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Florida’s existing home, condo sales up in May 2009

ORLANDO, Fla. – June 23, 2009 – Florida’s existing home sales rose in May – the ninth month in a row that sales activity increased in the year-to-year comparison, according to the latest housin May existing-home sales continue rising trend, says NAR
g data released by the Florida Association of Realtors® (FAR). Statewide sales showed gains over the previous month’s sales level in both the existing home and existing condominium markets. Also, for the first time in many months, the statewide median sales price in May for existing homes and for existing condos rose over the previous month’s figure.

Existing home sales rose 16 percent last month with a total of 13,921 homes sold statewide compared to 12,044 homes sold in May 2008, according to FAR. Statewide existing home sales in May increased 6.2 percent over April’s statewide activity. Florida Realtors also reported a 21 percent rise in statewide sales of existing condos in May; existing condo sales last month rose 3.8 percent over the total units sold in April.

“The improving sales of existing single family homes and condos is a trend we have been seeing for several months in Florida. What is new in this month’s data release is that we are seeing evidence of prices beginning to firm,” says Dr. Sean Snaith, director for the University of Central Florida’s Institute for Economic Competitiveness. “While one month of data does not a trend make, it is the first green shoot we have seen in some time as far as prices are concerned. Until prices stop declining, we cannot state with confidence that the housing market has stabilized. Sales have risen to levels we have not seen since 2006, though the economy still faces headwinds. As credit markets begin to thaw this will help speed along this process of recovery in the housing market.”

Thirteen of Florida’s metropolitan statistical areas (MSAs) reported increased existing-home sales in May and 13 MSAs also showed gains in condo sales. A majority of the state’s MSAs have reported increased sales for 11 consecutive months.

Florida’s median sales price for existing homes last month was $144,400; a year ago, it was $203,800 for a 29 percent decrease. However, the statewide existing home median price in May was higher than the statewide median price reported in each of the previous four months. According to housing industry analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to lower the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in April 2009 was $169,800, down 14.9 percent from a year earlier, according to NAR. In California, the statewide median resales price was $256,700 in April; in Massachusetts, it was $275,000; in Maryland, it was $255,587; and in New York, it was $185,000.

According to NAR’s latest housing industry outlook, buyers are responding to favorable market conditions. “The $8,000 first-time buyer tax credit is beginning to impact the market,” said NAR Chief Economist Lawrence Yun. “Since first-time buyers must finalize their purchase by Nov. 30 to get the credit, we expect greater activity in the months ahead and that should spark more sales by repeat buyers.” Many homebuyers are taking advantage of the bargain prices offered on foreclosed listings in states like Florida, California and Nevada, Yun noted, which should “set the stage for healthy market conditions going forward.”

In Florida’s year-to-year comparison for condos, 4,839 units sold statewide compared to 3,998 units in May 2008 for a 21 percent increase. The statewide existing condo median sales price last month was $113,400; in May 2008 it was $181,700 for a 38 percent decrease. May’s statewide existing condo median price was the same as January’s statewide median, and was higher than the median reported in February, March or April. The national median existing condo price was $173,900 in April 2009, according to NAR.

Interest rates for a 30-year fixed-rate mortgage averaged 4.86 percent last month, down significantly from the average rate of 6.04 percent in May 2008, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Among the state’s smaller markets, the Melbourne-Titusville-Palm Bay MSA reported a total of 584 homes sold in May compared to 491 homes a year ago for a 19 percent increase. The existing home median sales price was $123,700; a year ago, it was $163,100 for a 24 percent decrease. In the year-to-year comparison for the existing condo market, 123 units sold in the MSA last month, up 6 percent compared to 116 condos sold the previous May. The market’s existing condo median price last month was $134,400; a year earlier, it was $144,300 for a 7 percent decrease.

© 2009 FLORIDA ASSOCIATION OF REALTORS

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$599,900
8710 Cortez Rd.
Bradenton, FL 34210

2.4 Acres of Commerical Property with Building in Prime Location * 300′ of Cortez Road Frontage * 2 MILES TO GULF BEACHES (High Traffic Location with Tons of Beach Traffic) * 1,200ft2 of Commerical Building Space with 3 Offices & 1 Bay, Water, & Sewer * Property is on 4-Lane Road with no Median * 3 Entrances & Zoned Neighborhood Commerical * 2 Miles from Historic Cortez Fishing Village, Intracoastal Waterway, & Beaches to the Gulf Coast * Property is Currently Being Used for Outdoor Storage & Auto Sales * Outdoor Storage Consists of Boat, RV, & Trailer Storage Generating $5,000/month in Revenues & is Not Even Half Full * New Owner Can Easily Continue to Run Storage Business & While Marketing to Attract Owners in Need of Storing Boats, RV’s, Etc. to Generate Easy Revenues * Take Advantage of Beach Location & Traffic by Running a Boat Workshop & Storage Business * Boat Sales Business Would be Perfect Here! * Boat Detailing Business Would be Great While Storage Capabilities in Back of Lot Pays Expenses * 2.4 Acres in Prime West Bradenton, BEACH, Location Allows for Endless Possibilities * This is Great Opportunity that Already Has Revenues Coming In that New Owner Can Easily Maintain While Capitalizing on New Opportunities! 

For More Information Contact Linda & John @ 941-795-1080

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May U.S. housing construction jumps by 17.2 percent

WASHINGTON (AP) – June 16, 2009 – Construction of new U.S. homes has jumped in May by the largest amount in three months, providing an encouraging sign that the nation’s deep housing recession was beginning to bottom out.

The Commerce Department says that construction of new homes and apartments jumped 17.2 percent last month to a seasonally adjusted annual rate of 532,000 units. That was better than the 500,000-unit pace that economists had expected and came after construction had fallen in April to a record low of 454,000 units.

In another encouraging sign, applications for building permits, seen as a good indicator of future activity, rose by 4 percent in May to an annual rate of 518,000 units.

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Young homeowners gain despite stagnant economy

ST. LOUIS, Mo. – June 15, 2009 – If the real estate bust has a bright side, it’s this: People like Lilly Thomas, Stephanie Driskell and Dexter Wuller can finally afford homes.

Falling home prices and an $8,000 federal tax credit are putting homes in reach of young people who couldn’t afford them a few years ago. As a result, real estate agents say starter homes are the only part of the real estate market that’s showing some life.

It’s not a lot of life. House sales this year are down by a third from the boom year of 2006, and the bust spans all price classes. But the lower end of the market – houses priced under $200,000 – is suffering less, and there’s some evidence that a comeback could be beginning.

Now, real estate agents are starting to worry that rising mortgage interest rates may dampen buyers’ enthusiasm. Rates on 30-year mortgages jumped to an average of 5.59 percent last week, up from 4.84 percent a month ago. Meanwhile, many FHA lenders have raised their credit score requirements to 620 from 580, which will seal some people out of the home market.

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International buyers confident of Fla. recovery

MIAMI – June 15, 2009 – Gerson Lehman Group reports that international realty buyers believe the Florida housing market is poised for recovery, and they are paying close attention to distressed properties in the state. The report says these international buyers view homes in the United States as “desirable, profitable and secure” investments.

“Those who delay buying their dream home in Florida may soon find that they have to pay considerably more for the same property in just a few months,” advises the report’s author, Howard Liggett, president of Distressed Real Estate Consulting Services.

Liggett cites data from the National Association of Realtors® and the Florida Association of Realtors® indicating that 25 percent of international buyers are Canadian, 21 percent are British, and 21 percent are western European.

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2 Bed, 2 Bath
909 Square Feet
$299,900 

This Internationally-Recognized Vintage Ralph Twichell Home Voted, “BEST SMALL HOUSE IN AMERICA, 1998″ by Metropolitan Home Magazine * Built by Ralph Twitchell, Founding Father of Sarasota School of Architecture * This Home Has Been Awarded Many Accolades Including: Featured on Home & Garden Network (HGTV) “A Place to Call Home”,  Featured in London Magazine, Selected as One of 12 Homes to be Featured in Andrew Weaving’s “Sarasota Modern” (A Coffee Table Hardbound), Featured in Sarasota Magazine, Featured in “Downtown” (A Sarasota Magazine), Selected as One of 70 “Homes of Distinction” in Sarasota * This Home Has Been on National Tour Symposiums & Local Tours Regularly * Built in 1959, Nearly All Original & Restored, Last Twichell Design Left Standing in the World * Impeccably Kept! * Located on Tahiti Lagoon, Tropical, Peaceful, Wildlife Abounds * Stainless Steel, Updated Appliances, & Countertops * Artistic Mosaic Kitchen Backsplash Flown in From Manhattan, NY * Immaculate Terrazzo Floors Throughout * Wired for Home Theatre System * Large Screened Lanai with “Zen-Like” Water Feature * Working Vintage Fireplace * Skylights in Every Room * Wrap Around Decking * Zera-Scaped Yard * New Industrial Roof Only 2 Years Old * Totally Furnished * Surrounded by Million Dollar Homes on the Bay * 3 Miles to Beach * Walking Distance to Downtown, Theatres, Restaurants, & Van Wezel *  Home Celebrating its 50th Birthday & Able to Registered in “Historic Registry” * This Internationally-Renowned Home is a MUST SEE!

Contact Justin Shirley for more Showings & Information on this home, or Any Homes in Sarasota, Florida.

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First-time buyers – A hot market segment

Historically low interest rates. Attractive home prices. Impressive inventory. And now an $8,000 tax credit for first-time buyers that can be used as a downpayment on a home.

What’s not to love about this unique scenario for first-time homebuyers in Florida? It’s no wonder this demographic is growing monthly.

Let’s look closer at why the first-time buyer market is so strong:

1. $8,000 tax credit. It’s hard to say “No” to free money, and that’s basically what the federal government is offering with very few strings attached.  Better yet, the money can be used as a downpayment, thanks to FAR’s efforts to pass legislation in Tallahassee in April. 

2. Other government incentives. The 2009 American Recovery and Reinvestment Act opens doors to affordable homeownership to people who had not been able to qualify for loans or hand over large downpayments.    

3. Interest rates. Hovering around 5 percent, this means monthly payments are less than even last year for the same home.

4. A buyer’s market inventory. Nothing needs to be explained here. Everyone wants options and choices when making the most expensive purchase of a lifetime.

5. Price. Florida’s median sales price for existing homes in March 2009 was $141,300; a year ago, it was $201,700. Do the math.

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Bernanke: Economy on pace for ‘09 turnaround

WASHINGTON – June 5, 2009 – The pace of economic contraction is slowing, indicating the economy could bottom out and then turn up later this year, Federal Reserve Chairman Ben S. Bernanke told the House Budget Committee on June 3. He cited recent reports, including a flattening out of the decline in consumer spending and signs of a bottom in the housing market.

Bernanke said the economy “has contracted sharply since last fall, with real gross domestic product [GDP] having dropped at an average annual rate of about 6 percent during the fourth quarter of 2008 and the first quarter of this year,” Bernanke told the committee. He said 6 million jobs have been lost since the downturn began, and recent labor market information “suggests that sizable jobs losses and further increases in unemployment are likely over the next few months.”

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Mortgage rates above 5% for 1st time in 3 months

WASHINGTON – June 5, 2009 – Rates on 30-year home loans surged above 5 percent for the first time in nearly three months this week as investors pushed up rates on long-term government debt, which is closely tied to mortgage rates.

Mortgage finance giant Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages rose to 5.29 percent this week, from an average of 4.91 percent a week earlier. It was the highest weekly average in nearly six months.

Mortgage rates “caught up to the recent rise in long-term bond yields this week,” Frank Nothaft, Freddie Mac vice president and chief economist, said in a statement.

The jump in rates came after the yield on the benchmark 10-year Treasury note, a barometer for interest rates on mortgages and other loans, jumped last week to a six-month high of 3.75 percent. But yields on long-term Treasury debt have since edged back downward following lackluster economic reports.

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6532 Lincoln Rd.
Bradenton, FL 34202

$685,000

This is Not a Short Sale * Motivated Seller! Home Appraised for $720,000 * Non-deed restricting lot, no HOA or CDD Fees * Low Flood/Hazard Insurance (high elevation) * NEW CONSTRUCTION on 1.3 acres!  This home is in prestine condition. Many E-efficient Features * Built with concrete block from ground to roof, dual A/C zonez, security alarm system, surround sound system, Hickory Hardwood floors, 12-foot vaulted ceilings, Chef’s kitchen with stainless appliances, maple cabinetry and granite countertops, 6 sets of french doors, Tiled bath rooms Laundry room (on 2nd floor), 1st floor in-laws suite or live/work office space or apartment rental income, lots of storage space 3-car garage with 4th storage bay, 4 covered patios & decks * Nature surrounds you * Bird lovers paradise * Qiet and serene setting * Sunsets in your back yard * 180 degree of lush view * Country living with all the convenience within 5 mile radius * Bring your RV’s, boats, jets skiis and kayaks * Plenty of storage on this propert * Dock your boat right on this property * House your RV on this lot * Located on land that is part of the “Braden River Historical Society”; you are purchasing a unique piece of Florida! Save thousands of $$ yearly on this home by not paying HOA or CDD’s (special additional property taxes). Wildlife surrounds you here…a bit of the country in the city * A bird lovers dream as you take in all the sights & sounds from one of your 4 covered patio’s * Shows Like a Model! Could Be Purchased Totally FURNISHED!

(Click on Thumbnails Below to See Larger Version of Picture)

Contact Justin Shirley for more Showings & Information on this home, or Any Homes in Bradenton/Sarasota, Florida.

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