Updates

Sarasota Real Estate Sales Strong in May

By | June 25, 2014

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The Sarasota Association of Realtors just released the sales statistics for the month of May which show the early summer started as hot as the spring in Sarasota County for property sales, with exactly 1,100 closed sales reported in May 2014 – 747 single family homes and 353 condominiums. The figure was slightly lower than April’s total of 1,195, and also slightly lower than last May, when 1,127 closings were reported in the My Florida Regional MLS system. The first five months of 2014 remain ahead of the scorching pace of 2013, an historic year for property sales in the county with the second highest number of sales in SAR’s 91 year history.

“Sarasota County real estate is such an amazing success story in the past two years, particularly coming from where we were in 2010,” said Sarasota Association of Realtors ® President Peter Crowley. “I think this is a tribute not only to our home market, which is one of the best in the nation, but also to our collective group of SAR brokers and agents who have truly upped their game. We emerged from a tough environment and are now leading the pack.”

Click here for the full press release http://www.sarasotarealtors.com/files/monthlystatistics/May2014Stats14062335206.pdf

 

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March Real Estate Statistics for Sarasota

By | April 29, 2014

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a-housing-graphProperty sales in Sarasota County for March 2014 topped 1,000 for the first time since May 2013, repeating a spring sales surge witnessed in the past few years. In addition, distressed sales remained far below the levels experienced four years ago (see P. 14 article), indications of a strong market returning to historic norms.

Median sale prices for single family homes and condos also continued to reflect a stable market, with no signs of wild price swings. Single family prices have been remarkably even for the past 12 months, while condo prices have also stabilized.

To view the full press release visit the Sarasota Association of Realtors website at http://www.sarasotarealtors.com/files/monthlystatistics/March2014Stats140422102558.pdf

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Links at Rosedale Continues to Grow

By | November 22, 2013

Rosedale EntranceThe Links, the newest phase of Rosedale Golf and Country Club, announced the recent approval of a second site plan featuring 221 home sites. Company officials report more than half of the 224 homesites in the original plat have already been sold or spoken for. The Links contains a total of 445 single-family home sites, many with premium water or preserve views. Builders have submitted 45 homes for permitting, some to be used as models and others for inventory or with sales pending. Rosedale Golf and Country Club was established in eastern Manatee County in 1993. The Links is situated on an adjacent 237-acre property and has been designed and built in keeping with the natural beauty and mature woodlands of the existing community.

 

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Sarasota Real Estate Sales in September

By | October 26, 2013

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a-housing-graphThe Sarasota Association of Realtors recently reported that property sales in September 2013 in Sarasota County hit 817 (545 single family homes, 272 condos), 22.5% higher than in September 2012. However, the total sales figure was down 14.6% from August 2013, when 957 sales were closed, mirroring a similar late summer drop last September.

To view the full report and statistics click here.

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NEW SARASOTA COMMUNITY! Esplanade By Siesta Key

By | November 28, 2012

There is a new 77-acre planned community literally 1 mile from Siesta Key on Stickney Point Rd. coming soon! Esplanade By Siesta Key as it is now called is planned to be built in 2013 and is expected to have up to 247 homes. Taylor Morrison is involved as the builder and the community is slated to have a heated pool, clubhouse, fitness center, sports courts, a fenced dog-walk “bark-park”, BBQ area and fire pit.

IF YOU HAVE ANY INTEREST in this community, please contact Joe Cleary of The Cleary Group NOW so we can keep you informed as to the progress of this new community and its super central Sarasota location! Email Joe at joe@theclearygroup.com.

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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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Sarasota Association of Realtors Reports Home Sales in Second Quarter at Highest Level since 2005

By | July 18, 2012

The market statistics have just been released by the Sarasota Association of Realtors. Here’s what the indications are. With 864 closed sales transactions in June 2012, the Sarasota real estate market achieved the highest level of quarterly sales in seven years, with 2,604 sales from April through June. The 864 closed transactions in June was also the second highest total since September 2005, yet another indication of a market that is achieving sales totals not seen since the 2003-2005 real estate surge.

The totals for June were 603 single family homes and 261 condominiums, for the combined 864 closed transactions. Sales were 18.7 percent higher than in June 2011, when there were 728 closed transactions. The June sales almost reached the April 2012 figure of 886, which was the highest total in seven years. The normal seasonal influx of buyers tends to drop shortly after the Easter holiday, but this year the higher sales appear to be continuing into the summer.

However, pending sales (which represent properties that went under contract during the month) did decrease in June, dropping to 860 after four straight months that topped 1,000. Pending sales are a major indicator of the future market sales totals. Last year the pending sales also retreated, from 841 in May to 754 in June, and this meant the spring surge finally did slow down in July. The current numbers seem to indicate there remains strength in the market dynamics through the middle of the summer.

Click here for the full press release and statistical charts.

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It’s A Great Time To Buy! The Basics of Supply and Demand in Sarasota

By | July 17, 2012

We get asked a lot, “When is the best time to buy a home here in Sarasota?” Well here is the answer… Based on historical data, the best months to typically get a better deal on a home is between July and October. Those are the months when we have the lightest Buyer traffic and when properties tend to sit on the market a little longer than usual. The old supply and demand law kicks in when we have fewer Buyers and more listings. In these times, there will be more Sellers who will be anxious to sell and can be found to make a better deal for the Buyer than if we were in the middle of our busier selling season. Common sense, I know, but an important piece of information. The data from Credit Suisse also shows our prices can typically be lower during those months. Come down to Sarasota and buy during the summer months! –Joe Cleary

Credit Suisse Historical Trends July 2012
(Information and research analysis is from Credit Suisse. Credit Suisse surveys real estate agents across the country each month about trends in buyer traffic levels, home prices, incentives, inventory levels, and the length of time needed to sell a home. In June, Credit Suisse received responses from 900 real estate agents across the country.)

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Three Types Of Lending For Investors

By | February 15, 2012

One of the most important aspects to investing in real estate is how you finance your property. Although all other factors may look favorable, having no or little access to good terms could be a deal breaker. Therefore, before doing anything else, it is important that you begin to line up some potential sources and explore what options are available to you.

There are various ways to start investing in homes, and each source has its own set of strengths and weaknesses. Your exit strategy, the condition of the property and various other factors will play a part in how you may be able to finance each specific investment. So let’s explore 3 of these top sources:

Traditional Financing

If one of your strategies is to buy, hold and rent, then using banks may be a safe bet for some of your investment properties. This is a source that can be considered up front when a property is in considerably good condition. Most banks will not support the financing of a fixer upper until repairs are completed, due to the amount of risk involved.

Therefore, you may need to spend a little extra time searching for those diamonds in the rough. Traditional financing is extremely favorable, because you can usually get some of the best interest rates, terms and closing costs when approved. The process certainly will take longer than using cash buyers or hard money lending for example, but it can be worth the wait.

Hard Money Lenders

For those who will either be flipping a property or would need to conduct significant repairs in order to refinance may want to consider building a relationship with a hard money lender. It is advisable to shop around to at least 2 or 3 in your area when possible to see which terms you find to be most favorable.

These loans will come with much higher interest rates (typically 12% or more), points and some type of balloon payment near the end of the agreement. Hard money may be offered for 6 months to a year while the repairs are made, until the home is ready to be sold or refinanced for better rates.

It is important that investors are prepared to either rent out or lease-to-own their property if perhaps the home is unable to sell on the market quickly enough. Also, newbie investors beware! Flipping houses can be more difficult that it may seem, and you must have a solid plan in place so that you are not forced into a tight financial situation.

Private Lending

Before ever considering this option, it is strongly encouraged that you talk with a local attorney that specializes in SEC policies. Laws can vary on a state by state basis, so it is important that you have a good understand of those guidelines before building any relationships with private lenders.
However, when done correctly this can be a powerful resource available to you, that doesn’t require credit checks or adhering to all the strict guidelines enforced on mortgage companies. Private lenders can be nearly anyone who has access to the necessary funds for your purchase (i.e. your doctor, friends, family, or investor club).

Typically private lenders can receive anywhere from around 9% and up for their investment, which is secured by the property and can be a great investment for them based on today’s rates. Loans can be negotiated on a property by property basis so that each investor only funds the deals that they are comfortable with.

With these 3 examples alone, you may have all that is needed to start funding real estate deals. Therefore, take action now and begin building the relationships and networks of lenders that you will need in order to start investing.

Are you in need of referrals? Contact us today to access a list of preferred lenders that we will recommend for your investment business.

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Lakewood Ranch Ranks #9 in Top Selling Master-Planned Communities in the US

By | February 9, 2012

Nothing is so fine as being number nine!

Lakewood Ranch has just been ranked as the ninth best selling master-planned community in the United States!

The California-based John Burns Consulting has ranked Lakewood Ranch in the top 10 selling master-planned communities in the United States, with 391 new home sales in 2011.

Coming in at number 9, Lakewood Ranch outpaced many other well-established and iconic communities such as Stapleton in Denver, Summerlin in Las Vegas and more.

With the new sports campus, new commercial construction this year totaling upwards of $150 million, and new rental projects springing up, Lakewood Ranch has become the premier new-home destination on Florida’s West Coast!

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