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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... ...read full post
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.... ...read full post
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.... ...read full post
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... ...read full post
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.... ...read full post
Great NW Bradenton location. Conveniently located to schools, shopping and beautiful Anna Maria beaches. Home situated on .27 acre home site in well established area. Public records show home as 3 bedrooms, 1 bath but is actually 2 bedrooms, 2baths. Bonus room could be 3rd bedroom. Living room features wood burning fireplace and family room overlooks large backyard. Property being sold as is with right to inspect.
See it here.... ...read full post
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.... ...read full post
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 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.... ...read full post
10018 46TH AVE W, BRADENTON FL
3 bedrooms - 2 Bathrooms - 2797 Sq. Ft.
$789,500
 Motivated seller - price reduced! romantic, euro style residence with full bay views, situated on a beautifully landscaped acre of land with deep water dockage for a yacht and multiple water craft!this private retreat features two master bedroom suites surrounded on two levels with spacious french terra cotta decks. the interior flooring throughout is a luxurious blend of marble, solid oak, birch and native coral stone. baths enjoy a liberal mix of marble and cherry wood cabinetry. first floor master bath includes an imported Italian vanity with a marble counter top and porcelain sink accented with a 24 carrot gold embellishment. the upstairs' master bedroom quarters encompasses the entire top floor and can easily be utilized as a self sufficient in law suite, Sarasota bay sunsets included nightly overlooking the pool and magnificent grounds dotted with tropical coconut and royal palms. escape to this value priced, romantic, bay front hideaway!
See more of this beautiful home here.... ...read full post
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