and a place “where being active means more than steering a golf cart.”
The April issue will be on the newsstands on Friday....
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posted by Andrew Bers
on Mon., Mar 21st, 2011
in
Sarasota
Forbes magazine today announced the 10 most vacant cities in the US. Looking at empty housing and the rental market, Orlando came in first place. Second went to Las Vegas. Both cities are in the parts of the country that baby-boomers are looking at to retire in or purchase that retirement home now.
If you would like to read the complete article
go here. If you would like to talk with me about the real estate opportunities here in Florida, please give me or Robbie a call....
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RISMEDIA is reporting today that mortgage rates posted a sharp decline, with the benchmark conforming 30-year fixed mortgage rate falling to 4.91%, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.38 discount and origination points.
To see mortgage rates in your area, go to
www.bankrate.com/funnel/mortgages.
The average 15-year fixed mortgage dropped to 4.12%, and the larger jumbo 30-year fixed rate retreated to 5.46%. Adjustable rate mortgages were mostly lower also, with
the average 5-year ARM sinking to 3.74% and the 7-year ARM pulling back to 4.10%.
If you are thinking of buying a home that you will be in less than five years, what an incredible chance to own a home for a low monthly rate.
Read the complete article here....
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A story today on CNNMoney.com predicted that rents would rise 10% next year in some parts of the country and as much as up to 30% in the over next 3 years. It urged renters to renew their leases but I believe they are wrong. If you are currently renting,
now is the time to buy. Almost all analysis has said this is the bottom of the market and prices will start to rise. The economy is recovering, the government is working on tax breaks and urging banks to make more loans.
Before renewing your lease I urge you to consider these facts as to the reason now is the time to own a home.
1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in buying your home.
2. Appreciation. Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2005, and increased 88.5 percent over the last 10 years, according to the NATIONAL ASSOCIATION OF REALTORS®. In addition, the number of U.S. households is expected...
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The Sarasota Association of Realtors announced today some surprising figures for last month's sales. The number of available properties in the Sarasota real estate market dropped to a six-year low in February 2011, and sales were up 24.2 percent from the previous month. Median sales prices for both single and condominiums dropped as bargain hunters continued to grab foreclosures and short sales, which represented almost 47 percent of all sales.
Compared to this time last year, sales were up 27 percent to 673 total sales, from February 2010's total of 528 sale. There were 472 closings on single family homes and 201 closings on condos last month by members of the Sarasota MLS.
Read the complete article.
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I am still seeing a lot of activity in foreclosures and especially short sales here in the Longboat Key and Sarasota area of Florida. Our local papers are reporting drops in filings and our Chairman at RE/MAX is predicting a bottoming out of the market.
Dave Liniger, RE/MAX Chairman and Co-Founder told a gathering of more than 5,000 real estate agents that the worst of the housing crisis has passed. Liniger said that the industry must continue to pursue the training that will help homeowners in distress, but should also start planning for a post-crisis environment.
“There will be more foreclosures this year, but the worst is behind us and we need to turn our focus to the future,” said Liniger. “The housing recovery is actually happening faster than many economists think.”
Read the complete article here....
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Out local newspaper is reporting area foreclosures are falling and have been since the end of 2010 here in the Manatee and Sarasota county areas. Nationwide foreclosures are down and the recent bottleneck in the courts is cited.
Read the full article here....
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The local paper the Herald-Tribune is reporting 43% of area homeowners are under water with their mortgages.
Read the whole article here....
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Florida foreclosures show a sign of slowing down
Read the story here...
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