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.
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report....
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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.
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CNN Money has a great article:
Home prices heading for triple-dip
NEW YORK (CNNMoney) -- The besieged housing market has even further to fall before home prices really hit rock bottom.
According to Fiserv (
FISV), a financial analytics company, home values are expected to fall another 3.6% by next June, pushing them to a new low of 35% below the peak reached in early 2006 and marking a triple dip in prices.
Several factors will be working against the housing market in the upcoming months, including an increase in foreclosure activity and sustained high unemployment
,explained David Stiff, Fiserv's chief economist.
Should home values meet Fiserv's expectations, it would make it the third (and lowest) trough for home prices since the housing bubble burst.
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The Palm Beach Post (West Palm Beach, Fla.) reports Bank of America, the nation’s largest mortgage servicer, is offering Florida homeowners up to $20,000 to short sale their homes rather than letting them linger in foreclosure.
The limited time offer has received little promotion from the Charlotte, N.C.-based bank, which sent emails to select Florida Realtors earlier this week outlining basic details of the plan.
Only homeowners whose short sales are submitted for approval to Bank of America before Nov. 30 will qualify. The homes must have no offers on them already and the closing must occur before Aug. 31, 2012.
A short sale is when a bank agrees to accept a lower sales price on a home than what the borrower owes on the loan.
Realtors said the Bank of America plan, which has a minimum payout amount of $5,000, is a genuine incentive to struggling homeowners who may otherwise fall into Florida’s foreclosure abyss.
The current timeline to foreclosure in Florida is an average of 676 days – nearly two years – according to real estate analysis company RealtyTrac. The national average foreclosure timeline is 318 days.
“I think this is a positive sign that the bank is being creative to try and help...
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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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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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