Sarasota Real Estate Market

Good morning from the sunny Sarasota real estate market. I took a drive over to Longboat Key early this morning to check on a condo for some owners and noticed lively activity on the downtown Bayfront as well as St. Armands Circle. I've been telling our blog readers for a few months now that our web traffic is up, as well as showings -- traffic in the area is up too!

Surfing the web this morning even Yahoo Finance pointed out that some real estate markets are heating up. Good things are starting to surface about the Sarasota real estate market:

it's a great time to buy: Interest rates are at historic lows, with high inventory levels, there's lots of choice, and prices are down.

Sarasota is no. 4 in overall cities searched for real estate. If you're on the fence and think now is the time to jump off and into our Sarasota real estate market, give us a call to show you homes and condos in one of South West Florida's most beautiful markets. Sarasota offers its residents sunshine, warm weather, beaches, waterfront activities and cultural venues similar to larger cities.

Sarasota Golf Course Homes Priced From $500,000-$700,000

Sarasota Golf Course Homes Available In Your Price Range

Real estate prices in Florida have dropped considerably in the last three years, and if you've been thinking of retiring to South West Florida, you may be pleasantly surprised at what golf course homes in Sarasota are available in country club communities between $500,000 and $700,000. Gated communities such as University Park, Laurel Oak Estates, the Oaks, and Prestancia offer outstanding community amenities as well as golf. Lakewood Ranch is another option -- a complete master planned community with dining, shopping on its Main Street and an active country club.

Some of the single family homes in University Park currently listed in the Sarasota MLS between $500,000 and $700,000 include a 2256 sq.ft. home built in 1995 to a home with over 2900 sq.ft. on a golf course/lake lot. In Laurel Oak Estates, buyers will find only 12 listings priced between $500,000 and $700,000. World-class golf, tennis and and a recently renovated Club House are some of the amenities available in this outstanding community located East of I-75.

Homes in the prestigious gated Oaks country club community, shown in Sarasota MLS data, that might be of interest include a 2600 sq.ft home with 3 bedrooms, 2 baths offered at $521,200 and a Oaks Preserve home built in 2001 that is listed at $699,000 for over 3,800 sq.ft. Check with a Realtor in Sarasota for an appointment to view any of these homes.

If you are looking for a Sarasota golf course home, all of these communities are worth checking out and Annette Smith is experienced in Sarasota country club real estate sales and is ready to assist you in finding the perfect golf course home. Email Annette for a list of luxury Sarasota real estate available if South West Florida is your choice.

Sarasota Real Estate Stats Out for February 2009

The following press release was sent to local media today by the Mid-Florida Regional MLS. This is good news for the Sarasota area as buyers are definitely coming to view properties at great prices!!!!

Pending sales rise to highest level in three years in February 2009
Pending sales in the Sarasota real estate market once again rose in February 2009, hitting 782 - the highest level since April 2006, a three year period. According to statistics from the Mid-Florida Regional MLS for members of the Sarasota Association of Realtors®, 611 single family homes and 171 condominiums were reported under contract in February, almost 100 more than the 683 pending sales reported in January 2009, and 19 percent higher than the 654 pendings reported in February 2008.
Pending sales have now exceeded the 500 level for the 14th consecutive month, and the statistic bodes well for the next two or three months, when many of these pendings will become closed sales. Pending sales reflect contracts executed by buyers and sellers. The report continues to reflect a steady, strong pattern, and indicates buyers are more active in the Sarasota market even in the face of difficult economic times.
"We are encouraged by this statistic, and the word of mouth reports indicating an uptick in showings and offers," said 2009 SAR President Bill Geller. "Buyers are becoming even more aware of the many opportunities in the Sarasota market and are making offers and executing contracts. Local Realtors® are continuing to educate the public on our market, and this excellent chance to purchase a great home at a very attractive price, with interest rates at historic lows."
Overall, there were 354 sales closed in February, compared to 319 in January, for a 10 percent increase. The figure was lower than February 2008, when 418 properties changed hands. The breakdown was 260 single family homes sold, and 94 condominiums sold.
The recently enacted first-time homebuyers' tax credit of $8,000 should help spur sales to higher levels, Geller noted. Those who meet eligibility requirements and purchase a home this year prior to Dec. 1 are eligible for a tax credit of up to $8,000, and unlike the 2008 tax credit, this one does not have to be repaid. This credit, combined with historically low interest rates should help encourage more homes sales, experts aree.
"Particularly for the first time homebuyer trying to purchase in the Sarasota market, this is an amazing time to realize the dream of home ownership," said Geller. "Affordable prices, combined with very low interest rates, plus the tax credit - you really haven't seen a better time to buy for decades." The median sale price for single family homes declined to $142,000 in February 2009 from $149,950 in January 2009 - a 5.3 percent decline.
The median sales price for condominiums fell to $198,000 in February 2009 from $220,000 in January 2009, for a 10 percent drop. These statistics appear to indicate the growing number of short sales and foreclosure sales in the market, which tend to impact the median sales prices more dramatically than the normal price trends. Another important market tracker - the absorption rate of properties on the market - continues to track lower than last year at this time for both single family homes and condominiums, as inventories have declined.
Absorption rate is the number of months it would take to sell the entire remaining listed inventory in a particular category, based upon the sales for that particular month.For February 2009, the absorption rate for single family homes stood at 24.1 months, compared to 25.3 months in January 2009, and compared to 29.6 months in February 2008. For condominiums, the absorption rate was at 28.5 months, compared to 38.4 months in January 2009, and much lower than the 44.0 months reported in February 2008.

 For Sarasota real estate information, contact Annette Smith at 941-504-3922. We show Sarasota properties daily.

Smooches for Pooches in Sarasota

There is always something "fun" going on in Southside Village. Friday night Sandy Whitehead and I went to Knick's Tavern to grab a quick burger and enjoyed a nice surprise. Southside Village hosted the Smooches for Pooches Stroll, and we had a ringside seat.

Have you ever wanted to go to the Westminster Dog show? Well, we felt like we were there. Dog breeds represented that we spotted were: Poodles, Labradoodles, Goldendoodles, Water Spaniels, Great Danes, Pugs, Chihuahuas, Austraian labradoodle, Yorkies, Irish Setters, Portuguese Water Dog, Weimaraners and even Newfoundlands and St. Bernards.

Sandy fell in love with Ollie, the goldendoodle, only 7 months old and rescued by the nice lady at Jeanine's Professional Dog Training's booth. Our table was right next to the booth, and we became instant admirers of beautiful Ollie. Snuffy, Sarasota's famous pooch, didn't attend. He was so heartbroken that I assured him he will be on next year's guest list.

Booths were set up all along Hillview and Osprey streets, and the turnout was superb! The Adoption Van and Pet Therapy Smooch a Pooch booth were onsite. This was the second annual stroll with proceeds going to the Sarasota Humane Society.

A good time was had by all and we were treated to meeting two llamas named Pete and Batman. The pictures didn't turn out too great as they were taken with my Blackberry but I'm posting them anyway.

Contact Annette Smith at 941-504-3922 or Sandy Whitehead at 941-928-3435 if you are interested in homes West of the Trail near Southside Village and Sarasota Memorial Hospital. We show homes for sale in the area regularly.

Financing Options for Buying a Sarasota Home

Need some financing options for buying a Sarasota home?

Bruce Garlitz of Countrywide Home Loans stopped by our office with some interesting options for financing your real estate purchase. If you are thinking of buying a Sarasota home and are short on cash for a down payment, you might consider an FHA loan as a solution to your mortgage needs. Bruce explained the First-Time Homebuyer Tax Credit to us too while we munched on a delicious lunch. Thanks Bruce -- lunch and the information were excellent.

FHA loans were popular many years ago, and now they making a comeback for primary homeowners and first time buyers. Give Bruce a call for the Guidelines or shoot us an email. You can contact Bruce at bruce_garlitz@countrywide.com.

For information on Sarasota homes for sale, email Annette for detailed sheets from the Sarasota MLS on homes that match your criteria. Search our IDX database for any Sarasota County home.