Real estate is local. So local in fact that a near beach property in Englewood will fetch about half the dollars of its counterpart in Sarasota. Property bargain hunters who pitch low offers at sellers and continue to hold onto the national statistics will probably be priced out of the market by this time next year.   The inventory of distressed sales in Sarasota has only risen 3 percent in the past 12 months, nowhere near the numbers predicted by the general national reports. Sarasota is a naturally affluent town and has multiple extraordinary beaches and an international population, all …

Of the top 15 US cities showing signs of year-over-year increases in list prices, 10 are in Florida. The Sarasota-Bradenton area comes in 6th, with an average list price of $466,785, up 15.86%, according to Melissa Dittmann Tracey in REALTOR Magazine Daily News. Property sales are out-stripping supply, with current inventory in Sarasota standing at about three months. In the past 30 days, 912 properties went under contract but only 371 came on the market, with 286 properties closed in the same time period. Another way of looking at this is that in the past 12 months, only a total of 1663 new …

There continues to be speculation about the forthcoming flood of short sales and foreclosures nationally, but in Sarasota the numbers remain low, about 18% for distressed property sales. Foreclosures are still mostly in the under $200,000 price point, but there is one jaw-droppingly gorgeous waterfront REO on the market at $5.9 million. The property at 290 N. Washington has five bedrooms, four full baths, two half baths in 6,640 square feet under air, plus a beautiful dock on sailboat water. More modest REOs include 3568 Lalani Boulevard, near I-75 off of Bee Ridge. Listed at $89,900, it has …

It has become a common problem; a buyer with money to spend and no property to spend it on. Normally this happens because most people prefer properties that are slightly out of their price range and so none that they can afford appear desirable. However, today's market means that the depressed prices do make those once out-of-reach properties available — but there are fewer to pick from. Only 113 new listings came on market in the past week, with 26 less than $100,000 and the bulk are between $100,000 and $200,000. This pattern - increased listings in a particular price range - is indicative …

The numbers of closing and pending properties in Sarasota continues to be strong.  August ends with 267 sold, but 955 gone under contract. Of those, 85 were foreclosed or REO properties and 574 were short sales. Less than a year ago, many people were still shying away from short sales, but improvements by lenders to handle the short sale process means more are going under contract and actually reaching a closing than were 12 months ago. Counter-balancing the continued surge in contracts remains a low number of listings coming online, only 323 for August or just more 10 per day. The total …

The beaches here are intoxicating. Almost everyone who visits SRQ’s beaches ends up dreaming of having a place on our white sands. Home prices, however, on the sand or near it are out of the reach of most people. Fortunately, a number of efficiency condos exist and several are on the market right now for those who really want a place to come and drop their cares and feel the sand between their toes. Between Siesta Village and the beach is Navarra on the Key, a small complex built in 1963 that offers quaint accommodation. Unit 5235B is currently listed on the market for $115,000, and offers …

Quiet streets and established neighborhoods while being centrally located between downtown and Siesta Key Beach, that is what you will find in the South Gate neighborhood. The South Gate area was touted as the next major re-development area of Sarasota before the market fell. Now, the majority of homes in South Gate are under contract before a month has passed. The average sold property in the past month in South Gate is a three-bedroom, two-bath home of approximately 1,600 square feet. The average selling price is $149,000. That is about $96 per square foot, and is above the average list …

Overall, sales were down for the month of July again. The Sarasota real estate market typically drops during the summer months as seasonal buyers are usually fewer in number.   Condo sales were down to 81, from 130 in June. The selling price range was from $25,000 for a one bedroom, one bath in Hidden Lakes to a Siesta Key condominium for $2.3 million, beach front, of course. Single family home sales were also down. In June, there were 204 sales but July clocked only 172. The bulk in both months were properties under $300,000, and there is evidence of small increases in sold prices between $…

There is nothing new about flipping. It has gone on in Sarasota for over a several years. More recently, as the market grew hotter at the start of this millenium, a trend of buying a property at 10 a.m. and then selling it at a profit at 2 p.m. became a lucrative occupation for some people and professionals. It was a way to do business.   Then banks entered the picture. Flipping behaviors like this continued and now some of those people and professionals are in jail on charges of fraud. This is only one way to flip a property.   Another way to to flip a property is to buy it at a very low …

It is nearly tradition that Sarasota open houses occur on Sundays, from 1 - 4pm. While some will be open various other days of the week, the biggest number are still on Sunday afternoons. Attending open houses is a great way to see a neighborhood as well as preview properties and glean details since the listing agent is often the one in attendance.  Some open houses listed in the MLS for this Sunday (July 24) are: South Gate 3617 Jaffa Dr., listed for $265,000 with four bedrooms and two baths, plus pool and creek frontage.  3629 Jaffa Dr., listed for $325,000 with four bedrooms, three baths, …

Local history is not only written by local politicians, but also by the architects who, through time, tell our local story with masonry and glass. When looking for a modern home to call your own in Sarasota, it can be difficult. Though Sarasota has its own renowned School of Architecture that combines German Bauhaus with Lloyd-Wright organic, owners of these glorious properties rarely part with them. Fans of the modern look may also quickly become disillusioned with the price tag on these rarities. Nonetheless, a few show up from time to time. As a buyer of a modern home, learn the architects…

After a record first half of Sarasota property transactions, June heralded the beginning of the summer with a slow down for sales. This June, only 367 sales for all residential property were closed as opposed to 409 in June of last year.   Nonetheless, market indicators continue to suggest increasing stabilization creeping up the property ladder. A three-bedroom, two bath, two-car garage home in June 2010, on average, sold for $124 per square foot. In June 2011, that same Sarasota property sold for $130 per square foot. With fewer listings available and a steady supply of buyers, the price is…

Gated and exclusive, when someone tells you they live in "The Oaks," there is a brief pause as a breath is taken. Just south of Sarasota, officially in Osprey, The Oaks is a meticulously master-planned golf and country club lifestyle community. The Oaks is non-compromising for its owner / members, which is one of the reasons it retains its grace and esteem today.    And while mandatory membership with home ownership in The Oaks can deter all but the most ardent, property values favor buyers in The Oaks right now.   There are currently two foreclosures in the Oaks, one on 422 Blue Garden Lane…

Sarasota real estate turns its attention toward full time residents each summer.  Though some part-timers will still come down to make a property purchase, from end of May through to end of September, a significant proportion of real estate transactions will be for local residents and families.   On average, those purchases will be between $300,000 and $500,000 for properties built between 1995 and today.   The market in that price range has not seen dramatic slippage in the past two years. Currently of the 28 pending properties in that price range, only eight are short sales and none are …

 As of today, there are 2004 listings in greater Sarasota.  Of those listings, only 16% are distressed sales, that is short sales or foreclosures.  Foreclosures currently comprise only 3% of active listings. For real estate bargain hunters, does this mean the end of the sale?  Not necessarily.  More what it indicates is the ever-increasing microclimate of Sarasota's real estate market.  The local market cannot be judged by the national numbers. Taking a closer look at the REO (real estate owned) or foreclosed properties, there are only 4 waterfronts, all of which are listed over $1.6 million…

Buyers not finding what they want in resale are continuing to consider building their own new home. While many good builders are in town and have developments large and small, finding a good lot and a good architect and / or builder can create difficult and sometimes confusing choices for home builders. Choosing to build a home is largely a process in reverse. Once the financial aspects (pre-approval and construction loan availability) are dealt with, the home builder can look at what it will take to build their home.  Because of permitting issues and possible homeowner restrictions, it is …

There is never a dull moment in real estate. With an astonishing rise in closings for the first part of the year, fear of further property value loss has sparked a sudden increase in calls to realtors and attorneys regarding short sales. Though May saw another increase in closings in 2011 compared to 2010, 512 and 493 respectively, (including 17 properties over $1 million), the average homeowner is feeling uncertain about the future. While some homeowners are struggling, there are some important factors to consider before choosing to walk away from a mortgage because it is more than the house…

The overall perception of Sarasota's real estate market is that it is dominated by distressed sales.  However, an examination of current listings in the 'family home' market show that is not the case.  Many homes in this range today are similar to properties that sold for twice as much at the peak of the market. 'Family homes' in this case are a minimum of three bedrooms, two bathrooms in the $200,000 - $300,000 range.  While properties of this type may be bought by individuals or investors, they are frequently purchased to house growing families. Currently there are 116 listings in Sarasota …

The latest statistics from the Sarasota Association of Realtors continues to reinforce what agents on the ground already know: the market continues to be strong. SAR is showing 759 (county-wide) closings for April 2011, the highest it has been since 2005.  Despite the power of the market, a high proportion of deals, particularly at the high middle to upper list price range, are falling apart. Many of these deals are coming apart over relatively small numbers, such as a distance between buyer and seller of 1% of the asking price.  It is understood that currently in the Sarasota real estate …

Many people's property expectations and desires have shrunk over the past three or four years.  Fewer and fewer are demanding 5,000 sq ft houses and more and more are looking for just enough.   For people who spend only a few short weeks in Sarasota, instead of an entire season or year, a centrally located small condo can mean a great deal.  And with prices so low at the moment, there are great purchasing opportunities for less than $200,000.   Four out of the five small condos do not have swimming pools, keeping the monthly condo fees lower than most. However, the sterling locations of these…