This morning on the Today Show, Barbara Corcoran, Real Estate Correspondent, said Sarasota, Florida is the number one place in the NATION to buy a home today!
We Wanted to Share this Video From The Broadcast of The Today Show, For Those Who Have Visited Sarasota Before, This is no Surprise.
WATCH THE VIDEO HERE!
According to the interview, Sarasota prices have stabilized and are heading back up, and the community attributes (as we all know) - the beaches, the weather, the culture, the homes and the people - are too good to pass up!
Check it out! We're Number One!
Thursday, October 8, 2009
Friday, June 26, 2009
Siesta Key Beach Video
Check out this great video about why Siesta Key Beach is ranked the best beach on the mainland USA!
WATCH VIDEO
WATCH VIDEO
Tuesday, May 26, 2009
Siesta Key Beach ranked #2!
Siesta Key Beach has inched up to the #2 beach from the #3 beach last year in this year's "Dr. Beach" rankings. Read the full article from the Sarasota Herald Tribune.
Why not live at this famous beach? Check out our listings for homes and condos for sale on Siesta Key.
Why not live at this famous beach? Check out our listings for homes and condos for sale on Siesta Key.
Tuesday, May 5, 2009
Pending home sales rose in March
From today's Sarasota Herald Tribune:
By Aaron Kessler
Published: Tuesday, May 5, 2009 at 1:00 a.m. Last Modified: Monday, May 4, 2009 at 8:00 p.m.
Pending home sales rose by an unexpected 3.2 percent in March, adding to mounting evidence in Southwest Florida that the housing market might be turning the corner.
The National Association of Realtors said that home buyers taking advantage of bargain prices, low interest rates and a tax credit for first-time buyers pushed the seasonally adjusted index of pending sales to a level that beat analysts' flat expectations and that was 1.1 percent above last year's levels, the first time that has happened since December.
Pending sales were up 8.5 percent in the South and 4 percent in the West, but dropped elsewhere.
Typically there is a one- to two-month lag between a contract and a done deal, so the index serves as a barometer for future home sales.
The national and regional results mirrored what parts of Southwest Florida has been experiencing. Pending sales for the territory covered by the Sarasota Association of Realtors numbered 817 in March.
The last time the figure was above the 800 mark was in March 2006. The 817 figure was 21 percent higher than the level a year earlier.
"Prices have come down, and buyers are jumping in," said Marc Rasmussen, an agent with Michael Saunders & Co. "A lot of people that have been waiting on the sidelines for a long time are getting in now."
The Sarasota Multiple Listing Service showed 2,400 single-family homes under contract to be sold, along with about 720 condominiums.
April and May traditionally have been a strong season for sales in Sarasota-Bradenton. As the season closes, buyers get motivated to take action.
"A lot of people start their search early in the season and decide for sure on what they want towards the end," Rasmussen said.
The driving force this time is price, he said. As sellers adjust themselves to the realities of the current market, buyers are responding.
A month-to-month increase in pricing during March, coupled with historically low mortgage rates for the region, has bolstered the notion that buyers arrived.
Realtors are also seeing what seemed a bygone boom phenomenon: multiple-offer situations.
"They're coming here and they want to secure something now," said Kathy Marlowe, a Lakewood Ranch-based agent for Keller Williams Realty. "People are saying they might not move here for 10 more years, but they want their property now."
Marlowe recently had one buyer from Ohio who chose eight properties to view, and by the time he flew down four had been sold. He put in offers on two of the remaining properties, but lost both to higher bids.
"He had to go up against four other offers, and wound up having to pay $5,000 over asking price to secure the property for himself," she said.
The region also has been experiencing something of an extended season, said Deborah Beacham, a Longboat Key-based Michael Saunders agent specializing in high-end properties. Sarasota-Bradenton could see a busy summer if the momentum holds, she said, noting that there were 19 sales pending for waterfront properties priced at $1.5 million and above.
Besides the pending sales figures, the Commerce Department reported that construction spending increased 0.3 percent in March, the best showing since a similar rise in September. Economists had expected spending to drop 1.5 percent for a sixth straight monthly decline.
New home sales have plunged 74 percent from their July 2005 peak. Sales of new homes hit a record low in January, posted an increase in February and then edged down 0.6 percent in March to a seasonally adjusted annual rate of 356,000 units.
Information from The Associated Press was used in this report.
This story appeared in print on page D1
By Aaron Kessler
Published: Tuesday, May 5, 2009 at 1:00 a.m. Last Modified: Monday, May 4, 2009 at 8:00 p.m.
Pending home sales rose by an unexpected 3.2 percent in March, adding to mounting evidence in Southwest Florida that the housing market might be turning the corner.
The National Association of Realtors said that home buyers taking advantage of bargain prices, low interest rates and a tax credit for first-time buyers pushed the seasonally adjusted index of pending sales to a level that beat analysts' flat expectations and that was 1.1 percent above last year's levels, the first time that has happened since December.
Pending sales were up 8.5 percent in the South and 4 percent in the West, but dropped elsewhere.
Typically there is a one- to two-month lag between a contract and a done deal, so the index serves as a barometer for future home sales.
The national and regional results mirrored what parts of Southwest Florida has been experiencing. Pending sales for the territory covered by the Sarasota Association of Realtors numbered 817 in March.
The last time the figure was above the 800 mark was in March 2006. The 817 figure was 21 percent higher than the level a year earlier.
"Prices have come down, and buyers are jumping in," said Marc Rasmussen, an agent with Michael Saunders & Co. "A lot of people that have been waiting on the sidelines for a long time are getting in now."
The Sarasota Multiple Listing Service showed 2,400 single-family homes under contract to be sold, along with about 720 condominiums.
April and May traditionally have been a strong season for sales in Sarasota-Bradenton. As the season closes, buyers get motivated to take action.
"A lot of people start their search early in the season and decide for sure on what they want towards the end," Rasmussen said.
The driving force this time is price, he said. As sellers adjust themselves to the realities of the current market, buyers are responding.
A month-to-month increase in pricing during March, coupled with historically low mortgage rates for the region, has bolstered the notion that buyers arrived.
Realtors are also seeing what seemed a bygone boom phenomenon: multiple-offer situations.
"They're coming here and they want to secure something now," said Kathy Marlowe, a Lakewood Ranch-based agent for Keller Williams Realty. "People are saying they might not move here for 10 more years, but they want their property now."
Marlowe recently had one buyer from Ohio who chose eight properties to view, and by the time he flew down four had been sold. He put in offers on two of the remaining properties, but lost both to higher bids.
"He had to go up against four other offers, and wound up having to pay $5,000 over asking price to secure the property for himself," she said.
The region also has been experiencing something of an extended season, said Deborah Beacham, a Longboat Key-based Michael Saunders agent specializing in high-end properties. Sarasota-Bradenton could see a busy summer if the momentum holds, she said, noting that there were 19 sales pending for waterfront properties priced at $1.5 million and above.
Besides the pending sales figures, the Commerce Department reported that construction spending increased 0.3 percent in March, the best showing since a similar rise in September. Economists had expected spending to drop 1.5 percent for a sixth straight monthly decline.
New home sales have plunged 74 percent from their July 2005 peak. Sales of new homes hit a record low in January, posted an increase in February and then edged down 0.6 percent in March to a seasonally adjusted annual rate of 356,000 units.
Information from The Associated Press was used in this report.
This story appeared in print on page D1
Friday, April 17, 2009
Evidence of life in home sales
Staff and Wire Reports
Published: Friday, April 17, 2009 at 1:00 a.m. Sarasota Herald Tribune. Last Modified: Thursday, April 16, 2009 at 6:36 p.m.
In a potential preview of next week's existing home sales, Sarasota Realtors say they sold 353 single-family homes and 128 condominiums.
The Sarasota Association of Realtors did not offer a comparative number from 2008, but said that sales were up 33 percent from February and at the highest level of the year.
The association took that as a signal that things might be bottoming.
In another good sign, pending sales -- those under contract but not yet consummated -- numbered 817 last month. The last time pending sales in the Sarasota market climbed to that level was March 2006. The 817 was 21 percent higher than this time last year.
The pending-sales level has risen above 500 homes for the 15th consecutive month.
"We believe the current climate of historically low interest rates, major incentives for first-time home buyers, and the many other government programs designed to stabilize the economy and the housing industry is all having a very positive impact," said Bill Geller, the association's 2009 president, in a statement on Thursday. "Every downturn is followed by an upturn – we know this to be true historically."
The Florida Association of Realtors is scheduled to release March sales statistics for the Sarasota-Bradenton, Charlotte County-North Port and Florida markets on April 23.
Meanwhile, housing construction plunged to the second lowest level on record in March, reversing a big jump from the previous month. Economists, however, were heartened by indications that the long slide in single-family construction could be coming to an end.
The Commerce Department said construction of new homes and apartments dropped 10.8 percent last month to a seasonally adjusted annual rate of 510,000 units. That was the second lowest construction pace in records that go back 50 years.
The decline was worse than economists had expected and February activity also was revised lower. Applications for building permits fell 9 percent in March to a record low of 513,000 units.
But economists noted the big movements in construction starts in March occurred in the volatile apartment sector, which plunged 29 percent to an annual rate of 152,000 units after having surged 62.1 percent in February.
The much larger single-family sector actually stabilized in March at an annual rate of 358,000 units, the same level as February when single-family starts managed a small 0.6 percent rise.
"The headline numbers are disappointing," wrote IHS Global Insight Economist Patrick Newport. "But the details indicate that the market for single-family homes is testing the bottom."
The March single-family building pace remains just half of the level of activity a year ago, "but stabilization would represent progress," said Ian Shepherdson, chief U.S. economist at High Frequency Economics.
Analysts cautioned that while housing sales and prices eventually will rebound, continuing home foreclosures and job losses likely mean that will take many months.
Joel Naroff, an economist at Naroff Economic Advisers, said the steep slump in housing has trimmed a percentage point from overall economic growth for the past two years so even a stabilization at low levels would help.
"The bad news is that home construction is still in the tank. The good news is that single-family activity may finally be stabilizing," he said.
The drop in construction in March followed a 17.2 percent surge in February, an unexpected gain driven by the big increase in apartment activity.
The 510,000 unit pace for total construction is the second lowest in government records dating to January 1959. The record low was a 488,000 unit pace set in January.
For March, the biggest decline was a 26.3 percent drop in the West followed by a 16.8 percent fall in the South. Construction activity rose 15.9 percent in the Midwest and 6.3 percent in the Northeast.
The setback in housing starts came after more upbeat reports showing tentative rebounds in sales and builder sentiment.
The National Association of Home Builders reported Wednesday that its gauge of builder sentiment posted its biggest one-month jump in five years in April.
While still near historically low levels, the trade association said the index rose five points to 14, its highest reading since October. The trade group includes industry heavyweights such as Centex Corp. and Lennar Corp., as well as hundreds of smaller builders nationwide.
Information from the Associated Press was used in this report.
This story appeared in print on page D1
All rights reserved. This copyrighted material may not be re-published without permission. Links are encouraged.
Published: Friday, April 17, 2009 at 1:00 a.m. Sarasota Herald Tribune. Last Modified: Thursday, April 16, 2009 at 6:36 p.m.
In a potential preview of next week's existing home sales, Sarasota Realtors say they sold 353 single-family homes and 128 condominiums.
The Sarasota Association of Realtors did not offer a comparative number from 2008, but said that sales were up 33 percent from February and at the highest level of the year.
The association took that as a signal that things might be bottoming.
In another good sign, pending sales -- those under contract but not yet consummated -- numbered 817 last month. The last time pending sales in the Sarasota market climbed to that level was March 2006. The 817 was 21 percent higher than this time last year.
The pending-sales level has risen above 500 homes for the 15th consecutive month.
"We believe the current climate of historically low interest rates, major incentives for first-time home buyers, and the many other government programs designed to stabilize the economy and the housing industry is all having a very positive impact," said Bill Geller, the association's 2009 president, in a statement on Thursday. "Every downturn is followed by an upturn – we know this to be true historically."
The Florida Association of Realtors is scheduled to release March sales statistics for the Sarasota-Bradenton, Charlotte County-North Port and Florida markets on April 23.
Meanwhile, housing construction plunged to the second lowest level on record in March, reversing a big jump from the previous month. Economists, however, were heartened by indications that the long slide in single-family construction could be coming to an end.
The Commerce Department said construction of new homes and apartments dropped 10.8 percent last month to a seasonally adjusted annual rate of 510,000 units. That was the second lowest construction pace in records that go back 50 years.
The decline was worse than economists had expected and February activity also was revised lower. Applications for building permits fell 9 percent in March to a record low of 513,000 units.
But economists noted the big movements in construction starts in March occurred in the volatile apartment sector, which plunged 29 percent to an annual rate of 152,000 units after having surged 62.1 percent in February.
The much larger single-family sector actually stabilized in March at an annual rate of 358,000 units, the same level as February when single-family starts managed a small 0.6 percent rise.
"The headline numbers are disappointing," wrote IHS Global Insight Economist Patrick Newport. "But the details indicate that the market for single-family homes is testing the bottom."
The March single-family building pace remains just half of the level of activity a year ago, "but stabilization would represent progress," said Ian Shepherdson, chief U.S. economist at High Frequency Economics.
Analysts cautioned that while housing sales and prices eventually will rebound, continuing home foreclosures and job losses likely mean that will take many months.
Joel Naroff, an economist at Naroff Economic Advisers, said the steep slump in housing has trimmed a percentage point from overall economic growth for the past two years so even a stabilization at low levels would help.
"The bad news is that home construction is still in the tank. The good news is that single-family activity may finally be stabilizing," he said.
The drop in construction in March followed a 17.2 percent surge in February, an unexpected gain driven by the big increase in apartment activity.
The 510,000 unit pace for total construction is the second lowest in government records dating to January 1959. The record low was a 488,000 unit pace set in January.
For March, the biggest decline was a 26.3 percent drop in the West followed by a 16.8 percent fall in the South. Construction activity rose 15.9 percent in the Midwest and 6.3 percent in the Northeast.
The setback in housing starts came after more upbeat reports showing tentative rebounds in sales and builder sentiment.
The National Association of Home Builders reported Wednesday that its gauge of builder sentiment posted its biggest one-month jump in five years in April.
While still near historically low levels, the trade association said the index rose five points to 14, its highest reading since October. The trade group includes industry heavyweights such as Centex Corp. and Lennar Corp., as well as hundreds of smaller builders nationwide.
Information from the Associated Press was used in this report.
This story appeared in print on page D1
All rights reserved. This copyrighted material may not be re-published without permission. Links are encouraged.
Monday, December 1, 2008
In a clearer Sarasota Bay, clearer signs of life
Excerpt from article published in the Sarasota Herald Tribune on Sunday, November 30, 2008:
By Doug Sword
Published: Sunday, November 30, 2008 at 1:00 a.m. Last Modified: Saturday, November 29, 2008 at 9:53 p.m.
SARASOTA - Stand chest-deep in the waters of Sarasota Bay and look down, and you should be able to see your knees.
Related Links:
Improved water quality in Sarasota Bay map Graphics
Key Documents:
Seagrass Growth (PDF - 1032kb)
That is an improvement.
Twenty years ago, standing in that same spot, greenish water laden with algae would have obscured anything below the waist.
In the wide, central section of the bay, a foot and a half of water clarity was gained during the 1990s. After another decade of closing leaky sewer plants, building water retention projects and restoring coastal wetlands, the gain is probably even larger.
And a soon-to-be-completed study will likely conclude that judged by seagrass and clarity, the bay is as clean as it was when Harry Truman was president.
This means more than a bay that is prettier and more marketable to visitors.
With clearer water, sunlight reaches more of the bay's bottoms, where seagrass beds have grown by more than 1,200 acres. These beds are the spawning grounds for the bay's fish, and their growth has created 5,500 acres of continuous, interconnected seagrass, which surpasses what aerial photos show existed in 1950.
Scallops driven out by pollution are repopulating the bay. Declining nitrogen emissions into the bay have cut algae by a third over the last decade, despite the region's increase in population.
Those improvements were purchased at a high price, easily surpassing $500 million.
Not much of that spending was done directly for the bay's benefit. Wastewater and septic projects were undertaken for health reasons and stormwater projects cut back on flooding.
But the bay is a big beneficiary.
The sweep of the program is hard to grasp. More than 250 water quality testing sites dot the bay, and water monitors have been collecting data at some of them since the 1970s.
Large sewer projects in Manatee County, and even larger ones in Sarasota County, have cut pollution. Manatee County has been particularly aggressive in restoring coastal wetlands.
The 300-acre celery fields stormwater retention project at Fruitville Road and Interstate 75 has slowed down and cleaned the flow of water into an overburdened Phillippi Creek.
Huge stormwater projects, such as one at the Sarasota-Bradenton airport, have reduced agricultural and residential runoff, particularly into Whitaker Bayou.
Utility rates, local taxes and property assessments, along with federal and state dollars, have paid for an Manatee counties that have reversed what many think of as Florida's big mistake when it comes to water.
When Florida was being developed, intricate drainage projects aimed to get water into the bay as quickly as possible. Now, gradually and expensively, that rapid drainage is being reversed, slowing the flow of water or keeping it from the bay altogether.
Over the next decade, most of these big public works projects will be largely complete. If the bay is to truly be restored to the point where waders can see their toes, it will take individual action like switching to Florida Friendly yards or using nitrogen-free sprays to fertilize your lawn.
FULL ARTICLE: CLICK HERE...
By Doug Sword
Published: Sunday, November 30, 2008 at 1:00 a.m. Last Modified: Saturday, November 29, 2008 at 9:53 p.m.
SARASOTA - Stand chest-deep in the waters of Sarasota Bay and look down, and you should be able to see your knees.
Related Links:
Improved water quality in Sarasota Bay map Graphics
Key Documents:
Seagrass Growth (PDF - 1032kb)
That is an improvement.
Twenty years ago, standing in that same spot, greenish water laden with algae would have obscured anything below the waist.
In the wide, central section of the bay, a foot and a half of water clarity was gained during the 1990s. After another decade of closing leaky sewer plants, building water retention projects and restoring coastal wetlands, the gain is probably even larger.And a soon-to-be-completed study will likely conclude that judged by seagrass and clarity, the bay is as clean as it was when Harry Truman was president.
This means more than a bay that is prettier and more marketable to visitors.
With clearer water, sunlight reaches more of the bay's bottoms, where seagrass beds have grown by more than 1,200 acres. These beds are the spawning grounds for the bay's fish, and their growth has created 5,500 acres of continuous, interconnected seagrass, which surpasses what aerial photos show existed in 1950.
Scallops driven out by pollution are repopulating the bay. Declining nitrogen emissions into the bay have cut algae by a third over the last decade, despite the region's increase in population.
Those improvements were purchased at a high price, easily surpassing $500 million.
Not much of that spending was done directly for the bay's benefit. Wastewater and septic projects were undertaken for health reasons and stormwater projects cut back on flooding.
But the bay is a big beneficiary.
The sweep of the program is hard to grasp. More than 250 water quality testing sites dot the bay, and water monitors have been collecting data at some of them since the 1970s.
Large sewer projects in Manatee County, and even larger ones in Sarasota County, have cut pollution. Manatee County has been particularly aggressive in restoring coastal wetlands.
The 300-acre celery fields stormwater retention project at Fruitville Road and Interstate 75 has slowed down and cleaned the flow of water into an overburdened Phillippi Creek.
Huge stormwater projects, such as one at the Sarasota-Bradenton airport, have reduced agricultural and residential runoff, particularly into Whitaker Bayou.
Utility rates, local taxes and property assessments, along with federal and state dollars, have paid for an Manatee counties that have reversed what many think of as Florida's big mistake when it comes to water.
When Florida was being developed, intricate drainage projects aimed to get water into the bay as quickly as possible. Now, gradually and expensively, that rapid drainage is being reversed, slowing the flow of water or keeping it from the bay altogether.
Over the next decade, most of these big public works projects will be largely complete. If the bay is to truly be restored to the point where waders can see their toes, it will take individual action like switching to Florida Friendly yards or using nitrogen-free sprays to fertilize your lawn.
FULL ARTICLE: CLICK HERE...
Wednesday, October 22, 2008
Concession called a top U.S. course
From today's Sarasota Herald Tribune:
Published: Wednesday, October 22, 2008 at 1:00 a.m. Last Modified: Tuesday, October 21, 2008 at 7:10 p.m.
EAST MANATEE COUNTY - Golfweek magazine has named the Concession Golf and Country Club the ninth best residential course in the United States.
"We are thrilled and excited with being selected in the Top 10," said Concession owner Kevin Daves in a statement. "Sports publications and golf pros realize that this is a prime course to play a great game of golf."
The Concession joins two other Jack Nicklaus-designed courses in the Top 10: Castle Pines Golf Course in Colorado at No. 2 and Mayacama Golf Course in California at No. 3.
The Concession was named the "Best New Course" in 2006 by Golf Digest. The golf club is at 7710 Lindrick Lane, on the Sarasota-Manatee border, six miles east of Interstate 75 on University Parkway.
View homes for sale at The Concession.
Published: Wednesday, October 22, 2008 at 1:00 a.m. Last Modified: Tuesday, October 21, 2008 at 7:10 p.m.
EAST MANATEE COUNTY - Golfweek magazine has named the Concession Golf and Country Club the ninth best residential course in the United States.
"We are thrilled and excited with being selected in the Top 10," said Concession owner Kevin Daves in a statement. "Sports publications and golf pros realize that this is a prime course to play a great game of golf."The Concession joins two other Jack Nicklaus-designed courses in the Top 10: Castle Pines Golf Course in Colorado at No. 2 and Mayacama Golf Course in California at No. 3.
The Concession was named the "Best New Course" in 2006 by Golf Digest. The golf club is at 7710 Lindrick Lane, on the Sarasota-Manatee border, six miles east of Interstate 75 on University Parkway.
View homes for sale at The Concession.
Friday, October 10, 2008
We truly live in Paradise
Great article in today's CNN.com travel section about Longboat Key:
LONGBOAT KEY, Florida (CNN) -- Like any sun-drenched beach paradise, Longboat Key offers water sports, biking and tennis, but the best way to enjoy the island may be by doing nothing at all.
Low season on Longboat Key, Florida, generally starts in May and runs until late fall.
This thin sliver of land off Sarasota on Florida's west coast is home to 8,000 people year-round, but come winter, the population swells dramatically.Thousands of visitors from colder climates flock to LBK -- its shorthand moniker -- from January to April to enjoy its balmy temperatures and the sparkling turquoise waters of the Gulf of Mexico.
Off season, however, the only crowds are the sea gulls grooming their feathers on the warm white sand, and Longboat Key feels like the closest thing to having a private beach.
On a recent late-September visit, the temperatures hovered in the mid-80s, palm trees swayed gently in the wind, hibiscus flowers bloomed and the sun's rays were on par with their intensity in July.
The only signs of fall were the pumpkins on display at the local grocery store, along with regular fare, like mango Key lime pie.
See photos of Longboat Key's beaches, birds and sunsets »
Tell people you are heading to Longboat Key, and many will think it's part of the Florida Keys off the southern tip of the state, but LBK is about 200 miles to the north-northwest of -- and in some ways worlds away from -- Key West and its neighbors.
Key Facts
• Longboat Key is an offshore barrier island about 60 miles south of Tampa, Florida.
• The nearest airport is Sarasota/Bradenton International.
• The island is home to 8,000 permanent residents, but the population swells to 22,000 during peak months.
• Average daily high temperature in January: 72°.
• Average daily high temperature in July: 90°.
• Longboat Key incorporated as a town in 1955.
• There are no schools on the island.
Source: Longboat Key Chamber of Commerce
Nightlife on the island is likely to mean a moonlit walk on the beach rather than a drink at the bar, and the odds are good the locals will sport gray hair.
Elegant setting
Buffered by Sarasota Bay on one side and facing the Gulf of Mexico on the other, the Key is sheltered from the tourist hustle and bustle of mainland Florida.
At less than 11 miles in length and no more than a mile across in its widest places, LBK also feels like a secluded community with an elegant flavor of its own.
The surroundings are lush, upscale and serene. A trip down Gulf of Mexico Drive, the island's main artery, reveals golf courses, condominiums and homes ranging from newly constructed mansions to older, one-story houses.
The traffic is light, life moves at a slower pace and the mood is relaxed.
"You won't find mini-malls, towering billboards, or glaring neon signs," the local Chamber of Commerce promises.
Nonhuman island visitors also contribute to the mellow atmosphere. Dolphins regularly swim just offshore. Great egrets and great blue herons fish along the beach, while pelicans dive into the water in search of a meal. Birds of all sizes regularly patrol the palm-lined parking lot of the local supermarket looking for scraps of food from the lunch crowd.
Wingless creatures also pop up in unexpected places. Visitors walking into one establishment are greeted by a stern voice exclaiming, "Bear, no!" Bear, it turns out, is a curious 5-month old Chesapeake Bay retriever who insists on checking out all the customers entering the store despite his owner's orders to stay put.
To read the complete article, click here.
If you're considering finding a winter home or moving permanently to Florida, Longboat Key is a wonderful option. Feel free to contact us so we can show you this serene area and the many Longboat Key real estate opportunities available.
Here's a quick link to search for real estate on Longboat via our website:
Search for Longboat Key Real Estate
LONGBOAT KEY, Florida (CNN) -- Like any sun-drenched beach paradise, Longboat Key offers water sports, biking and tennis, but the best way to enjoy the island may be by doing nothing at all.
Low season on Longboat Key, Florida, generally starts in May and runs until late fall.
This thin sliver of land off Sarasota on Florida's west coast is home to 8,000 people year-round, but come winter, the population swells dramatically.Thousands of visitors from colder climates flock to LBK -- its shorthand moniker -- from January to April to enjoy its balmy temperatures and the sparkling turquoise waters of the Gulf of Mexico.
Off season, however, the only crowds are the sea gulls grooming their feathers on the warm white sand, and Longboat Key feels like the closest thing to having a private beach.
On a recent late-September visit, the temperatures hovered in the mid-80s, palm trees swayed gently in the wind, hibiscus flowers bloomed and the sun's rays were on par with their intensity in July.
The only signs of fall were the pumpkins on display at the local grocery store, along with regular fare, like mango Key lime pie.
See photos of Longboat Key's beaches, birds and sunsets »
Tell people you are heading to Longboat Key, and many will think it's part of the Florida Keys off the southern tip of the state, but LBK is about 200 miles to the north-northwest of -- and in some ways worlds away from -- Key West and its neighbors.
Key Facts
• Longboat Key is an offshore barrier island about 60 miles south of Tampa, Florida.
• The nearest airport is Sarasota/Bradenton International.
• The island is home to 8,000 permanent residents, but the population swells to 22,000 during peak months.
• Average daily high temperature in January: 72°.
• Average daily high temperature in July: 90°.
• Longboat Key incorporated as a town in 1955.
• There are no schools on the island.
Source: Longboat Key Chamber of Commerce
Nightlife on the island is likely to mean a moonlit walk on the beach rather than a drink at the bar, and the odds are good the locals will sport gray hair.
Elegant setting
Buffered by Sarasota Bay on one side and facing the Gulf of Mexico on the other, the Key is sheltered from the tourist hustle and bustle of mainland Florida.
At less than 11 miles in length and no more than a mile across in its widest places, LBK also feels like a secluded community with an elegant flavor of its own.
The surroundings are lush, upscale and serene. A trip down Gulf of Mexico Drive, the island's main artery, reveals golf courses, condominiums and homes ranging from newly constructed mansions to older, one-story houses.
The traffic is light, life moves at a slower pace and the mood is relaxed.
"You won't find mini-malls, towering billboards, or glaring neon signs," the local Chamber of Commerce promises.
Nonhuman island visitors also contribute to the mellow atmosphere. Dolphins regularly swim just offshore. Great egrets and great blue herons fish along the beach, while pelicans dive into the water in search of a meal. Birds of all sizes regularly patrol the palm-lined parking lot of the local supermarket looking for scraps of food from the lunch crowd.
Wingless creatures also pop up in unexpected places. Visitors walking into one establishment are greeted by a stern voice exclaiming, "Bear, no!" Bear, it turns out, is a curious 5-month old Chesapeake Bay retriever who insists on checking out all the customers entering the store despite his owner's orders to stay put.
To read the complete article, click here.
If you're considering finding a winter home or moving permanently to Florida, Longboat Key is a wonderful option. Feel free to contact us so we can show you this serene area and the many Longboat Key real estate opportunities available.
Here's a quick link to search for real estate on Longboat via our website:
Search for Longboat Key Real Estate
Friday, September 5, 2008
The North Comes South
From today's Wall Street Journal
Canadians Now Biggest Foreign Buyers Of U.S. Homes; Baguettes, Pâté at Parties
By JUNE FLETCHER
September 5, 2008; Page W8
Andre LeBel knew he had come home when he walked into a bar in St. Petersburg, Fla., ordered a Bloody Caesar and the bartender made it without cocking an eyebrow.
The spicy drink -- a blend of vodka, Tabasco, Worcestershire sauce and tomato and clam juices -- is popular in his native Canada, but until recently it was virtually unknown elsewhere. That was before Canadians started to snap up property in the U.S., drawn by the buying power of the newly strong Canadian dollar and the depressed prices of American real estate. The largest proportion of foreign buyers of U.S. homes from May 2007 to May 2008 -- 24% -- were Canadian, double the percentage a year earlier, according to a recent report by the National Association of Realtors.
Most Canadian buyers head for the Sunbelt, with Florida accounting for a third of all of their purchases, the report said. The Realtor group estimates there were 7,200 Canadian buyers of Florida homes in the period covered by the report, more than double the 3,500 a year earlier. In some Florida resort communities, so many Quebec residents have bought second homes that French is now commonly spoken.
Mr. LeBel says there are about two dozen fellow Canadians at the Pasadena Yacht and Country Club in the St. Petersburg suburb of Gulfport, where he bought a $360,000 penthouse condo in December. He golfs regularly with Toronto friends who jet down to their second homes on weekends, and he has no trouble finding Canadians to join him at Tampa hockey games to root for visiting Canadian teams. "We're making the area more cosmopolitan," jokes Mr. LeBel, chief executive of SOCAN, a Canadian copyright collective.
The Canadian dollar hit a high of US$1.10 in July 2007 and is now worth about 94 cents; it was worth only 80 cents three years ago. Unlike many Americans, Canadians also feel flush from a continued strong housing market and escalating home equity. According to the Canadian Real Estate Association, overall home prices grew 11% in 2007 from the year before, to an average of $307,265, and they are expected to rise an additional 5.3% in 2008. The group says home sales have been boosted by growth in after-tax income, strong employment and short-term interest-rate cuts in Canada.
Florida has long been a popular vacation destination for Canadians. Yet they had chiefly been renters, since many were priced out of buying. Now, their tendency to buy in clusters is starting to change the character of some resort communities.
In the four years since they bought a two-bedroom condo in Hawaiian Gardens in Lauderdale Lakes, Fla., Rachel and Pierre Valois say the number of fellow French Canadians in their six-building section of the community has grown from a handful to the point where they now exceed the Americans. Mrs. Valois says community parties now include traditional foods from Quebec like homemade baguettes, pâtés and crudités, and the homeowners' association newsletter and all community announcements are written in both French and English. "A lot of residents seldom speak English," says Mrs. Valois, a retired supervisor for a hydroelectric company. "Some don't speak English at all."
That bothers Ethelreda Farnsworth, a retired fashion coordinator from Pittsburgh who has spent winters at Hawaiian Gardens since 1985. She says she no longer attends events like the annual New Year's Eve celebration because she doesn't speak French and doesn't know what her neighbors are talking about. Instead, she and the remaining American residents gather for a party in her two-bedroom condo. "We feel like outsiders," she says.
Csaba Horvath, a 45-year-old Montreal computer engineer, bought a $220,000 vacation condo in Hollywood, Fla., last winter at the urging of a French Canadian friend, who had already purchased a home in the same high-rise complex called Quadomain. After he closed on his one-bedroom unit in July and was on his first vacation there, Mr. Horvath was surprised when he got on an elevator, nodded to a fellow resident and got the reply: "Bonjour." Mr. Horvath has since bought a second condo in the complex that he plans to rent out. "Everybody loves Canadians because we pay in cash," he says.
Financial firms are helping drive the move. HiFX PLC, a San Francisco division of a British asset-transfer firm, held two seminars in Canada this year on how to buy U.S. houses -- and drew 400 people in Calgary and 200 in Toronto. Canadians sometimes have trouble getting American loans, and U.S. banks often require them to make down payments of up to 50%. Sensing a market, RBC Bank, a U.S. division of Royal Bank Financial Group in Toronto, set up a program that allows Canadians to buy U.S. property worth up to $2 million with a down payment of less than 25%. RBC has doubled the amount of such loans it has issued over the last year, says Alain Forget, a company vice president.
After Florida, the second most popular U.S. destination for home-buying Canadians is Arizona, the Realtor report says. In Phoenix, 752 Canadians bought homes in 2007, almost double the number of the year before, according to Information Market, a data firm. For real-estate agents who have seen home prices drop for more than 15 straight months, the Canadians are a godsend. Arizona's priciest home sale this year was a $14 million mansion in Paradise Valley purchased by an Ontario attorney, Jeffrey Slopen. But Canadians of more modest means also are buying.
Agent Mark Carvalho changed his business approach last year to focus on Canadians. He launched a Web site called Canadians2Arizona.com, which includes testimonials from Canadian buyers and schedules of the Phoenix Coyote hockey team. His proportion of Canadian clients jumped to 90% from 10%, he says. Agent Mark Dziedzic calls his Web site -- which shows a cactus-filled landscape under a banner of maple leaves -- ArizonaforCanadians.com, and his agents are called Team Canada. The Phoenix broker, who used to be a Toronto financial planner, estimates that about half of current home shoppers in the region are Canadians.Scott Robinson, an Ontario sales manager, just closed on a stone-and-stucco house in North Phoenix with a three-car garage, saltwater pool and sports court. He plans to use the house, which is less than two years old, as a vacation home. The owners originally asked $622,000, but it was being offered for $525,000 in a "short sale," or below the level of the mortgage. He got it for $386,000. "For that, you'd get a fixer-upper" in a Canadian resort area, Mr. Robinson says.
Lenora Hanwell, a Calgary schoolteacher, has never been to Arizona. But she says she has spent hundreds of hours trolling the Internet for "smoking deals" on Phoenix duplexes. She plans to make an offer soon, sight unseen. "The market's so low, you have to get in," she says.
Tuesday, April 22, 2008
March sales in Sarasota top 500 for first time since July 2007
*The following press release was sent to local media on April 22 at Noon.
March sales in Sarasota top 500 for first time since July 2007.
Pending sales highest in a year, indicating improving market for summer.
Overall property sales in the local market for March 2008 topped 500 for the first time in eight months, according to statistics pulled from the Sarasota MLS system. There were 514 property sales reported in the Sarasota MLS, easily topping the February 2008 sales of 423.
There were 344 single family homes sold by SAR members in March 2008, along with 170 condominium units. This compares to 294 single family sales in February and 129 condominium sales, which means March saw an overall increase of 21.7 percent over February.
Single family homes saw a small decline in the median sale price, from $285,000 in February 2008 down to $266,750 in March 2008 - a 6.3 percent decline. But condominiums saw a small increase in the median sale price from $230,500 in February 2008 to $235,000 in March 2008.
"Once again, the local Sarasota market is proving its resilience, even as the state and national housing market statistics continue to show weakness," said Helen Sosso, 2008 SAR President. "It is remarkable how our local real estate practitioners are weathering this downturn, and proving once again the value of a professional Realtor® during difficult times. As we've been saying for more than a year, this is a prime buyer's market, with historically low interest rates, moderating prices, and an incredible, high quality inventory of homes on the market."
One of the continuing bright spots in the March 2008 report was the strength in pending sales, which stood at 674 - the highest level in the past year. In March 2007 pending sales were at 706. Pending sales have been edging upward since December 2007, when there were 374 pending sales.
Pending sales counts the number of signed contracts in a month, and is a leading indicator of sales activity. There is a direct correlation between pending sales and closed sales that are reported in the following month or two.
Inventory levels were lower in March 2008 at 10,025 single family homes, compared to 10,596 in March 2007, and down slightly from February 2008, when there were 10,035. Condominium levels also decreased from the March 2007 level of 6,180 to 5,702 in March 2008, but up slightly from the February 2008 level of 5,588.
The days on market, which translates to the average time it took to sell a property, was at 152 days for single family homes, slightly higher than the 144 days in March 2007, but lower than the 160 days in February 2008. Average days on the market for condos was 181, a healthy drop from the 199 days reported in March 2007, and much lower than the 219 days in February 2008. The days on market reflects a quicker pace of sales, meaning the size of the current inventory should begin to decline going forward.
The local Sarasota-Bradenton MSA continued to fare better than the overall state. The MSA was down by 15 percent for single family home sales and 17 percent for condominiums, comparing March 2008 to March 2007. For the overall state, single family homes declined 26 percent comparing March 2008 to March 2007, and condominium sales were down 24 percent month to month.
In fact, the smaller Sarasota-Bradenton market again sold more overall properties than the Miami market. There were 1,022 overall sales reported for the local MSA, compared to only 609 in Miami.
The median sale price dropped by 18 percent for single family homes, and by 32 percent for condominiums in the MSA. This compares to 15 percent and 20 percent statewide in the two categories, respectively
March sales in Sarasota top 500 for first time since July 2007.
Pending sales highest in a year, indicating improving market for summer.
Overall property sales in the local market for March 2008 topped 500 for the first time in eight months, according to statistics pulled from the Sarasota MLS system. There were 514 property sales reported in the Sarasota MLS, easily topping the February 2008 sales of 423.
There were 344 single family homes sold by SAR members in March 2008, along with 170 condominium units. This compares to 294 single family sales in February and 129 condominium sales, which means March saw an overall increase of 21.7 percent over February.
Single family homes saw a small decline in the median sale price, from $285,000 in February 2008 down to $266,750 in March 2008 - a 6.3 percent decline. But condominiums saw a small increase in the median sale price from $230,500 in February 2008 to $235,000 in March 2008.
"Once again, the local Sarasota market is proving its resilience, even as the state and national housing market statistics continue to show weakness," said Helen Sosso, 2008 SAR President. "It is remarkable how our local real estate practitioners are weathering this downturn, and proving once again the value of a professional Realtor® during difficult times. As we've been saying for more than a year, this is a prime buyer's market, with historically low interest rates, moderating prices, and an incredible, high quality inventory of homes on the market."
One of the continuing bright spots in the March 2008 report was the strength in pending sales, which stood at 674 - the highest level in the past year. In March 2007 pending sales were at 706. Pending sales have been edging upward since December 2007, when there were 374 pending sales.
Pending sales counts the number of signed contracts in a month, and is a leading indicator of sales activity. There is a direct correlation between pending sales and closed sales that are reported in the following month or two.
Inventory levels were lower in March 2008 at 10,025 single family homes, compared to 10,596 in March 2007, and down slightly from February 2008, when there were 10,035. Condominium levels also decreased from the March 2007 level of 6,180 to 5,702 in March 2008, but up slightly from the February 2008 level of 5,588.
The days on market, which translates to the average time it took to sell a property, was at 152 days for single family homes, slightly higher than the 144 days in March 2007, but lower than the 160 days in February 2008. Average days on the market for condos was 181, a healthy drop from the 199 days reported in March 2007, and much lower than the 219 days in February 2008. The days on market reflects a quicker pace of sales, meaning the size of the current inventory should begin to decline going forward.
The local Sarasota-Bradenton MSA continued to fare better than the overall state. The MSA was down by 15 percent for single family home sales and 17 percent for condominiums, comparing March 2008 to March 2007. For the overall state, single family homes declined 26 percent comparing March 2008 to March 2007, and condominium sales were down 24 percent month to month.
In fact, the smaller Sarasota-Bradenton market again sold more overall properties than the Miami market. There were 1,022 overall sales reported for the local MSA, compared to only 609 in Miami.
The median sale price dropped by 18 percent for single family homes, and by 32 percent for condominiums in the MSA. This compares to 15 percent and 20 percent statewide in the two categories, respectively
Wednesday, February 20, 2008
March 3rd Deadline to Apply Homestead Exemption & Portability to 2008 Taxes
As you may be aware, voters in the state of Florida adopted a major property tax reform measure in January 2008, which may mean savings on the home you purchased last year. In case you haven’t already explored this potential money saver, I thought I would share the information with you.
The amendment adopted by the voters calls for an additional $25,000 homestead exemption applied to the assessed home value above $50,000, and is effective for the first time in 2008. If you already have the Homestead Exemption and continue that exemption on the property for 2008, nothing further is needed. You will see the exemption on your Notice of Proposed Property Taxes (TRIM Notice) that will be mailed in August 2008.
• Did you sell (or vacate) your homestead property on or after Jan. 1, 2007?
• Were you living in a new residence on Jan. 1, 2008?
• Will you be filing a homestead exemption for the new residence in Florida?
If you answered "YES" to all of the above questions, you should visit http://www.sarasotaproperty.net/ (for Sarasota residents), or http://www.manateepao.com/ (for Manatee residents) and download the homestead exemption and portability application. If you moved to another county in Florida, please visit the property appraiser's website for that county by clicking HERE (http://dor.myflorida.com/dor/property/appraisers.html).
Another change to the property tax code creates “portability” of accumulated Save Our Homes (SOH) benefits for homeowners who move from one homestead property to another. This law is retroactive to Jan. 1, 2007. Homeowners may transfer their SOH benefits to a new homestead in Florida within two years of leaving their former homesteads. This means if you sold your home in 2007, you can transfer your SOH benefit to a new homestead if you establish the homestead by Jan. 1, 2009.
For more information, visit the Florida Department of Revenue’s special web page by clicking HERE (http://dor.myflorida.com/dor/property/sb4d.html).
I hope this information helps you save some hard-earned money in the coming years, and look forward to working with you on future property transactions. If you have any questions, please don’t hesitate to call!
The amendment adopted by the voters calls for an additional $25,000 homestead exemption applied to the assessed home value above $50,000, and is effective for the first time in 2008. If you already have the Homestead Exemption and continue that exemption on the property for 2008, nothing further is needed. You will see the exemption on your Notice of Proposed Property Taxes (TRIM Notice) that will be mailed in August 2008.
• Did you sell (or vacate) your homestead property on or after Jan. 1, 2007?
• Were you living in a new residence on Jan. 1, 2008?
• Will you be filing a homestead exemption for the new residence in Florida?
If you answered "YES" to all of the above questions, you should visit http://www.sarasotaproperty.net/ (for Sarasota residents), or http://www.manateepao.com/ (for Manatee residents) and download the homestead exemption and portability application. If you moved to another county in Florida, please visit the property appraiser's website for that county by clicking HERE (http://dor.myflorida.com/dor/property/appraisers.html).
Another change to the property tax code creates “portability” of accumulated Save Our Homes (SOH) benefits for homeowners who move from one homestead property to another. This law is retroactive to Jan. 1, 2007. Homeowners may transfer their SOH benefits to a new homestead in Florida within two years of leaving their former homesteads. This means if you sold your home in 2007, you can transfer your SOH benefit to a new homestead if you establish the homestead by Jan. 1, 2009.
For more information, visit the Florida Department of Revenue’s special web page by clicking HERE (http://dor.myflorida.com/dor/property/sb4d.html).
I hope this information helps you save some hard-earned money in the coming years, and look forward to working with you on future property transactions. If you have any questions, please don’t hesitate to call!
Friday, February 8, 2008
For area's 4 big brokers, optimism amid pain
Article published in The Sarasota Herald Tribune dated 2/7/08
Sales losses dropped last year, but at a slower pace
By STEPHEN FRATER
stephen.frater@heraldtribune.com
Southwest Florida's four biggest and best-financed real estate brokers saw annual sales drop last year -- to the tune of $728 million -- but that was at half the pace of the drop of the prior year.
That has some of the big brokers voicing optimism about 2008, with some calling a bottom to the regional market and noting that home-selling activity picked up in the latter half of 2007.
The collective drop at Michael Saunders & Co., Coldwell Banker Residential Real Estate Inc., Re/Max Properties and Prudential Palms Realty last year was roughly a fifth of a stunning $3.5 billion sales decline from 2005 to 2006.
Sales of single-family homes in the Sarasota-Bradenton market dropped 11 percent in 2007, one of the better performances statewide. Only Panama City, with 10 percent, saw a smaller decrease. Charlotte County-North Port slumped 25 percent, putting it in the middle of the pack for the 20 largest markets statewide.
Sarasota-Bradenton is "definitely at the bottom," says Prudential Palms President Scott Sosso, whose firm saw a decline of about 17 percent last year.
Sosso points to many houses that are now selling for 2003-04 prices. The 2007 median sales price was $285,700, while the December price of $246,900 was comparable to overall prices in 2004.
But more broadly, the real estate community remains divided about whether real estate has reached its nadir.
Some think that Sarasota-Bradenton bottomed out in September-October. Prominent Orlando economist Hank Fishkind said the local market stabilized in both prices and volume at that time, and he is predicting flat prices through 2010, as the region chews through excess inventories.
Others are not so sure, noting that 2008 is likely to be another year marked by more mortgage problems.
A host of adjustable-rate mortgages are on track to reset to higher levels, a phenomenon that could again pinch homeowners as it has in the last two years.
Southwest Florida is also experiencing record foreclosures as a result of the speculative buying spree of 2004-2006, particularly in North Port, and that is adding to inventory of unsold homes.
The next few months could demonstrate which of these two camps is right about the nadir. If the nation sinks into a recession, as a growing number of economists think it will, that could clearly modify the outlook.
For the region's four biggest brokers, 2007 represented an average 17 percent drop in sales. That came on the heels of the 40 percent decline from 2005 to 2006.
Michael Saunders & Co.
The largest brokerage in dollar terms in Manatee, Sarasota and Charlotte counties, Michael Saunders & Co., saw sales fall from $1.7 billion to $1.5 billion -- roughly 12 percent.
Saunders, with 535 associates working out of 16 offices, closed 2,229 transactions last year.
It is clear that Saunders' second half was far stronger that the first: at mid-June, the company reported $658 million in sales out of its eventual $1.5 billion.
Last year, Saunders closed a one-year-old office in North Port because of weakness in that market and launched two internationally oriented marketing joint ventures.
Coldwell Banker
Residential Real Estate
The largest Florida brokerage, Sarasota-based Coldwell Banker Residential Real Estate Inc., saw its statewide sales drop from $14.7 billion to $11.2 billion, or about 24 percent.
But the portion of Coldwell's business in Manatee, Sarasota and Charlotte counties saw sales decline 17 percent, perhaps bolstering the notion that the local market is faring better than the rest of the state. Regional sales dropped from $1.35 billion to $1.12 billion.
Clark W. Toole III, the company's president and chief operating officer, says the market's performance, coupled with new tax advantages, historically low interest rates and a broad selection of homes, has him optimistic about 2008.
Coldwell, which has 551 associates in 19 offices in Manatee, Sarasota and Charlotte counties, closed 2,385 transactions last year.
Re/Max Properties
Re/Max Properties saw the steepest decline in sales among the top four brokerages -- the second year in a row. Sales in Southwest Florida dropped from $991 million to $696 million, or nearly 30 percent.
Last year's performance might have contributed to the recent decision to merge two local Re/Max affiliates -- Re/Max Properties and Re/Max Gulfstream Realty -- creating Florida's largest business under that brand.
That added mass could provide a leg up this year, the company says.
"From the residential sales perspective, it puts us very near the top of the local real estate market," said Peter Crowley, president of the combined entity.
On a pro-forma basis, the newly formed Re/Max Alliance Group would have had 3,290 transactions with a combined sales volume of about $1 billion. It has more than 400 agents in 12 offices.
The merger marked the third in recent months.
In December, Rooks Morris Real Estate swallowed Cristello Properties, while Hunt Real Estate Corp. of New York bought Sarasota's ERA Mount Vernon Realty.
Prudential Palms Realty
Prudential Palms -- the product of the 2006 merger of Sarasota-based Prudential Palms and Prudential Cascade -- saw sales drop from $603 million to $500 million.
The company's agent count remained stable at about 200, but the company closed one of its six offices in 2007.
Sosso, Prudential Palms' president, is hopeful, noting that inventory levels of homes are modestly decreasing and that the pace of newly built houses has all but stopped.
"This is going to lead to stabilization in prices and then, over the next two years, we will start to see a bounce in prices in our region," he said.
Staff writer David Gulliver contributed to this report.
Sales losses dropped last year, but at a slower pace
By STEPHEN FRATER
stephen.frater@heraldtribune.com
Southwest Florida's four biggest and best-financed real estate brokers saw annual sales drop last year -- to the tune of $728 million -- but that was at half the pace of the drop of the prior year.
That has some of the big brokers voicing optimism about 2008, with some calling a bottom to the regional market and noting that home-selling activity picked up in the latter half of 2007.
The collective drop at Michael Saunders & Co., Coldwell Banker Residential Real Estate Inc., Re/Max Properties and Prudential Palms Realty last year was roughly a fifth of a stunning $3.5 billion sales decline from 2005 to 2006.
Sales of single-family homes in the Sarasota-Bradenton market dropped 11 percent in 2007, one of the better performances statewide. Only Panama City, with 10 percent, saw a smaller decrease. Charlotte County-North Port slumped 25 percent, putting it in the middle of the pack for the 20 largest markets statewide.
Sarasota-Bradenton is "definitely at the bottom," says Prudential Palms President Scott Sosso, whose firm saw a decline of about 17 percent last year.
Sosso points to many houses that are now selling for 2003-04 prices. The 2007 median sales price was $285,700, while the December price of $246,900 was comparable to overall prices in 2004.
But more broadly, the real estate community remains divided about whether real estate has reached its nadir.
Some think that Sarasota-Bradenton bottomed out in September-October. Prominent Orlando economist Hank Fishkind said the local market stabilized in both prices and volume at that time, and he is predicting flat prices through 2010, as the region chews through excess inventories.
Others are not so sure, noting that 2008 is likely to be another year marked by more mortgage problems.
A host of adjustable-rate mortgages are on track to reset to higher levels, a phenomenon that could again pinch homeowners as it has in the last two years.
Southwest Florida is also experiencing record foreclosures as a result of the speculative buying spree of 2004-2006, particularly in North Port, and that is adding to inventory of unsold homes.
The next few months could demonstrate which of these two camps is right about the nadir. If the nation sinks into a recession, as a growing number of economists think it will, that could clearly modify the outlook.
For the region's four biggest brokers, 2007 represented an average 17 percent drop in sales. That came on the heels of the 40 percent decline from 2005 to 2006.
Michael Saunders & Co.
The largest brokerage in dollar terms in Manatee, Sarasota and Charlotte counties, Michael Saunders & Co., saw sales fall from $1.7 billion to $1.5 billion -- roughly 12 percent.
Saunders, with 535 associates working out of 16 offices, closed 2,229 transactions last year.
It is clear that Saunders' second half was far stronger that the first: at mid-June, the company reported $658 million in sales out of its eventual $1.5 billion.
Last year, Saunders closed a one-year-old office in North Port because of weakness in that market and launched two internationally oriented marketing joint ventures.
Coldwell Banker
Residential Real Estate
The largest Florida brokerage, Sarasota-based Coldwell Banker Residential Real Estate Inc., saw its statewide sales drop from $14.7 billion to $11.2 billion, or about 24 percent.
But the portion of Coldwell's business in Manatee, Sarasota and Charlotte counties saw sales decline 17 percent, perhaps bolstering the notion that the local market is faring better than the rest of the state. Regional sales dropped from $1.35 billion to $1.12 billion.
Clark W. Toole III, the company's president and chief operating officer, says the market's performance, coupled with new tax advantages, historically low interest rates and a broad selection of homes, has him optimistic about 2008.
Coldwell, which has 551 associates in 19 offices in Manatee, Sarasota and Charlotte counties, closed 2,385 transactions last year.
Re/Max Properties
Re/Max Properties saw the steepest decline in sales among the top four brokerages -- the second year in a row. Sales in Southwest Florida dropped from $991 million to $696 million, or nearly 30 percent.
Last year's performance might have contributed to the recent decision to merge two local Re/Max affiliates -- Re/Max Properties and Re/Max Gulfstream Realty -- creating Florida's largest business under that brand.
That added mass could provide a leg up this year, the company says.
"From the residential sales perspective, it puts us very near the top of the local real estate market," said Peter Crowley, president of the combined entity.
On a pro-forma basis, the newly formed Re/Max Alliance Group would have had 3,290 transactions with a combined sales volume of about $1 billion. It has more than 400 agents in 12 offices.
The merger marked the third in recent months.
In December, Rooks Morris Real Estate swallowed Cristello Properties, while Hunt Real Estate Corp. of New York bought Sarasota's ERA Mount Vernon Realty.
Prudential Palms Realty
Prudential Palms -- the product of the 2006 merger of Sarasota-based Prudential Palms and Prudential Cascade -- saw sales drop from $603 million to $500 million.
The company's agent count remained stable at about 200, but the company closed one of its six offices in 2007.
Sosso, Prudential Palms' president, is hopeful, noting that inventory levels of homes are modestly decreasing and that the pace of newly built houses has all but stopped.
"This is going to lead to stabilization in prices and then, over the next two years, we will start to see a bounce in prices in our region," he said.
Staff writer David Gulliver contributed to this report.
Tuesday, February 5, 2008
Lakewood Ranch has a new 'player'
Excerpt from the Sarasota Herald Tribune
By STEPHEN FRATER
stephen.frater@heraldtribune.com
LAKEWOOD RANCH -- Hannah Bartoletta Homes, a Tampa-based custom builder, is building its first model home in Lakewood Ranch in the Country Club's La Cantera neighborhood.Lakewood Ranch is the 8,500-acre master-planned community in Sarasota and Manatee counties.
The company joins other custom builders, John Cannon Homes, Lee Wetherington Homes and Arthur Rutenberg Homes, at Lakewood Ranch.
Hannah Bartoletta Homes, founded in 1988, has built homes in as many as 70 upscale Hillsborough communities such as Avila, Tampa Palms, MiraBay and FishHawk Ranch."
Lakewood Ranch is an ideal fit for us and for the high standards we have for home building," said co-founder Charley Hannah. "
We focus on truly customizing each home to the buyer's exact needs and wants. It's a formula that works well, and we are very enthusiastic about bringing our product to Lakewood Ranch."
Asked why -- in the teeth of a severe housing downturn -- the company decided to invest in Lakewood Ranch, Hannah said it was because of the quality of the community and the fact that he knows "now for certain that we have hit the bottom of the housing slump."
read the rest of the article here
By STEPHEN FRATER
stephen.frater@heraldtribune.com
LAKEWOOD RANCH -- Hannah Bartoletta Homes, a Tampa-based custom builder, is building its first model home in Lakewood Ranch in the Country Club's La Cantera neighborhood.Lakewood Ranch is the 8,500-acre master-planned community in Sarasota and Manatee counties.
The company joins other custom builders, John Cannon Homes, Lee Wetherington Homes and Arthur Rutenberg Homes, at Lakewood Ranch.
Hannah Bartoletta Homes, founded in 1988, has built homes in as many as 70 upscale Hillsborough communities such as Avila, Tampa Palms, MiraBay and FishHawk Ranch."
Lakewood Ranch is an ideal fit for us and for the high standards we have for home building," said co-founder Charley Hannah. "
We focus on truly customizing each home to the buyer's exact needs and wants. It's a formula that works well, and we are very enthusiastic about bringing our product to Lakewood Ranch."
Asked why -- in the teeth of a severe housing downturn -- the company decided to invest in Lakewood Ranch, Hannah said it was because of the quality of the community and the fact that he knows "now for certain that we have hit the bottom of the housing slump."
read the rest of the article here
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