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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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High-end homes: is the tide turning?

HORSHAM, Penn. – Aug. 14, 2009 – High-end homes appear to be selling better than analysts thought.

Toll Brothers (TOL), the nation’s largest luxury homebuilder, on Aug. 12 announced its first year-over-year increase in signed home contracts since 2005, suggesting that first-time buyers might not be alone in driving improving U.S. home sales.

The Horsham [Pa.]-based builder said that signed contracts in the quarter ended July 31 – though still low by historic standards – rose 3 percent, to 837, compared with the same period a year ago. But revenues fell 42 percent in the quarter, to $461.3 million. The company also said it has been able to reduce buyer incentives in several markets as demand and contract cancellations improve.

“Mood has changed”

No other major builder has matched Toll Brothers’ 3 percent increase in contracts signed, though a few reported a 2 percent improvement in the most recent quarter, said Barclays Capital analyst Megan McGrath in New York. The average quarterly decline in new home contracts for major public builders was about 14 percent, she said.

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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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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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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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(New Home Sales are Rising & Prospective Buyers Flock to “Sales Centers” in New Communities. New Construction is the One Niche of the Market that Competes Very Well with Foreclosure & Short Sale Pricing.. Plus, Newer & Never Lived-In is Very Desirable!)

Homebuilders tout signs of housing market thaw

LOS ANGELES – June 4, 2009 – Homebuilders across the country say they are finally seeing signs the three-year housing downturn is ending.

This week, both Toll Brothers Inc. and Hovnanian Enterprises Inc. were the latest builders to report smaller quarterly losses, rosier sales trends and more prospective buyers visiting model homes.

Toll said Wednesday it has seen an increase in homebuyers putting down deposits during nine of the past 11 weeks, compared to weekly figures from fiscal 2008.

“In the last couple of weeks, which on a seasonal basis should stink, we do see fewer (contract) cancellations coming in than we would have normally expected,” said Robert Toll, chief executive officer.

None of them, however, is ready to jinx it by calling the bottom. They say the recession and fear of job losses are keeping many would-be homebuyers on the fence.

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(Florida Plays Host to One of the Most Desirable Places in America to “Tie the Knot”. Weddings Mean.. Romance, Paradise, Beauty, Love, Fun, & Relaxing.. It’s Interesting the Same Words To Describe Wedding, Describe Quality of Life in the Sunshine State..)

Prospects for Florida’s recovery heat up, economists say

TALLAHASSEE, Fla. – May 5, 2009 – After two long years of recession, economists are beginning to see signs that the economy’s recovery is finally in sight. South Florida home sales are picking up, Wall Street has staged some solid rallies and even consumer confidence is rising.

But the road to recovery will be uneven. Economists say that an uptick in business spending will lead the way, followed by federal government stimulus projects that will create some jobs. Consumers, unfortunately, are likely to be the last to see good times return, because widespread unemployment – which is now just a notch below 10 percent – won’t start to go down until after the recovery is well under way.

It has been rough, but economists say it’s always that way for Florida.

“It performs better in good times, but during bad times, in recessions, it is one of the worst performing states in the nation,” said Moody’s Economy.com economist Chris Lafakis. “And during times of expansion it is one of the best.”

Some experts say they already see the early signs of such progress.

“The negative numbers just start getting smaller or they stop falling or they fall at a slower rate,” said SunTrust Chief Economist Gregory Miller. It’s like you tumbled out of a boat a while ago and “now we’re at the stage of swimming back to the surface.”

Other economists agree that the worst may be over as soon as this summer. Consumers surely have had enough, judging by the strong jump in Floridians’ consumer confidence this month.

Here’s how economists say the state will find its way out of the slump:

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