One of our clients just went to contract on a new home in Forrest Creek. This Parrish neighborhood is really a great value. Forrest Creek is a Neil Community that was originally planned for homes in the $500,000. The developer shifted with the market and began building more modest homes in the low $100,000s. The great thing about the neighborhood is that the entrance gates, landscaping and amenities were all constructed with higher end homes in mind. The result is neighborhood with homes priced under $150,000 and large preserve areas, amenities and the feel of a much more expensive community.
We have just listed a nice two bedroom condo at Serenade on Palmer Ranch. This condominium has a nice preserve view and is available for $900 per month. Amenities include pool, club house, fitness center, two pools and more. More information is available at:
Beginning August 1st, we will have a nice two bedroom two bath condo at Serenade on Palmer Ranch available for annual lease. This condo features a spacious screened patio and washer & dryer. Serenade on Palmer Ranch has many amenities including a gated entry, two pools, tennis courts, fitness center and club house. This rental is available for $900.00 monthly.
Harris Interactive recently conducted a study in which it was determined that 55 percent of people surveyed identified them selves as likely to purchase a foreclosed property. Back in November of 2008, the same survey indicated that only 47 percent were likely to purchase a foreclosed property. People currently renting (68%) were among the most likely to buy a foreclosed property. Here in the Sarasota / Bradenton real estate market we are experiencing the effects of this increased interest in foreclosure properties which make up a high percentage of the closed transactions. There are some excellent opportunities among the foreclosures in our market. However, not all foreclosure are good deals because in some cases the costs associated with repairs and upgrades may be too high. The best deals may newly constructed homes that were purchased by out of town investors at the end of the boom. In many cases these foreclosed properties have never been lived in and are in excellent condition. If you are interested in such properties, give me a call at 941-650-4626.
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.
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.
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.
We do not have to look very far for evidence that the Sarasota Market is recovering. At Admirals Walk Condominiums there are 12 units for sale out of 249 total units. The big news is that while only 24 units were sold in the last 18 months currently 18 units are under contract and waiting to close escrow. This condominium like many others began as a apartment community and was later converted to condominiums. After 2005 many of these condominiums saw a rapid decline in value which was mainly due to foreclosures from investors who purchased with the sole intent of reselling after closing.
After 2005, many investors having purchased with little or no money down simply walked away from properties when they found that there were no longer buyers willing to pay more than they had. The resulting rash of foreclosures drove prices down to the current levels which are very attractive. Right now there is a three bedroom unit with an asking price of $83,000. The owner paid $235,000 for the same unit in 2005. There are other deals like this but they are selling fast. At prices like this, these condos make good rental income properties. Our firm routinely handles the leasing and management of properties like these.
Under the recently passed $789 billion economic stimulus package first time home buyers may receive a tax credit equal to 10% of the homes value up to a total of $8,000. Buyers who have not owned a home during the past three years are also eligible for this tax credit. Unlike previous programs, this tax credit is not required to be repaid unless the home is resold in the first three years of ownership. To qualify for this tax credit home buyers must complete their purchase before December first of this year.
Now is a wonderful time to be a first time home buyer. Priced are down and great deals can be made among the many bank owned properties. With a mortgage deduction on mortgage interest paid coupled with this tax credit buying a home at today’s prices may be a great financial decision.
Serenade on Palmer Ranch is a nice condominiums in a very convenient location. Residents will enjoy the many new shopping centers close bay and easy access to I 75 and the beaches of Siesta Key. Amenities include tennis, fitness center, gated entry, club house and two pools. Give us a call at 941-650-4626 for sales and leasing.
Seemingly, the county has no understanding of the impact fees. Although so much lip service is given to the issue of affordable housing, the county is yet again considering raising impact fees. Common sense would indicate that higher impact fees would greatly impact the availability of affordable housing. Higher impact fees are easily absorbed by into the cost of luxury homes that are so common in Sarasota but the proposed impact fee of $19,600 for a 2,000-square-foot is cost prohibitive for the average family who would live in such a home. Sarasota has already become a playground for the wealthy as confirmed by Westfield’s by planned overhaul of South Gate Plaza to include a double sized Saks 5th Avenue. Higher impact fees for new home would increase the cost of construction of new homes and will spur builders to continue to focus thier efforts on the luxury market. This is not the way to address the affordable home issue. The counties focus needs to be on it’s budget so that impact fees and real estate taxes can be lowered.
As the cost of housing in Floria has risen at dramatically, the median income in Florida has remained relatively flat creating a situation were many of lower paid professionals can no longer afford to live in the areas where they work. The use of Community Land Trusts is one effect tool that may provide a solution. Here is a presentation on Community Land Trusts by the 1000 Friends of Florida, The Florida Housing Coalition and The Community Land Trust Institute.
In an effort to create much needed affordable housing in Sarasota, the city commissioners voted 3-2 to approve a land-use change that would allow a developer to build a 400 unit condominium in the Alta Vista neighborhood along School Avenue. Such affordable housing is badly needed in Sarasota as businesses and county government are having trouble attracting employees who can afford to live in Sarasota.
This new condominium would set aside 130 of it’s units for hospital employees as well as for law enforcement and educators. As with all good things, someone always stands in oppositions. In this case it is the neighbors of the Alta Vista neighborhood. They are concerned with the projects impact on traffic and feel that the projects high density would be inconsistent with their residential neighborhood. The proposed development of 9,5 acres would include now vacant Scott’s store and would improve the area surrounding Payne Park. Click to view location of Payne Park and proposed development.
"The measure of a life, after all, is not its duration, but its donation."
- Corrie Ten Boom
"The budget should be balanced; the treasury should be refilled; public debt should be reduced; and the arrogance of public officials should be controlled." - Cicero, 106-43 B.C.
