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Fourth of July

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This weekend our family celebrated the fourth of July Holidays in the mountains of nort Georgia.  Those that celbrated the holiday here in Sarasota had many things to do and enjoy including the Suncoast Off Shore power boat races which are always a major part of the weekend festivities.  If you did not see the races you may want to check out the video highlights at: http://www.suncoastoffshore.org/video.php

Siesta Key Condo Update

Currently on Siesta Key there are 401 condominium properties for sale ranging from $30,000 for a fractional ownership to $4,250,000 for a gulf front penthouse. There are 39 condominium properties currently under contract at an average price of $496,464 or $387.22 per square foot. The highest pending sale is $813.57 per square foot or $1,399,000. The lowest price pending sale is $149,900. So far this year 84 condominiums on Siesta Key have been sold at an average of 90% of list price. The average sale price was $521,738 or $398.52 per square foot. The average days on market for these sold properties was 235. The highest sales price YTD has been $2,225,765.

Sarasota Property Taxes

Sarasota county recently approved the first property tax rate increase in approximately ten years. The modest increase which was approved was only a 0.3 percent increase. This increase was approved in part due to the decreasing property values which have come down from their peak of $63 billion to the current valuation of $47 billion.

Doc Stamps & Closing Costs

A documentary stamp tax is levied on documents that convey interest in real property.  In all Florida counties except Miami-Dade the doc stamp is calculated  as $.70 per $100 of the total consideration paid.  The documentary stamp tax on mortgage instruments and liens is $.35 per $100 dollars of value.  It is customary that the buyer pays the documentary stamp tax on the mortgage and that the seller pays the documentary stamp tax on the deed at closing.

Documents that convey interest in real property and that are subject to taxation include:

• Warranty deeds
• Quit claim deeds
• Deeds in lieu of foreclosure
• Easements
• Assignments of beneficial interest in a trust
• Assignments of leasehold interest

To calculate closing costs on any real estate transaction including title insurance  you can use my closing cost calculator.

Real Estate Services for Admirals Walk

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We have developed a website with videos and information to market sales and annual rentals at Admirals Walk.  Properties marketed by our company are featured on our  websites including www.admiralswalkcondominiums.com and www.sarasotacondominiums.com which is the number one Google search result for “Sarasota Condominiums”.   We offer full service property management including:

• Tenant Procurement
• Lease Negotiations
• Lease Preparations
• Background Checks 
• Credit Checks
• Move In /Move Out Management

We receive inquiries daily about Admirals Walk so if you are interested in selling or renting your place give us a call.

Tortuga Siesta Key

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Recently I had the pleasure of spending some time with past clients, Mr. & Mrs. Dabagian.  They purchased their beautiful penthouse at Tortuga condominiums on Siesta Key about 11 years ago.  They had much to say about their satisfaction with their island home and the Sarasota lifestyle.

Suncoast Off Shore Grand Prix

This year the Suncoast Super Boat Grand Prix Festival will celebrates its 25th anniversary. The races held in Sarasota’s one of the longest running race venues in the country. During the last the races and related events have raised over 14 million dollars for the benefit of the mentally and physically handicapped. Proceeds this year will benefit the Suncoast Foundation for the Handicapped. This year’s festival events will begin June 27 and run thru July 5th. For more information visit www.suncoastoffshore.org

Siesta Beach Ranked 2nd Best in the Nation.

Stephen P. Leatherman of the Florida International University’s Laboratory for Coastal Research has recently released his annual report of the best beaches.     Siesta Key’s Crescent Beach was ranked second only to Hanalei Beach on the island of Kauai in Hawaii.  If you prefer your beaches without volcanic activity you might want to check out  Siesta Key.  A quick Google search of the term “Hanalei Hawaii shark attacks” may also help you choose which beach is your personal favorite.

1. Hanalei, Hawaii
2. Siesta Beach, Sarasota
3. Coopers Beach, Southhampton
4. Coronado Beach, San Diego
5. Hamoa Beach, Maui
6. Main Beach, East Hampton
7. Cape Hatteras, Outer Banks
8. Cape Florida State Park, Key Biscayne
9. Coast Guard Beach, Cape Cod
10. Beachwalker Park, Kiawah Island

Real Estate Markets Stabilize

The National Association of Realtors indicated that nationwide the total number of homes sales was up by 5.1% in February. In March the homes sales figures were up by 3.2% on average nationwide.  In southern states sales were up 8.5% and 4% in the West.  Four factors are thought to have contributed to the upward trend in real estate sales.

1. Low prices are once again atractive to investors.
2. Banks are lending to qualified buyers.
3. Consumer confidence has risen.
4. Sellers have begun to realize that homes are only worth what buyers are wiling to pay.

If you are waiting for the market to hit bottom, you may have already missed it. Since it takes a couple of months for sales to close and for reporting of sales figures, current sales data is based on activity hat began months ago.   Right now it is a buyer’s market but buyers will loose some of their new-found leverage as prognosticators  reach consensus that the market is in recovery.

Five Points Roundabout

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This Summer the City of Sarasota will begin the work of installing a roundabout at Five Points on Main Street in Downtown Sarasota.  Additional roundabouts will also be created at the corners of Orange Avenue and Alderman Street and at Ringling Boulevard and Palm Avenue.  The total cost of the three Roundabouts are expected to be $1.5 million.  Fund will come mainly from the Florida State Department of Transportation.  Some funds will also come from sales taxes collected in the City of Sarasota. These improvements to our intersections will make our streets more pedestrian friendly. Possibly more importantly these projects will can be seen as a beautification. Sarasota is already a beautiful place and further improvement and beatification to roads and neighborhood areas is a welcome idea. Take a moment to navigate the embedded maps.

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Home Builders Confidence Improves

For each of the past two months confidence among home builders has been reported to be on the rise.

Sarasota Median Home Prices

The median home price in the Sarasota-Bradenton-Venice market is now at $155,200 highlighting the area’s affordability. With the median price 40.8% below that of last year, now maybe the best time to find a great deal.

Visit www.sarasotajustlisted.com to search area homes.

British Real Estate Purchasers

Over the past few years our real estate market has been bouyed by international purchasers with strong currencies. This trend has moderated as foreign markets have also experienced market declines.  With current statistic pointing to a slowing in the rate of reductions in UK home values we may soon see an increased interest among British buyers with improving confidence in their domestic housing market.  Home prices in the UK fell 6.4% in each of  the last three months of 2008.  In the first three months of 2009 values fell an average of 3.8%.  Additional good news in UK comes from a slowdown in falling manufacturing output which saw a decline of only 0.1% in March, the smallest monthly decline in the past 13 months.

Sarasota Foreclosures

After a brief moratorium on bank foreclosures we are seeing a spike in foreclosure activity. March foreclosure activity amounts to a 40 percent increase over previous months. Other market indices point to a market recovery so current foreclosures make for wonderful opportunities for smart investing. If you are interested in purchasing distressed or foreclosed properties give me a call at 941-650-4626.

Mahindra Dealership in Sarasota

Soon an Indian automotive dealership will open on Clark Road next door to the Land Rover Dealership. The new automotive dealership from India is known as Mahindra Motors. The company which is a maker of trucks and SUVs enjoy an 85 percent market share in India. The company hopes that their economical diesel powered vehicles will be hit here in the US. Sarasota will be home to the first US dealership. The company hopes to open hundreds more in the near future.

Sales of Existing Florida Homes

In the first quarter of 2008 sales of existing Florida homes totaled 25,071.  Total sales of existing Florida homes increased 25 percent to 31,412 in the first quarter of this year.  Home sales in each of the last three quarters indicate increases over the same periods in the preceding year.  Improving sales numbers regionally, nationally and locally indicate that the market is turning.  Now is the time to buy your dream home or investment property wile interest rate and values are  at their lowest.

Multiple Offers

USA Today just ran an article entitled; “More homes get multiple offers; downturn may be nearing end”. A similar article just ran in the Sarasota Herald Tribune. This is definitely the case hare in Sarasota. We have three years of pent up demand and yes there are many properties on the market but many homes are overpriced. With the best deals getting all the attention multiple offers are common. We are even seeing properties sell for more than asking price. I was just notified that a cash offer placed this morning was declined by a seller who received an above list offer which was also for cash. The property garnering multiple offers was a two bedroom condo beach condo on Siesta Key which was a bank foreclosure listed at only $299,000. This property is currently assessed by the county tax office at $545,000 and sold for $649,000 in 2005. If you are looking for deals like this give me a call.

Longboat Harbour

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Longboat Harbour is a great condominium of choice for boaters. In addition to water views and beach access, condo owners at Longboat Harbour enjoy deep water docking suitable for sailing vessels. Amenities include club house, covered parking, kayak storage and four pools. Every unit has a view of the water.

Sarasota Yacht Club

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The Sarasota Yacht Club is undergoing a dramatic transformation.  The original club which opened in 1951 has recently been demolished to make way for a new 27,000 sq foot state of the art facility which is expected to be complete by the end of this year.  Amenities will include a new resort style pool with an infinity edge overlooking the bay and shallow lounge areas and cabanas.  The new dinning area will seat 550.  Plans include upgraded boater amenities and a fitness center.  Although larger than the original building the new club will incorporate 15 % more green space and will incorporate the latest green building techniques.  The Sarasota Yacht club, founded n 1926 is one of the original 13 members of the Florida Council of Yacht Clubs.  Membership types include, seasonal summer, seasonal winter, social and full marina.

For more information visit the club’s website at www.sarasotayachtclub.org.

Florida Winefest, Sarasota

If you are looking for something to do this weekend you might consider taking part in the 19th Annual Florida Winefest & Auction.  Activities will include food and wine sampling, an auction dinner and dance, seminars and a brunch on Sunday.  Events are scheduled for Friday, Saturday and Sunday.  Most of the activities will be taking place at the Ritz-Carlton in Sarasota. 

For more information visit:

• www.floridawinefest.org
• www.ritzcarlton.com/en/Properties/Sarasota