Sarasota Real Estate Market Update 2011

The Sarasota real estate market continues to see investors and bargain hunters grab foreclosures and short sales.  According to a press release from the Sarasota Association of Realtors, dated today, inventory is at a six year low and sales are up.

This time last year sales totaled 528 and currently for the same time period sales are up 27 percent to 673 total sales.  Members of the Sarasota MLS closed on 472 single family homes and 201 condominiums in February 2011.

There is also more good news for the Sarasota real estate market as pending sales figures are up too.  The pending sales are good indications that the Sarasota real estate market's buyer activity is still strong.  Possibly we are headed for a more traditional market in Sarasota as there are certainly good indicators.

For an experienced Sarasota real estate agent, contact the John Allen Team at 941-544-6467.  We respond promptly.

Habitat for Humanity - ReStore II Pre-Grand Opening

Habitat for Humanity is holding a Pre-Granding Opening Celebration of ReStore II on Friday, February 18, 2011 from 6:30 pm to 8:30 pm.  The new store is located at 4408 Bee Ridge Road in Palm Plaza at the corner of Bee Ridge and McIntosh.

The new store will offer for sale over "10,000 square feet of donated items to the public at affordable prices."

Both of the Sarasota stores sell a variety of of merchandise from donated items to new items donated from store overstocks, manufacturers, builders and people of our community.

Proceeds from the stores help to build homes for low-income families in Sarasota County.  If you would like to donate to either of the Sarasota stores, please call 941-363-0777. 

For information on Sarasota homes for sale, contact the John Allen Team at 941-544-6467.

Five Questions to Consider When Buying Vacation Homes

Are You Considering a Vacation Home? In the November 2010 Coastal Living Magazine published an article by Money Magazine’s Amada Gengler about things to consider before purchasing a second home. The article was excellent and pointed out five main questions to consider before beginning such a search.

Five Questions to Consider Before Purchasing a Vacation Home

1. What’s your reason for purchasing?

• Price, personal use or investment.

2. What if prices dip further?

• Many economists say the worst is over, but if you plan to stay in the home for five to seven years, you should be able to withstand a few minor dips in the hardest hit area such as Miami.

3. Can I get a mortgage or do I need cash?

• “About 30% of second-home sales are all cash. Paying with cash increases your chance of scoring a deal – sellers generally prefer it, sometimes even if the cash bid is lower than others, because financed deals can drag on or fall through. For a mortgage in today’s environment, you’ll typically need a minimum of 20% down, and total costs for your primary and vacation homes should eat up no more than 33% of your monthly gross income, says Keith Gumbinger of mortgage publishing firm HSH Associates. Considering a condo? You’ll likely face even tougher guidelines. It is always a good idea to consult a mortgage lender before your house hunt.”

4. What are the costs, expenses and fees involved?

• The cost for insurance on vacation homes is typically higher than insurance on a primary home. In Florida, waterfront homes usually require flood and hurricane insurance. Even non-waterfront homes in Florida's coastal communities typically require additional insurance. In Sarasota, this would include homes and condos on the barrier islands of Casey Key, Siesta Key, Longboat Key, Lido Key and Bird Key. We always recommend that buyers contact the local tax department to verify taxes and consult your accountant with specific tax questions before making a purchase.

5. Is the home affordable with no rental income?

• Don’t ever plan on the rent covering the costs!

If you are considering a vacation home on the beach, Sarasota Florida should definitely be on your list to consider. Siesta Key Beach was named the Second Best Beach in the US for 2010 by Dr Beach. In addition, Poirtfolio.com just named Sarasota the Best Place to Retire in the United States.

For a great selection of homes for sale in Sarasota, contact the John Allen Team at 544-6467. Our real estate agents will guide you to a successful closing if the Sarasota lifestyle is for you.

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.

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 Undervalued 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.