It seems that more and more buyer's in the Sarasota market are from somewhere outside of Sarasota. Many Buyer's today are coming from places like Canada, Germany, Britain, and France, along with others. The percentage of foreign owners has increased 34% over the past 3 years. While this might seem startling, one must remember that places that are rich in resources, like Canada, have seen their personal wealth increase, and the value of the Canadian dollar is now on par with the US dollar. It makes sense that it costs less to live in Sarasota now than it might in Canada.
The Euro, while facing pressure, has remained quite strong. With more pressure on the Euro, Europeans may begin moving their money out of the Euro and into properties in places like Sarasota. With the downward movement of property values still pressuring the market, many people are positioned well to take advantage of the depressed market.
These factors, along with historically low mortgage rates, makes this the right time to be moving into the Sarasota market.
To this end, The Herald Tribune wrote an article about the impact of the foreign Buyer in Sarasota. To read the article, go to the link at http://db.tt/uldKVQz.
Tuesday, September 20, 2011
Wednesday, September 14, 2011
Rates Just Keep Falling!!
After all the recent political haggling and the potential fallout from the last minute agreement regarding the debt ceiling, I was one of those that certianly was skeptical about the direction of interest rates. It looked as though they had no place to go but up. To my surprise, and I am sure to many others, the rates have not only stayed flat, they have continued to fall. Whether that leads to a rush on re-financing or new purchases, is not clear yet, but it certainly has not hurt that the rates are still at historic lows.
I was at the Signature Sotheby's company meeting yesterday and we heard from The Penny Hill Group regarding rates. The numbers I heard were astounishing. Here are the numbers for jumbo loans:
3 year arm was at 3.00 %
5 year arm was at 3.75%
30 year fixed was at 4.625%
Those are pretty amazing numbers!! I had heard recently that those same numbers were even lower last week. Conforming rates are even lower in some instances.
If you are even thinking about buying, now is a great opportunity! Prices are depressed, but may have it the bottom in Sarasota, and rates are attractive. Don't wait too long!! You will have missed the window of opportunity and will regret that you got caught on the upswing of rates and home prices.
I was at the Signature Sotheby's company meeting yesterday and we heard from The Penny Hill Group regarding rates. The numbers I heard were astounishing. Here are the numbers for jumbo loans:
3 year arm was at 3.00 %
5 year arm was at 3.75%
30 year fixed was at 4.625%
Those are pretty amazing numbers!! I had heard recently that those same numbers were even lower last week. Conforming rates are even lower in some instances.
If you are even thinking about buying, now is a great opportunity! Prices are depressed, but may have it the bottom in Sarasota, and rates are attractive. Don't wait too long!! You will have missed the window of opportunity and will regret that you got caught on the upswing of rates and home prices.
Tuesday, September 6, 2011
Good Things Happening in the Sarasota Market
Just when lots of folks thought the real estate market would settle into its summer doldrums around here, I was of the impression that the market was going to be quite busy, and it seems that I was correct, for once.
Judy Green, President and CEO of Signature Sotheby's International Realty in Sarasota, reported that this was a "landmark year in the Sunshine State, and especially in greater Sarasota."
The Sarasota Association of Realtors reported that the inventory for houses that are listed for sale was at it lowest point in over 6 years (down from over 17,089 in 2007 to just over 5,000 units today). That puts us in a place we haven't been for quite some time. This is the place we have been striving to land for since the boom ended. To prove the point that the demand is way up, I had a customer make an offer in June on a bank-owned property. When we arrived to look at the property, there were four cars in the driveway and people walking all around the property. We made an offer and discovered that we were 1 of 9 offers. Needless to say, my customer did not get the highest bid. He made another offer two weeks later on a bank-owned property and we found out there were 5 offers that had already been received. My client sent in a higher counter and now has the property under contract. But this is indicative of where the market may be heading in Sarasota.
In the same article, Judy points out that 31% of international buyers, spending some $82 billion dollars, choose Florida as their final destination. Being named the #1 beach in the nation did not hurt us either.
One might be led to believe that only the lower priced homes are selling, but Sarasota Herald Tribune columnist Michael Braga, one who has generally not put Sarasota housing in a good light, recently said, "Drive around Bird Key and you will get the impression that the Great Recession is receding into memory."
Could it be that the times are a changing? Let's hope so.
Judy Green, President and CEO of Signature Sotheby's International Realty in Sarasota, reported that this was a "landmark year in the Sunshine State, and especially in greater Sarasota."
The Sarasota Association of Realtors reported that the inventory for houses that are listed for sale was at it lowest point in over 6 years (down from over 17,089 in 2007 to just over 5,000 units today). That puts us in a place we haven't been for quite some time. This is the place we have been striving to land for since the boom ended. To prove the point that the demand is way up, I had a customer make an offer in June on a bank-owned property. When we arrived to look at the property, there were four cars in the driveway and people walking all around the property. We made an offer and discovered that we were 1 of 9 offers. Needless to say, my customer did not get the highest bid. He made another offer two weeks later on a bank-owned property and we found out there were 5 offers that had already been received. My client sent in a higher counter and now has the property under contract. But this is indicative of where the market may be heading in Sarasota.
In the same article, Judy points out that 31% of international buyers, spending some $82 billion dollars, choose Florida as their final destination. Being named the #1 beach in the nation did not hurt us either.
One might be led to believe that only the lower priced homes are selling, but Sarasota Herald Tribune columnist Michael Braga, one who has generally not put Sarasota housing in a good light, recently said, "Drive around Bird Key and you will get the impression that the Great Recession is receding into memory."
Could it be that the times are a changing? Let's hope so.
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