Sarasota Surf & Racquet

Sarasota Surf & Racquet Club is one of Siesta Key’s best condominiums for prospective buyers that are looking for a vacation condo that can generate income from short term rentals.  Sarasota Surf & Racquet has an excellent on-site rental program that generates a reliable income stream for S.S. & R owners.  amenties include two pools, gated entry, tennis courts, a private beach.  Currently there are fifteen condos available ranging in price from $425,000 to $1,199,995. During the last twelve months, six condominiums have been sold at an average price of $606,666.

• For more information visit www.sarasotasurfandracquet.com

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

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 http://www.admiralswalkcondominiums.com and http://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

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.

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.

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.

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

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.

The Inlets condominiums, Siesta Key

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 Appreciation & Investment

Just like other markets the real estate markets are cyclical.  We have seen a large correction as prices have fallen from the high in 2005.  What we are seeing now is an over correction.  The market will swing back.  I believe we are now at the bottom in the local Sarasota Market.  Many listed homes are still priced too high but the good deals are selling very fast as investors are picking up the distressed properties.  To the south of Sarasota Habitat for Humanity is purchasing homes fro less than they can build them and the have no labor costs.  Just as the peak prices were unsustainable the new lowest are unsustainable.  As soon as consensus is reached that the market has bottomed three years of pent-up demand will be released in a market with low prices and low interest rates which will send prices upwards.  It is obvious that prices have gone down in recent years but we have to look at the market in terms of decades.

According to the National association of Realtors, appreciation in past decades was as follows:

• 1970 – 1979 up 142%
• 1980 – 1989 up 52%
• 1990 – 1999 up 45%
• 2000 – 2008 up 42%

Our market began it’s rapid appreciation in 2003 and then declined in 2006 to 2009 but if you purchased in 2000 or 2001 you would have paid less than today’s value.  Real Estate is a long term investment and substantial tax advantages and todays low interest rates provide a great amount of leverage.  Smart money got into the past market cycle in 2002 or 2003 and sold before the peak and smart money is doing it again.

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.

Low priced condos on Siesta Key

A short time ago you would not expect to find any condominiums on Siesta Key under $300,000. But prices have fallen back down to pre-boom levels. right now there are actually 36 condominiums for sale on Siesta Key that are priced under $300,000 and 15 of them are two bedroom condos. With prices now at this level these units are selling. Now really is time to buy.

• Click here to view a list of condos under $300,000.

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.

Heritage Oaks Condo for Sale or Rent

I have a very nice condominium available for sale or rent at Heritage Oaks Golf & Country Club.  This two bedroom two bath condo is on the second floor and has vaulted ceilings, a garage and beautiful lake and golf course views.  This property is currently listed for sale at $180,000 and is available for annual lease at $1,500 per month.  Heritage Oaks Golf & Country Club is a private gated community in which all residents enjoy full golf membership privileges.

Siesta Harbor Owners

Yesterday, I had the pleasure of spending some time with past clients Roger & Jean Abbott who purchased a condominium at Siesta Harbor about 15 years ago.  It was a pleasure helping them purchase their home at Siesta Harbor years so many years ago and it was so nice to see them again.  They had much to say about their home at Siesta Harbor and life here in Sarasota and on Siesta Key.  Some of our conversation has been captured here on video.

Visit http://www.siestaharborcondominiums.com to request more information.

Longboat Key Beachfront Deals

I have sold the condominium that was the subject of the March 5th post. With that property no longer being available the best deal is now a nice income producing one bedroom unit at the Longboat Beachcomber. With today’s price reduction of $15,000 this condo is now very attractively priced at $225,000. Longboat Beachcomber has been a favorite property of mine because of it’s beachfront location and allowed short term renting. Few condominiums on Longboat allow short term rentals so properties that do are especially interesting to investors or those who want a condo for vacation use and need the rental income to offset the costs of property taxes and maintenance fees.

Click here for details on this property.

The best deal on Longboat Key!

I took some video today of what I believe is the best deal on Longboat Key. It is not one of my listings but after looking at it today, I am sure it is the best deal on longboat Key if you are looking for a full view of the beach and Gulf of Mexico.  Call me at 941-650-4626 and I will tell you all about it.