Florida Home Sales

Homes sales in Florida increased by as much as 34 percent in October marking the 13th consecutive month with increased sales as measure in year-to-year comparison.  There were 14,419 homes sold in September this year compared to 10,778 for the same period last year.  The increase in condominium sales was even more dramatic.  Statewide the sales of condominiums increased by 77 percent over September 2008 and nearly 9 percent over August of this year.  Over 5,000 condo were sold in September compared to 2,870 in September of 2008.  With so many good deals among foreclosures and short sales it is no surprise that sales are up.  If you would like to register to receive daily updates about foreclosures in our area visit www.bankownedpropertydeals.com .

Broadway Promenade

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There are so many great deals on vacation homes in Sarasota right now. You can buy a one bedroom in one of downtown’s newest condominiums, Broadway Promenade for only $129,000. This condo just came on the market and has stainless appliances, granite counter tops and all the conveinence of downtown living. Amenities at Broadway Promenade include concierge, pool, fitness center, secured parking and much more.  Broadway Promenade has a commercial component with many boutiques and a  Publix Grocery Store.  This property, listed with another firm is the lowest priced condo at Broadway Promenade.  It wont last long so give us a call at 941-650-4626.  Click here to view details.

Sarasota Bank Owned Real Estate

With prices in Sarasota on the rise again, time is running out to get the best deals on bank owned properties and foreclosures. If you are interested in getting a list of foreclosure property deals in Sarasota, Bradenton, or the Keys or Lakewood Ranch, visit www.bankownedpropertydeals.com and register.  We are seeing an increase in interest among buyer and investors looking for properties since the The Today Show named Sarasota as the number one place in the country to buy real estate.  Don’t miss out, there are still some great deals.

Two Bedroom on Longboat under $150,000

You might be surprised to know that you can buy a two bedroom condominium on Longboat Key for the price you would expect to pay for a condo on the mainland. Currently there is a two bedroom condominium on Longboat Key located directly across from the beach that is priced at only $145,000. If you are interested in finding the lowest priced properties in the most prestigious areas of Sarasota, give me a call at 941-650-4626.

Laurel Lakes

We recently listed this home in Laurel Lakes for $349,000. Although an offer has been recieved, it is a short sale and it will be some time before the sale is completed. Other buyers still have time to have thier offers submitted to the bank for approval as well.

Buying Foreclosures

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.

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.

The Inlets condominiums, Siesta Key

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The Inlets Condominiums are a good choice for boaters who want to have a modest priced property on Siesta Key. Amenities include a heated pool and boat docks. Turtle beach, Ophelia’s restaurant, Turtles restaurant, the Midnight Pass Pub and Marina are all just a short walk away. There is a one month minimum rental policy at The Inlets.  Right now there is a good deal on a short sale.  Give me a call at 941-650-462 for more information.

Real Estate Short Sales

A short sale occurs when a lender agrees to discount the loan payoff amount to allow a sale of real property at an amount that is short of the full loan payoff amount.  Lenders do allow short sales when:

• The market value of a home or condominium is less than the loan amount.
• When a home owner is can no longer afford to may regular payments due to financial hardship.
• When the home owner has no other assets from which monies could be used to make payment. 

In order to enter into a short sale arrangement a home owner will need to:

• Sign a marketing agreement with a Realtor who is knowledgeable in the short sale process.
• Complete a hardship letter outlining the circumstance that have lead to the current financial hardship necessitating sale of the property such as job loss, loss of income, divorce or poor health.
• Prepare a financial statement and copies of recent tax return that confirm financial hardship.
• Submit marketing agreement, hardship letter, financial statements and any offers to the lender’s “work-out” department for approval.

The lender will order a BPO (Broker Price Opinion) on the property to determine market value.  If an offer is made by a qualified buyer at or near the BPO value the lender may approve a short sale.  I short sale will affect a borrower’s credit score far less than a foreclosure.  In most cases a seller who completes a short sale who maintains good credit will be in a position to repurchase a home within a year.  After foreclosure it may take as many as seven years.   If you purchased your home in the past few years selling short and buying at today’s new low prices may be a very wise financial move.