Our Websites Have Greater Relevance

The Swanepoel Trends Report recently conducted a study of marketing trends.  They found that the Sun-Times Group, owners of the Chicago Sun Times and other trouble newspapers recently filed for bankruptcy.  The group has had 12 failed newspapers in the last year.  Gatehouse Media, a newspaper conglomerated had 8 failed newspapers and presided over $3,000,000 in losses and declining revenue of 15%.  The Ganett Company was hit with a 34% decline in revenues and saw 7 of it’s papers fail.  additionally, The Tribune Company, owners of the Baltimore Sun and the Los Angles Times filed for bankruptcy in 2008.  The newspapers are suffering unsustainable losses mainly because the print model has been made largely irrelevant due to the internet and other means of electronic delivery.    This Christmas we are seeing an enormous demand for electronic media readers such as Amazon’s “Kindle” and Barnes & Noble’s “Nook”.  People may be reading more than ever, they’re just not reading newspapers.   The National Association of Realtors conducted it’s own studies indicating that 90% of home buyers begin their home shopping on the internet.  In recognition of this trend we continue to focus our marketing efforts on our websites, blogs and social media.

Longboat Key Club Expansion

The Longboat Ke CLub in currently in the final stages of planning and approval of a proposed $400,000,000 expansion of the resort and club. The expansion will bring a new hotel additional resort amenities, condos and jobs and tourism to Longboat Key.

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.

Today Show, Sarasota is Best Place to Buy Real Estate

The Today Show just aired a segment on Real Estate naming Sarasota as the number one place in the country to buy real estate.  Our beautiful beaches were mentioned and  Sarasota was described as “a sophisticated city, an urban city with all the things that sophisticated people like to find.”  They also stated that the median home price in Sarasota is $175,800 which is own 34% from last year and that there has been a 13% increase in property values since last quarter indicating that the market has bottomed and is increasing again.  If you are a sophisticated person, Sarasota is the place for you and now is the time to buy!  The market has turned around.  Visit www.todayshowsarasota.com to see the video.

Flemmings Restaurant Sarasota

The other day my wife Opal and I enjoyed a wonderful dinner at Flemmings Steakhouse.  We wanted to thank our client that sent us the gift certificate.  I am blessed to have a wife like Opal and also to live,work and play in a town with so many excellent restaurants and things to do.  The Sarasota life style is great.

Sales Are Up

Sales volume has been trending up for each of the past six months, signaling the end of the  rapid price declines.  High volumes of foreclosures are expected to continue for the near future but will have a lesser effect on the market than they have in the past few years because there are now large numbers of buyers returning to the market to take advantage of lower prices and investment opportunities.

Home Sales up by 9.6%

Recent reports from the U.S. Census Bureau indicated that new sales of new home in July increased by 9.6% over June.  The median sales price of new houses sold in July 2009 was $210,100; the average sales price was $269,200. The seasonally adjusted estimate of new houses for sale at the end of July was 271,000. At the current rate of sales there is a 7.5 months supply of homes currently on the market.

Click here to view the full report.

German Real Estate Buyers

We may soon see an increase in buyers from Germany. Recent economic reports in Germany indicate that their recession is coming to an end. With things looking up more Germans will have the confidence to take advantage of great deals in our Florida real estate markets. We are using our large Internet presence to capture foreign buyers.

Florida Real Estate Rebound

Florida real estate is sure to rebound. I can’t begin to tell you how many of my clients have told me that they will be buying a home here in Sarasota as soon as they sell their current home in the north. For many of these clients the wait is coming to an end. Illinois homes sales have seen a surge of 61.8 percent over the first quarter. Other Midwest states are beginning to feel the thaw in their previously frozen real estate markets as well.  It looks like we will have a good selling season in Sarasota this winter.

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

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.

 

 

Home Builders Confidence Improves

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

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.

Median Home Prices Down; Sales Up

In February the median home price was $144,000.  That price is down some 43 percent from  year ago and is now the lowest price since 2001.  Pending sales in February hit the highest levels since April of 2006.  The interest rates are low, the credit markets are beginning to thaw, all of which is leading to increased sales activity.  Sales of homes in Florida increased twenty percent and 5.1 percent in the nation.

Economic Downturn to end May 15th.

I read an interesting article in the Chicago Tribune predicting an end to the current economic downturn. I tend to agree with the authors views of pent up demand. I have many clients who are interested in purchasing property but remain on the sidelines.

• Click here to read the article.

Mozaic Restaurant Sarasota

The Mozaic Restaurant in downtown Sarasota recently finished thier year long renovations and has reopened.  Mosaic which serves Southern France and Mediterranean cuisine is located at 1377 Main street in Sarasota.

Sarasota Real Estate Sales December 2008

The numbers for December 2008 sales are in.  They indicate a considerable increase over December of 2007.  Total home sales in December of 2008 came in at 571 while the same period in 2007 posted only 374 sales.  The market continues to improve despite the overall economy.  December’s totals were the  twelfth consecutive month in which sales topped the 500 mark.

Bank Owned Developments

The current economic climate is creating many wonderful opportunities. Currently there are many available bank owned properties suitable for future housing development. These properties consist of multiple housing lots that are available in partially developed neighborhoods. With the credit crunch banks have refused to renew short term loans that had been given to developers. Having now foreclosed on these properties, the banks want them liquidated at prices that are far below original cost. Many such properties are complete with all infrastructure in place and ready for new homes when the market recovers.

Local builders such as Pat Neil are currently selling many new homes in developments where the land cost is low enough to make new construction profitable at today’s market pricing. At the new lots prices that are available from the banks these lands will perform well for savvy investors who take advantage of such opportunities.

Economic Recovery

The Sarasota Economic Development Corporation recently hosted a luncheon at Michael’s on East at which the chief economist for Sun Trust Banks, Gregory Miller spoke on the topic of economic recovery.  He indicated that low mortgage rates, lower gas prices, low business inventories and an increase in capital spending will set the stage for recovery latter this year.