Sarasota Luxury Home Sells for $7 Million

Sarasota Luxury Home Sells for $7,000,000

Sarasota Real Estate Group announces their most recent luxury home sale at 1452 Hillview Drive for $7,000,000 in the highly sought after "West of Trail" neighborhood of Harbor Acres.  John Woodward worked with the buyers of this magnificent bay front home built in 1997.  Situated on two lots covering nearly 1.5 acres, this is a setting and the perfect home that dreams are made of.   Sold on the heels of the recent Siesta Key home sale for $10 million, this sale further demonstrates the strength of the local housing market and the confidence buyers are showing towards Sarasota.

 

Built by WG Mills and designed by the Skirball Group Architects, this five-bedroom, five-full and three-half bath home has been

Just Sold on Longboat Key

Just Sold on Longboat Key

Sarasota Real Estate Group announces their latest Longboat Key sale at 909 Spanish Main Drive. John Woodward worked with the buyers of this wonderful turn-key standalone bayside villa.

  

Spanish Main offers a carefree maintenance free community centered on a community deep water

Annual Sarasota Real Estate Sales Trending Up for 2012

Sarasota Real Estate Sales Up for 2012

Seven Years of Volume Increases - Three Years of Price Increases

Total sales for the 2012 Sarasota Real Estate Market came within ½% of 2005 sales levels.  There has been a nice upward trend which started in 2007.  The difference this year was an overall reduction in inventory by nearly one-third over prior years.  Simple supply and demand rules means one thing, the bottom is behind us as we predicated almost a year ago and prices are starting to rise while inventory shrinks.

Unit Sales

Sales for Sarasota County came in at 10,511 total units up

New Listing at Seashell Condo on Siesta Key, FL

Just Listed for Sale on Siesta Key

When purchasing real estate, everyone wants the best value which is not always the best price but rather, the best price for the dollar.  This unit has it all.  The lowest price in the building, a spectacular top floor location, and

Sarasota Real Estate Update - December 2012

Sarasota Real Estate Market Update for

December 2012

Earlier this year we called the bottom of the Sarasota Real Estate market.  Buyers who bought are enjoying the beginning of market appreciation.  What we missed in our April call was the national media attention pointing out the real estate market is booming.  This news caused the annual updraft in homes sold to occur in September of this year vs. February as the past two years have shown.

Number of Sales Up

Sales bottomed in October this season with 687 total units which was ahead of the past two years lows of 673 and 596.  Consistent with the average and average price per square foot, the seasonal surge came

2712 Nassau St, Sarasota - Just Listed

2712 Nassau St, Sarasota FL - Just Listed

Located in the highly desirable 34231 zip code of Sarasota

This property is no longer avaiable.

Oftentimes future home buyers are first drawn to foreclosures because of the perception they are the best deals.  In our experience we have found foreclosures are not always the best value.  These homes are usually sold “as is” and will generally require at least a modest amount of work.  There are the obvious things you’ll find like the condition of the roof may not be so good, missing or worn out appliances, flooring that will need replacement and will need to be installed, a pool that might have issues, and questionable electrical or plumbing.  What is not always known are the hidden concerns including all of the “stuff” behind the walls.  The added cost and time of repairs can quickly turn a cheap purchase in to a money pit!

Better than a Foreclosure, this home is ready for new owners now!

     

You should not always look just at the lowest price but focus on

Sold on Siesta Key by John Woodward

Siesta Key Real Estate

Another Canal Front Home Sold by John Woodward

John Woodward recently sold 940 Siesta Key Place located in Siesta Key.  John was working with the buyers on this successful sale.  This home is situated on a quiet cul-de-sac with the canal to Roberts Bay on two sides.  It is the ideal boating water with deep water access to the inter-coastal waterway without any bridges to contend with.

This 3,451 square foot home sold for $965,000 back in December of 2002. Knowing this helped us to benchmark where today’s pricing should be.  The home, being a foreclosure, suffered from having all the appliances taken out, much of the pool equipment was removed, and there was the expected general lack of maintenance.  There were also some issues of minor water intrusion.  The home has great bones and we based our valuation accordingly.

Fifth Third placed the home

Sarasota Real Estate - Cash Sales Dominate Again

Sarasota Real Estate Sales Mostly Cash

While sales for 2012 look to be on par with the final year of the boom year in 2005, an interesting dynamic has taken hold with respect to financing.  Even with good credit, substantial assets, and lower prices, cash sales are higher than ever before.

Let’s take a look at the trend since 2004.  The following is a chart of total sales and those listed as “all cash.”  The percentage is calculated from the MLS and non-cash sales are the difference between total sales and cash sales.  2012 numbers are incomplete but there should not be a significant change once all sales are finally booked for the year.

                   
Sarasota Real Estate Market Returns without the Banks

The lowest year for financed transactions occurred in

Sarasota Real Estate Market Projections for 2012

Sarasota Real Estate May Beat 2005 Sales

Early Predictions this Year Show Markets Heading Up

We indicated in April our belief the Sarasota real estate market had bottomed based on solid market numbers.  In our report of the “High 5” sales at the time, there was clear movement in the upper end which we feel has always be one of the leading indicators in the Sarasota Real Estate Market. This was further confirmed mid-year showing 2012 the third best year for sales in Sarasota over the past 10 years.  Now that eight months of sales have closed in 2012, we are prepared to offer projections for the remainder of the year.

               

We project sales to come in at

Sarasota Market Still Strong - August 2012

Sarasota Real Estate Market - August 2012

Market Bias Shifts to a Seller's Market

Sarasota real estate sales continue to demonstrate a somewhat predictable pattern as in past years.   We continue to notice each monthly low during the summer to be higher than the previous year's low.  Contracts being written today will close in the next 60 days which should be the beginning of the seasonal uptrend expected in November.  Even with the modest cooling of the summer market, the expected retreat is ahead of the lows from prior years.  If you are looking for a deal to be proud of in the years to come, you should be looking for a Florida home now.

We are in a Buyer's Market, right?                      

It is generally accepted that a “balanced” market is a market with a six month supply of inventory.  Right now, 872