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        <title>Sarasota Real Estate Blog - Sarasota Real Estate News</title>
        <link>http://www.luxurysarasotarealestate.com/blog/author/marc-rasmussen/</link>
        <description>Get your fill of the latest Sarasota real estate news. This Sarasota blog is updated frequently with homes for sale, recently sold homes and condos, market updates and plenty of other valuable information.</description>
        <item>
            <guid>http://www.luxurysarasotarealestate.com/blog/waterfront-short-sales-in-sarasota.html</guid>
            <link>http://www.luxurysarasotarealestate.com/blog/waterfront-short-sales-in-sarasota.html</link>
            <author>marc@luxurysarasotarealestate.com (Marc Rasmussen)</author>
            <title>Waterfront Short Sales in Sarasota</title>
            <description> <![CDATA[ 
Looking to enjoy the Florida lifestyle on the water? Here are 3 waterfront short sale in Sarasota, Florida.


Siesta Key Canalfront Short Sale





The home above is located on the immensely popular Siesta Key. It is a canal home with 3 bedrooms, 2 bathrooms, 2,096 square feet and was built in 1972.


Short Sale - Beautifully updated canal front 3 bedroom 2 bath home. Crown mouldings throughout and custom tray ceilings in the family room and living room with recessed lighting. Kitchen has top quality custom Fieldstone cabinetry, granite counter tops, stainless steel appliances and upgraded plumbing fixtures. Bathrooms have granite counters and upgraded plumbing fixtures. Large laundry room with undercounter washer and dryer. Great views down the canal while sitting on the outdoor patio with firepit. Concrete seawall and boat lift, just a quick 5 minute boat ride to the intercoastal.


Click here for more information and photos


Other Siesta Key Foreclosures and Short Sale


 


St. Armands Circle Short Sale





This waterfront home around St. Armands Circle offers 4 bedrooms, 3 bathrooms, 4,393 square feet and was built in 1985.


470 North Washington Avenue


SHORT SALE! Location, location, location. Turnkey furnished home on the canal facing west on St. Armand's Circle. This home has four bedrooms and three full baths. Two master bedrooms; first floor master has sliding glass doors to the lanai and the second located upstairs taking over the entire second floor with fridge, desk area, and a private deck overlooking the canal &amp; pool. The open floor plan has a large living and dining room area with wide screen TV built in, and surround sound. Kitchen is fully equipped with an island and large seating area. Large double screen doors open to a screened in porch and lanai. Large two car garage and circular driveway.


Click here for information and photos


 


Botanica on Palmer Ranch





This lovely condo is located on popular Palmer Ranch. This new short sale listing in Botanica is not on boatable water.


SHORT SALE Impressive and dazzling former Jasmine Model. This elegant, tropically designed condo was decorated by Robb&amp;Stucky. Enjoy the private long lake view from the lanai. Close to the world famous white sand beaches of Siesta Key, Golf Courses and the cultural amenities Sarasota has to offer. The "lock and leave" lifestyle You Deserve in this Gated Community with Clubhouse and lushly landscaped heated Pool. Only 168 total units in 37 French Country inspired buildings. Monier flat tile roof, superior "SilentKnight" construction and double pane tinted windows add to your comfort and energy savings.


Click here for more information and photos


Give us a call at 941.812.6272 if we can help you buy or sell a property in the Sarasota area.
 ]]> </description>
            <pubDate>Tue, 07 Feb 2012 11:57:20 -0500</pubDate>
                    </item>
        <item>
            <guid>http://www.luxurysarasotarealestate.com/blog/prices-going-up.html</guid>
            <link>http://www.luxurysarasotarealestate.com/blog/prices-going-up.html</link>
            <author>marc@luxurysarasotarealestate.com (Marc Rasmussen)</author>
            <title>Prices Going Up?</title>
            <description> <![CDATA[ 
Are prices in Sarasota, Florida rising yet?


It depends on where you look. Here is a concrete example of where prices have risen. Take a look at the Marquee en Ville condos in downtown Sarasota.





These are the hip looking modern townhouses on Fruitville road. From this location you can walk to all of the amenities of downtown Sarasota. The difference between these and other downtown condos is that you get over 2,000 square feet and a 2 car garage whereas most other condos are in a high rise with less square footage.


In early 2010 I sold one of these townhouses for $360,000. You can see the blog post here - 235 Cocoanut Avenue. In 2010, there were 6 sales in Marquee en Ville from $325,000 to $385,000.


Take a look at what they are selling for now:




January 6, 2012 - $510,000 Sale


December 15, 2011 - $425,000 Sale




There are slight differences in these townhouses in the way of location and condition but they arent dramatic. It is interesting to see the dramatic difference in price from 2010 to now.


Give us a call at 941.812.6272 if we can help you buy or sell a property in the Sarasota area.
 ]]> </description>
            <pubDate>Tue, 31 Jan 2012 10:10:43 -0500</pubDate>
                    </item>
        <item>
            <guid>http://www.luxurysarasotarealestate.com/blog/sarasota-cheap-or-expensive.html</guid>
            <link>http://www.luxurysarasotarealestate.com/blog/sarasota-cheap-or-expensive.html</link>
            <author>marc@luxurysarasotarealestate.com (Marc Rasmussen)</author>
            <title>Sarasota - Cheap or Expensive?</title>
            <description> <![CDATA[ 
Is Sarasota a cheap or expensive real estate market? I guess it depends on who you talk to. Someone coming from Manhattan might view this area as a bargain. Another buyer from Detroit, Michigan might view Sarasota as very expensive. It is all relative to what you are used to.


Sarasota vs. Vail


I am on vacation this in Vail with my family. Even though this is a vacation I am still observant when it comes to real estate. We are staying in the Lionshead area of Vail which is within walking distance to a gondola and a few chair lifts. It would be the equivalent of buying on the beach in Sarasota (Siesta Key, Longboat Key, Lido Key).


Our condo is in the Antlers condo community which is a nice 2 bedroom, 2 bathroom with roughly about 900 square feet. It has a good view but does not have a view of the ski mountain. I poked around on the internet a bit a found a similar condo for sale. You can view it here:





As you can see the condo is currently listed for $1,150,000.


I don't know the true value of this property but there is a quite a difference when you compare it to some of the beach condos you will find in Sarasota, Florida. I just sold this condo in Beachplace on Longboat Key. Let's compare.






    


 


Beachplace on Longboat Key


    


Antlers in Vail




Bedrooms 


    


 2


 


 2




Bathrooms


 


 2


 


 2




Square Footage


 


 1,503


 


 900




View


 


 Gulf of Mexico


 


 Vail Ski Mountain




Location


 


Walk to Beach


 


Walk to Ski Mountain




Year Built


 


1981


 


1972




Asking Price 


 


 


 


$1,150,000




Sales Price


 


$650,000


 


 






Let's see what you can buy on Longboat Key between $800,000 and $1,250,000. Here are 42 condos for sale. Assuming the views and locations are similar to the Antlers condos in Vail it looks like you get quite a bit more square footage and a superior condition for the same price.


I am not implying that Sarasota is too cheap or Vail is too expensive. I think these markets are only related in the sense that they are both vacation destinations. Someone looking to invest in a vacation property might be trying to decide between a fabulous condo on the beach in Sarasota or a spectacular property in Vail, Colorado. Analyzing both markets I think it is safe to say that Sarasota, Florida is quite a bit less expensive when you compare similar properties based on location, age, size and view.


Real Estate is Local


The point of the above comparison is to show that real estate is local. What happens in the Vail real estate market has little to no influence on what happens in the Sarasota market.


Be careful where you get your information. Because of the national news many buyers come to Sarasota with the idea in their head that the market is bad and they have all of the leverage. This is no longer true. Take a look at these articles:




Sarasota Sale up 8.2% in 2011


Cash - How Much Off?


50% Off?




Ultimately, the best source of real estate information comes from local sources like Realtors, Brokers and newspapers. We are more up to speed with what is happening in our market versus a reporter in another part of the country.


If we can help you buy or sell give us a call at 941.812.6272.
 ]]> </description>
            <pubDate>Tue, 31 Jan 2012 09:40:36 -0500</pubDate>
                    </item>
        <item>
            <guid>http://www.luxurysarasotarealestate.com/blog/cash-how-much-off.html</guid>
            <link>http://www.luxurysarasotarealestate.com/blog/cash-how-much-off.html</link>
            <author>marc@luxurysarasotarealestate.com (Marc Rasmussen)</author>
            <title>Cash - How Much Off?</title>
            <description> <![CDATA[ 



This is a follow up to last week's post - 50% off?


Clients often ask us what kind of discount they can expect to receive in an all-cash transaction. Sellers love receiving cash offers and typically will discount their home a little more because of no mortgage headaches. However, the discount is not as great as most people think. Below are sales statistics in Sarasota county for sold properties in the last six months.


Sarasota County Sales in the Last Six Months




4,171 - Number of properties sold


2,628 - Cash transactions


63% of all transactions were cash


$5,250,000 - Highest sales price


$2,500 - Lowest sales price (could be a reporting error)


$206,474 - Average sales price


$119,900 - Median sales price


93% - sales price/list price




Cash transactions had an average discount of 7%.


 


Let's break it down even further by price range.


Sold Properties - $0 - $100,000




1,120 properties sold


$64,846 - average sales price


94% - average sales price/list price




Sold Properties - $100,001 - $200,000




770 properties sold


$141,690 - average sales price


94% - average sales price/list price




Sold Properties - $200,001 - $300,000




318 properties sold


$244,495 - average sales price


92% - average sales price/list price




Sold Properties - $300,001 - $500,000




238 properties sold


$379,115 - average sales price


92% - average sales price/list price




Sold Properties - $500,001 - $1,000,000




121 properties sold


$687,984 - average sales price


90% - average sales price/list price




Sold Properties - Above $1,000,001




61 properties sold


$1,765,794 - average sales price


88% - average sales price/list price




As expected, the higher you go in price the larger the discount. Properties over $1,000,000 have a 12% discount on average while homes under $100,000 only have an average discount of 6%


 What about the barrier islands? Do you see smaller or larger discounts with a cash offer? Let's analyze sold properties based on locations.


Siesta Key Sold Properties




211 sold properties in the last 6 months


131 or 62% of these sales were cash transactions


$448,753 - average sales price


90% - average sales price/list price




Longboat Key Sold Properties




122 sold properties in the last 6 months


83 or 68% of these sales were cash transactions


$710,310 - average sales price


89% - average sales price/list price




Lido Key/St. Armands Circle Sold Properties




22 sold properties in the last 6 months


15 or 68% of these sales were cash transactions


$889,752 - average sales price


92% - average sales price/list price




Bird Key Sold Properties




12 sold properties in the last 6 months


7 or 58% of these sales were cash transactions


$2,352,143 - average sales price


82% - average sales price/list price




Casey Key Sold Properties




11 sold properties in the last 6 months


9 or 82% of these sales were cash transactions


$1,465,556 - average sales price


80% - average sales price/list price




Downtown Sarasota Sold Properties




133 sold properties in the last 6 months


102 or 77% of these sales were cash transactions


$376,829 - average sales price


90% - average sales price/list price




Again, the higher end markets tend to have more cushion in their asking prices. Casey Key and Bird Key have an average discount of 80% and 82%.


I hope this clears up the mystery a bit about expected cash discounts. In the higher price ranges you can probably expect a 10-20% discount from asking price. This obviously depends on the seller's motivation level and other buyer interest. Properties under $1 million can generally expect discounts of less than 10% when paying cash.


Please give us a call at 941.812.6272 if we can help you buy or sell a home in Sarasota.
 ]]> </description>
            <pubDate>Tue, 24 Jan 2012 11:14:53 -0500</pubDate>
                    </item>
        <item>
            <guid>http://www.luxurysarasotarealestate.com/blog/how-much-off-foreclosures.html</guid>
            <link>http://www.luxurysarasotarealestate.com/blog/how-much-off-foreclosures.html</link>
            <author>marc@luxurysarasotarealestate.com (Marc Rasmussen)</author>
            <title>50% Off?</title>
            <description> <![CDATA[ 

 


Foreclosures....Bank Owned....Short Sales....REO's


These are popular buzz words in today's real estate world. We talk to buyer daily and often hear "Super Deal!", "Sweet Deal!, "Great Deal!" or something similar. That is perfectly ok. Today is a fabulous time to take advantage of the depressed real estate market.


How much can knock off these foreclosures and short sales?


Many home buyers come to Florida with the misconception that you can immediately take off 30-40% from the list price of these distressed properties. Let's see how much you can expect to get.


I ran a search on MyFloridaMLS to show me all single family homes and condos that are either foreclosures or short sales sold in 2011 in Sarasota county. Here are the statistics:




3,541 of these properties sold in 2011 in Sarasota county


Highest sales price - $2,875,000


Lowest sales price - $2,500 (could be a reporting error)


Average sales price - $143,432


Median sales price - $90,180


Average days to contract - 122


Median days to contract - 59


Average Sales Price/List Price - 96%




The average discount on all of these distressed properties is 4%.


 


Let's break it down even further by price:


Sold Price - $0 - $100,000




1,981 properties sold


Average Sales Price/List Price - 97%




Sold Price - $100,001 - $200,000




977 properties sold


Average Sales Price/List Price - 97%




Sold Price - $200,001 - $300,000




287 properties sold


Average Sales Price/List Price - 95%




Sold Price - $300,001 - $500,000




179 properties sold


Average Sales Price/List Price - 93%




Sold Price - Above $500,001




117 properties sold


Average Sales Price/List Price - 89%




 


Don't Judge the Deal by the Size of the Discount


Most buyers today judge the quality of their "deal" by how much the got off of list price. In their mind they are saying that if a seller comes off of their asking price by 20-30% or more then they are getting a great deal. This is not always the case. I have seen several buyers pay close to asking price yet still receive a great value. Be careful judging the value of your "deal" by how much you get off of list price.
 ]]> </description>
            <pubDate>Tue, 17 Jan 2012 15:50:40 -0500</pubDate>
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            <guid>http://www.luxurysarasotarealestate.com/blog/condo-on-lido-key-beach-for-sale.html</guid>
            <link>http://www.luxurysarasotarealestate.com/blog/condo-on-lido-key-beach-for-sale.html</link>
            <author>marc@luxurysarasotarealestate.com (Marc Rasmussen)</author>
            <title>Condo on Lido Key Beach For Sale</title>
            <description> <![CDATA[ 
I just listed a remodeled 1 bedroom, 1.5 bathroom condo in the Lido Regency building on Lido Key. This is the perfect place for those looking to escape the cold northern winters or a small weekend getaway to get from the daily grind. You can dip your toes in the Gulf of Mexico within seconds of this lovely condo.


1700 Ben Franklin Drive #4F


Luxury awaits you in this remodeled condo on Lido Key beach. Enjoy the Florida lifestyle in one of the least expensive beach front condos in Sarasota. Lido Regency residents are within a stroll or short drive to all of the fun at St. Armands Circle, south Lido Key park and downtown Sarasota. Golf and tennis facilities are just a few minutes north to Longboat Key. Upgrades include 22 inch porcelain tiles, berber carpet, new window and plantation shutters, granite countertops in kitchen and baths. You will love the quality of the Tommy Bahamas furniture that stays with this lovely unit. Building amenities include fitness center, swimming pool, jacuzzi and of course the long walking beach.


View more photos and information of 1700 Ben Franklin Drive #4F. Give Marc Rasmussen a call at 941.812.6272 for a private showing. 
 ]]> </description>
            <pubDate>Tue, 17 Jan 2012 11:21:20 -0500</pubDate>
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        <item>
            <guid>http://www.luxurysarasotarealestate.com/blog/short-sale-in-south-gate.html</guid>
            <link>http://www.luxurysarasotarealestate.com/blog/short-sale-in-south-gate.html</link>
            <author>marc@luxurysarasotarealestate.com (Marc Rasmussen)</author>
            <title>Short Sale in South Gate</title>
            <description> <![CDATA[ Allison Werner just listed this fabulous remodeled home in the convenient South Gate community. This 3 bedroom, 3.5 bathroom, 2,836 square foot remodeled home is in search for a new owner. Imagine living within 15 minutes of some of the world's prettiest beaches. 

 


2311 Tanglewood Drive


Short sale. This fantastic South Gate home has so much to offer! The home has been renovated from top to bottom, including bathrooms, kitchen (granite, stylish vanities, new appliances, the works!), and entire pool and pool cage with the addition of an outdoor shower. The layout of the home is ideal for entertaining and family life, with three bedrooms - each with their own bath - a large enclosed Florida room, and a floor plan with great flow. All tile and Bella wood on first floor with carpet upstairs. The luxurious first-floor master is HUGE and has french doors leading to a small private patio. New washer and dryer are inside and will convey. Other updated features include a new AC system in 2009, updated electrical system, and FIOS. The oversized lot is fenced in back and there is a large deck on the side of the home, adding charm and increasing the functionality of the already-fabulous outdoor space. And don't forget about the excellent location, just minutes from Siesta Key!


View more information and photos of 2311 Tanglewood Drive. Give Allison Werner a call at 941.961.3212 for a private showing.

 ]]> </description>
            <pubDate>Tue, 17 Jan 2012 10:30:24 -0500</pubDate>
                    </item>
        <item>
            <guid>http://www.luxurysarasotarealestate.com/blog/sarasota-sales-up-82-in-2011-prices-stable.html</guid>
            <link>http://www.luxurysarasotarealestate.com/blog/sarasota-sales-up-82-in-2011-prices-stable.html</link>
            <author>marc@luxurysarasotarealestate.com (Marc Rasmussen)</author>
            <title>Sarasota Sales Up 8.2% in 2011. Prices Stable.</title>
            <description> <![CDATA[ 
For the full year 2011, property sales of members of the Sarasota Association of Realtors® jumped by 8.2 percent to 8,224, achieving the highest level since 2005. The surge in sales was accompanied by stabilization in the median sale prices, which now stand at $155,925 for single family homes and $156,800 for condos over the full year, and have not fluctuated much for the past 12 months.


Once again, the market has demonstrated that Sarasota is a destination of choice for many homebuyers. For the overall year of 2011, the resurgence in sales was dramatic, and represents a 44 percent increase over the low point of the downturn in 2008, when only 5,820 properties changed hands.


"This is really incredible news, and demonstrates how far this market has improved in only three short years," said SAR President Laura Benson. "Now, we also offer very affordable pricing. Combined with the high quality of homes and condos on the market, I think we clearly have the best values in Florida, without question."


Property transactions in the Sarasota real estate market jumped 7.3 percent in December 2011, compared to the November totals. Combined sales stood at 648, up from last month's figure of 602 and the October 2011 sales of 577. This sales resurgence has paralleled the drop in the available inventory, and put the remaining months of inventory in the range of a seller's market.


The inventory of available properties for sale in Sarasota was at 4,567 in December, down slightly from the 4,672 in November. The inventory fell to a 10-year low of 4,408 in August 2011. As the inventory has slid, the months of inventory has dropped and now stands at 6.3 months for single family homes and 9.2 months for condos. A figure of 6 months is considered equilibrium between a buyer's and a seller's market.


The December 2011 median sale price for condos recovered strongly to $150,000 from November's figure of $127,000. This was the highest level since August 2011. Condo prices have been fluctuating for several months, with the year-to-date median sale price at $156,800.


For single family homes, the median sale price dropped slightly in December to $160,000 from $162,000 in November 2011. For the overall year, the figures have remained remarkably steady, indicating a stabilizing market.


"There is a real sense of optimism and excitement returning to the market," Benson noted. "We're entering the height of the season, and the open houses have been bustling with energy and interest. Recent news of new home sales doubling in one community and setting records for annual sales in another are clear signs of the strength of the current market."


Pending sales were at 694 in December 2011, down slightly from the November 2011 number of 782. Last month, 504 single family homes and 190 condos went under contract.


Distressed property sales continued to represent a higher percentage than normal in the local market for the fourth quarter of 2011. In total, 41.7 percent of sales in the fourth quarter were distressed property sales (foreclosures and short sales). This was somewhat higher than the third quarter, when the overall percentage was 38.8 percent, but well below the market high of over 50 percent in the second quarter of 2010.


Median sale prices continued to show three distinct markets, with normal market transaction sales prices more than double those for bank-owned transactions. But the price gap has narrowed somewhat, particularly during the past two quarters. For the second quarter of 2011, foreclosed condos sold for a median price of $62,250, while market condo transactions saw a $270,000 median. For the quarter just ended, those prices were at $73,500 and $193,500, respectively.


"Realtors® and consumers have adjusted to the market realities, and it appears that pricing in all categories has become more reflective of the current conditions," said Benson. "We continue to watch and hope for a break in the distressed property cycle, and we anticipate the improving economy and lower unemployment rate will eventually bring these figures down to lower levels. The positive side is that our market offers incredible buying opportunities that won't last long."
 ]]> </description>
            <pubDate>Wed, 11 Jan 2012 17:17:54 -0500</pubDate>
                    </item>
        <item>
            <guid>http://www.luxurysarasotarealestate.com/blog/short-sale-in-trillium.html</guid>
            <link>http://www.luxurysarasotarealestate.com/blog/short-sale-in-trillium.html</link>
            <author>marc@luxurysarasotarealestate.com (Marc Rasmussen)</author>
            <title>Short Sale in Trillium</title>
            <description> <![CDATA[ 
I was showing homes in Trillium the other day and noticed the sign in front of this one. I didn't see it inside but the photos look fantastic. Take a look at the images and information of 7509 Trillium Blvd. in Sarasota. 


Give us a call at 941.812.6272 if you want to see it. 
 ]]> </description>
            <pubDate>Tue, 10 Jan 2012 15:03:13 -0500</pubDate>
                    </item>
        <item>
            <guid>http://www.luxurysarasotarealestate.com/blog/we-need-more-properties-to-sell.html</guid>
            <link>http://www.luxurysarasotarealestate.com/blog/we-need-more-properties-to-sell.html</link>
            <author>marc@luxurysarasotarealestate.com (Marc Rasmussen)</author>
            <title>We Need More Properties to Sell</title>
            <description> <![CDATA[ 
I sat down with some folks recently in the office who were thinking of buying a vacation property in the Sarasota area. They had looked at property here roughly a year and a half ago. Like many, they were surprised at how little there was for sale in our market.


Just like the weather, real estate is local. You won't hear a national weatherman say. "The average U.S. temperature is going to be 72 degrees." If the market is bad in Fargo, North Dakota it doesn't mean that the Lakewood ranch market will be the same. Despite bad national economic and real estate news the Sarasota market is doing well. 

 

Sarasota Inventory


Like other goods, the price of real estate is mostly dictated by supply and demand. If you have rampant buying with dwindling supplies (of anything) prices will go up. If there are plenty of widgets to go around with few buyers the price of the widget will drop.


Below are months of inventory for the Sarasota market.





A steady stream of buyers has driven the number of available properties to its lowest level since the summer of 2005. The above chart shows inventory levels for single family homes and condo in the Sarasota. As of November 2011 we had roughly 7 months of inventory of single family homes and 10 months for condos. That is a far cry from 2007 when our inventory levels exceeded 33 months. Real estate professionals generally consider 6-7 months of inventory as balanced.


Let's Search the MLS


1) "I want a condo in downtown Sarasota, built after 2000, with 2 bedrooms and 2 bathrooms. How many can you show me?"


There are 5 condos in downtown area match this description.


2) "I love Longboat Key. I want to be south of Publix, on the gulf side of the road with 2 bedrooms, 2 bathrooms, a water view and under $700,000."


There are only 14 condos that work. They range from $449,500 up to $699,000.


3) "We would love a house around St. Armands Circle. What can I get under $600,000?"


This is the only one available


4) "I want a condo on Lido Key under $1,500,000 that was built within the last 12 years. How many are for sale?"


Only one in Orchid Beach Club and another in the Beach Residences.


5) "Our children go to Tatum Ridge Elementary. How many houses are for sale in The Enclave neighborhood?"


Just these five
 ]]> </description>
            <pubDate>Tue, 10 Jan 2012 14:43:28 -0500</pubDate>
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