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

The drop means the number of people losing their homes will start to fall. But some pain from the crisis is sure to persist. Because millions of people are already in foreclosure, deeply discounted houses will put pressure on home prices for years.

“Housing is on a path to recovery,” said Mike Larson, a real estate analyst with Weiss Research. “It’s going to be a very long, gradual process.”

In high-foreclosure cities like Las Vegas, Phoenix and Miami, homes have lost roughly half their values from their peaks. But a report Friday from the Mortgage Bankers Association showed Nevada, Arizona and Florida had some of the biggest declines in new delinquencies.

The figures probably mark “the beginning of the end” of the crisis, said Jay Brinkmann, the trade group’s chief economist.

However, more than 15 percent of homeowners with a mortgage have missed at least one payment or are in foreclosure, a record. Worse, nearly half of all delinquent borrowers were at least three months behind on their payments, up from a typical level of less than 20 percent.

“The bad news is that we still have a big problem,” Brinkmann said. “The good news is it looks like it may not get much bigger.”

That’s because the percentage of borrowers who missed just one payment on their home loans fell to 3.6 percent in the October-to-December quarter from 3.8 percent in the third quarter, according to the Mortgage Bankers Association. That decline was even more surprising because delinquencies usually rise at that time of year due to higher heating bills and holiday spending.

In another encouraging sign, the number of borrowers who had missed at least one payment but were not yet in foreclosure also fell for the first time since the beginning of 2007.

Banks are delaying the foreclosure process, traditionally between four and six months, as they evaluate borrowers for help under the Obama administration’s $75 billion mortgage-relief effort. It lowers borrowers payments to as low as 2 percent for five years and extends loan terms to as long as 40 years.

But experts warn that hundreds of thousands of borrowers will not be eligible or will not complete the process. So far, only 116,300 borrowers out of 1 million who enrolled have had the terms of their mortgages changed permanently.

Despite the government’s efforts, there may be 6 million foreclosed homes that are put on the market over the next three years, according to Barclays Capital.

Timing is key. If banks unload them suddenly, “it will be much more detrimental to the housing recovery than if it’s a slow, gradual bleed,” said Michelle Meyer, a Barclays economist.

On Friday, Obama announced that housing agencies in the five hardest-hit states of Arizona, California, Florida, Michigan and Nevada will receive $1.5 billion in financial rescue money.

It will go to local programs to help unemployed homeowners, “under water” borrowers who owe more than their home is worth, or to give lenders incentives to assist borrowers with second mortgages. The programs will need to be approved by the Treasury Department.

“Government alone can’t solve this problem,” Obama said. “But government can make a difference.”

In a briefing with reporters, administration officials acknowledged that the effort was just a small one. But they said it could help develop broader national solutions. “What we’re trying to do here is foster innovation,” said Herbert Allison, an assistant Treasury secretary.

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

156 Blvd. of the Presidents
Sarasota, FL 34236

$525,000
3 Bedroom, 2 Bath
1,804 Square-Feet

Live on St. Armands, Walk to Shops & Dining, Walk to Beach.. Be Part of the Ambiance in this World-Renowned Location! Minutes to Downtown * Charming 3 Bedroom, 2 Bath Home with Pool * Wood Beamed, Cathedral Ceilings * Spacious Living Area * Cozy Up to Wood Burning Fireplace in Family Room * Tile Throughout * Fully Furnished * Plantation Shutters Throughout * Pavered-Lanai Surrounding Pool * Fenced Backyard Ensures Privacy * Tropical Landscaping, Manicured Beautifully * No Deed Restrictions * Home Has High Pride of Ownership & Maintained Very Well * Property Generates $4,000-6,000/Month in Rental Value * Owner Casually Generated $22,000 in Rental Income 2009 * Great Investment * Home is Perfect 2nd Home, Rental Property, or Primary Residence * Own in the Heart of Highly Desirable St. Armands Circle, Offering Epicurean Delights Tantalizing Taste Buds with Award-Winning Cuisine * Lounge in the Atmosphere, Savor the Delicacies Created by Master Chefs, Indulge in the Vintage Wines and Libations * This Cozy Home Puts You There, & Qualifies as Super Investment * Easy to Show * Call Today!

For Showings, Contact Justin @ 941-448-4872

Click on the Thumbails below to see Larger Photos of this Property

(Foreclosures Fall.. And Florida Looks like this.. Life is Good & Getting Better)

Foreclosure filings fall 8% in November

WASHINGTON (AP) – Dec. 10, 2009 – The number of homeowners on the brink of foreclosure fell in November, the fourth straight monthly decline, as mortgage companies evaluated whether borrowers were eligible for help.

Nearly 307,000 households, or one in every 417 homes, received a foreclosure-related notice in November, down 8 percent from a month earlier, RealtyTrac Inc. said Thursday. Banks repossessed about 77,000 homes last month, down slightly from October.

Millions of borrowers are still being evaluated for the Obama administration’s foreclosure prevention effort. States are also trying to delay the foreclosure process, temporarily lowering foreclosure numbers.

But the foreclosure crisis is likely to get worse before it gets better.

“We don’t really believe the underlying problems have been resolved,” said Rick Sharga, senior vice president at the Irvine, Calif.-based foreclosure listing service. Many borrowers, he said, “simply aren’t going to qualify” for help.

Foreclosure filings were still up 18 percent from a year ago, and a new wave is expected next year as unemployment remains high and borrowers fall out of loan modification programs.

Nevada posted the nation’s highest foreclosure rate, followed by Florida, California, Arizona and Idaho. Rounding out the top 10 were Michigan, Illinois, Utah, Maryland and New Jersey.

Among cities, Merced, Calif. had the highest rate, with one in 83 homes receiving a foreclosure filing. It was followed by fellow California cities Stockton and Modesto, and Cape-Coral-Fort Myers, Fla.

Las Vegas, which had been No. 1 on that list for four-straight months, fell to No. 5. Nevada recently adopted a program that requires mediation before banks can seize a property.

Nationwide, a report Wednesday showed only about 10,000 homeowners received permanent loan modifications this fall under the Obama administration’s mortgage relief plan, more evidence of serious failings in the government’s effort.

Elizabeth Warren, chair of a watchdog panel, told reporters that the program is “not working” and that it had failed to make a dent in the record level of foreclosures. More than 14 percent of homeowners with a mortgage are either late on their payments or in foreclosure, and that number is expected to keep rising as unemployment remains stubbornly high.

The Treasury Department is expected to release updated figures Thursday, but data through October showed that fewer than 5 percent of homeowners who completed the trial periods had their mortgage payments permanently lowered to more affordable levels.

Under the program, eligible borrowers who are behind or at risk of default can have their mortgage interest rate reduced to as low as 2 percent for five years. They are given temporary modifications, which are supposed to become permanent after borrowers make three payments on time and complete the required paperwork, including proof of income and a hardship letter.

Copyright © 2009 The Associated Press, Alan Zibel, AP real estate writer

WASHINGTON (AP) – Oct. 27, 2009 – Top Democrats in the Senate are pressing a plan that would extend a popular tax credit for first-time homebuyers but gradually phase it out over the course of next year.

The proposal, by Majority Leader Harry Reid, D-Nev., and Senate Finance Committee Chairman Max Baucus, D-Mont., would extend the $8,000 tax credit – which expires Nov. 30 – through March 31. Its value would drop by $2,000 for each of the subsequent three quarters of 2010.

The plan, which could face a vote in the Senate this week, appears aimed at countering a far more generous $17 billion bipartisan plan that would extend the $8,000 credit through June 30, 2010, boost the income cap for eligibility and open the credit to all buyers, rather than first-timers.

Senators are maneuvering to add the homebuyer tax credit extension to legislation to extend unemployment benefits by up to 20 weeks. That bill faces a key test vote on Tuesday.

Supporters say the tax credit has helped revive the housing market and say that if it’s cut off as scheduled at the end of next month, home sales could drop off.

Reid sought to schedule a vote on the competing measures on Monday but was blocked by top Senate Republican Mitch McConnell of Kentucky, who is demanding votes on unrelated GOP proposals.

One such proposal would require people receiving unemployment insurance to be processed through the E-Verify program to prove legal immigration status and would require all federal contractors to use E-Verify. E-Verify is an Internet-based system that employers use to check on the immigration status of new hires.

The Democratic plan also would extend the ability of money-losing businesses to claim refunds on taxes paid during profitable times up to four years ago. All businesses could take advantage of the credit; when passed in February it was limited to smaller companies with annual revenues of $15 million or less.

The provision is especially popular with homebuilders who made huge profits in the housing boom but are struggling today. Critics say it’s a giveaway to some of the very companies that helped build up the housing bubble years ago.

Copyright © 2009 The Associated Press, Andrew Taylor, Associated Press writer

Pending home sales rise again

WASHINGTION – Nov. 2, 2009 – Pending home sales rose again, marking eight consecutive monthly gains – the longest streak since measurement began in 2001, according to the National Association of Realtors® (NAR).

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in September, rose 6.1 percent to 110.1 from a reading of 103.8 in August, and is 21.2 percent higher than September 2008 when it stood at 90.9. The gain from a year ago is the largest annual increase on record, and the index is at the highest level since December 2006 when it was 112.8.

Lawrence Yun, NAR chief economist, said the momentum is understandable. “What we’re witnessing is a rush of first-time buyers trying to beat the expiration of the tax credit at the end of this month,” he says. “Home values will stabilize sooner rather than over-correcting. That, in turn, will mean wealth stabilization for the vast number of middle-class families and lay the foundation for a durable economic recovery.”

NAR estimates approximately 3 million renters are now financially well-qualified to buy a median-priced home.

“As long as buyers do not overstretch and stay well within their budget, a sizable pent-up demand can be tapped among financially qualified potential buyers,” Yun says. “Although the tax credit is greatly reviving the existing home market, new-home sales may continue to struggle as home builders hold back production to drive down inventory. In addition, there remains an ongoing credit crunch for construction loans.”

The Pending Home Sales Index in the Northeast slipped 2.0 percent to 83.6 in September but remains 16.9 percent above September 2008. In the Midwest the index rose 8.1 percent to 98.2 in September and is 17.8 percent higher than a year ago. In the South, pending home sales increased 4.9 percent to an index of 109.7 and is 22.8 percent above September 2008. In the West the index jumped 10.2 percent to 143.8 and is 23.7 percent above a year ago.

Yun added that strong near-term reports should not be overstated.

“We’re clearly not out of the woods because an excess of homes remains on the market despite recent improvements,” he says. “Although current inventory is getting closer to price equilibrium, foreclosures will continue to enter the pipeline. An extended and expanded tax credit would help absorb this incoming inventory.”

September sales skyrocket as market approaches equilibrium
 
Real estate expert Barbara Corcoran listed Sarasota as the number one place in the nation to buy a property in her latest “hot market” prognostication. She cited the lower property prices – 30 percent below last year at this time – combined with a recent price surge of 13 percent in the last quarter, plus Sarasota’s unique “metropolitan” cultural appeal for boosting this area to the top spot.
 
On the Oct. 6th Today Show, Corcoran said Sarasota was the top place to buy real estate in the nation today, an opinion shared by SAR and most area real estate professionals.
 
As a confirmation of Corcoran’s report, home and condo sales jumped by 35 percent in September 2009, compared to the same month last year, and 9.7 percent from the August 2009 stats in the Sarasota market. Total sales stood at 554 in September, compared to 409 total sales in September 2008. The breakdown was 399 single family homes and 155 condos sold last month.

 
Sales in September 2009, traditionally a slow month at the end of the summer, were unexpectedly higher than in August 2009, perhaps signaling an early end for the traditional slower season as we head into a hoped for robust fall and winter.
 
The median sale prices continued to be held down by the high number of bank-owned property sales and short sales, which accounted for half of the single-family home sales and a third of the condo sales. But the “discount rack” is beginning to thin out, and once the bargains are gone, there is the potential for price appreciation on a stronger scale. The median sale price for single family homes was $165,000 last month, up slightly from the previous month, but down 21.8 percent from a year ago. The condo median sale price was $162,500, down significantly from September 2008′s $190,000 figure.
 
The future price trend might well be upwards, as about half of the single family sales and one third of the condo sales involved short sales and foreclosures. Once these distressed properties are off the market, the normal, arm’s length sales should bring the median prices to higher, true value levels.
“We certainly agree with Barbara Corcoran, and her conclusions are what we’ve been saying for many months,” said Bill Geller, 2009 SAR President. “This is an amazing time to buy Sarasota properties at prices not seen since the early 2000s, or even earlier. But the public needs to understand – these prices won’t last. Once the market reaches equilibrium, and we’ve exhausted the distressed property pool, we will start to see more and more multiple offers on choice homes.”
 
The $8,000 first-time homebuyer tax credit was one of the factors in the recent market resurgence, which produced sales in September that nearly topped the 600 level for the second time in 2009. In addition, investors seem to have returned to take advantage of the price drops. Pending sales in September have also continued to show strong levels – very near the 800 mark – as the real estate market recovers after a two-year recession.
 
Pending sales have now exceeded the 800 level for seven out of nine months in 2009, after lingering in the 400 to 500 per month range for much of the previous two years. The statistic is a strong indicator for the next two or three months of sales, when many of these pendings will become closed sales. Pending sales are sales where an offer has been accepted during the month, but the sale has not yet closed. Even though some pending sales never close, pending sales are an indicator of current buyer activity.
 
Most of the statistics continue to point to a market in the initial stages of recovery. Inventory levels continued to decline and are now at the lowest point since the boom ended – a good sign for a market in recovery. There are now only 3,915 active single family listings and 2,337 active condo listings, figures not seen since August 2005 and earlier when the boom first started.
 
The “months of inventory” – the number of months it would take to sell all the available properties at the current sales rate – was down for both single family and condos. The figure is 9.8 months for single family and 15.1 months for condos. A figure of 6 months is considered to be a market in equilibrium between buyers and sellers.
 
Sarasota Association of REALTORS®

Flat Fee MLS Listings show Innovation & Creativity among Real Estate Corporations: Finally, an Option for the Owner Wanting to Save Money & Sell Fast

The competition for listings between so-called “traditional” realty brokerages and commission discounters kicks up a lot of dust, but when the air clears it’s apparent that cut-rate brokerages aren’t the only force putting downward pressure on realty commissions as a percentage of the home sales price.

Fee-for-service brokerages, Internet-savvy buyers, skyrocketing home prices, a dearth of listings in some markets and some sellers’ notion that they can sell their home without paying an agent are among the other factors bearing down on conventional realty pricing structures.

Brokers and agents for decades have feared and resisted changes that would restructure commissions and traditional business models. But experts say change is unavoidable due to the new breed of real estate consumer created by the Internet.

“Real estate for almost a hundred years (considered) the end-user as being the agent and the brokerage, not the consumer. With the advent of the Internet, the entire paradigm is shifting and our end-user is definitely the consumer, not the agent,” said Julie Gardon-Good, founder and president of the National Association of Real Estate Consultants, a 1,000-member group formed in 1999 to assist realty practitioners in reframing their focus as real estate consultants.

Consumers want more control over the transaction. They value the real estate agent’s knowledge, but they resist paying for it as a percentage of the home sales price, according to Gardon-Good. She believes the fee-for-service model gives sellers what they want and compensates agents with what they’re worth.

Fee-for-service agents attach a dollar value to each service or calculate an hourly rate that’s paid regardless of whether the deal closes. The model recognizes services that have typically been given away and identifies which services are more profitable than others. Discounting typically includes providing the so-called “full service,” but charging less than the market-rate commission.

The menu aspect of fee-for-service often is confused with commission discounting. But the home’s market value determines whether the seller pays a discount or a premium price on a fee-for-service basis.

Bill Wendell, broker/owner of the Real Estate Café, which dishes a la carte buyer-side realty services, operates on the front lines of the fee-for-service model. Wendell charges $100 per hour for his services.

The average real estate transaction requires 40-60 hours per side, according Gardon-Good. That means Wendell would earn $4,000 to $6,000 per transaction or slightly more than 3 percent on a $160,000 house, but significantly less than 3 percent on a $300,000 house.

Other forces picking away at the commission structure are for-sale-by-owners who can pay a flat fee to an agent for an MLS listing with or without a buyer-agent commission split offer and the low inventory of houses for sale in some markets, which motivates agents to cut commissions in an attempt to win listings.

Skyrocketing home prices lead some sellers to question the typical 6 percent commission. A home that cost, say, $200,000 a year ago would have generated a $12,000 commission at 6 percent. If that home cost, say, $235,000 today, it would generate a $14,100 commission at 6 percent for the same services. The numbers are more striking for higher-priced homes and exceptionally hot markets. Sellers make those calculations themselves, then use the numbers to negotiate a lower rate.

Tom Cromer, broker/owner of a Miami Assist-2-Sell office, believes technology and demanding consumers pressure commissions downward, especially in the high-end housing market where a $3 million sale with a 6 percent commission would net a $180,000 commission.

“We don’t find home selling that complicated. It doesn’t take much more effort to sell a $3 million house than it takes to sell a $300,000 house,” he said.

Internet-based find-an-agent referral services like HomeGain, among others, have empowered home sellers with anonymity and turned them into fearless commission negotiators.

“People have more courage on the phone, so it would make sense that people would have more courage taking this issue on online,” said HomeGain CEO Bruce Schroder.

Self-sufficient, Web-savvy buyers and sellers know their options, spend more time virtually shopping homes and less time in the backseat of an agent’s car and expect their hard work to be rewarded with lower realty fees.

A California Association of Realtors 2002 study revealed that home buyers who used the Internet to help them with their real estate needs spent on average two weeks home shopping with their real estate agent and looked at approximately 7 homes. Traditional buyers spent approximately 6 weeks with their agents and looked at approximately 15 homes.

“The Internet has brought real estate information, be that about Realtors, house prices, commission structures, to everybody’s doorstep. So things which they might not have been sensitive about before they are more aware of today,” said real estate expert and author Stefan Swanepoel.

Editor’s note: Inman News Publisher Bradley Inman also is the founder and chairman of Homegain