June 2008

There was an interesting article in the Sarasota Herald Tribune today about whether the Sarasota real estate market has hit bottom or not. Take a look a the chart below. This was in the newspaper recently. It shows the fluctuation in the median home price of homes in Sarasota and Bradenton. Notice how it is trading in that band? It has been trading in that band for the last 10 months. It appears that the market is stabilizing.

Depending on the price range you look at inventory levels are 12%-15% of the highs. In the luxury segment of the market inventories are 15% off the highs. There is no way to know today if we are at the bottom. We will only know after it is in our rear view mirror.

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Realtors' group says the number of existing homes sold in May gained 2% to an annual rate of nearly 5 million.

NEW YORK (CNNMoney.com) -- Sales of existing homes rose slightly more than expected in May as home buyers responded to plummeting home prices, according to an industry trade group.

The National Association of Realtors (NAR) said Thursday that the number of existing homes sold during May rose 2% to a seasonally adjusted annual rate of 4.99 million units in May from a level of 4.89 million in April.

But sales remain 16% below the 5.93 million-unit pace in May 2007, the report showed. And Thursday's report marks only the second time in 10 months that sales have increased.

For the rest of the article go here.

There is even a little…

Clients of mine entered into a contract to purchase this lovely Bird Key home. I asked their permission to write about it here.

The home is a 3 bedroom, 3 bathroom on Pheasant Way. The home is renovated and sits on a large, private lot on prestigious Bird Key. This home is for the buyer seeking value complete with 2 master bedroom suites and special gourmet ktichen remodeled in 2004 with high quality cherry cabinetry, granite counters & stainless appliances. New roof, large master bedroom suite with travertine floors, luxurious bath with steam room & jacuzzi tub, new lush, tropical landscaping, heated pool resurfacing & lanai screening are among the improvements in 2005/2006.  New lawn in 2007 and remodeled both guest bathrooms in 2008.   

The…

Here is an article in the Sarasota Herald Tribune about Shayla Twit joining SKY Sotheby's International Realty.

Click on Shayla Twit if you want to know more about her.

I just updated my Sarasota real estate market stats page for the month of May. There are some interesting observations from May 1st to today, June 12th. Total inventory levels for both homes and condos have declined. The number of homes under contract increased. Homes for sale on almost all of the barrier islands and Lakewood Ranch have declined.

Dr. Beach came out with his 2008 list for America's best beaches. You can see the list here. Siesta Key beach in Sarasota, Florida ranked #3 on the list.

Siesta Key is a captivating 8 mile long barrier island known off the coast of Sarasota, Florida. Surrounded by the crystal clear waters of the Gulf of Mexico and Sarasota bay, Siesta Key might be the perfect place to live or own a second home for those looking to enjoy Florida's waterfront lifestyle. 

Take one meander down the powdery white sandy beaches of Siesta Key or a boat tour around the key and you will understand why this is such a desirable place to live. Siesta Key beaches continually rank as one of the world's prettiest beaches. 

If you are interested in buying or selling Sarasota…

My listing in the Terrace East closed last week for $860,000. This 2 bedroom/2 bathroom unit had gorgeous views of the Gulf of Mexico and Siesta Key beach. The unit was updated very nicely with new kitchen, bathrooms and flooring. It also was conveniently located near the Siesta Key village which allows residents to walk to shopping, restaurants and entertainment.

If you need help buying or selling a Siesta Key condo please contact me here.