Sarasota Home Sales Continue To Improve

Sarasota - Bradenton home sales recorded a sharp increase in November. Single-family homes sales in the Sarasota-Bradenton market rose by 17% over November, 2010 and up another 2% from October. Including condominium sales, the overall market was up by 12.7% The median sale price increased from October to November by 11%.

Sarasota area prospective buyers are beginning to confront multiple offers competing with their own on the more attractive properties, something that hasn't happened for quite some time. Real estate investors are no longer making low-ball offers. Recently, they are finding that if they really want to make the purchase, they need to make offers at or real close to what the properties are actually worth.


In the "under $450,000" price range, there is only a 6.1 month supply of homes and condos on the market. Six months of inventory is the point at which buying and selling pressure are considered to be equal. If you add, the homes already under contract for sale, but not yet closed, the supply of homes and condos available drops to 4.6 months, which would qualify the local real estate market in the "under $450,000" range as a "seller's market" where prices begin to rise.

The higher end of the market is not experiencing the same rate of recovery, though inventories have dropped from about 675 properties for sale in the "over $1.0 million" price range a year ago to about 530 now. Some properties have been taken off the market, but others have sold.

Local Realtors note that, given the improving market condition, banks are increasing the pace at which they are putting distressed properties on the market as short sales but these are expected to be bought up reasonably quickly by the increasing number of prospective buyers during the snowbird months.

In a recent Today Show real estate report, Barbara Corcoran 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.

Overall, several positive forces finally seem to be coming together. The lower inventory of homes for sale is stabilizing, and even beginning to put upward pressureon, prices. Banks are moving more quickly to get their inventoried properties on the market rather than letting them go into foreclosure where the condition of the home frequently degrades quickly. People, in general are feeling more upbeat than at any time in the past three years according to the Consumer Confidence Index. And, there are more buyers in the Sarasota real estate market who are looking to buy a home or condo now at these historically low prices and interest rates.

If you are visiting our area now or planning to come to Sarasota in the near future, I encourage you to call me at 941-266-1799 today or E-Mail Me. I also invite you to visit my Sarasota real estate website to learn more about our area and the many attractive golf course, in-town, and waterfront communities in the Sarasota and Bradenton, Florida including Lakewood Ranch, Anna Maria Island and our island keys, Longboat, Lido, Siesta and Casey Key.

Where People Are Hunting for Homes

The Sarasota Bradenton Area is the # 1 Spot

  Forbes Magazine recently reported that some of the Sunbelt cities hardest hit by the bursting of the housing bubble may be about to get a boost from the flock of snowbirds and retirees heading south for the winter beginning in the past month or two.

  Nearly 90% of people who buy homes begin their searches on the Internet. Forbes recently reviewed a report issued by Trulia.com, an Internet search site frequently used by those searching for a new home. That report suggested, according to Jed Kolko, chief economist and head of analytics at Trulia, that “where people are searching for properties on the Internet is a strong indicator of which real estate markets are 'picking up strength' and where demand for homes is growing.”

  On the approxoimately roughly 100 million home searches on Trulia.com between July 1st and the end of September, Trulia correlated the location of searchers and the locations where they were searching for homes. The report, which Trulia calls the "Metro Movers Report," is an index which suggests which real estate markets are likely to get a boost from people moving there.

  All of the top 10 cities where real estate is “picking up strength” are in the Sun Belt, but Florida dominates the list with 5 metropolitan areas in the top 10.

  The # 1 spot where real estate "is picking up strength" is the Sarasota - Bradenton - North Port area. The Sarasota – Bradenton area was followed in the top 10 by 4 other Florida cities including Fort Lauderdale - Pompano Beach at #4, Cape Coral-Fort Myers at #5, West Palm Beach-Boca Raton at #6, and Orlando - Kissimmee - Sanford at #10.

  Another sign of the improving health of the Florida real estate market was reported by the Florida Association of Realtors. On both Florida coasts, existing home sales have picked up considerably this year. Even in the slow summer and early fall months, the Sarasota - Bradenton area saw a significant uptick in existing home sales.

  The resurgence of interest in the Florida real estate market, and especially the Sarasota - Bradenton area is attributed to two main factors. The first is bargain-hunter investors buying up real estate properties at what are historically low prices.

  The second source of interest is the huge numbers of Baby Boomers, moving into their retirement years, who have wanted for some time to buy a home or condo in a warmer climate but who were put off by the sky-high prices in recent years. These buyers, as they return for their winter stays in rental units, seem to understand that Sarasota area home and condo prices are about as low as they are likely to go.

  With both home prices and interest rates at historic lows, waiting until the economy picks up further in 2012, may be too late to get the best property at the best price. So, if you are a real estate investor or a Baby Boomer and you've been "on the fence" about when would be the right time to buy, right now is that “right time.”

  Id you are a golfer, you may want to review the many Sarasota area golf communities. If you are a boater or beach lover, check out my descriptions of the many wonderful Sarasota waterfront communities. Or, if you porefer the urban lifestyle, take a few minutes to review the most popular Downtown Sarasota Residences on my website. For immediate information, call me directly at 941-266-1799.

Introducing Harbour Towne Yacht Club Condos on Siesta Key

  Originally this Siesta Key community was developed as a deep-water marina, but in 1982 it was converted to residential units to accommodate boat owners who need deep-water docking facilities. Today, Harbour Towne Yacht Club is a gated community of 50 upscale town home style condominiums, each with an attached garage.

Residents of this community also enjoy a community clubhouse, a heated swimming pool, spa and hot tub, a tennis court and a fishing pier. Owners may have one small pet. For those seeking an income property until they are ready to retire, these units may be rented for a minimum term of 1 month.

With a 25 foot-deep canal and docking and no bridge or other obstructions between your own dock and Sarasota Bay you have access to open waters in the Bay and from there to the Gulf of Mexico. Harbour Towne is ideal for power boat ans sailing enthusiasts seeking the secure, yet maintenance-free condominium lifestyle. Prices range from the $400's for 2 bedroom, 2 bath units up to the low $600's for larger units with up to 3 bedrooms and 3 baths.

Right across the street lie the delightfully crystalline quartz sands of famous Siesta Key Beach. Harbour Towne is also convenient to the eclectic shopping, dining, and recreational opportunities of Siesta Key Village and a short drive to all that downtown Sarasota has to offer with its wide array of upscale shopping, dining, entertainment and cultural venues.

I would be happy to introduce you to the delightful Sarasota waterfront lifestyle available to you on Siesta Key in general, and at Harbour Towne and other similar waterfront communities.

Providing you with accurate and comprehensive Siesta Key waterfront real estate information is my goal. I invite you to learn more about Siesta Key and other Sarasota waterfront communities. Request my free Sarasota Real Estate Information Package or call me directly at (941) 266-1799 for more immediate assistance.

Single Females Are Becoming a Major Force Among Home Buyers

The National Association of Realtors (NAR) recently reported that single women are quickly becoming a significant percentage of the total number of home buyers in the U.S. real estate market. Last year 20% of all home buyers were single women.

According to the NAR, single women aren’t just purchasing more homes. They are growing savvier about the whole home buying process, being much more likely to ask piercing questions and demanding straight answers to their questions regarding prices, features, financing options, etc. And it is not just young single professional women who are buying homes, the range of single female buyers varies all the way from young singles to post-retirement women.

Due to the increasing number of single women buying homes, Sarasota area builders and real estate agents are both "stepping up their game" both in their advertising and other marketing media to appeal to this large new segment of Sarasota Florida area buyers. Builders across Sarasota and Manatee County are increasingly offering new homes with more extensive security features, low- or no-maintenance yards, gourmet kitchens, more spacious bathrooms, softer color schemes - all features that appeal much more to female than to male buyers.

“When a woman is shopping for a home with a man, she tends often to defer to the man's desire for a garage, a workshop, or a work-at-home office,” says Rich Stover, a noted Sarasota Florida real estate agent. He adds, "when a woman is buying a home for herself, she tends to be more interested in whether or not she may need to make major changes to the home to make it fit her own personal lifestyle, interesta and needs."

As the Sarasota Florida real estate market continues to struggle with few signs of improvement, it behooves everyone involved in the real estate business, including those trying to sell a home, to pay attention to trends like this and tailor their plans and actions appropriately.

For example, we all know how important "curb appeal" - the first view from the street - is in successfully marketing a home. If, for example, you were attempting to sell a home or condo in Sarasota or Bradenton Florida right now, it might be worth considering what interior changes might make the home more attractive to single female buyers - applying more neutral or warmer wall colors, removing mainly masculine decor items and making the kitchen and baths sparkle even more with spotless tile, flawless faucets and warm, coordinated colored towels on the rack. Little things like this can make a big difference in the "interior appeal" of a home to a single female buyer.

If you have a home or condo to sell in the Sarasota - Bradenton real estate market, I'd be happy to give you advice to help make your home more "female-friendly." Call me at your convenience 941-266-1799 or E-Mail Me.

Mortgages for Higher-Priced Homes At Risk

It was reported this past week that beginning on October 1, 2011, Fannie Mae and Freddie Mac, the two home mortgage giants, have announced that they will reduce the size of the maximum mortgage they will buy from banks and other mortgage originators from 125% of the local median home price with a maximum of $729,750 back to the prior limit of 115% of the local median home price with a maximum of $625,000. The U.S. Treasury Department had recommended in February that Congress let the conforming loan limits reset as Fannie Mae had announced plans to do in November, 2010.

If this change takes place, the effect on buyers of higher-priced homes or homes in higher-prices communities will be felt in Florida and nationwide. According the the Federal Housing Finance Administration, 204 counties, or 6.5% of the 3,143 counties in the U.S., will see a decrease in their high-cost conforming loan limit. Those counties in Florida and other states contain 20.7 million owner occupied homes or 27% of the 75.3 million homes in the country.

In 2008, the limit on the size mortgage Fannie Mae and Freddie Mac would guarantee or buy from banks and other mortgage originators had been $417,000 for single-family homes, except in what were deemed to be high cost markets, where the limit was 115% of the local median home price with a maximum of $625,000.

At that time, Congress increased the size of mortgages Fannie Mae, Freddie Mac and FHA could guarantee or buy from 115% of the local median home price limit up to $625,000 up to 125% of the local median home price with a new maximum of $729,750. This increase meant that families seeking to buy higher-priced homes could now qualify for the more lenient down payments and interest rates associated with so-called “conforming” mortgages.

In anticipation of this upcoming reduction, a number of the major banks, including Bank of America, JP Morgan Chase and Wells Fargo, have already stopped accepting applications for mortgages of more than the new limits.

Most banks and other mortgage originators do not want to keep home mortgages “on their own books.” They want to sell them to Fannie and Freddie. Under the new limits, home buyers of higher-priced homes who would have benefitted from these “conforming” mortgages will find that they will now be required to have cash on hand to cover down payments of 20% or more. Interest rates, now at or below 4.5% are expected to jump to 5.0% or more. While some home buyers will be able to meet the stiffer requirements, many will be forced to buy a smaller home or simply put off their plan to buy a home altogether. Overall, the drop in the maximum size for conforming mortgages will be one more unwelcome force tending to depress home prices, something the U.S. housing market certainly does not need at this point.

In a joint letter released last week, the Mortgage Bankers Association and more than a dozen other industry groups warned that failing to extend the limits, as currently planned, will further delay a recovery in the housing market. The letter said, in part, “With tight underwriting already constraining mortgage availability, lowering the loan limits will only further restrict liquidity… Extending the existing limits at levels appropriate for all parts of the country will provide homeowners and home buyers with safe, affordable financing and help stabilize local housing markets.”

A bipartisan group of 37 Congressional lawmakers sent a letter to the House Appropriations Committee recommending an extension of the current conforming limits for two more years until october, 2013. The group, led by Rep. Gary Ackerman (D., N.Y.) and John Campbell (R., Calif.), urged the committee to attach such a provision to a temporary funding measure that would keep the government running when fiscal 2012 begins on Oct 1st.

If you are considering buying a home on which you would need a mortgage in excess of the basic $417,000 limit, you may want to contact your Congressman and Senators to support extending the current maximum limits for Fannie Mae and Freddie Mac conforming mortgages.

If you would like further information on homes and home mortgages in the Sarasota and Bradenton, Florida home market, I invite you to E-Mail Me or call me at 941-266-1799 at your convenience. You may also want to visit my Sarasota Florida real estate website.

Does Sarasota Florida Have a Place in Your Future ?

Here’s an interesting statistic, I found just recently. There are 78 million baby boomers in the U.S., and professionals predict that one-sixth of them will spend at least part of their lives in Florida. That means that there are almost 13 million people who need to be considering where they would like to settle in the State of Florida in the next decade.

When those future residents look for the most attractive places to live in Florida, I’m betting the Sarasota – Bradenton – Lakewood Ranch area will be high on their list of “most attractive places.” Here’s why:

For starters, Americans Style Magazine ranked Sarasota 5th and Bradenton 10th on it’s list of the “Top 25 Small Cities.” Money Magazine listed Sarasota among the “Nation’s 15 Most Livable Communities” calling it a city with the charm of a smaller southern town with the conveniences of a big city. CNBC said Sarasota Florida is one of the “Most Popular Retirement Destinations.” And, AARP Magazine listed the Sarasota – Bradenton area as one of the four “Best Places To Reinvent Your Life.”

For golfers, the greater Sarasota Florida metropolitan area has over 80 golf courses ranging from public courses to semi-private and private courses which will challenge every level of play. Many of these golf courses lie within master-planned golf course communities like Lakewood Ranch. Residents of the Lakewood Ranch golf course community enjoy a casual, yet comfortable, lifestyle in a community of ten neighborhoods with homes and condos spanning a fairly wide range of sizes with prices ranging from the mid $200′s to over $2 million.

For lovers of the sun and surf, there are 35 miles of white sand beaches stretching from Anna Maria Island on the north to Venice and Northport on the south. The beach on Siesta Key was voted the “Top Beach in the U.S.” in 2011, with the softest, whitest quartz sand in the world. And for lovers, nowhere will you find more romantic sunsets than along the beaches for the Florida West Coast.

The area is known as “Florida’s Cultural Coast”; home to the renowned Ringling Art Museum, Sarasota Orchestra, Sarasota Ballet, Van Wezel Performing Arts Hall and Asolo Theater as well as many art galleries, jazz clubs and local theater groups like the Manatee Players in Bradenton and the Little Theater in Venice. Downtown Sarasota offers dozens of upscale shops and restaurants. And no one disputes the charm of the eclectic shops at famous St Armands Circle. For a less formal experience, Village of the Arts is a vibrant artist community in Bradenton.

Sailing enthusiasts, powerboat owners, scuba divers and fishermen spend relaxing times on the warm waters of Sarasota Bay and the Gulf of Mexico. Some waterfront communities even offer deep water marinas, yacht clubs and fishing docks.

Sarasota and Manatee County schools serve over 80,000 students in both public and privates schools. Nearly 80% of Sarasota teachers have post-bachelor degree training. Two-thirds of our high school graduates go on to college; many at local colleges including University of South Florida – Sarasota, USF – New College, Ringling School of Art & Design, University of Sarasota, Eckerd College, and The State College of Florida – Manatee – Sarasota.

If your youngsters, or grand children, enjoy educational experiences, they, and you, will enjoy the G.Wiz Science Museum, the Sarasota Jungle Gardens and the Mote Marine Laboratory in Sarasota and the South Florida Museum and Bishop Planetarium in Bradenton. Just up the road in Tampa, the world-renowned Florida Aquarium offers a truly unique experience. All offer informative displays and tours attractive to kids “of all ages.”

Sarasota, Bradenton and our Islandd Keys, Lognboat, Lido, Siesta and Casey Key offer the widest possible variety of residential living spaces from downtown high-rise condos, penthouses and townhomes to golf course communities and waterfront communities in price ranges to fit every desire you may have.

Whether you're a “snowbird,” a one-time visitor, a professional, or an employee being relocated to the fast-growing Florida West Coast, you should get to know the Sarasota - Bradenton - Lakewood Ranch area on Florida's Sun Coast. This may, in fact, be "the place you'll want to call home" right now or in the future.

Would you like to know more about the Sarasota Florida real estate market in general, or the cultural, shopping or recreational amenities of Sarasota ? I'd be happy to send you my free Sarasota Florida Real Estate and Lifestyle Package. Or, if you prefer, call me directly at (941) 266-1799 or toll-free at my office at (800) 966-2334 or E-Mail Me today.

So Many Things to See and Do in Sarasota

  There are so many things to see and do in the Sarasota Florida area that you can fill an entire year and never go to the same place or event twice. Yes, there are attractions that almost everyone has visited, but there are many more that only locals seem to know about. Yet, they are fun things to see and do by yourself or as a family regardless of your age or interests.

  Sarasota and Manatee County together offer over 80 golf courses – one for everyone and every level of play. Some are private with luxurious country clubs, some are semi-private and many are public courses.

  And, of course, there is Siesta Beach, named the #1 beach in the world in 2011 by Dr. Beach. Miles of fine white sand stretch along the Gulf of Mexico perfect for building sandcastles, taking a stroll or just soaking up the sun. But you may also want to try the more laid-back atmosphere at Crescent Beach or the shell-collecting on the coarser sand at Turtle Beach on Siesta's southern end.

  The Ringling Museum of Art at 5401 Bay Shore Road, Sarasota anchors Sarasota’s art scene with a world-famous collection of paintings including Rubens canvasses, You can also tour Ca D’Zan, John Ringling's mansion built in the Venetian-Gothic architectural style. There’s also a collection of circus memorabilia housed in the Ringling Circus Museum.

  And few miss St Armands Circle on Lido Key where you’ll experience the ambiance of exotic lands and far away places in a collection of eclectic shops and casual eating establishments. Fulfill your shopping passions with fashion elegance, fine collectibles, antiques, crystal, china and precious gems.

  Then, there is the Jazz Club of Sarasota, the most active jazz club in the United Sates with over 80 concerts and lectures each year. Founded in 1980 by the late Hal Davis, the former publicist for Benny Goodman, the club has about 750 members and is growing. The Jazz Club sponsors, with the Van Wezel Performing Arts Hall, the annual Sarasota Jazz Festival, one of the major U.S. jazz festivals.

  For another outing, visit the Mote Marine Lab where you and the kids can explore the secrets of the sea through touch pools, viewable-working labs and high-tech interactive exhibits that showcase the world-renowned research of Mote Marine Laboratory. You'll see sharks, dolphins, manatees and sea turtles, along with more than 100 other species of marine life.

  But have you experienced the Children’s Garden and Art Center at 1670 10th Way, Sarasota. It is a truly enchanted place whimsically designed for kids. There is a pirate ship, secret garden, a maze, a tree fort and slide, fairy gardens, the three little pigs' house and a dress-up room. Kids of all ages love to follow the yellow brick road to a world of magic.

  The Crowley Museum and Nature Center at 16405 Myakka Road, Sarasota is a 190-acre wildlife sanctuary with 5 native Florida habitats and historic 1800's pioneer buildings and a museum.

  The Banyan Theater Company is an award-winning professional theater company which performs mainly during the summer months. Their three-play season begins in late June and ends in late August,

  Only in Sarasota can you experience the "Greatest Little Show On Earth," at the PAL Sailor Circus, celebrating its 60th Anniversary this year with the country's longest running Youth Circus. At the shows each year in March and April, it's hard to realize that the 120 performers in this spectacular Circus Show are Sarasota's teenagers. They juggle, walk the high wire, do acrobatics, unicycle, flying trapeze and much more.


  Or, the G.WIZ - The Science Museum at 1001 Boulevard of the Arts in Sarasota has as its mission to be the gateway to lifelong adventures in science by showing that the world around us is amazing, breathtaking and full of unanswered questions. GWIZ offers an interactive gallery, critter habitat and “Fab Lab” as well as on-going programming for residents, school groups, community groups and tourists. Children from 1 to 5 years old will love the chance to explore science in the Itsy Bitsy Scientists program

  Historic Spanish Point in Osprey, just south of Sarasota offers tours of a 30-acre archaeological, historical and environmental museum located on Little Sarasota. Visitors experience "A Window into the Past," the only museum exhibition in the world built inside a prehistoric shell mound. The colorful gardens and the Butterfly Garden will delight your senses. Nature trails wander through native coastal habitats accentuated by a long boardwalk providing stunning views of Sarasota Bay.

  This list could go on, but we think you get the point. There’s also fine dining and an eclectic mix of shopping venues. There are many, many things to see and do that make Sarasota Florida, the surrounding communities of Bradenton, Anna Maria Island, Osprey and Venice and our Island Keys so attractive to buyers of homes and condominiums for either full-time or seasonal enjoyment, during a working career or in retirement.

  If you have found this article interesting and would like more information on Sunny Sarasota Florida, please contact me either by E-Mail or by filling out the brief Request for Sarasota Information form on my website.