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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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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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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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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
FloridaRealtor has written a good overview of the challenge before the state Supreme Court in regards to lenders who use faulty paperwork to foreclose on homes.
"The core issue focuses on ownership of the mortgage. Thanks to complex financial instruments, the lender servicing the mortgage does not always have paperwork giving it the authority to foreclose; and in some cases, paperwork showing mortgage ownership has been pushed through with questionable signatures and research." says FloridaRealtor.
Read the entire story....
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LONGBOAT KEY, FL– Andrew Bers with RE/MAX Alliance Group has been awarded the Accredited Buyer’s Representation (ABR®) designation by the Real Estate Buyer’s Agent Council. (REBAC) of the NATIONAL ASSOCIATION OF REALTORS® (NAR).
Andrew joins more than 30,000 real estate professionals in North America who have earned the ABR® designation. All were required to successfully complete a comprehensive course in buyer representation and an elective course focusing on a buyer representation specialty, both in addition to submitting documentation verifying professional experience.
REBAC, founded in 1988, is the world's largest association of real estate professionals focusing specifically on representing the real estate buyer. There are more than 40,000 active members of the organization world-wide. THE NATIONAL ASSOCIATION OF REALTORS®, "The Voice for Real Estate," is the world's largest professional association, representing over 1,000,000 members involved in all aspects of the real estate industry.
In addition to the ABR designation, Bers has received numerous industry awards. His web site, mixed media campaigns, direct mail and property brochures have received ADDY Awards for advertising excellence. His web site was chosen Top 10 by the Florida Association of REALTORS Magazine. Bers has been ranked as a top REALTOR® worldwide and has been awarded the Five Star /...
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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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A total of 759 property sales were closed in the Sarasota real estate market in April 2011, continuing a strong spring surge that reached the 800 level in March. The recent sales rush has taken the market to the highest levels since the fall of 2005 when sales started to decline. Prices also maintained their highest levels of the year in April 2011 for both single family homes and condos, and the available property inventory dropped to 5,258, a big drop from last month's level of 5,501, and less than a third of the available properties on the market during the 2004-2006 real estate boom.
Read the entire report here....
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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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I had the pleasure of participating in Sharky's Ride The Beaches yesterday. It was the 9th year for Sharky's on the Pier charity bike ride, Ride the Beaches. This year will once again support Livestrong, The Lance Armstrong Foundation.
Very well organized bike ride and a beautiful course along the Manasota Key beach and through the Canopy of Trees. Lunch and cold beer on the beach after the ride - perfect:) Sharky's did a great job benefiting Livestrong...a worthy cause.
Learn more about it and join us next year....
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The
Wall Street Journal this week reported that although we are hearing a lot of good stories about home prices being low and money cheap to borrow but some are saying that with inventory nationwide at an all time low, perhaps it is the seller right now who has the upper hand.
Many buyers are looking for discounts because they lack confidence that prices have reached a bottom, and sellers won't have much pricing power as long as buyers such as Mr. Hammack and Ms. Hunter are in no hurry. "It may take some time, but I'm willing to wait," Ms. Hunter says.
The Wall Street Journal's quarterly survey of housing-market conditions in 28 major metro areas shows inventories of unsold homes remain high but fell during the first quarter. Listings were down by nearly 25% from one year ago in Miami and Orlando, and by 12% in Phoenix and Portland, Ore., according to figures compiled by John Burns Real Estate Consulting.
Read the story in its entirety and see for yourself.
If you have any questions or would like to consider now the time to list your home, please give me a call. I'm here to help you with all your real...
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This week the U.S. Department of Housing and Urban Development (HUD) launched a new campaign in Miami, Chicago, and Los Angeles called
Know It. Avoid It. Report It. This campaign has two objectives. First, it aims to direct homeowners facing foreclosure to trusted resources and housing counselors. Second, and more importantly, the campaign wants to solicit the support of homeowners in shutting down scammers who regularly target the elderly, Hispanics, and African Americans. Both objectives will be pursued through education and outreach, anti-scam reporting tools, and close cooperation with federal, state, local, and non-profit partners.
Newly deceptive scam artist tactics lure homeowners into misleading agreements. Their tactics include giving the false impression that they are affiliated with the government, charging illegal up-front fees, and executing fraudulent lease-back, financing, and repurchase schemes.
Highlights of the Know It. Avoid It. Report It. campaign include:
- Information on how to avoid becoming a victim
- Scam artist red flags and fraud warning signs
- Complaint form and hotline to report fraud or suspicious activity
- Resources for finding HUD-approved counselors and free housing workshops in every state
- Names of individuals and companies identified by law enforcement agencies who have allegedly committed loan modification fraud or foreclosure relief scams
Read the details of... ...read full post
CNNMoney is reporting a dip in foreclosures. While on the surface, the crisis seems to be easing, the number of foreclosure notices filed during the first three months of 2011 fell 27% compared with the first quarter of 2010, according to a report from RealtyTrac released Thursday.
Only 681,000 properties got hit with some type of filing -- a notice of default, a scheduled auction or a foreclosure sale -- during the quarter, one for every 191 households.
There are a few factors for the dip and it may be only that... a dip.
Read the full article and see how it may effect you....
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Mortgage rates has steadily increased over the last 3 weeks. Although the average rate is still hovering under 5% it is a good indication of the condition of the market. If you would like to see the latest report from FreddieMac,
check out this story....
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Fortune magazine this week is reporting that the time has come to buy real estate again. "After four years of plunging home prices, the most attractive asset class in America is housing," proclaims
Fortune magazine, one of the world's premier business publications, in its
April cover story.
And we could not agree more. With the first quarter of 2011 being our most successful in the last 4 years we too believe that if you are thinking of buying a first, second or vacation home, the time to do so could not be better. As an expert on Longboat Key and the surrounding areas I would be happy to share my knowledge with you. Have a question? Please give me or Robbie a call today.
We will be adding new content to our new site soon. One of the first items will be a sales report for Longboat Key. Want to know what your neighbor's house sold for? How much is it listed for? We will have this for you soon, in one central place... but if you can't wait till then, give us a call....
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Dan Steward, president of Pillar To Post Professional Home Inspections has a great list of things to watch for when buying a foreclosure. As a realtor who has sold more than a dozen foreclosures in the first 3 months of 2011, I would encourage you to read his list if you are even remotely thinking of buying a foreclosure in the Sarasota Florida area. (
read the full article here)
We are seeing our real estate market here in Florida slow down as our busy winter season winds to an end. However we expect an increase in bank owned properties to come on the market in the next quarter. If you have a question about bank owned properties please give me or Robbie a call. We are happy to answer your questions. We have a great team of experts assembled to work with.
Lastly, be sure to look at our property search pages and foreclosure pages for currently listed bank owned properties in our area.
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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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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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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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