Sarasota Real Estate Sales Continue Strong Pace

Sarasota Real Estate Sales Continue Strong Pace

Press release with data on the sales in the Sarasota real estate market for October 2009. Sales were up again.

Downtown Sarasota Bayfront Scenes

If you were in Sarasota, Florida today, you know how wonderful the weather was -- residents and visitors of Sarasota were out enjoying the cool balmy day. The downtown Sarasota bayfront was active with walkers, bikers, fishermen, boaters, wildlife, new scuptures and waverunners. Enjoy our great day!

What a perfect way to spend a perfect day!

Great News for Sarasota Real Estate

The U.S. House of Representatives has just voted (403-12) to extend and expand the first time-homebuyer tax credit. President Obama is expected to sign the Bill tomorrow. All changes to the Bill become effective when he signs the Bill.

Sarasota real estate should continue its uptick with this good news for first time homebuyers.

If you are looking for your first home in Sarasota, give us a call.

10th Annual Morton's Fire House Chili Cookoff

What a great event! Sunday afternoon in Sarasota was beautiful. The 10th Annual Morton's Fire House Chili Cookoff was a hit with adults, children and babies! The band was fabulous and played music spanding many generations even adding a little Elvis for some of the older crowd. About 12 fire houses participated with ample chili for all. The beer truck was busy constantly and the dunking tank along with other fun games were a real hit.

Make plans to attend next year's event if you missed the cookoff. Visit with your neighbors and join in and get involved in a great Sarasota charity event.

Take a Sarasota Real Estate Trolley Tour

There's a new way to view Sarasota real estate! Contact Chris Moon of Allen Real Estate Services, Inc. at 941-586-0722 to get on the next Sarasota homes for sale Trolley Tour. You can get all the info on this tour by visiting their website at HomeTrolleyTours.com or call Chris to book your appointment.

The next tour on Saturday, November 7, 2009 visits six homes for sale in quaint neighborhoods. Hop aboard the trolley at Morton's Gourmet Market in Southside Village and relax from 9:30 am - 11:30 am while you choose your dream home. Morton's is located at 1924 Osprey Avenue in Sarasota's West of the Trail neighborhood close to Sarasota Memorial Hospital.

If you need additional information on Sarasota real estate, contact Annette Smith at 941-504-3922. Otherwise, sit back and enjoy the ride!

Sarasota Real Estate Mortgage Rates Below 5%

For the first time in four months, Sarasota real estate mortgage rates dropped below 5% Freddie Mac said on October 2. Although still above the lowest rates for 2009, the average rate for a 30 year mortgage was 4.94%. The week ending May 28 saw the lowest rates thus far.

Signed contracts are up for the 7th straight month according to the National Association of Realtors indicating more positive news for the Sarasota real estate market. Freddie Mac’s economist point out that these low interest rates are helping to “stabilize homes sales.”

Buyers may want to consider purchasing a Sarasota home now as the Federal Reserve announced last week that they are slowing down a program to reduce mortgage rates. Rates, according to analysts, will probably remain low for awhile but will certainly see a move upward eventually.

If you think now is the time to purchase one of the Sarasota Florida homes for sale, give our Sarasota real estate team a call for the most professional services available in this market.

Best Places to Buy a Home - Sarasota, Florida No. 1

Did you see Barbara Corcoran on the Today Show yesterday? Ms. Corcoran, real estate correspondent for the Today Show told Al Roker in an interview that Sarasota Florida is “the number one place to buy a home today!” Citing "the beaches, warm weather, the culture, the homes and the people," Ms. Corcoran said prices have stabilized in Sarasota after a huge drop and are on the way back up.

For the entire Today Show interview, see video below.

Visit msnbc.com for Breaking News, World News, and News about the Economy

If you are searching for a Sarasota homes for sale, contact us for information or to make an appointment to view Sarasota real estate.

Sarasota Homes for Sale Update

Sarasota homes for sale have long been popular with buyers from across the United States. Many of the current buyers have been vacationing and visiting the Sarasota area for decades. With newsy lists like Dr. Beach 10 Best Beaches in America, Siesta Key Beach moved up a notch to the number 2 spot, and once again Sarasota real estate is on everyone’s real estate radar. In fact, US News and World Reports named Sarasota to its Top 10 Most Unervalued Places to Live list.

Out of state buyers often purchase maintenance free condos where they can walk away and lock their door until they return. Lately new companies offering landscaping, home watch and pool services are creating an interest in single family homes.

Inventory of single family homes for sale in Sarasota is up and prices after a large correction are now ranging from low $100,000s to $15 million for some luxurious waterfront estates. Barrier island homes for sale on canals or open bay offering swimming pools and boat docks have dropped in price significantly bringing in worldwide buyers who have been watching the Sarasota market.

Barrier Island Real Estate

Casey Key Homes for Sale
· Active Listings: 49
· Pending Listings : 1
· Sales in the Last 6 Months: 5

Siesta Key Homes for Sale
· Active Listings: 212
· Pending Listings: 44
· Sales in the Last 6 Months: 74

Bird Key Homes for Sale
· Active Listings: 38
· Pending Listings: 44
· Sales in the Last 6 Months: 18

Longboat Key Homes for Sale
· Active Listings: 78
· Pending Listings: 12
· Sales in the Last 6 Months: 19

For more information on Bird Key real estate, Siesta Key homes, Casey Key estate or Longboat Key homes and condos contact me at 941-544-6467 or search our main website for all Sarasota homes for sale, lender and title referrals, as well as insurance and tax contacts. We provide the resources to make your Sarasota Florida lifestyle choice close smoothly.

Sarasota Real Estate News Update

Sarasota real estate news continues to hit the web. In May when Dr. Beach, added Siesta Key beach to the 10 Best Beaches in America list, we noticed articles appearing in US News and World Report, several personal Sarasota real estate blogs and just yesterday the New York Times. Read entire article here.

Summer real estate showings were brisk this year when we are usually taking a break. The barrier islands of Sarasota get the most attention as we are getting calls for Siesta Key condos, Lido Key and Longboat Key condos too. Mainland Sarasota homes are on the move too!

Summer Activity on the Barrier Islands

Siesta Key Real Estate

Active Single Family Homes: 209
Active Condos, Town Houses & Villas: 406
Current Pendng Sales: 85
Sold Last Six Months: 194

Lido Key Real Estate & St Armands

Active Single Family Homes: 50
Current Pendng Sales: 4
Sold Last Six Months: 45

Longboat Key Real Estate

Active Single Family Homes: 153
Active Condos, Town Houses & Villas: 415
Current Pendng Sales: 67
Sold Last Six Months: 175

Casey Key Real Estate

Active Single Family Homes: 48
Current Homes Under Contract: 1
Homes Sold Last Six Months: 3

These stats come from the Sarasota MLS. Results are not guaranteed as many listing agents add same listing to multiple categories: single family home, condos, townhouse, villa. Condos for the purpose of this post include fractional ownership and time share complexes.

If you have been reading articles on Siesta Key and Sarasota real estate lately and would like more information, give us at call. Sarasota is our full-time home and a Paradise just waiting for you to discover. Barrier island real estate is getting a nationwide look as prices have corrected considerable from the peak of the Sarasota real estate boom.

MGM City Center Expected to Reduce Prices

MGM CityCenter, MGM Mirage’s 8.5 billion dollar showcase property in the heart of the Las Vegas Strip, announced earlier this month that it was likely they would be adjusting the prices downward on the three residential developments in the mixed use project: Veer, Vdara and The Mandarin Oriental. Reductions are being considered in the wake of the world’s economic recession and the local Las Vegas real estate market depreciation of up to50% on residential properties.

MGM opened sales at the CityCenter in January 2007, when the Las Vegas real estate market was red hot. Original purchasers have been seeking price reductions on the condominiums and condo hotel units they purchased two years ago, during the height of the Las Vegas boom.
According to Bob Hamrick, CityCenter’s Sales Manager, “CityCenter remains a unique product that can’t be touched by anything else in Las Vegas. But there are some realities we recognize, and we have to respond.” Any announced price reductions would be offered to original contract holders and to buyers purchasing between now and when the official price reductions are announced in early September of 2009. Rumors are flying that reductions could be anywhere between 20% and 40%.

MGM is also trying to find sources of private financing to help buyers close on their condos. With tighter federal guidelines and banks struggling under a glut of foreclosures, high rise and condo hotel loan programs from Las Vegas mortgage lenders have all but vanished, The few that remain are requiring 50% to 60% down payments and higher interest rates. The Mandarin Hotel is expected to start closing on luxury residential units in December of 2009. Units at Veer, the twin residential towers fronting the CityCenter complex, are expected to begin closing in January of 2010, and condo hotel units at Vdara are expected begin closing if February of 2009.

The next big question is not only how much of a reduction will be offered to MGM CityCenter buyers, but also how the reductions will affect the future of the Cosmopolitan Hotel and Casino next door. The Cosmopolitan, a condo hotel and hotel casino project, was taken over through foreclosure by Deutsche Bank last year, and sales were suspended. There are almost 2,000 current contract holders in the Cosmopolitan that are waiting to hear if the project will move forward with the proposed condo hotel program, or if the contracts will be voided and the units absorbed into the hotel room inventory. Sales in the Cosmopolitan commenced on February 14th in 2005, with over 900 units being reserved the first day in a record breaking frenzy.

Elsewhere on the Las Vegas Strip, real estate investors are snapping up units at fire sale prices in the beleaguered MGM Signature project. Owners of condo hotel units that originally sold from $400k to over $1M have become part of the Las Vegas foreclosures statistics due to high mortgage payments, declining values, and rental incomes below expectations. Current purchasers are taking advantage of prices starting in the mid $100s, or 33 cents on the dollar. Trump Tower is experiencing the same hardship, and there are some real bargains to be had on resale units. The Palms Place luxury condo hotel units, on the other hand, have fared much better due to high occupancy rates in the popular boutique venue. And in general, Las Vegas homes for sale inventories are way down from the same time last year as first time buyers and investors are drawn back into the market by affordable pricing.