Beautiful! * Key West charm nestled in fabulous neighborhood- oversized lot entirely in lush tropical gardens-water front-privacy-yet walk to world class beach, Siesta Village, Out of Door Academy * Unreal! All the modern conveniences with many special features.  Single level split plan, wrap-around covered porch incl. large screened area, open air pool, gorgeous water views.  No grass to mow! Great Grand Canal water- dock and lift, minutes to open bay, one bridge. 2,900+ sf of light-filled space, 3 br’s plus bonus separate “cottage”, den, 2+ baths, easy indoor-outdoor layout for gracious entertaining.  Flex floor plan allows spacious mother-in-law suite, if desired * Large eat-in kitchen, gas range, custom wood cabinetry * Kitchen, master, great room all look out over back yard/pool/canal- enjoy the view!  Huge great room with dining,  large rooms , practical traffic flow * New flooring throughout * Master suite has tub, shower, dressing room, computer room. Laundry room with ironing center, deep sink, xtra fridge * Loads of storage, stand up attic, “gallery” hall for art display, french doors and sliders and ceiling fans everywhere.  Fish pond, sun deck, trees, stone paths- so many extras! 1985 custom built, well maintained, updated- ready for kids, pets, boat, family reunions, or just total R&R *  This unique property stands out from the others! Owner financing considered * Open Houses Sunday between 1-5pm

Justin Shirley
CEO
Shirley International Realty
941.448.4872
www.JustinShirley.com

Congratulations to Justin Shirley & Shirley International Realty, as he represented buyers of Ritz Carlton Beach Residence Penthouse Unit# 1207 on Lido Key, Sarasota, FL.. The asking price for this condo was $3,500,000, & Shirley International Realty successfully negotiated a “Fully Furnished” purchase price of $2,850,000 for his clients. The purchase closed 12/31/2009. This represents a valueable purchase in Ritz-Carlton’s 5-Star development. Below are Marketing Details of the Condo:

1300 Benjamin Franklin, #1207
Sarasota, Fl 34236
4,530 Square-Feet

“Penthouse in the SKY” Managed by the Ritz-Carlton.  Truly a “one of a kind” design! From the moment that you park in your private garage, step into your private elevator that opens into your private lobby, you will be mesmerized with the magnificent ever-changing Gulf of  Mexico, spectacular sunsets and captivating bay and city views. Three bedrooms, family room, and  office 4530 sq. ft. with  10’8″ ceiling heights (except where dropped). Kitchen with  luxurious custom cabinets, granite countertops, Stainless steel  appliances, breakfast bar.  This is a word class ocean-side residence complete with the security of a private gated entrance, in house concierge service, heated Pool, Spa, and a summer kitchen on your private terrace.   The Beach Residence shares the same privileged location as the Ritz-Carlton Members Beach Club conveniently accessed by a covered walkway.  The Beach Residence is only a short distance from Sarasota’s quaint downtown area, cultural and entertaining venues, restaurants, shopping and within walking distance of famous St. Armands Circle.

For  Questions or Interest in Purchase of Luxury Condos in Sarasota, Fl, Contact Justin Shirley @ 941-448-4872

Click on Thumbnails below to expand photos of the Interior of this Luxurious condo

1771 Ringling Blvd.
Unit # 1008
Sarasota, FL 34236

$409,000
2 Bedroom, 2 Bath
1,483 Square-Feet

Most Valueable Condo For Sale in Sought-After Rivo @ Ringling! Not a Short Sale or Foreclosure *10th Floor Unit offering Expansive SouthWest Views of Marina, Sarasota Bay, & Downtown Sarasota SKyline! 2 Bedroom, 2 Bath Unit, with Den/Office * Upgraded Throughout * Spacious Floor Plan, Perfectly Maintained * Upgraded Wood Cabinets * Granite Countertops * Stainless Steel Appliances * Sliding Glass Doors Leading to Spacious Lanai & Views of Bay & Downtown Sarasota * His & Her Sinks in Master Bathroom * Garden Tub & Walk-in Shower * Walk-In Closets * Perfect for Young Professional, Second Homebuyer, Retiree, or Anyone Looking to Enjoy the Amenities of Downtown Sarasota * Tenant Currently in Place that Keeps Unit in Immaculate Condition * Great Investment Property as Tenant Would Like to Stay, Generating Immediate Cash Flow on Your Investment * Make this Luxury Condo Your Second Home or Primary Residence * Residents Love this Building * Contemporary Decor & Urban Sophistication * State-of-the Art Fitness Center * Heated Swimming Pool Overlooking City * Located in the Heart of Downtown Sarasota * Owners Lender Will Allow Assumable Mortgage, so Purchase with NO MONEY DOWN * 100% Financing! A Rare Opportunity, & Priced to Sell Quickly * Condo Shows Like a Model* PRICED TO SELL * Call Today!

For Showings Contact Justin Shirley @ 941-448-4872

Click on the Thumbnails below to Preview Larger Photos of the Condo

 

Florida’s consumer confidence rises as economic fears ease

GAINESVILLE, Fla. – Sept. 30, 2009 – Belief that a national economic recovery is under way boosted Florida’s consumer confidence three points to 74 in September, according to a new University of Florida survey.

“I think Florida consumers are buying into the argument that the worst of the recession is over and we have avoided a complete meltdown,” says Chris McCarty, survey director of UF’s Bureau of Economic and Business Research. “Once again, they have surprised us with a higher-than-expected index.”

This month’s three-point rise follows a four-point revised increase in August. Of the five components that make up September’s index, three rose, one declined and one was unchanged. Perceptions of personal finances now compared with a year ago remained unchanged at 44, only five points above its all-time low of 39 in December. Expectations about personal finances a year from now fell three points to 81.

In contrast, perceptions of U.S. economic conditions over the next year rose three points to 75, while expectations about economic conditions over the next five years rose five points to 86. Perceptions of whether it is a good time to buy big-ticket items, such as appliances and cars, rose nine points to 84.

“It is worth noting that the two index components that gauge perceptions of personal finances both now and in the future are flat or down,” McCarty says. “All of the increase is in perceptions of future economic conditions, and in the perception that if you have the money, it’s a good time to buy.”

There are some signs that the economy is improving, he says.

Once again, the median price of a single-family home is virtually flat compared with the previous month, and up for the year, suggesting that housing prices in many areas of Florida have bottomed out, McCarty says. Although foreclosures are still high, the rate seems to be declining.

In other good news, inflation and, in particular, gas prices remain low overall compared with a year ago, McCarty says. In the past few years, gas prices have dominated the consumer confidence index. In addition, the stock market is still up for the year and at least for now appears stable.

“On the negative side, unemployment remains at 10.7 percent for Florida,” McCarty says. “This number is not expected to improve much until next year, and it could still get worse. Florida lost population this past year and could do so again as the underlying problems that prevent people from moving are still in place.”

Tourisms both domestically and internationally also are down as consumers trim discretionary spending, McCarty said. Programs such as Cash for Clunkers at least temporarily lifted retail sales, but sales tax revenues in Florida have dropped 10 percent from a year ago.

“In the near term, we expect consumer confidence to decline at least a point or two as the holiday season nears and stimulus programs like Cash for Clunkers and rebates for first-time home buyers expire,” he says. “The discussion about health care reform will be at center stage this fall, and may affect confidence if the plans involve increased payments from the middle class.”

Also of economic concern is that, at some point, extended unemployment benefits will run out, putting more pressure on the unemployed. In the long term, consumers need to be prepared for the inevitable drawing back of stimulus money from the economy, McCarty says.

The U.S. government effectively printed money to avoid a depression, and at some point most of the money will have to be withdrawn from the economy to avoid inflation and a very weak dollar, McCarty says. When that happens, interest rates will rise dramatically.

“We also have to think about how the Florida economy will adjust moving forward,” he says. “It is likely that discussions about off-shore drilling will receive much more attention as Florida looks for industries to replace those dependent on population growth.”

The research center conducts the Florida Consumer Attitude Survey monthly. Respondents are 18 or older and live in households telephoned randomly. The preliminary index for September was conducted from 412 responses. The index is benchmarked to 1966, so a value of 100 represents the same level of confidence for that year.

© 2009 Florida Realtors®

ORLANDO, Fla. – Aug. 31, 2009 – International home buyers make up a significant part of the Florida real estate market, and are an important part of many Florida Realtors®’ businesses. According to a study conducted for the Florida Association of Realtors® (FAR) by the National Association of Realtors (NAR), a majority (54 percent) of Florida Realtors worked with an international client within the past 12 months.

The typical Florida Realtor participating in the survey worked with three international clients; 10 percent of respondents worked with 11 or more international clients in the past year.

Not all client interactions result in a transaction. In the past 12 months, 34 percent of Realtors who worked with international clients reported that none of their international clients purchased a home. However, this does not mean that those international clients will not ultimately buy in Florida.

Other study highlights:

• 86 percent bought an existing home, while 14 percent opted for a new home.

• 52 percent chose a single-family detached home. Of the rest, 34 percent chose a condo, 76 percent a townhome, and 7 percent “other.”

• One in four buyers (27 percent) bought a home in South Florida, while Bradenton-Sarasota-Venice and Orlando attracted 11 percent each. However, one-third (32 percent) of foreign buyers purchased a home outside Florida’s top six metropolitan areas.

• One-third of buyers (35 percent) who eventually decided to walk way did so, at least in part, because of property tax costs; while 31 percent cited immigration laws that prevent year-round residence. While Floridians balk at the cost of property insurance, however, only 20 percent of immigrants listed that as a reason to walk away.

 2009 Florida Association of Realtors

Florida’s existing home, condo sales up in 2Q 2009

2Q existing-home sales rise in most states, says NAR

ORLANDO, Fla. – Aug. 12, 2009 – Sales of existing single-family homes in Florida rose 23 percent in second quarter 2009 compared to the same period a year earlier, according to the latest housing statistics from the Florida Association of Realtors® (FAR). A total of 43,125 existing homes sold statewide in 2Q 2009; during the same period the year before, a total of 35,008 existing homes sold. It marks the fourth consecutive quarter that Florida has seen higher existing year-to-year home sales, according to FAR.

Sales of existing condominiums statewide in the second quarter rose 29 percent compared to the same time the previous year. This marks the third consecutive quarter for increased statewide sales in both the existing home and condo markets compared to year-ago levels.

Statewide sales activity in 2Q 2009 also increased over 1Q 2009’s sales figure in both the existing home and existing condo markets, FAR records show. For 2Q 2009, statewide sales of existing homes rose 37.2 percent over the 1Q 2009 figure; existing condo sales statewide in 2Q 2009 increased 45.3 percent over the 1Q 2009 level.

“In spite of the challenges with the economy, most people – 83 percent – still believe that buying a home is a good financial decision, according to a recent survey from the National Association of Realtors® (NAR),” says 2009 FAR President Cynthia Shelton, CCIM, CRE, a broker and director of investment sales with Colliers Arnold in Orlando. (CCIM stands for Certified Commercial Investment Member and CRE is the Counselor of Real Estate designation). “Many homebuyers are realizing that this is the time to buy – with a good selection of housing inventory, affordable pricing and low mortgage rates.

“In fact, three-fourths of those responding to the 2009 National Housing Pulse Survey said they think now is a good time to purchase a home, a number that has increased steadily the past two years,” she says. “However, providing solid financing options for homebuyers is key to returning stability to the housing market, and buyers also need programs that help with downpayment and closing costs. That’s why the federal $8,000 first-time homebuyer tax credit and other programs enabling eligible buyers to access that tax credit for downpayment or closing costs are so important – programs like the Florida Homebuyer Opportunity Program.”

Sixteen of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in the second quarter compared to the same three-month period a year earlier, while 12 MSAs showed gains in condo sales.

The statewide existing-home median sales price was $143,600 in the second quarter; a year earlier, it was $203,200 for a decrease of 29 percent. The 2Q 2009 statewide existing-home median sales price was 1.8 percent higher than 1Q’s statewide existing-home median sales price of $141,000. According to industry analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is a typical market price where half the homes sold for more, half for less.

In the year-to-year quarterly comparison for condo sales, 14,742 units sold statewide for the quarter compared to 11,459 in 2Q 2008 for a 29 percent increase. The statewide existing-condo median sales price was $111,100 for the three-month period; in 2Q 2008, it was $179,800 for a decrease of 38 percent. The 2Q 2009 statewide existing-condo median sales price was almost 1 percent higher 1Q’s statewide existing-condo median sales price of $110,100.

Continuing low mortgage rates remain another favorable influence on the housing sector. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 5.03 percent in 2Q 2009; one year earlier, it averaged 6.09 percent.

© 2009 FLORIDA ASSOCIATION OF REALTORS

(When Small Business Loans Double over the course of the 1st Quarter 2009, that is a Very Positive Sign for Economic Recovery)

What shape is the recovery in?

NEW YORK – Aug. 14, 2009 – With the launch of an economic recovery all but certain this year – many experts say it’s already begun – the debate among pundits has turned decidedly alphabetical. In other words, what letter will the rebound resemble – U, V or W?

Typically, sharp downturns like the current one yield equally rapid, or V-shaped, upswings. But the worst recession since the Great Depression has been anything but typical, with housing and credit markets devastated. In a USA TODAY survey, 63 percent of economists said the recovery will be slow and gradual, or U-shaped.

Yet 37 percent said it will be moderate or fast. And a smattering of experts say the rebound will look like a W, with a precarious economy sliding back into recession before turning around for good. USA TODAY presents the case for each scenario:

Consumers aren’t spending
Sharp downturn followed by slow and gradual rebound

Most economists, including Federal Reserve Chairman Ben Bernanke, predict a slow and gradual upturn. To be sure, the telltale recovery signals have been flashing green lately. Factory output and new orders grew last month at the fastest pace in two years. The government’s cash-for-clunkers program has lit up a moribund vehicle market.

And with inventories of stores and manufacturers depleted, factories must soon ratchet up production just to restock.

But most experts say the recovery will be muted, largely because consumers are in no mood to open their wallets. They’ve lost $13 trillion of wealth in the recession’s housing and stock market crashes and appear determined to sock away any extra cash they have, says Mark Zandi, chief economist of Moody’s Economy.com. The savings rate jumped to 5.2 percent in the second quarter from a low of 1 percent before the crisis. Consumer spending accounts for 70 percent of the economy.

Meanwhile, the 9.4 percent jobless rate is keeping consumers “focused on necessities like food” and medicine, says Sung Won Sohn, economics professor at California State University.

Two underpinnings of a robust recovery – the housing and auto markets – are suffering from deep-seated problems that won’t soon fade. About 1.8 million in excess housing units built during the real estate bubble ensure a tepid rebound in housing starts, Zandi says. Foreclosures continue to rise. And vehicle sales have been hampered by a credit crisis that’s made it tough for consumers and businesses to get loans. It will take time for banks to feel comfortable lending again. While the cash-for-clunkers program has juiced sales lately, that will mean fewer sales next year, Zandi says.

“It’s hard to see how the economy can get going if people and businesses can’t borrow money,” Zandi says. He predicts anemic growth of 1 percent to 2.7 percent over the next year.

Hiring will ignite recovery
Dramatic tumble produces a similarly sharp upswing

Despite unusual obstacles in the housing and credit markets, some economists say traditional economic dynamics should still win the day, with the steep downturn producing a sharp rebound. Or at least a moderate one.

Businesses have cut their workforces far more than falling customer demand required in an effort “to get ahead of the curve,” says Ken Mayland, president of ClearView Economics. “They’re beyond lean, they’re understaffed,” he says. “They’ll have to start re-employing people faster than in past recessions” just to restock.

Rising employment should boost consumer spending.

Also, despite the massive drop in household wealth, the S&P 500-stock index is up 47 percent since its early March nadir. That should embolden consumers to open their pocketbooks wider than some predict, says Dean Maki, chief U.S. economist at Barclays Capital. So while Maki says the savings rate will stay high, that shouldn’t prevent consumer spending from rising at least moderately as well. Another boost to spending will come from incomes lifted by growing production and a housing construction rebound, he says.

Some optimists point to more basic economic principles. Consumers have been putting off purchases of everything from cars to appliances, leaving a storehouse of pent-up demand, says Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi. The population continues to grow 1.1 percent a year. And the positive economic news, along with rising stocks and gas prices that have fallen from their $4-a-gallon peak, should buttress consumer confidence, Rupkey says. The economic stimulus will likely provide an additional bounce when most of the money is spent next year, optimists say.

The economy “is kind of like a beach ball underwater,” Rupkey says. “It wants to bounce back.”

What’s more, automobile and housing sales have fallen so low that a return to even modest levels would mean a 10 percent to 20 percent increase and a V-shaped upswing, Mayland says. He projects the economy will expand at a fairly vibrant 4 percent clip in 2010, with unemployment peaking later this year.

Banks are still tightfisted. But Maki says the recovery will likely be driven by higher-income households and businesses “that don’t need credit or are still able to get it.”

More pain before the gains
Recovery cut short by recession, then a second rebound

A small group of experts believes the nation will endure an unusual W-shaped, or “double-dip,” recovery in which the economy falls back into recession before growing again.

That’s what happened in the early 1980s when the economy soared the first few months of 1981 following a recession, before the Federal Reserve raised interest rates to head off inflation. That put the brakes on the recovery, setting off another, more severe downturn.

Steve Hanke, professor of Applied Economics at Johns Hopkins University, predicts a similar pattern this time. Besides keeping a key interest rate near zero, the Fed is spending $1.75 trillion to buy government securities in a bid to keep mortgage and other loan rates low.

The massive liquidity, plus rising commodity prices, will increase inflation, says Hanke, who is also a fellow at the conservative Cato Institute. Meanwhile, Hanke believes the central bank will be loath to raise interest rates to stave off inflation in 2010, because doing so could tamp down what he says will be a weak recovery in an election year.

As a result, he says, the Fed “will wait too long” and then be forced, perhaps in 2011, to raise interest rates sharply, sending the economy back into a tailspin.

Wells Fargo economist Mark Vitner also believes a W-shaped recovery is possible, but for a different reason. The economy, he says, should grow at a fairly robust 3.4 percent in the third quarter as manufacturers boost output to replenish stocks. But he says it will likely hit a wall in the first quarter, with little customer demand to keep production up, higher state and local taxes that crimp spending and the expiration of the cash-for-clunkers program. Vitner thinks the economy will slow to a 1.8 percent crawl in the first quarter but could actually shrink before mounting a second, tepid recovery.

Copyright © 2009 USA Today. All rights reserved.

ORLANDO, Fla. – Aug. 3, 2009 – Even as Americans suffer rising unemployment, foreclosure rates in three states hit hardest by the housing bust – California, Arizona and Florida – stabilized in June, offering hope that the worst of the real estate crisis is over, according to The Associated Press’ monthly analysis of economic stress in more than 3,100 U.S. counties.

The latest results of AP’s Economic Stress Index show foreclosure and bankruptcy rates held steady from May in some states. Yet mounting unemployment is hampering an economic recovery in some regions, especially the Southeast and industrial Midwest.

The AP calculates a score from 1 to 100 based on each county’s unemployment, foreclosure and bankruptcy rates. The higher the score, the higher the economic stress. The average county’s Stress score rose to 10.6 in June, up from 10 in May, mainly because of rising unemployment.

In June 2008, the average county’s Stress score was 6.7. The pain was lower then because the economy was still expanding. In fact, the second quarter of 2008 was the last time the economy grew.

Under a rough rule of thumb, a county is considered stressed when its score zooms past 11. In June, 41 percent of the counties scored 11 or higher, up from 36 percent in May and 34 percent in April. The latest reading was slightly worse than for February and March, when nearly 40 percent of counties met or exceeded that threshold.

The national economy, meanwhile, shrank at a pace of just 1 percent in the second quarter of the year, according to figures released Friday. It was a better-than-expected showing that provided the strongest signal yet that the recession is finally winding down.

In June, foreclosure rates held steady for Arizona, California and Florida at 4.1 percent, 3.5 percent and 3.4 percent, respectively.

“It’s obviously good news to stop the losses,” said Jim Diffley, a regional economist at consulting firm IHS Global Insight.

He cautioned, though, that even as foreclosures level out in some states, they’re doing so “at very high levels.”

Other figures from the past two weeks suggest that the housing market is recovering in many areas.

Nationally, seasonally adjusted home resales in June were up 9 percent from January. New-home sales surged 17 percent in the same period. Construction is up nearly 20 percent since the year began. And prices rose in May for the first time since June 2006.

The housing bust struck first in states such as California, Arizona and Florida, which had seen outsized price increases during the real estate boom.

Now, California’s real estate market, for one, is improving by most measures. Sales increased 20.1 percent in June, and prices rose for the third straight month, according to the California Realtors’ Association.

“It looks like we’re past the peak in foreclosures,” said Steve Goddard, president-elect of the Realtors’ association. “Most bank-owned properties are receiving multiple offers.”

Still, foreclosure rates are rising in other states, such as Nevada, Georgia and Utah. Nationwide, Diffley and many other economists say rising unemployment may push foreclosures higher into next year.

Meanwhile, the sharpest year-to-year rise in bankruptcy rates in June occurred in counties in California and Nevada that have been the epicenter of the housing bust, along with areas of Georgia and Tennessee that tend to have high bankruptcy rates.

Among states, Nevada, Michigan and California showed the most economic distress, with Stress scores of 20.41, 18.34 and 15.78, respectively.

In June, Nevada had the nation’s highest foreclosure rate (7.3 percent) and the fifth-highest unemployment rate (12 percent). Its counties have absorbed some of the sharpest growth in bankruptcy filings this year.

Michigan had the nation’s highest unemployment rate in June (15.2 percent) and the sixth-highest foreclosure rate (2 percent). California also had among the nation’s highest unemployment rates (11.6 percent) and foreclosure rates (3.5 percent).

North Dakota, South Dakota and Nebraska showed the least economic distress in June with Stress scores of 5.23, 5.43 and 6.14, respectively.

The states with the biggest year-to-year change for the worse were Nevada, Oregon and Michigan.

For a third straight month, Imperial County, Calif., topped the list of stressed counties of more than 25,000 residents, with a Stress score of 31. Imperial is among the most impoverished U.S. counties.

It was followed by Merced County, Calif. (25.73), Yuma County, Ariz. (24.56), Yuba County, Calif. (23.76) and Lauderdale County, Tenn. (23.46).

“We’ve had a couple of factory closings which have impacted a lot of our workers – mainly automotive supply parts and printing,” said Leslie Sigman, president of the Bank of Ripley, in western Tennessee’s Lauderdale County.

Riley County, Kan., home to the Army’s Fort Riley and Kansas State University, had the nation’s lowest Stress score in June (4.04) in counties with more than 25,000 residents.

It was followed by Brown County, S.D. (4.07), Brookings County, S.D. (4.12), Ward County, N.D. (4.22) and Burleigh County, N.D. (4.27), home of the state’s capital, Bismarck.

These counties are part of an economic “safe zone” stretching from the Plains to Texas that has been largely shielded from the recession because of high energy and crop prices.

Counties with the biggest year-to-year change for the worse were: Howard County, Ind., Williams County, Ohio, Union County, S.C., Chester County, S.C., and Noble County, Ind. At least a third of the jobs in those counties involve manufacturing.

Copyright © 2009 The Associated Press

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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.