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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
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.
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
This property has been relisted as of June 23, 2016.
Check out the latest info and video of 2712 Nassau St, Sarasota, FL.
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!
You should not always look just at the lowest price but focus on
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
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.
| Year | Sold | Cash | Non-Cash | %Cash | %Change | #Change |
| 2004 | 12036 | 2089 | 9947 | 17.36 | ||
| 2005 | 10999 | 1701 | 9298 | 15.47 | -2 | -388 |
| 2006 | 6807 | 934 | 5873 | 13.72 | -2 | -767 |
| 2007 | 6360 | 1131 | 5229 | 17.78 | +4 | 197 |
| 2008 | 6824 | 2674 | 4150 | 39.19 | +21 | 1543 |
| 2009 | 8246 | 4543 | 3703 | 55.09 | +16 | 1869 |
| 2010 | 8966 | 5546 | 3420 | 61.86 | +7 | 1003 |
| 2011 | 9573 | 6201 | 3372 | 64.78 | +3 | 655 |
| 2012 | 10536 | 6706 | 3830 | 63.65 | -1 | 505 |
The lowest year for financed transactions occurred in
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 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.
It is generally accepted that a “balanced” market is a market with a six month supply of inventory. Right now, 872
Sarasota - August 2012 saw a modest uptick in foreclosure and short sale closings. Initial foreclosure filings have dropped by over 20% month over month. Looking back through the past couple of years, there have been at least 200 more filings than sales per month except in late 2011. This indicates the shadow inventory will remain for some time to come. Foreclosures can take years to work through the court system. Several possible outcomes would prevent a property from appearing as a sold foreclosure. Some of these resolutions include a borrower winning their foreclosure case or selling their home via the short sale process. In any event, foreclosures will be a part of the market for some time.
This increase helped to bolster an uptick in sales from July and represented about 16% of total sales. Short sales represented a near-time high with
Sarasota, FL - The first half of 2012 booked 5,539 residential sales in Sarasota County. You would have to go back to 2005 to find a better first half of the year. This also represents the third best year to date sales in the past 10 years. We saw similar numbers last year but at a much lower price point. This past April, I reported that the bottom of the real estate market in Sarasota was most likely in our rearview mirror. You’re starting to see media reporting many markets around the country are recovering. After prices came down about 50% since 2006, you knew this trend could not continue forever. The beaches are just as nice as ever, the activities are just as fun, the people are as nice as always, and we still don't have ice on our windshields in the winter.
Knowing the ups and downs of the real estate market over the past 10 years, there really is
This recent real estate plunge has offered some unbelievable buying opportunities for beach condos like those found on Longboat and Siesta Key. Let’s face it, the prospect of owning a condo on the gulf coast in the Florida sun at today’s price levels is a compelling opportunity. Interest rates are low and buyers have been out this year in levels not seen since 2005. Inventories have been depleted to levels we haven’t seen in over five years. Unfortunately the time frame to purchase a vacation or retirement home might
