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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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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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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