Monday, September 29, 2008

Statement from Sarasota Association of Realtors

Despite a late summer and early fall dominated by depressing economic news across the nation, property sales in the Sarasota MLS did not see a dramatic change from the previous month, continuing a traditional slower summer sales season.

Overall sales stood at 440 in August, only slightly lower than the 454 in July. In fact, sales in August 2008 were actually higher than in August 2007, when only 430 overall single family homes and condos were sold.

The biggest decrease from last year was in condominium sales, which fell to 84 this year compared to 122 last year. The August 2008 report continued to show strength in pending sales, which stood at 536, just off last month's total of 584. In August 2007 only 456 pending sales were reported, which forecasts a stronger market for the fall and winter months. Pending sales reflect contracts executed by buyers and sellers, and current numbers indicate more closings likely in the upcoming months.

Sales prices for single family homes decreased somewhat in August, falling to $226,250 from last month's median of $250,000. But condominium prices saw a resurgence to $295,000 from July's $252,500. This means most property is apparently holding its value better locally, which also means the local market is doing better than the statewide and national downward trends.

"The national financial crisis has obviously dominated the news this month, but fortunately our market appears to be weathering yet another storm very well," said Helen Sosso, 2008 SAR President. "These are difficult times for many businesses and industries, and the real estate industry is no exception. But the Sarasota market is blessed with many fundamental strengths and attractions, one of which is our highly skilled and professional group of real estate brokerages and agents. In difficult times, the guidance of member agents in the SAR is vital to achieving your most advantageous property transaction."

Inventory levels in August 2008 dropped for the sixth consecutive month, and are the lowest they have been since late 2005. There were 6,461 single family homes listed, compared to 8,677 in July 2008, and 2,407 condos listed, compared to 4,599 condos listed last month. However, some of this discrepancy is likely attributable to the new MLS system which became operational in early August and resulted in the elimination of much of the duplication in property listings between the five area member associations (including the Manatee Association of Realtors).

The current local market, despite the negativity in the national news, continues to demonstrate statistically that we have a great selection of more affordably priced housing for buyers to visit and purchase. In addition, declining inventory levels normally indicates the market is returning to a more historical balance, which eventually leads to normal, long-term price appreciation.

Tuesday, September 23, 2008

Could this happen in Longboat Key?

Residents of the city of Petah Tikva, a suburb of Tel Aviv, have been asked to take their pooch to their local vet, where a DNA sample can be collected.

The city hopes to build a database so faeces can be matched to registered dogs and their masters.

Owners who scoop up their dog's poo and put it in specially marked bins on Petah Tikva's streets will be eligible for rewards - like pet food coupons and dog toys.

But owners who leave their pet's droppings on footpaths could face a fine.

If the voluntary programme takes off, the city will consider making it mandatory for owners to provide DNA samples from their dogs.

Tika Bar-On, the city's chief veterinarian, came up with the plan and said so far, dog owners had reacted positively to the initiative.

"[Residents] are co-operating because they want their neighbourhood to be clean," she said.

She added there was many other applications vets could use the DNA database for - such as research of genetic diseases, investigating canine pedigree and identifying stray animals.

Sarasota Ballet Lectures

Oct. 1
Sarasota Ballet will be holding a series of five lecture
demonstrations at the Historic Asolo Theater. Hosted
by guest choreographers and company dancers, the
lectures will preview and examine the major works that
will be performed during the 2008-2009 season. Cost is
$25 for each lecture or $100 for all five. Call 941-360-7399

Tuesday, September 9, 2008

Prudential Real Estate Affiliates wins J.D. Power and Associates award

Prudential Real Estate is ranked “Highest in Satisfaction for Home Sellers Among National Full Service Real Estate Firms,” in J.D. Power and Associates’ 2008 Home Buyer/Seller Study SM.
The inaugural study measures customer satisfaction of home buyers and sellers with major national real estate companies and includes 3,670 evaluations from 3,205 respondents who bought or sold a home between April 2007 and June 2008.
Among home sellers, Prudential Real Estate achieved a score of 793 on a 1,000-point scale. “We are very proud of this distinction, as it underscores the quality of our affiliates and their hard-working sales professionals,” said Laurie Keenan, president of Prudential Real Estate. “This recognition is especially rewarding because it comes from a most discerning group: our customers. To be sure, our sales professionals are the local experts, and sellers appreciate their ability to market and price homes right.”

Red Sox for Sarasota ?

Officials trying to prop up the sagging economy here are convinced they have found a remedy: annexing a piece of Boston Red Sox.
Boston’s on-the-field success in recent years has made the organization a darling among fans and marketers so the emerging power of the Red Sox name, fueled by frenetic fans who travel widely to see their team play, has created a level of interest from Sarasota. Officials here are trying with all their civic might to poach the club’s spring training operation from Fort Myers, where it has been since 1993.
There have been friendly calls from local politicians to team executives, a pledge to build a replica of Boston’s Fenway Park, and discussions about both a public land purchase and an increase in the tourism tax to pay for the stadium and improvements to an existing minor league complex. A grass-roots organization called “Citizens for Sox” has even formed to help in the effort.
The officials here say the team would attract more tourists and businesses than any other major league franchise. They hope the relocation would help lift real estate prices, increase the number of flights to and from Boston and boost construction.
“This is not just about baseball,” said Joe Barbetta, a Sarasota County commissioner. “It is about the Red Sox brand.”
Kelly Kirschner, the commissioner from the city of Sarasota who has teamed with Barbetta to try to attract the team, added from across the table, “We have never seen 4,000 people get together about anything, let alone a baseball team.”
The Red Sox are among a handful of teams with the flexibility to leave their spring training cities because they hold opt-out clauses in their current deals. The club’s existing agreement with Lee County allows the team to leave Fort Myers after 2009 spring training if it pays $1 million. After that, the amount decreases by $100,000 a year until the agreement expires in 2019.
On Tuesday, Sarasota County voted to buy 1.2 acres in downtown Sarasota for $4.8 million. The plan calls for a 10,000-seat stadium next to the site of Payne Park, where the Red Sox held spring training from 1933 to 1942 and from 1946 to 1958. Officials in Sarasota have been in discussions with the Red Sox for several weeks, and they expect to make their formal offer by mid-September.
Sarasota finds itself searching for a team because the Cincinnati Reds decided last year to leave for Goodyear, Ariz. To find a new team, officials began studying which clubs could relocate and soon fell in love with the idea of landing the Red Sox.
“Certainly it’s because their star has never been brighter,” said John Yarbrough, the official in Fort Myers who is in charge of the effort to keep the team. “There is no team, except for maybe the Yankees, that has the following they have right now. It’s a sign of the slow economy that more municipalities haven’t come out pushing for them.”
The Red Sox have done what seemed nearly impossible five years ago. In 2004, they rallied from three games down to the Yankees in the American League Championship Series and went on to win the World Series for the first time since 1918. Then they won another title last season.
Sarasota, which was home to a Class A affiliate of the Red Sox from 1994 to 2004, appears to be the only city beyond Fort Myers interested in taking them, although Disney officials are also making a quiet push. Disney World is already home to the Atlanta Braves during spring training at its Wide World of Sports complex in Orlando. The Red Sox’ chief operating officer, Mike Dee, toured the center in July.
But the interest from Sarasota appears to be the strongest, and its officials argue that the benefits of attracting the team would exceed the economic activity associated with a schedule of roughly 17 spring training games. Many of Sarasota County’s approximately 350,000 residents, like those elsewhere on Florida’s Gulf Coast, are retirees from the Midwest.
But the officials say the Red Sox could attract more people from the Northeast. “If the Red Sox come, it would bring in direct flights from Boston, and it would attract people from New York to New Hampshire,” Barbetta said, referring to his hope that those people might decide to relocate to or retire in Sarasota.
A consultant’s study for Sarasota showed that the Red Sox would generate $46.5 million a year in economic activity, nearly double the amount associated with the Reds. And in the 2007 edition of “Turnkey Team Brand Index,” a study that ranks the brand strength of 122 teams in Major League Baseball, the N.F.L., the N.B.A. and the N.H.L., the Red Sox finished fifth in fan loyalty among all major franchises and first in baseball. (The New York Times Company owns 17 percent of New England Sports Ventures, the parent company of the Red Sox.)
“We asked fans how much a team is a part of their daily routine, to what degree do they support a team, how often do they watch them on TV and how much they go to games,” said Len Perna, the president of Turnkey Sports and Entertainment. “There is no doubt that their performance on the field over the past few years has had an impact on their brand, but there are other teams that have won and don’t have the same glow.”
He added: “What makes them different is that they have done everything else right. This group of owners has made Fenway Park part of the team’s future and not pushed for a new stadium. That endeared them to many Bostonians, and the loyalty has extended from there.”
But Wayne Genthner, a charter boat captain who lives in Sarasota, is wary of the display of affection by public officials.
“They’re in love with them all right — you know how that can deceive you,” he said.
Genthner spoke out this week at a public meeting regarding the purchase of land for the stadium.
“It’s corporate welfare for professional baseball, and they have basically said you can eat out of the public trough,” he said in a telephone interview Wednesday. “We need help developing tourism from September through December. That is when we really need the help. People don’t vacation down here, and that is where we need the help. I want them to spend on tourism, but they need to be smart about it.”
For their part, officials 80 miles down the coast in Fort Myers say they want to keep the Red Sox. But they do not seem to be nearly as active about their interest as their counterparts in Sarasota. Fort Myers is also home to the Minnesota Twins during spring training, and city officials say the local economy is built around both teams.
Yarbrough said he had told the Red Sox that Fort Myers would make a counter-offer after Sarasota made its proposal.
“March is the lifeblood of our economy and our community,” Yarbrough said. “Could we survive without two teams? It would hurt our year-round economy.”
Dee said the Red Sox had noticed a clear difference in approaches from the cities.
“The outpouring of discussion and interest from Sarasota has been tremendous — it has been comprehensive in nature, and everyone has been very aggressive and supportive,” he said. “In Fort Myers, for whatever reason, they decided to wait it out.”
He added, “But they are confident and convinced that Sarasota is going to be unable to do this, and they are sort of gambling on this.”
What will Sarasota do if the Red Sox shun the offer?
“We would pursue another team,” Barbetta said. “And we won’t give up.”

Friday, September 5, 2008

Sarasota Sales Statistics July 2008


The Sarasota MLS saw a traditional summer drop in sales for July 2008 compared to the
previous month, but pending sales numbers remained strong, forecasting a normal fall
sales rebound.Overall sales stood at 454 in July, dropping off from the 559 reported in June 2008.Single family home sales in July 2008 stood at 326, while condominium sales dropped to 128. Sales had been increasing each month in 2008 prior to a June dip, and July continued the downward trend.The July 2008 report continued to show strength in pending sales, which stood at 584. In July 2007 only 476 pending sales were reported, which forecasts a stronger market for the late summer and early fall months. Pending sales reflect contracts executed by buyers and sellers, and current numbers indicate more closings likely in the upcoming months.Sales prices appeared to level off in July, remaining at a median of $250,000 for single family homes, while dropping slightly for condos, from $275,000 in June to $252,500 in July. This means property is apparently holding its value better locally, bucking a steeper
downward trend statewide and in many markets across the nation.“We tend to see a different market segment of buyers during the summer months,” said Helen Sosso, 2008 SAR President. “When families are in the market for a home, whether deciding to purchase after renting, or upsizing as the family grows, they tend to search for
homes during the summer months prior to the start of the new school year. These families traditionally shop for more affordable homes near good schools, which is why we normally observe a moderation of the median sales price during the summer. I expect a brisk return of high-end buyers when our seasonal residents return during the fall and winter.” Sosso also noted that while the prices have moderated locally in general, statistics prove that even after the drop in local median sales prices over the past two years, the median sale price in July 2008 is still 9.6 percent higher than five years ago for single family homes, and a whopping 22 percent higher for condominiums.Inventory levels were lower in July 2008 for the fifth consecutive month, and are the lowest they have been since February 2006. There were 8,677 single family homes on the market, compared to 9,108 in June 2008, and 4,599 condos listed, compared to 4,765 last month.The current market statistics continue to reflect a good selection of more affordably priced housing for buyers to visit and purchase. The decline in inventory levels traditionally indicates the market is returning to a more historical balance. As the market approaches equilibrium, the buyer’s market we’ve been experiencing will likely disappear, and price appreciation will return to the market.

Monday, September 1, 2008

Beautiful Florida style home in Sarasota

One of Sarasota's most desirable locations- central to beach, shopping, hospitals. Gracious floor plan, guest wing with full bath. Lush, bright interior courtyard brings the outside in. Luxuriously detailed construction includes beautiful in-ground spa. A Napa-style patio off the living room offers private dining in flowering garden under a cypress vine covered pergola. Live the Florida lifestyle in this 3 bedroom 3 bathroom home.
Listed at $649,000. Please call Michael for details (941)-504-8018

Awesome Views from Downtown Condo

THE ULTIMATE DOWNTOWN CONDO
Enjoy life to the full from this 2280 s.f. 2 bedroom/2.5 bathroom condo right in the heart of downtown Sarasota with fantastic views of Sarasota Bay, the Marina, the Keys and sunsets
falling into the Gulf of Mexico.
Amenities include huge outdoor pool, state of the art fitness center, guest suite, club room, meeting room, 24 hour concierge, valet parking.
Walk out of the building and you are seconds away from dining, shopping, opera, theaters, or your boat.
This condo is brand new, never lived in.
Listed at $1,175,000
Please call Michael for details 941-504-8018

Is Now Really the time to Buy ?

People ask me this question every day. Buyers want to know if the market is picking up and if now is the right time to buy Florida real estate. To give the most professional and helpful answer I need to understand who the Buyer is. If the Buyer is a real estate investor then it is very difficult to give a fair and honest answer. Historically, the Longboat Key area had always been enjoyed by primary homeowners, long-term vacationers and second-home owners. The short-term real estate investor came onto the scene mainly around 2004/5 ; they were looking to make quick profits by purchasing and selling quickly in a rising market. For those investor buyers, we may be at a bottom but I cannot say we are in a quickly rising market. If on the other hand you are a long-term buyer, the kind of buyer we have been used to on Longboat Key, then most certainly now is the time to buy. If you wait you will certainly miss out. You will not only be spending more but it will also limit your choices; you may miss out on the property you found when you decide you are ready for your purchase.

The Government of Longboat Key

Longboat Key lies in two counties- Manatee on the northern half and Sarasota on the southern half. The island was incorporated as a township in 1955 and is governed by a seven member Town Commission, each serving a two-year term. The Mayor is elected for a two-year term by the Town Commission. Administration is under Town Management with a full complement of departments; building, planning & zoning, finance, town clerk, police and fire/rescue. Additionally the Town maintains coorperative relationships with police and fire rescue in neighboring communities. Lido Key and St. Armands are both in Sarasota County and are governed by the City of Sarasota. The Sarasota City Commission consist of five elected commissioners. The Mayor and Vice-Mayor are chosen by the Commisson and serve one year terms. All elections are non-partisan and Sarasota has a Commission Manager form of governement. The Commission appoints a City Manager. City departments include police, public works, building, zoning and code compliance, finance, housing and Community Development.

Current State of local Real Estate Market

Sarasota market hits highestsales figure since June 2007Home sales in the Sarasota MLS for April 2008 stood at 567 – the highest level in 10 months, and approximately 72 percenthigher than the sales in January 2008. In 2008, sales have been progressively stronger month by month, possibly dueto the influence of the new property tax portability law adopted in late January.Sales have climbed from 329 in January to423 in February, then 514 in March.Bucking the trend of dropping median sales prices for single family homes, Aprilalso saw the median sale price rise to $285,000 from $266,750 in March –about a 7 percent increase.Condominium sales prices have shown a decline of about 8 percent since the first of the year, but they are also beginning to trendupward and have remained at relatively high levels for the Sarasota market. The median sale price for a condominium stoodat $277,000 in April, about 18 percent higher than the $235,000 median sale price in March, but roughly 8 percent off the2008 peak of $303,500 in January. “We are very fortunate to live in a beautiful,vibrant community, with world-class cultureand amenities,” said Helen Sosso, 2008 SAR President. “These obvious factors continue to enhance the value of local properties, and we are seeing this reflected in our stronger sales figures. In addition, it appears we are beginning to see the effects of the recent state legislation which made it easier for families to upsize or downsize, without such a dramatic impact on their property taxes.Portability will likely continue to be a factor as we move forward in 2008.” The April 2008 report continued to reflectstrength in pending sales, which stood at 765 – the highest level in the past year. In April 2007 pending sales were at only 609.Pending sales have been edging upward since December 2007, when there were only 374 pending sales reported. Pendingsales reflect contracts executed by buyers and sellers, and indicate more closings in upcoming months and an improvingmarket in the early summer months.Inventory levels were lower in April 2008 at 9,830 single family homes, comparedto 10,443 in April 2007. Condominium levels also decreased from the April 2007 level of 6,344 to 5,608 in April 2008.Lower inventory normally means a tighter selling market, which tends to put upward pressure on prices over time.Declining inventory is one of the indicators that a market is beginning to return to a more normal, balanced state. In fact, theSarasota MLS statistics reveal a lower level of new listings on the market, combined with higher unit sales, which means the inventory is declining for two reasons and should more quickly reach a healthy equilibrium. The days on market, which translates tothe average time it took to sell a property,was at 166 days for single family homes in April 2008, slightly higher than the 158days in March 2008. The figure has been steadily in the 158 to 160 range throughout the year. Average days on the market forcondos was at 189 in April 2008, lower than the 192 figure in March 2008, and much lower than the 203 days reported inFebruary 2008. The days on market reflects the pace of sales. In general the Sarasota MLS statistics show a rebound throughout 2008 – every month seeing stronger numbers than the month before.

Discover Paradise

Longboat Key, Lido Key, and Siesta Key are ideal beach and bayfront settings for the ultimate Florida vacation and the perfect place to call Home. Stretching between the gorgeous Gulf of Mexico and serene Sarasota Bay, these keys attract many visitors who come to enjoy the average year-round temperature of 73 degrees.
The area is appreciated by wildlife as well, so these waters are home to manatee, dolphins, and fish, while pelicans, osprey, and a variety of shorebirds find sanctuary here. Tennis and golf enthusiasts will find first-class facilities here, and there are several parks on the Keys to visit for a relaxing afternoon.Whether you like to spend your time shelling, biking, shopping, fishing, golfing, or dining, opportunities for these activities are boundless on Longboat Key, Lido Key, St.Armand's Key and Siesta Key. Well known as private island paradises, there are accommodations here to suit everyone, from deluxe suites in plush resorts and condominiums to beachfront cottages and modest hotel rooms.
Sarasota’s many cultural centers are only minutes away including Van Wezel Performing Arts Center, Asolo Theater, Ringling Museum, Sarasota Ballet and Opera,the magnificent Florida West Coast Symphony Orchestra and several live theatres.