We often get asked from our buyers, "How long do short sales take to close?" I typically give a pretty vague answer because some of them happen quickly and some take what seems like forever. I prepare people that they will typically be waiting for several months to get a response.

Last year I closed this Lakewood Ranch short sale in just over a month. But that is because the bank involved was a local community bank and it was easy to get the decision maker on the telephone.

Clients of mine are currently under contract on a short sale home in the Hammocks. Last week we received a response from the bank. It took just over 3 months for the bank to respond to our offer.

There are many variables that affect short sales response times. Some of…

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.

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.…

Clients of mine just purchased a great unit in the Beachplace condo complex on Longboat Key. This unit is a 2 bedroom, 2 bathroom, 1,503 square foot condo directly on the beach looking west over the tranquil blue waters of the Gulf of Mexico. This was a Longboat Key short sale.

It was originally listed in September of 2010 for $941,500. In November of 2010 the price was dropped to $725,000. In December of 2010 the unit went under contract. In April of 2011 the condo came back on the market and was priced at $652,500. A couple of days later the condo went under contract again. Last month, in November, the short sale was finally approved however they buyer had walked from the transaction. The bank approved the sale at $650,000. My buyers came in and…

A client of mine just purchased a very nice condo in the Alinari. This was a Fannia Mae foreclosure with an asking price of $261,500. The final sales price (public record) was $252,500 which was a 3.5% discount from the asking price.

800 North Tamiami Trail #1212

The unit was purchased for $539,000 in December of 2007. Fannie Mae took the property back in June of this year. This lovely condo was on the 12th floor and had wonderful views of downtown Sarasota. This 2 bedroom, 2 bathroom, 1,323 square feet condo was in immaculate shape and needed no repairs.

Interested to see what else is available in the builing? Visit Alinari Sarasota to see everything for sale.

Alinari Market Update

There have been 11 sales in Alinari since January 1,…

Looking for a sweet deal in the Sarasota Florida real estate market? Below are foreclosure and short sales statistics I pulled from the Mid Florida MLS. For a current glimpse of what is for sale visit Sarasota foreclosures.

Sarasota Foreclosures

Below are sales statistics for Sarasota and Manatee counties from July 15th, 2011 to August 15th, 2011.

Distressed properties account for 37% of the total sales. Considering where we were that is pretty good. If you look at this blog post - September 2010 Foreclosure…

The Sarasota Florida real estate market continues to eat through its inventory. Notice the drop above from May 2011 of 5,604 listings for sale to 5,372 in June 2011. This gives Sarasota county 6.5 months of inventory based on closed sales and 6.3 months of inventory based on pending sales. The average sold price in June 2011 was $238,000 with the average sales price/list price ratio of 91%.

Average Price of Sarasota Homes & Condos

The above chart shows the average asking price as well as the average price of sold properties. Average prices are trending higher when comparing June 2010's average price of $217,000 to June 2011 price of $238,000.

Sarasota Real Estate Statistics

**** Blog Post Update - As of June 27th this condo in Gulf and Bay Club is now under contract ****

Looking for a fabulous Siesta Key condo? Take a look at this bank owned condo in the popular Gulf and Bay Club community on Siesta Key beach. This 2 bedroom, 2 bathroom, 1,335 square foot unit is one of the least expensive condos in Gulf and Bay Club at $575,000.

Is this Siesta Key Foreclosure a Great Deal?

One way to determine if a property is a great deal or not is looking at recently sold similar properties. Follow this link to view 8 condos sold in Gulf & Bay Club within the last 12 mon

ths. Here are the sales statistics for the 8 condos:

• Highest sales price - $1,065,000
• Lowest sales price - $460,500
• Average sales price -…

I just added this great new feature to LuxurySarasotaRealEstate.com. Start Searching Now. You can now view properties that have sold in the Sarasota., Florida area. Who can use this?

Home Owners & Nosey Neighbors

Property owners can now better estimate the value of their home by viewing recently sold properties around them. You can always search the Sarasota county records but they don't provide photos and other valuable property information. For example, you might notice a home that sold in your neighborhood with a really low sales price. Now you can see all available photos of the home to see what kind of condition it was in.

Buyers

Potential home buyers may need a little education before purchasing. My new Sarasota home sold search will allow…

Comments Wanted

I would love to hear where you think the Sarasota real estate market is on this market cycle. Please make a comment. Are better times ahead? Are things going to get worse before they get better? Where do you think we are on this chart?

Since there are those debbie downers out there who just love to spread negative news and energy I am only going to post comments with valid email addresses. I promise not to post only the positive comments.

March 2011 Pending Sales Exceed Sales of March 2003, 2004 & 2005

The above chart shows the pending sales and closed transaction from 2003 to 2011. Pending sales are an indicator of future closed transactions. You can read more about this at my other blog post - Sarasota 2011 Pending…