The Season is Upon Us Once Again in Sarasota

In a recent blog, I pointed out several factors which I believe will lead to a very strong season for real estate in Sarasota.  To affirm that belief, I am attaching a recent article that reflects the fact that housing in our area has leveled off and is starting to move up again.  While there are still pressures on the market, I am confident that we are in a recovery mode.

Enjoy the article!!!

Local market enjoys sales, price rise in November 2010

November 2010 saw resurgence in the Sarasota real estate market, with more sales and higher median sale prices indicating a healthy seasonal boost. There were 534 total sales reported last month, compared to 487 in October 2010 and 553 in November 2009. The median sale price for single family homes rose to $160,100, from last month's figure of $147,500, and for condos the price stood at $159,000 - slightly higher than the October 2010 figure of $158,525. The stability in the median sale prices shows signs of improvement.

Overall sales rose by 9.7 percent in November 2010 compared to last month, but about 7 percent lower than last November, when the $8,000 homebuyer tax credit buoyed sales as the initial period was due to expire. Looking at the most recent five months, there has been a fairly steady trend in sales and prices, a sign of recovery.

Pending sales were also strong in November 2010, and at 764 were very near the total in November 2009 (793), when the market was strengthened by the homebuyer tax credit initiative. With no tax credit currently in effect, the high pending sales figure is evidence of a stronger market. This statistic is a strong indicator for the next two or three months of sales, as pending sales reflect current buyer activity.

The property sales breakdown in November 2010 was 369 single family home sales and 165 condos. Condo sales saw the biggest resurgence, growing 21.3 percent from October 2010.

 "There certainly appears to be a solid foundation for consistent, stable sales and prices as we enter the new year," said 2010 SAR President Erick Shumway. "While the foreclosure situation remains a potential barrier to quicker price appreciation, the local market seems to be absorbing that factor and adjusting to the new reality."

The Time is Right

There has been a lot of news that points to a rebound in the market in Sarasota.  Last month pending sales increased by 10% year-over-year.  I had a client recently place an offer on a home that was a bank owned property and we were 1 of 5 offers.  We got the property, but right at the list price.  I have also been holding lots of open houses and the traffic has picked up considerably.

A recent article by Credit Suisse confirmed some of my beliefs.  Here is an excerpt from the article:

“Fear of higher rates”, “specific bargains”, “seasonal improvement”, 

and some “post election confidence” helped traffic:

reasons for the slight bounce in traffic, with some agents surprised and

unsure of the real cause. One clear theme was the attractiveness of low

mortgage rates and the fear of rising rates, which we think led some buyers

to decide to act. In addition, many buyers emerged from their summer/fall

sabbatical to see some of the bargains firsthand. The start of generally

cooler weather brought out buyers in several warmer markets. Finally, there

was a small group motivated by a bit more confidence following the election.

Some of these trends may attract only a shallow buyer pool so we’ll continue

to watch to see if this persists into December. Overall, our traffic index

increased to 22.1 in November, up from 16.3 in October.

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I am a strong believer that this season will be an exceptionally great season as the prices are at the bottom and the rates are great.  There are many factors that will lead to a strong buying season in Sarasota.  I also remember when many people were kicking themselves when they thought they had missed out on the top of the market.  Don't be one of those who waits on the bottom only to be kicking themsleves when the prices start to rise.

 Sarasota was one of the very first places to take a beating when the market headed south, but I think it will also be one of the first ones to recover. I think that recover is now!!!

Sarasota Public Boat Launch Facilities

I hope everyone had a nice Thanksgiving Holiday with family and friends. After 30 families members descended upon our house for Thanksgiving, I am ready to get back to work.

Today's topic will center around the several public boat ramps that are available to the Sarasota public.  Not everyone wants some of the headaches of living on the water (insurance, additional taxes and high costs), but there are still lots of residents who love to be on the water in their boats!!!

Since not everyone knows where the public boat access points are located, this article will highlight them and provide a link to view their locations.

The most popular public launch area is located at 10th Street and U.S. 41 (N. Tamiami Trail).  Centennial Park has lots of parking, deep water, plenty of mooring space, and it is centrally located if you live further east.  During the summer, and when there are water events, parking for a car and trailer can be a challenge, but not impossible.  This is also a great spot if you are trying to get to the Gulf of Mexico.  You basically head west and through New Pass.  It is about a 10 minute ride. See the link for the location of the boat access at http://maps.google.com/maps?hl=en&ie=UTF8&ll=27.345639,-82.548459&spn=0.00467,0.01222&t=h&z=17

Another super location, but one that does not get used as much, is the launch at City Island.  If you can's find parking at Centennial Park, this is the closest location for launching a boat and is right behind Mote Marine.  It is a nice launch with nice facilities.  There is plenty of parking, too.  You are very close to New Pass and the Gulf of Mexico.  See the launch at http://maps.google.com/maps?hl=en&ie=UTF8&ll=27.333841,-82.574744&spn=0.002335,0.00611&t=h&z=18

If you live further south of downtown Sarasota and don't want to fight the traffic, there is a nice public boat launch on the south end of Siesta Key at Turtle Beach.  The county has spent a great deal of money purchasing land and creating a master plan for all of Turtle Beach.  The county also purchased the small trailer park to the north of park area. The public boat access is very nice, but parking can be an issue during the high season.  There are not a great number of parking spaces available.  You have to get there early.  It is in the middle of the Key and can make for a long trip to the Gulf, but if fishing or skiing is what you are after, you are only minutes away at this launch which you can see at http://maps.google.com/maps?hl=en&ie=UTF8&ll=27.218199,-82.516369&spn=0.004675,0.01222&t=h&z=17

Happy Boating!!!