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Sarasota real estate market at highest level since 2005

Property sales in May 2010 in the Sarasota market once again hit the highest total since 2005 and median sale prices continued the steady pace observed in recent months.

The 766 sales were the highest for the year, topping the April 2010 total of 757, and were the highest total since December 2005, and 51.3 percent higher than the May 2009 total of 506 sales.

Pending sales were once again strong, hitting 857, but were slower than April 2010. The March and April pending sales figures both topped 1,000, and reflected a last minute rush to beat the federal homebuyer tax credit deadline.
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CNL occupies two towers that flank Orlando City Hall downtown.

Orlando-based CNL Financial Group and Sydney’s Macquarie Group have joined forces for the first time to establish a new global REIT, CNL Macquarie Global Growth Trust Inc., which will pursue opportunities in just about every sector of commercial real estate in various areas around the world. The partners can afford to think big, as the proposed total offering for the REIT is $1.5 billion.

CNL going on a global buying spree

ORLANDO, Fla. – Oct. 27, 2009 – CNL Macquarie Global Growth Trust Inc. announced its first public offering of $1.5 billion common shares for a new real-estate investment trust, with CNL Financial Group of Orlando serving as managing dealer.

The move marks the first partnership between the CNL group and the Australian-based Macquarie Capital Funds, an affiliate of Macquarie Group Limited, which has more than $189 billion of global assets.

Unlike traditional income-driven trusts, the product announced Thursday is growth-oriented rather than income driven, said a spokesman for CNL. The focus will be on acquiring commercial office, retail, industrial and multifamily properties that may “require repositioning or redevelopment” and that may face financial deadlines or be in markets with growth potential, according to a statement released by CNL on Thursday morning.

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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.
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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.”
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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.
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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.
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Unbundling the Real Estate Transaction:
Providing fee-based services as a real estate consultant
Julie Garton-Good, DREI, GRI

As a broker of twenty-five years, I’ve always had a problem with how our industry is designed. We spend eons of time consulting with buyers and sellers-for free. We receive no up-front fees, even though we’re expected to expend hundreds of dollars per listing (our stock in trade, even though we have no control over it) just to make the phone ring (as well as appease the seller, even though he has no earthly idea what goes into a marketing campaign!) We then spend dozens of hours each month driving buyer prospects around educating them, often to have them purchase from someone else–oftentimes a for-sale-by-owner. And last, but certainly not least, there’s the concept of service — we service the seller, we service the buyer. We provide service at every turn, hoping that the consumer will see value in all this service and reward our efforts by selling or buying with us. Then, and only then, do we get paid.
Correct me if I’m wrong, but is it likely that Bill Gates or Mary Kay Ash would use our current real estate sales model to design a multi- billion dollar business empire? No, I don’t think so either.
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Custom-Built, Racimo Ranches Home, in Immaculate Condition * 4 Bedroom / 2 Bath Spacious Floor Plan Accomodates Large Family Looking for Interior Space * 1+-Acre Lot & No-Deed Restrictions * Peaceful & Serene Setting with Pond in Back of Lot * Soaring Trees & Tropical Landscaping Provide Shading & Beautiful Curb Appeal on this Oversized Lot * Bring Your RV or Boat * Current Owner Built Home in 1991 * Large, Caged Pool & Oversized Lanai Perfect for Entertaining * Hardwood-Flooring in Bedrooms & Ceramic Tile Throughout Living Areas * New Roof in 2004 * French Doors Leading to Formal Living Room * Family Room off Kitchen Shows as Open Floor Plan * Sliding Glass Doors in Family Room & Master Bedroom Leading to Pool * Outdoor Shower *  Heavy Insulation Throughout Home * Radiant Barrier Roof * Solar Hot Water Heater * Hot Tub Does Convey in Sale * Volume Ceilings Throughout *  Total Appliance Package included in Sale * Interior Windows Provide Ample Amounts of Natural Lighting * Large Master Suite with High Ceiling * Walk-In Closets * Home is Well-Maintained & Shows Beautifully * Easy Access to I-75, Downtown Sarasota, & World-Renowned Beaches * Surrounded by Top Rated, Private & Public Golf Courses * Not a Short Sale or Foreclosure * Home is Priced to Sell

 Click on the Thumbnails below to Preview Additional Pictures of Home

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How to beat the $8K tax credit deadline

CHICAGO – Sept. 28, 2009 – It’s not too late for a determined first-time home buyer to take advantage of the $8,000 federal tax credit, which expires Nov. 30.

Scott Voak, a San Diego practitioner specializing in first-time buyers, helps potential buyers target homes that can close quickly. To identify those properties without touring them, he suggests contacting the listing agent with blunt but important questions that aren’t usually addressed in the listing. These can include:

• Is there mold?
• Does the home need extensive repairs?
• Does the home have aging systems or appliances?
• Are there any troublesome neighbors?

Buyers should factor in these questions before making an offer:
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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.
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