Members of the Sarasota Association of Realtors reported 440 overall sales in August, a slight reduction from the 454 sold in July. Sales were slightly higher than the 430 overall sales in August 2007.
The biggest decline from last year was in condominium sales, which fell from 122 in August 2007 to 84 this August. However, there were 536 pending sales in August compared to 456 in August last year. The median sales price for single-family homes dropped to $226,250 in August compared with $250,000 in July, though the median price for condominium sales rose to $295,000 in August compared with $252,500 the previous month. Inventory declined, with 6,461 single family homes and 2,407 condominiums listed in August compared to 8,677 homes and 4,599 condominiums listed in July, though the association said a change in software may be responsible for some decline.
Sarasota Association of Realtors
Thursday, September 25, 2008
Monday, September 22, 2008
News you can use from Michael Saunders & Co.
From the company’s special section in the Sarasota Herald Tribune.
Sunday, September 21, 2008 michaelsaunders.com
Licensed Real Estate Broker
Last week we suggested that the unprecedented wave of
new foreclosures had to be drastically reduced before the
region’s real estate market could fully recover and resume
normal, healthy appreciation. No sooner had we committed
these thoughts to print than we were presented with a classic
good news/bad news update, courtesy of California-based
RealtyTrac and its latest nationwide report on new foreclosures
for the month of August.
First the bad news:
Another benchmark was established last
month. Nationally, foreclosure filings grew 12 percent from July to
August, and were up 27 percent compared with the same period
last year. This was the highest number in any single month since
RealtyTrac first began issuing reports in January, 2005.
Now the good news for us locally:
The pace of foreclosures filed in Manatee, Sarasota and Charlotte counties for the
month decidedly bucked the national trend, as reported by
the Sarasota Herald-Tribune in parsing RealtyTrac’s results
for Southwest Florida. All three counties posted noteworthy
declines from July to August, although each is still ahead of last
year.
The biggest drop in foreclosures took place in Charlotte
County—with a 22 percent decline—followed by Manatee
County with a 12 percent decline and Sarasota County with
a 9 percent decline. For all of Florida—the fourth leading
state for foreclosures last month—the rate dropped by 4.11
percent. So at least for August, Southwest Florida can take
comfort in experiencing a better rate of decline than the state
as a whole and far better than our Gulf Coast neighbors in
Lee and Collier counties.
Obviously, it’s way too soon to heave a collective sigh of relief
that the spike in foreclosures is behind us; just as surely as it
comes as no small comfort to sellers not facing foreclosure,
who are now forced to compete in the same pricing arena as
the epidemic of foreclosed properties.
Luckily there are two ways in which non-foreclosed properties
can assert themselves competitively against foreclosed
properties. First and foremost, the property must be priced
with equal amounts of realism and aggression. Price must
reflect only what today’s market can bear, not what was paid
for the property in a by gone market.
Secondly, the property must show in absolute mint condition.
The more choices buyers have, the more critical it
becomes for your home to be priced to perfection; and show
even better. The objective of course is to demonstrate that
yours is a nicer, better-maintained home than the typical
foreclosure, in which attention to anything other than basic
upkeep often takes a backseat to minimizing maintenance
costs in order to maximize proceeds from the sale.
Now, as never before, expediting the sale of your home means
working as closely as possible with an associate who can
not only draw on his or her own focused expertise, but also
has the ability to tap into the human resources and knowledge
base of an organization whose longevity, stability and
in-depth understanding of the local market is unparalleled
in Southwest Florida. Success is as close as collaborating
correctly when positioning your home against torrents of
competing properties, assuring its fair and accurate price
and making it ready for optimal showings.
If you must sell your home in today’s market, you have a clear
choice between good news and bad news: Good news when
buyers recognize your home as the best value in its competitive
set; bad news when you overestimate its worth and end
up selling someone else’s house instead.
Sunday, September 21, 2008 michaelsaunders.com
Licensed Real Estate Broker
Last week we suggested that the unprecedented wave of
new foreclosures had to be drastically reduced before the
region’s real estate market could fully recover and resume
normal, healthy appreciation. No sooner had we committed
these thoughts to print than we were presented with a classic
good news/bad news update, courtesy of California-based
RealtyTrac and its latest nationwide report on new foreclosures
for the month of August.
First the bad news:
Another benchmark was established last
month. Nationally, foreclosure filings grew 12 percent from July to
August, and were up 27 percent compared with the same period
last year. This was the highest number in any single month since
RealtyTrac first began issuing reports in January, 2005.
Now the good news for us locally:
The pace of foreclosures filed in Manatee, Sarasota and Charlotte counties for the
month decidedly bucked the national trend, as reported by
the Sarasota Herald-Tribune in parsing RealtyTrac’s results
for Southwest Florida. All three counties posted noteworthy
declines from July to August, although each is still ahead of last
year.
The biggest drop in foreclosures took place in Charlotte
County—with a 22 percent decline—followed by Manatee
County with a 12 percent decline and Sarasota County with
a 9 percent decline. For all of Florida—the fourth leading
state for foreclosures last month—the rate dropped by 4.11
percent. So at least for August, Southwest Florida can take
comfort in experiencing a better rate of decline than the state
as a whole and far better than our Gulf Coast neighbors in
Lee and Collier counties.
Obviously, it’s way too soon to heave a collective sigh of relief
that the spike in foreclosures is behind us; just as surely as it
comes as no small comfort to sellers not facing foreclosure,
who are now forced to compete in the same pricing arena as
the epidemic of foreclosed properties.
Luckily there are two ways in which non-foreclosed properties
can assert themselves competitively against foreclosed
properties. First and foremost, the property must be priced
with equal amounts of realism and aggression. Price must
reflect only what today’s market can bear, not what was paid
for the property in a by gone market.
Secondly, the property must show in absolute mint condition.
The more choices buyers have, the more critical it
becomes for your home to be priced to perfection; and show
even better. The objective of course is to demonstrate that
yours is a nicer, better-maintained home than the typical
foreclosure, in which attention to anything other than basic
upkeep often takes a backseat to minimizing maintenance
costs in order to maximize proceeds from the sale.
Now, as never before, expediting the sale of your home means
working as closely as possible with an associate who can
not only draw on his or her own focused expertise, but also
has the ability to tap into the human resources and knowledge
base of an organization whose longevity, stability and
in-depth understanding of the local market is unparalleled
in Southwest Florida. Success is as close as collaborating
correctly when positioning your home against torrents of
competing properties, assuring its fair and accurate price
and making it ready for optimal showings.
If you must sell your home in today’s market, you have a clear
choice between good news and bad news: Good news when
buyers recognize your home as the best value in its competitive
set; bad news when you overestimate its worth and end
up selling someone else’s house instead.
Tuesday, September 16, 2008
An update from our Mortgage rep.
Wall Street Journal, By Sudeep Reddy
September 16, 2008
The Federal Reserve, faced with a series of shocks to the U.S. financial system, left interest rates unchanged Tuesday but said it's watching developments "carefully" -- signaling a willingness to take action if necessary.
The U.S. central bank, in a statement after its meeting, said "strains in financial markets have increased significantly and labor markets have weakened further."
The central bank's policy committee voted unanimously to leave the federal funds rate, at which banks lend to each other overnight, unchanged at 2%. It was the first fully unified vote since last September.
Prime Rate remains at 5%.
Harry Fager
Private Mortgage Banker
MSC Mortgage, LLC
An affiliate of Wells Fargo Home Mortgage
M1997-011
1801 Main St.
Sarasota, Fl. 34236
941-951-6660 Tel
941-951-6667 Fax
941-308-2222 After hours
877-326-9400 Toll Free
harry.fager@wellsfargo.com
September 16, 2008
The Federal Reserve, faced with a series of shocks to the U.S. financial system, left interest rates unchanged Tuesday but said it's watching developments "carefully" -- signaling a willingness to take action if necessary.
The U.S. central bank, in a statement after its meeting, said "strains in financial markets have increased significantly and labor markets have weakened further."
The central bank's policy committee voted unanimously to leave the federal funds rate, at which banks lend to each other overnight, unchanged at 2%. It was the first fully unified vote since last September.
Prime Rate remains at 5%.
Harry Fager
Private Mortgage Banker
MSC Mortgage, LLC
An affiliate of Wells Fargo Home Mortgage
M1997-011
1801 Main St.
Sarasota, Fl. 34236
941-951-6660 Tel
941-951-6667 Fax
941-308-2222 After hours
877-326-9400 Toll Free
harry.fager@wellsfargo.com
Siesta Key
In a further sign of the importance of foreign investors in the local real estate market, officials from Hyatt Siesta Key Beach made a pitch to Realtors specializing in overseas sales. The company hosted the Second Annual Sarasota Real Estate Congress during a lunch gathering on Friday.
The project, still under construction on Siesta Key, is being sold through fractional ownership. That differs from a timeshare in that there are no points, and clients can take ownership of the physical site and amenities at the 44-unit beachfront development. Prices range from $170,000 to $695,000, depending on the size of units being purchased and the number of weeks buyers plan on using the residences through the years.
David Lehrman, director of sales and marketing, said it is the sort of development which offers special appeal to international customers who only plan on staying in a seasonal home for six weeks a year or less.
Carla Rayman, director of international business development for Prudential Palms Realty, said the project is important as the community relies more on buyers from Europe and the United Kingdom. She said 90 percent of the sales her company made in the first six months of the year were to foreign investors.
“There has been a lot more interest because of the dilution of the U.S. and the inflation of their own currency, as well as the fact prices are down here and they want to take advantage of that.”
For more information call us 1888-755-2637 or 941-993-6443
The project, still under construction on Siesta Key, is being sold through fractional ownership. That differs from a timeshare in that there are no points, and clients can take ownership of the physical site and amenities at the 44-unit beachfront development. Prices range from $170,000 to $695,000, depending on the size of units being purchased and the number of weeks buyers plan on using the residences through the years.
David Lehrman, director of sales and marketing, said it is the sort of development which offers special appeal to international customers who only plan on staying in a seasonal home for six weeks a year or less.
Carla Rayman, director of international business development for Prudential Palms Realty, said the project is important as the community relies more on buyers from Europe and the United Kingdom. She said 90 percent of the sales her company made in the first six months of the year were to foreign investors.
“There has been a lot more interest because of the dilution of the U.S. and the inflation of their own currency, as well as the fact prices are down here and they want to take advantage of that.”
For more information call us 1888-755-2637 or 941-993-6443
Monday, September 15, 2008
A message from our in-house Mortgage rep.....
The government takeover of Fannie and Freddie is already having a positive effect on market confidence........Part of that positive influence is the easing of interest rates.
This morning I quoted 5.875% on a 30 year fixed mortgage of $400,000.00.......This is the first time in many months the 30 year fixed conforming rate has dropped below 6%. I'll keep an eye on rates and update you accordingly......At this point, it's safe to tell you that rates are heading in a downward direction as a result of the takeover.....
If you would like a quote, please give me a call.
Regards,
Harry Fager
Private Mortgage Banker
MSC Mortgage, LLC
An affiliate of Wells Fargo Home Mortgage
M1997-011
1801 Main St.
Sarasota, Fl. 34236
941-951-6660 Tel
941-951-6667 Fax
941-308-2222 After hours
877-326-9400 Toll Free
harry.fager@wellsfargo.com
This morning I quoted 5.875% on a 30 year fixed mortgage of $400,000.00.......This is the first time in many months the 30 year fixed conforming rate has dropped below 6%. I'll keep an eye on rates and update you accordingly......At this point, it's safe to tell you that rates are heading in a downward direction as a result of the takeover.....
If you would like a quote, please give me a call.
Regards,
Harry Fager
Private Mortgage Banker
MSC Mortgage, LLC
An affiliate of Wells Fargo Home Mortgage
M1997-011
1801 Main St.
Sarasota, Fl. 34236
941-951-6660 Tel
941-951-6667 Fax
941-308-2222 After hours
877-326-9400 Toll Free
harry.fager@wellsfargo.com
Monday, September 08, 2008
U.S. Government Seizes Control of Fannie & Freddie–
Mortgage Rates Plummet
What’s Next?
By M. Scott North– SunTrust Mortgage
Monday, September 8, 2008
Over the weekend, The U.S. Federal Government announced the take over of Fannie Mae and Freddie Mac. This shocking announcement
came as the government felt these two vital institutions will no longer be able to meet their mission which is to provide
liquidity and stability to the housing market.
As we mentioned in previous articles, investor appetite for mortgage bonds through Fannie Mae and Freddie Mac have dropped dramatically
especially from foreign investors over fears the housing market as many more losses to come. One of Fannie’s and
Freddie’s key tool to keep liquid is through the sale of their bonds, which over time mature and need to be paid back. The way they
pay off maturing bonds is through the issuance of new bonds every month. Over the past several months, both Fannie and Freddie
have been raising yields on the bonds and tightening underwriting standards to attract more bond investors. The problem with this
approach is it keeps mortgage rates higher and excludes more potential buyer’s into an already lean buyer pool. Thus, both Fannie
and Freddie are stuck in this vicious cycle and now dragging the overall economy down with it.
The Federal Government decided to act now instead of letting the threat of insolvency continue to weigh on investor confidence.
The immediate market reaction to the Fed’s announcement sent Fannie and Freddie Bond prices up by over 100 basis points which is
the equivalent of dropping mortgage rates by 0.25%. The Dow Jones, which has been hammered in recent weeks, also got a boost by
nearly 180 points by 1 PM today. Wall Street loves the take-over announcement because investors hate uncertainty and the bail out
is thought to help keep mortgage rates lower to jump-start the housing industry.
Today’s euphoria may be short-lived though. Mortgage rates are usually affected more by inflation which has been fueled by higher
gas prices. With the peak of the hurricane season and another serious threat to the Gulf State in Hurricane Ike, oil prices could shoot
back up if the oil industry takes a direct hit. So far, investors in oil are not hedging for this and are waiting to see what this latest
hurricane will actually do. Another problem is the government taking on enormous debt to an already ballooning deficit. This puts
more risk on the governments shoulders and as a result, the U.S. dollar loses value as it did this morning. U.S. Treasury prices also
dropped causing yields to jump because of the inherent risk in the bail-out. These factors tend to keep mortgage rates higher because
a weak dollar keeps inflation higher.
The good news for the housing industry in the short-run is that rates are down significantly and this is a clear sign to buyers that they
should buy now before rates do go back up. This should also help improve real estate investor confidence and help stabilize prices as
more investors also realize that now truly is the time to buy.
Mortgage Rates Plummet
What’s Next?
By M. Scott North– SunTrust Mortgage
Monday, September 8, 2008
Over the weekend, The U.S. Federal Government announced the take over of Fannie Mae and Freddie Mac. This shocking announcement
came as the government felt these two vital institutions will no longer be able to meet their mission which is to provide
liquidity and stability to the housing market.
As we mentioned in previous articles, investor appetite for mortgage bonds through Fannie Mae and Freddie Mac have dropped dramatically
especially from foreign investors over fears the housing market as many more losses to come. One of Fannie’s and
Freddie’s key tool to keep liquid is through the sale of their bonds, which over time mature and need to be paid back. The way they
pay off maturing bonds is through the issuance of new bonds every month. Over the past several months, both Fannie and Freddie
have been raising yields on the bonds and tightening underwriting standards to attract more bond investors. The problem with this
approach is it keeps mortgage rates higher and excludes more potential buyer’s into an already lean buyer pool. Thus, both Fannie
and Freddie are stuck in this vicious cycle and now dragging the overall economy down with it.
The Federal Government decided to act now instead of letting the threat of insolvency continue to weigh on investor confidence.
The immediate market reaction to the Fed’s announcement sent Fannie and Freddie Bond prices up by over 100 basis points which is
the equivalent of dropping mortgage rates by 0.25%. The Dow Jones, which has been hammered in recent weeks, also got a boost by
nearly 180 points by 1 PM today. Wall Street loves the take-over announcement because investors hate uncertainty and the bail out
is thought to help keep mortgage rates lower to jump-start the housing industry.
Today’s euphoria may be short-lived though. Mortgage rates are usually affected more by inflation which has been fueled by higher
gas prices. With the peak of the hurricane season and another serious threat to the Gulf State in Hurricane Ike, oil prices could shoot
back up if the oil industry takes a direct hit. So far, investors in oil are not hedging for this and are waiting to see what this latest
hurricane will actually do. Another problem is the government taking on enormous debt to an already ballooning deficit. This puts
more risk on the governments shoulders and as a result, the U.S. dollar loses value as it did this morning. U.S. Treasury prices also
dropped causing yields to jump because of the inherent risk in the bail-out. These factors tend to keep mortgage rates higher because
a weak dollar keeps inflation higher.
The good news for the housing industry in the short-run is that rates are down significantly and this is a clear sign to buyers that they
should buy now before rates do go back up. This should also help improve real estate investor confidence and help stabilize prices as
more investors also realize that now truly is the time to buy.
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