Market Updates

Over 1,000 Sarasota Properties Sold in April

By | May 23, 2013

Members of the Sarasota Association of Realtors® sold more than 1,000 properties in April 2013, the first time sales have hit four figures in a single month since June 2005.  There have only been ten months in SAR’s 90-year history that sales have topped 1,000, and the other nine occurred in 2004 and 2005.

business graph in blueThe spring sales surge in the Sarasota real estate market hit 714 single family homes and 303 condominiums in April 2013, for a total of 1,017 closings. That compared to 589 single family homes and 297 condos sold in April 2012, for a 14-percent increase over last year at this time. The all-time record of 1,223 sales was recorded in April 2004.

The high sales volume was augmented by an increase in the median sales prices. The figure for single family homes was $217,000 – the highest level since August 2008 and up 24 percent from last April’s figure of $175,000. For condos, the median was $185,000, slightly lower than last April’s figure of $191,000. The condo figure has continued to fluctuate substantially over the past few months, dropping to a low point of $130,000 in January 2013 before recovering.

Click here to view the full press release.

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Demand for Luxury Condominiums in Downtown Sarasota

By | May 14, 2013

If you’ve wondered whether the stories we’ve been writing lately about how the Sarasota real estate market has come roaring back to life, here’s news that will confirm the truth behind those stories.

Downtown Sarasota CondosFor the first time since the “Great Housing Bust” began in 2007 – 2008, you are about to see construction cranes again in downtown Sarasota. A furniture store and a sports bar are now being torn down to make room for the first downtown Sarasota high-rise luxury condominium tower since the onset of the real estate bust. The new condo tower will be built at Gulf Stream Avenue and Main Street joining The Queue town homes on Ringling Boulevard and the Homes of Laurel Park, a new 26-home project as the first Downtown Sarasota residential developments since 2007.

The new Jewel Residences tower will include eighteen luxury dwellings with views of Sarasota Bay. Those distinctly upscale condominium units will sit above 6 shops and restaurants. The luxury units will range from two-story lofts to a full-floor penthouse. In advance of the start of construction, seventeen of the luxury condos and five of the storefront locations have been sold according to a recent article in the Sarasota Herald Tribune. Tom Mannausa, the developer reported, “we’ve attracted a collection of active, affluent baby boomers who are very excited to move in.” This luxury property will include a fitness center, a 20-meter lap pool, jacuzzi and spa, a yoga stretch room, a six-hole putting green and a platform tennis court.

In addition to the new residential construction in Downtown Sarasota, builders are actively building homes again in Lakewood Ranch, Bradenton and other parts of Sarasota. Taylor Morrison has just opened a sales office for its “Esplanade by Siesta Key” community in the southern part of Sarasota. This new development be an active lifestyle community with resort-style amenities. When complete, it is expected to contain 247 single-family homes in Sarasota within minutes of Siesta Key beaches.

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March Property Sales Highest Since August of 2005

By | April 17, 2013

a-housing-graph

a-housing-graphProperty sales in the Sarasota real estate market remained hot in March 2013 and for the first quarter of 2013. The March 2013 sales figure of 887 was the highest total since August 2005, and for the full first quarter, sales were 11.3 percent higher than in 2012.

Members of the Sarasota Association of Realtors sold 628 single family homes and 259 condominiums in March 2013. That compared to 504 single family homes and 29 condos sold in February 2013, for a 21-percent increase over last month and 6.7 percent higher than March 2012.

The huge number of sales coincided with an impressive increase in the median sales price, especially for single family homes. The figure of $210,000 for single family homes was the highest since August 2008 – nearly five years ago. For condos, the median was $182,000. The condo figure has fluctuated substantially over the past few years, dropping to a low point of $127,000 in July 2010 after soaring to $420,000 at the start of 2007.

Pending sales, which predict future closings, were at 1,221 – the highest figure in the past seven years, and one of the highest in SAR’s history. Pending sales stood at 1,138 in February and 1,047 in January, continuing the amazing streak since the start of 2013. The statistic represents properties that went under contract during the month, and indicates sales in April and beyond could also be at high levels.

The available inventory remained near the lowest level in a decade, declining to 3,643 from February’s figure of 3,790. The inventory is 18 percent lower than in March 2012.

To view the full press release along with statistical charts click here.

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Sarasota Foreclosures May Just Increase

By | March 12, 2013

Foreclosure-SignRealtyTrac Inc. just released the top fifteen best markets to buy a foreclosure this year and Sarasota placed #15! They are pointing to a new study that predicts a growing supply of deeply-discounted bank repossessions. This study adds weight that it is expected that another wave of defaults will hit the housing market this year, adding to inventory and also slowing price appreciation. RealtyTrac also reported that it takes an average of 157 days to sell a bank-owned property in the area with an average price of just over $127,000, representing about a 38% discount over the area’s traditional sales.

Three other Florida markets placed in the top 15 including Palm Bay at #5, Daytona Beach-#7, and Pensacola-#10. Cleveland, OH topped the list at number 1 as the best market to buy a default property this year. The Sarasota market is surely switching over to a Seller’s market. Thanks to Josh Salman with The Sarasota Herald Tribune for supplying the research.

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January 2013 Real Estate Sales Up 22 Percent Over Last January

By | February 23, 2013

business graph in blueThe Sarasota real estate market saw sales leap by 22 percent in January 2013, compared to January 2012 – a great start for the new year, and evidence that the 2012 real estate market boom is continuing unabated.

Members of the Sarasota Association of Realtors® sold 626 properties in January – 466 single family homes and 160 condominiums. That compared to 365 single family homes and 148 condos sold in January 2012. The January sales represented a drop off from the December 2012 total of 828 sales. A similar decrease was seen last year from December to January. In 2012, sales increased markedly in February, March and April, climbing to 886 closed transactions in April before dropping off slightly in the summer months.

Pending sales, which predict future closings, were at 1,047 in January – the highest level in nine months, and well above the pending sales reported in January 2012 (963). This statistic, which represents properties that went under contract during the month, indicates the February sales could also be at a healthy level.

The available inventory remained near the lowest level in a decade, but rose somewhat in January 2013 to 3,846 from the December 2012 total of 3,657. The figure was still 1,000 fewer properties than in January 2012.

“We are seeing some sellers returning to the market to take advantage of the spring buying season, so our inventory level has increased slightly,” said SAR President Roger Piro. “The biggest current trend remains the high level of market activity – foot traffic at open houses, competitive bidding for available homes, and tremendous volume of sales.”

To view the full press release with statistics click here.

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Sarasota Market Nearing 4th Best Year Ever

By | December 18, 2012

a-housing-graph

a-housing-graphThe Sarasota Association of Realtors just released the sales figures for the month of November. We are on pace to see the fourth highest number of annual sales in SAR’s 90-year history in 2012, after members sold 764 properties in November 2012, a robust 29 percent increase over last November’s figure of 602 total sales. The sales total was also 8 percent higher than in October, when 719 properties changed hands.

The category totals were 556 single family homes and 208 condos sold, compared to last November when only 435 single family and 167 condos were sold. This summer and fall, the market has remained extremely active, with open houses experiencing heavy foot traffic and multiple offers reported on many available properties. The available inventory remains near the lowest level in a decade, and the improving economy and employment picture have also helped fuel the real estate market recovery.

Click here

<a href=”http://www.sarasotarealtors.com/files/monthlystatistics/Dec2012Stats121214123214.pdf“>here</a>

to view the full press release.

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The Current State of the Real Estate Market in Sarasota

By | November 27, 2012

The Sarasota real estate marketplace is a much healthier place than it has been for over five years.  The median sale price for single-family homes now stands at $169,950, while condo prices surged to $175,400 from last year’s median prices of $140,000. condos.

Across the United States, home prices are continuing to strengthen, according to the CoreLogic Home Price Index (HPI).  The index showed that home prices increased by 4.6% last month, the  biggest year-over-year increase since July 2006.  Sarasota, being one of the most attractive places to live, work and retire,  is simply leading the way back to a healthy real estate market.

The inventory of single-family homes for sale is near a 10-year low with only 4.4 month supply of single-family homes currently available in this market.   The availability of condominiums, while still above the  equilibrium level has fallen from 11.1 months last year to 8.5 months today.  The term “months of inventory” represents the time it would take to deplete the current inventory at the current sales rate.

The news is unambiguous and clear.   The Sarasota real estate market has recovered and is no longer a “buyer’s  market” where prospective buyers are at an advantage.  There are still attractive homes attractively priced in the Sarasota, Lakewood Ranch and Bradenton area  for those willing to get involved immediately.  And with slightly more than an equilibrium number of condominiums on the market, there are still a few bargains available to those seeking an in-town or waterfront condo property.

I would be delighted to show you the many luxury home and condominium options available to you throughout the Sarasota real estate market including those on our gorgeous barrier islands, Longboat, Lido, Bird, Siesta and Casey Key.

Come experience Sunny Sarasota Florida. To learn more about Sarasota’s golf courses, soft beaches, friendly neighborhoods, or cultural amenities ?  Request my Free Sarasota Florida Real Estate Package or call me directly at (941) 724-3352.

Use my Sarasota real estate expertise to find your perfect seasonal or year-round property in Sarasota Florida or in the neighboring communities of Bradenton, Siesta Key, Osprey and Venice.

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Tara Golf & Country Club

By | November 20, 2012

Tara Golf & Country Club

Tara Golf and Country Club is located in Southeast Bradenton, approximately 1 mile west of I-75 on State Road 70.  The mostly non-gated, deed restricted  community consists of 16 smaller communities of condominiums, villas, townhomes and single family homes built from the late 1980’s to early 2000’s.  They range in price from $85,000 to $300,000.

The community is nicely located for easy access to many amenities.  Whether you are a traveler, snow bird or are expecting many guests, it is always nice to be close to our airports.  Tara is approximately a 1 hour drive to the Tampa International Airport and quick 15 minute drive to the Sarasota/Bradenton International Airport. For local beach visits, a little over 20 minute drive gets you to the award winning Siesta Key Beach, Anna Maria Island Beaches or beautiful Lido Beach.

The community of Tara Golf and Country Club (www.taragcc.com) is considered a “bundled community”, meaning the property owners are members of the country club and collectively own the common property, including the private country club.  Membership is required and transfers with the sale of the property.  All properties either have membership or are eligible to purchase club membership, if available.

The community is in the district of Tara Elementary, Braden River Middle and Braden River High Schools.  Both Elementary and Middle schools consistently receive an A grade from the State of Florida, with the High School coming in with a consistent B grade.  There are a few great private schools in the area as well.

The facilities of Tara Golf and Country Club recently underwent a complete renovation in 2009, for a total of $7.5 million dollars!  The renovation included both restaurants, Scarlett’s Restaurant and The Grille Room, the club house, as well as the Ted McAnlis designed, 120 acre golf course.  Additional amenities on property include, a driving range, putting green, pro-shop, state of the art fitness center, two tennis courts and heated swimming pool.

The club offers two types of membership, Class A full membership, which provides access to golf and all the other amenities the club has to offer, and Class B Social Membership, which provides access to clubhouse, pool, tennis, fitness center and limited golf at guest rates.  By local standards, the rates for these memberships are very reasonable.  Class A Membership requires a $3041 initial capital contribution and is currently $4380 per year or $365 per month.  The Class B membership requires a $1014 one time capital contribution and is $1632 per year or $162 per month.  Members are also required to pay the Tara Master Association fee of $489.47 per year, as well as an annual dining minimum of $720.

Note:  Rates are according to Tara Golf & Country Club schedule of fees at www.taragcc.com and are subject to change.  Please have your agent verify before purchase.

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Sarasota Real Estate Market Update

By | October 23, 2012

The Sarasota Association of Realtors just released the sales statistics for the month of September showing that members sold 648 properties in September 2012, up almost 14 percent from last September, when only 570 transactions were closed. The figure was down almost 21 percent from the 819 sales in
August 2012, continuing the historic trends that normally show a sales lull in the early autumn.

The category totals were 500 single family homes and 148 condos sold, compared to last September when only 430 single family and 140 condos were sold. This summer was an exceptional one for local Realtors® who normally have a respite after the spring season. This year, traffic at open houses has been heavy and multiple offers on available properties have become the norm. Part of the reason for this has been the continuing decline in the inventory of available properties on the market.

Click Here to view the full report.

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July Sales Continue Hot Streak for Sarasota Real Estate

By | August 17, 2012

The Sarasota Association of Realtors just released the sales statistics for last month. The Sarasota real estate market remained active and strong in July 2012, with 699 closed sales reported by members of the Sarasota Association of Realtors. The total was 16.7 percent higher than the 599 sales reported in July 2011. The breakdown was 523 single family homes and 176 condos sold.

The normal seasonal influx of buyers tends to drop shortly after the Easter holiday, but this year higher sales have continued into the summer months. Real estate agents and brokerages have reported a busy and extended season, which resulted in a second quarter in 2012 that was statistically the best in seven years.

Click here to see the full report and statistical charts.

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