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        <title>Sarasota Real Estate Blog - Sarasota Real Estate News</title>
        <link>http://www.luxurysarasotarealestate.com/blog/tags/sarasota-foreclosures/</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/how-long-do-short-sales-take.html</guid>
            <link>http://www.luxurysarasotarealestate.com/blog/how-long-do-short-sales-take.html</link>
            <author>marc@luxurysarasotarealestate.com (Marc Rasmussen)</author>
            <title>How Long Do Short Sales Take?</title>
            <description> <![CDATA[ 



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 them include:




What bank is involved? Some banks are more responsive than others.


Has the seller provided all of the necessary documents to the bank/negotiator? Lazy/unorganized sellers will delay the process.


Who is processing the short sale? Are they any good? Are they persistent in calling the bank?




Many Realtors give the standard answer of 4 to 6 months to close a short sale. Based on the data below this seems to be a pretty good rule of thumb.


Time to Close Sarasota Short Sales


I ran a search in our MLS system for short sales in Sarasota county that have closed from January 1, 2012 to May 2, 2012. These include all areas and price ranges. In this time period and geographic area there was a total of 3,579 transactions with 568 of them listed as short sale. Below are the statistics for the short sales.





 

Sold Price

Sales Price/List Price

Days to Contract

Days to Closed


High


$2,700,000


134%


1,370


1,450



Low


$17,000


52%


0


27



Average


$153,012


95%


163


273



Median


$95,500


96%


89


201






The average days to contract is 163 and the average days to close is 273. The difference between these two numbers is the time it took to get the short sale processed and closed. The average difference is 110 days.


I listed the top 50 short sale transactions in terms of price.






Address


Sales Price


Days to Contract


Days to Sold


Processing Time




2 SANDY HOOK ROAD


2,700,000


1136


1220


84




604 MOURNING DOVE DR


1,650,000


693


710


17




897 FREELING DR


1,525,000


361


557


196




7350 PERIWINKLE DR


1,400,000


1


252


251




535 SANCTUARY DR # A-702


1,170,000


774


1450


676




1400 SIESTA DR


1,100,000


30


331


301




9261 MCDANIEL LN


850,000


374


449


75




440 CAMILLE DR


845,000


27


423


396




6300 MIDNIGHT PASS RD # 1211


760,000


110


133


23




58 S WASHINGTON DR


725,000


281


453


172




7540 PRESERVATION DR


705,000


9


87


78




705 S CASEY KEY RD


700,000


147


205


58




801 LYTHAM CIR


700,000


274


323


49




563 S PALM AVE # 21


650,000


331


386


55




363 ARDENWOOD DR


610,000


0


27


27




921 INLET CIR


610,000


200


309


109




551 YARDARM LN


592,500


115


186


71




6512 Midnight Pass Rd # 306


575,000


1208


1305


97




101 SUNSET DR # 302


575,000


565


595


30




2633 RANCH CLUB BLVD


555,000


739


781


42




5328 HUNT CLUB WAY


549,000


992


1080


88




252 OSPREY POINT DR


500,000


5


169


164




690 N RIVER RD


475,000


20


84


64




3735 EAGLE HAMMOCK DR


435,000


160


248


88




7614 WEEPING WILLOW CIR


434,000


219


228


9




1657 RIDGEWOOD LN


400,000


67


204


137




650 INDIAN BEACH LN


400,000


156


316


160




1722 HANSEN ST


380,000


179


253


74




4753 ACORN CIR


380,000


139


225


86




4577 TUSCANA DR


380,000


89


146


57




629 ALHAMBRA RD # 904


380,000


4


76


72




1837 ORCHID ST


362,000


207


290


83




630 E BAY ST


350,500


115


271


156




6300 MIDNIGHT PASS RD # 4


350,000


49


162


113




8900 BLIND PASS RD # A112


350,000


176


339


163




392 PINE RANCH TRL


350,000


4


140


136




2045 GULF OF MEXICO DR # 204


350,000


439


665


226




101 TORCELLO CT


347,500


155


252


97




6150 MIDNIGHT PASS RD # V 5


345,000


34


120


86




1088 EAGLES FLIGHT WAY


340,000


55


191


136




4773 HUNTERS RUN


331,000


235


349


114




3606 BAY SHORE RD


325,000


64


191


127




464 ISLAND CIR


325,000


1283


1429


146




8875 MISTY CREEK DR


321,700


100


234


134




523 S PALM AVE # 9


319,900


67


171


104




6701 AVENUE B


319,000


96


244


148




2332 MCCLELLAN PARKWAY


317,000


1370


1400


30




1440 BAYSHORE DR


312,500


312


442


130




5016 SANDY SHORE AVE


310,000


8


91


83




1368 TEAROSE PL


309,000


84


155


71




 


 


 


 


 




 


 


Average Processing Time




122








In the numbers above I calculated the Processing Time by subtracting the Days to Contract from Days to Sold. Based on the top 50 sales the Average Processing Time was 122 days which is pretty close to 110 days calculated from the total 568 properties sold.


Pre-approved Short Sales


If you scour the MLS enough you will notice that some listings are advertised as a "Pre-approved Short Sale." What usually happens is buyer #1 puts the house under contract, gets tired of waiting for the bank to respond and ultimately cancels the contract. The bank continues working on the short sale approval process and gives a response. The listing Realtor will then advertise that the property has a pre-approved price. Buyer #2 comes in makes an offer and can possibly get the property at the approved price. It depends on how much time has passed between getting the bank response and the new contract.


On some of the short sale transactions above you will notice that the processing time is very short. For example - 7614 WEEPING WILLOW CIRCLE only took 9 day from contract to close. You can see in the Realtor remarks, "LENDER APPROVAL WITHIN 48 HOURS."


Another example is 604 MOURNING DOVE DRIVE on Bird Key. This property closed in a mere 17 days. If you look at the Realtor remarks it says, "BANK APPROVED - FULL PRICE OFFERS ONLY!" This Bird Key short sale had been under contract a few times so that probably elicited the bank response allowing it to close so quickly when the final contract came in.


Key Takeaway:




The average number of days to process a short sale is about 110 days or almost 4 months.


The processing time for a "Pre-approved short sale" is shorter than a regular short sale.


Don't be afraid to pursue a short sale if you are patient.


Make sure everyone (banker, seller, buyer, negotiator) is on top of their game to get a short sale closed as quickly as possible. Surround yourself with talent.


84% of the transactions in Sarasota county from 1/1/2012 to 5/2/2012 were NOT SHORT SALES.


If you limit yourself to only short sales you are only looking at 16% of the market.


 ]]> </description>
            <pubDate>Wed, 02 May 2012 21:24:22 -0400</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>
                    </item>
        <item>
            <guid>http://www.luxurysarasotarealestate.com/blog/waterfront-foreclosuresshort-sales.html</guid>
            <link>http://www.luxurysarasotarealestate.com/blog/waterfront-foreclosuresshort-sales.html</link>
            <author>marc@luxurysarasotarealestate.com (Marc Rasmussen)</author>
            <title>Waterfront Foreclosures/Short Sales</title>
            <description> <![CDATA[ 
Sarasota waterfront homes and condos continue to be in high demand. Enjoying a fabulous water view or parking your boat behind your house is a fabulous way to enjoy the Florida lifestyle. The Sarasota area offers a variety of waterfront properties. You can enjoy the gorgeous sunsets over the Sarasota bay from a high rise condo like Beau Ciel. If a single family waterfront home is more attractie we have a variety of great neighborhoods like Bird Key, Harbor Acres, St. Armands Circle and Country Club Shores.


Sarasota Waterfront Foreclosures and Short Sales


Below are a handful of properties that are either short sales or bank owned. Click on the address to view more information about the property.


St. Armands Circle Homes


308 N. Washington Drive, Sarasota


290 N. Washignton Drive, Sarasota


Downtown Sarasota Condos


888 Blvd. of the Arts, Sarasota - Condo on the Bay


650 Golden Gate Pt, Sarasota, Harbor View on Golden Gate Point


1255 N Gulfstream Avenue, Sarasota - Bay Plaza


101 Sunset Dr., Sarasota - Lawrence Pointe


888 Blvd. of the Arts, Sarasota - Condo on the Bay


Siesta Key Properties


4051 Shell Road, Sarasota


1216 Northport Drive, Sarasota


5300 Ocean Blvd - Terrace East condos


1226 Siesta Bayside Drive - Gulf and Bay Bayside condos


757 Tropical Circle, Sarasota


5300 Midnight Pass Rd. - Crystal Sands condos


9074 Midnight Pass Rd. - Moorings condos


395 Avenida Milano, Sarasota


5911 Midnight Pass Rd. - Boca Siesta condos


2 Sandy Hook Rd., Sarasota


Longboat Key Properties


5393 Gulf of Mexico Drive, Longboat Key - Longboat Terrace condos


637 Norton Street, Longboat Key


4725 Gulf of Mexico Drive, Longboat Key - Sand Cay condos


529 Bayview Drive, Longboat Key 


520 Harbor Cay Drive, Longboat Key


1935 Gulf of Mexico Drive, Longboat Key - Seaplace condos


2721 Gulf of Mexico Drive, Longboat Key - Longboat Beachcomber condos


Casey Key Properties


3820 Cutlass Bayou, Casey Key


Give us a call at 941.812.6272 if we can help you buy or sell in the Sarasota area.
 ]]> </description>
            <pubDate>Tue, 03 Jan 2012 15:10:37 -0500</pubDate>
                    </item>
        <item>
            <guid>http://www.luxurysarasotarealestate.com/blog/just-sold-from-1275000-to-650000.html</guid>
            <link>http://www.luxurysarasotarealestate.com/blog/just-sold-from-1275000-to-650000.html</link>
            <author>marc@luxurysarasotarealestate.com (Marc Rasmussen)</author>
            <title>Just Sold - From $1,275,000 to $650,000</title>
            <description> <![CDATA[ 
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 purchased the condo.


$1,275,000 down to $650,000


For those of you who think $650,000 is too expensive keep in mind that this unit sold for $1,275,000 in 2006.


View all Longboat Key Condos For Sale


1045 Gulf of Mexico Drive #604


SHORT SALE! BACK ON THE MARKET WITH A BANK APPROVED PRICE!!! PRICED BELOW MARKET VALUE, QUICK CLOSING COULD OCCUR!!! Beachplace beach front penthouse unit w/2 balconies and fabulous views! Largest 2BR floor plan located in desirable bldg. Unit is beautifully turnkey furnished and is in top shape. Some of the features include updated kitchen, new carpet. Under bldg. parking spot &amp; 1 outside assigned spot. Very easy to RENT 30 day min 12 times a year.


Beachplace Photos

















Give us a call at 941.812.6272 if we can help you buy or sell a condo on Longboat Key.
 ]]> </description>
            <pubDate>Tue, 13 Dec 2011 08:43:48 -0500</pubDate>
                    </item>
        <item>
            <guid>http://www.luxurysarasotarealestate.com/blog/just-sold-tuscana-foreclosure.html</guid>
            <link>http://www.luxurysarasotarealestate.com/blog/just-sold-tuscana-foreclosure.html</link>
            <author>marc@luxurysarasotarealestate.com (Marc Rasmussen)</author>
            <title>Just Sold - Tuscana Foreclosure</title>
            <description> <![CDATA[ 
Congratulations to Allison Werner for selling this foreclosure in Tuscana. This fabulous home at 4549 Tuscana Drive was a 4 bedroom, 3 bathroom, 3,385 square foot home.


It closed for $430,500 (public record) and the asking price was $445,900. There were multiple offers on this property.


View other Tuscana homes for sale in Sarasota, Florida


4549 Tuscana Drive, Sarasota, FL


Tantalizing Tuscana offers a gated community with executive level custom homes. This gorgeous 3350+sf home offers 4 bedrooms, 3 baths, a huge bonus or gameroom up as well as a lavish pool and lanai area. Be dazzled by the gourmet kitchen fit for the finest of chefs and the decor to go with it including stainless appliances, granite countertops, designer cabinetry. The master is down and split with a study on one side of the home and the the auxillary bedrooms are two to the front and the fourth/guest suite to the rear. The floorplan is sure to please the pickiest of buyers. The outside will be a haven for entertaining with the pool/spa combo and the delightful summer kitchen but best of all so much of the lanai is under roof for use rain or shine!! The man of the house, this home has an oversized three car garage with space for storage or hobbys. Minutes to the Nation's number #1 beach, SIESTA KEY, as well as great shopping, eateries and healthcare. The school system provides 1st -12th all within minutes.


Give us a call at 941.812.6272 if we can help you buy or sell a home in Sarasota.


More Photos of Tuscana Foreclosure









 ]]> </description>
            <pubDate>Mon, 28 Nov 2011 12:01:18 -0500</pubDate>
                    </item>
        <item>
            <guid>http://www.luxurysarasotarealestate.com/blog/sarasota-foreclosure-stats.html</guid>
            <link>http://www.luxurysarasotarealestate.com/blog/sarasota-foreclosure-stats.html</link>
            <author>marc@luxurysarasotarealestate.com (Marc Rasmussen)</author>
            <title>Sarasota Foreclosure Stats</title>
            <description> <![CDATA[ 



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.









Total Sales


Bank Owned/Foreclosures


% of Total Sales


Short Sales 


% of Total Sales




Sarasota County


676


97


15%


128


19%




Manatee County


465


93


20%


103


22%




Total


1,141


190


17%


231


20%






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 Update - you will see that 50% of total sales in Sarasota county were distressed while 54% of total sales in Manatee were distressed. We continue to eat through our inventory.


Sarasota Foreclosures By Price






 


Distressed Sales


% of Total Sales







$0 - $100,000




 191




45%


45%




$100,001 - $200,000


142


34%


79%




$200,001 - $300,000


51


12%


91%




$300,001 - $500,000


23


5%


96%




$500,001 - $750,000


7


2%


98%




Above $750,001


7


2%


100%




Total


421


100%


 






Interesting to see that 96% of all distressed sales are under $500,000.


Siesta Key Foreclosures




34 total sales from July 15th, 2011 to August 15th, 2011


9 of those sales were either bank owned or short sales


Siesta Key foreclosures for sale




Longboat Key Foreclosures




25 total sales from July 15th to August 15th, 2011


4 of those sales were either bank owned or short sales


Longboat Key foreclosures for sale




Lido Key Foreclosures




3 total sales from July 15th to August 15th, 2011


0 distressed sales


Lido Key foreclosures for sale




Bird Key Foreclosures




4 total sales from July 15th to August 15th, 2011


1 of those sales was a short sale


Bird Key foreclosures for sale




Casey Key Foreclosures




5 total sales from July 15th to August 15th, 2011


0 distressed sales


Casey Key foreclosures for sale




Lakewood Ranch Foreclosures




62 total sales from July 15th to August 15th, 2011


25 of those sales were either bank owned or short sales


Lakewood Ranch foreclosures for sale




Give us a call at 941.812.6272 if we can help you buy or sell property in the Sarasota, Florida area.
 ]]> </description>
            <pubDate>Mon, 15 Aug 2011 10:13:15 -0400</pubDate>
                    </item>
        <item>
            <guid>http://www.luxurysarasotarealestate.com/blog/foreclosure-on-siesta-key-beach.html</guid>
            <link>http://www.luxurysarasotarealestate.com/blog/foreclosure-on-siesta-key-beach.html</link>
            <author>marc@luxurysarasotarealestate.com (Marc Rasmussen)</author>
            <title>Foreclosure on Siesta Key Beach</title>
            <description> <![CDATA[ 



**** 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 &amp; 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 - $653,688


Average days to contract - 201


Average saes price/list price - 88%




Other Siesta Key, Lido Key &amp; Longboat Key Foreclosures


I work with a lot of vacation home &amp; condo buyers and one common request from all of them are "Can you find me a good foreclosure on the beach?" Because of the media the general public feels likes there are tons of bank owned properties everywhere in Florida. This is simply not true. Especially on the barrier islands like Siesta Key, Lido Key, Bird Key, Casey Key and Longboat Key. See the interesting statistics below:






 


Properties For Sale


Bank Owned


% Bank Owned




Longboat Key


562


8


1.4%




Siesta Key


544


8


1.4%




Lido Key


95


3


3.1%




Bird Key


30


0


0%




Casey Key


54


0


0%






5 Tips to Finding a Good Deal


1) Be Prepared - Often times you have to compete for the good deals. Buyers who are prepared usually win. If you are in a multiple offer situation the seller is more likely to work with the buyer who can either prove funds or who is pre-approved for a mortgage. Get this arranged before you start looking at property.


2) Find a Good Realtor - A good real estate agent can really help. We deal in this market day in and day out. The experience is very helpful to home and condos buyers. While we may not be able to find you the deal of the century we will probably keep you from making a bad investment. 


3) Be Realistic - We all want to find a "killer deal". Realtors, buyers and investors scour the Sarasota FL real estate market daily. While many of them are finding good values in this market few of them are getting them at a price where they can "flip" the property and make a killing. Those are far and few between. Most people who try to find these properties end up spinning their wheels. Think about it for a second. If a property came on the market well below market or appraised value don't you think it would be bought in minutes by one of the thousands of Realtors or investors who watch the market daily? Despite all of that you can get a tremendous value when compared to 2005 prices.


4) Location, Location, Location - This is the most important factor when determining where to buy. Good locations were not hurt as badly and are recovering faster. Take St. Armands Circle for example. This a highly sought after location for buyers because of the close proximity to Lido Key beach, downtown Sarasota and St. Armands Circle. There are very few St. Armands Circle homes for sale and it appears prices are rising. If St. Armands Circle is in your budget and you like this area I would watch this area closely for good buys.


5) Don't Ignore Regular Sellers - The media has brainwashed many buyers into thinking that the only good deals are the bank owned properties and short sales. There are good values with regular sellers. This Siesta Key waterfront home is a good example of one. Don't just look at the so called "distressed sales" because you are leaving a huge chunk of the market. Take a look at the barrier islands stats above. 


Give me a call at 941.812.6272 if we can help you buy or sell in Sarasota, Florida.




 ]]> </description>
            <pubDate>Sun, 26 Jun 2011 18:48:36 -0400</pubDate>
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            <guid>http://www.luxurysarasotarealestate.com/blog/how-many-short-sales-closed-on-siesta-key-in-february.html</guid>
            <link>http://www.luxurysarasotarealestate.com/blog/how-many-short-sales-closed-on-siesta-key-in-february.html</link>
            <author>marc@luxurysarasotarealestate.com (Marc Rasmussen)</author>
            <title>How Many Short Sales Closed on Siesta Key in February?</title>
            <description> <![CDATA[ 



I am contacted frequently by potential buyers looking to purchase a short sale or foreclosure on one of the barrier islands - Siesta Key, Longboat Key, Bird Key, Lido Key and Casey Key. I thought it might be interesting to see data on how many "distressed properties" close on the barrier islands. It constitutes roughly 45% of the entire market. However, the Sarasota county statistics can often be skewed by the sales in North Port. Here is a good article about how North Port is pulling down Sarasota county prices.


February 2011 Closed Sales Figures






 


 


Short Sales


 


Bank Owned


 


All Sales




Siesta Key


 


4


 


2


 


34




Longboat Key


 


2


 


0


 


20




Lido Key


 


0


 


0


 


4




Bird Key


 


0


 


0


 


3




Casey Key


 


0


 


0


 


3






March 1, 2011 - March 21, 2011 Closed Sales Figures






 


 


Short Sales


 


Bank Owned


 


All Sales




Siesta Key


 


2


 


0


 


17




Longboat Key


 


0


 


0


 


16




Lido Key


 


1


 


0


 


5




Bird Key


 


0


 


0


 


3




Casey Key


 


0


 


0


 


0






The above numbers do not include pending sales, only closed sales. Keep in mind many of the sales occur at the end of the month so March will show more closings.


It does not look too promising does it? Take a look all 5 areas. With over 60 closings in February only 6 of them were short sales and only 2 of them were bank owned. If you truly want a home or condo on the barrier island don't make the mistake of only looking at "distressed properties". Look at everything. To search for virtually everything on the market visit my Sarasota MLS listings search. It is updated daily with the latest Sarasota homes and condos for sale.


Why are there so few?


The barrier islands have had their fair share of distressed properties. Make no mistake about it. Prices have gone down in these areas over the last 5 years. However, Sarasota is not like Miami or Ft. Lauderdale where some of the condo buildings are made up of 70-80% speculators. This area seems to attract a more conservative crowd. Many of the homes and condos purchased on the barrier islands are purchased with cash and no debt. Naturally, these areas are just going to have fewer foreclosures. Again, prices have declined here but just not as much as the rest of the market.


If we can help you buy or sell a home in the Sarasota area give us a call at 941.812.6272. Shayla Twit, Allison Werner and myself are here to help you.
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            <pubDate>Mon, 21 Mar 2011 20:33:01 -0400</pubDate>
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            <guid>http://www.luxurysarasotarealestate.com/blog/lakewood-ranch-foreclosure.html</guid>
            <link>http://www.luxurysarasotarealestate.com/blog/lakewood-ranch-foreclosure.html</link>
            <author>marc@luxurysarasotarealestate.com (Marc Rasmussen)</author>
            <title>Lakewood Ranch Foreclosure</title>
            <description> <![CDATA[ 



Check out this new foreclosure in Lakewood Ranch. It is located at 6939 Westchester Circle in the Country Club section of Lakewood Ranch overlooking the golf course. I showed this home a few months ago when it was a short sale. It was huge. It has 6 bedrooms, 8 bathrooms and 7,087 square feet on the golf course. 


6939 Westchester Circle


An amazing 7000 plus sq ft Arthur Rutenberg home on over 1/2 acre with 
panoramic lake and golf course views!  Enter this stately home to a 
grand living room with twin wood staircases that flank the room to 
arrive at the upstairs bonus room and balcony.  This home boasts a large
 master suite with 2 walk in closets, 5 additional en-suite bedroom/bath
 combos, 2 bonus rooms, 2 utility rooms, an office, and possible media 
room.  Also, enjoy over 1500 sq ft of pool and lanai space to create 
your dream home.  So much potential is available at the lowest price per
 sq ft in The Lakewood Ranch Country Club. Asking price - $899,000


For more information and photos visit 6939 Westchester Circle. View all other Lakewood Ranch homes for sale.


If I can help you buy or sell a property give me a call at 941.812.6272.


MARCH 14th UPDATE


The above home is under contract and waiting to close. I will post an update to this blog post with the sales price. I suspect it was over list price. 


Visit Lakewood Ranch foreclosures to view other opportunities.
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            <pubDate>Mon, 28 Feb 2011 10:51:52 -0500</pubDate>
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            <guid>http://www.luxurysarasotarealestate.com/blog/you-probably-wont-end-up-buying-a-foreclosure.html</guid>
            <link>http://www.luxurysarasotarealestate.com/blog/you-probably-wont-end-up-buying-a-foreclosure.html</link>
            <author>marc@luxurysarasotarealestate.com (Marc Rasmussen)</author>
            <title>You Probably Won't End Up Buying a Foreclosure</title>
            <description> <![CDATA[ 



One common theme among today's home buyers is the need to find a "deal". Almost every buyer mentions it when talking about their needs and wants. We Realtors joke about it as we hear it all of the time. There is absolutely nothing wrong with it. If I was buying a home I would be asking for the same thing. 


I just ran a search in the Mid Florida MLS for all of the sales in Sarasota county for the last 6 months. There were 3,836 sales of which 1,725 of them were distressed (short sale or bank owned). That accounts for 45% of the market which has been pretty consistent.


Interesting Statistics:


Out of 1,725 distressed sales (foreclosures and short sale)




1,535 or 89% of them closed for less than $250,000 


1,649 or 96% of them closed for less than $400,000


1,675 or 97% of them closed for less than $500,000


1,717 or 99.5% of them closed for less than $1,000,000




In a nutshell if you are looking for a property above $250,000 then you knock a HUGE number of distressed sales. If you are looking in the luxury market or for a Sarasota beach home then you really need to forget about limiting yourself to bank owned or short sales. 


Here is the good news for buyers - all of the properties that are not Sarasota foreclosures or short sales are still affected by those properties. If a seller wants to unload their house they need to be competitive with the distressed properties or they won't sell. Buyers need to realize that there are good values in the non short sale and foreclosure properties.


Buyers Market?


Overall the Sarasota real estate is a buyers market. HOWEVER, inventories are dropping while sales are rising - see December 2010 home sales surge in Sarasota. There isn't as much out there as many are led to believe. Here are some real life examples:


Let's say you want to buy a beachfront condo on Lido Key with 2 bedrooms, 2 bathrooms, at least 1,000 square feet and under $400,000. You might think there are a bunch of those for sale. Nope. There are only 4 condos currently for sale that match those requirements. 4 CONDOS. That does not sound like a buyers market. 




8 condos for sale - Longboat Key, beachfront, 2+ bedrooms, 2+ bathrooms, 1,000+ square feet, under $400,000


7 condos for sale - Siesta Key, beachfront, 2+ bedrooms, 2+ bathrooms, 1,000+ square feet, under $400,000


7 condos for sale - Downtown Sarasota, 2+ bedrooms, 2+ bathrooms, 1,000 square feet, under $300,000


16 homes for sale - Sarasota county, 3+ bedrooms, 2+ bathrooms, 2,800 square foot, $300,000 - $400,000


12 homes for sale - Lakewood Ranch area, 3+ bedrooms, 2+ bathrooms, 2,600 square feet, under $400,000


11 homes for sale - Siesta Key, 3+ bedrooms, 2+ bathrooms, 2,500 square feet, under $700,000


6 homes for sale - Longboat Key, 3+ bedrooms, 2+ bathrooms, 2,500 square feet, under $700,000




I could go on and on. 


Think about it - Let's say you had $700,000 to spend and wanted a 3 bedroom, 2 bathroom, 2,500 square foot home on Longboat Key. You would only have 6 homes to choose from.


That does not sound much like a buyers market to me
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            <pubDate>Mon, 31 Jan 2011 16:59:51 -0500</pubDate>
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