It's real estate bottomed out and rebounding in this area of Florida? (Sarasota: apartments, condominium)

[FLSnowbirds]

Originally Posted by downthrust

this is great news! just curious though.. why didn't prices rise if sales are up 30%?

LOL Prices are up over 20% versus a year ago.

[bbronston]

From the Sarasota Association of Realtors April Report:
In addition to the amazingly high level of sales, the median sale price for both categories remained at the highest levels of the year in April. The median sale price for condos was $191,750, almost identical to the March figure of $192,000, a level not seen since May 2011. Single family was at $175,000, just above last month’s figure of $174,900, and a level not reached since June 2011. Single family home prices remain at a level 21.4 percent higher than the low of the market reached 13 months ago, while condo prices are almost 30 percent higher than the low point.

The reason for the price resurgence is likely tied to the lower number of distressed property sales. The total number of distressed sales, foreclosures and short sales, fell to only 31 percent, down slightly from last month’s 32 percent figure – a new three-year low.

Currently, only 621 properties for sale in the MLS are short sales or foreclosures, down from last month’s figure of 701 properties. This represents about 14 percent of available properties, down from last month’s 15 percent figure. In February 2012, the number was 740 (16 percent of the market), and in January 2012 it was 812 (17 percent of the market). If this percentage continues to trend lower, we could begin to see median sales price increases going forward.

[siestachica]

The USA property market is one of the most affordable in the world, prices are cheaper here than Cape Verde. Just watch international home hunters

I have so many Euro clients looking to get their money out and putting it into US real estate it's untrue.

Unlike the US and UK, individual countries within the Eurozone can not print money or devalue their currency to get them out of a hole, they are stuck firmly in it, up too their necks.

The dollar is going to get stronger as the Euro falls apart after a run on their banks. I can see the Euro at parity if it exists in the future. The markets have priced Greece in but what they don't want too see is contagion and that is exactly what is going to happen. The Spanish economy is the one to watch as they have a crazy banking system and political scene, the central government can't enforce austerity because the regional governments won't listen...just today the government have finished underwriting one of the biggest banks and the Barcelona region has gone cap in hand to the central gov because it can't pay it's suppliers and can't raise money because it's junk status. The only jobs left in Spain are public sector jobs, how does that work, who's going to pay their rosy salaries...uh oh!!unemployment is 24% and for the under 25's it's 56%.

The IMF know it's coming as they indicated this week and asked the UK to print money and lower interest rates....what? they are already at 0.5%, They know that themselves and the ECB does not have enough money to bail out Spain and that's when the banking system will get hit again, 2008 was the dress rehearsal, just wait for the final showdown!!!!Hopefully this time Goldmans will go down.

The figures for Sarasota are great news but an interesting point that nobody has made is that the figures are similar to the boom days but now the property prices are discounted by 50%, this is what is driving the market.

I know of an REO coming on in Englewood, in the boom it sold for $620k it will now be coming on at low $200's, rent it out it's better than what a pension fund manager can do for your money.

When prices are below build costs you know it's a good buy.

I'm now starting to think that if you wanna move to Sarasota do it know, prices may not go up for a few years because of the shadow but boy once the dust all settles in about 10 years you will have wished you did it. So many multiple bids we need that shadow inventory...send it my way!

I had 4 Spanish clients this week that have all just got their EB5 visa, which incidentally costs 500k to receive a green card and they were buying beautiful houses at 10% of the price they would cost in Spain. Do you know what each of the clients said.....they loved the USA because the country has invested in their infrastructure. believe me compared to Spain and coming from someone who has lived their recently you guys have. They could not believe the broadband speeds, you are lucky to get 1mb and the house prices...they thought it was Christmas/Navidad

It's going to be a bumpy ride globally and this will affect the US and our pocket of SW Florida but their is so much going for this place that any inventory that does come on will get mopped up one way or another and this is coming from a pessimist!!!!

[gypsychic]

Originally Posted by siestachica

The USA property market is one of the most affordable in the world, prices are cheaper here than Cape Verde. Just watch international home hunters

I have so many Euro clients looking to get their money out and putting it into US real estate it's untrue.

Unlike the US and UK, individual countries within the Eurozone can not print money or devalue their currency to get them out of a hole, they are stuck firmly in it, up too their necks.

The dollar is going to get stronger as the Euro falls apart after a run on their banks. I can see the Euro at parity if it exists in the future. The markets have priced Greece in but what they don't want too see is contagion and that is exactly what is going to happen. The Spanish economy is the one to watch as they have a crazy banking system and political scene, the central government can't enforce austerity because the regional governments won't listen...just today the government have finished underwriting one of the biggest banks and the Barcelona region has gone cap in hand to the central gov because it can't pay it's suppliers and can't raise money because it's junk status. The only jobs left in Spain are public sector jobs, how does that work, who's going to pay their rosy salaries...uh oh!!unemployment is 24% and for the under 25's it's 56%.

The IMF know it's coming as they indicated this week and asked the UK to print money and lower interest rates....what? they are already at 0.5%, They know that themselves and the ECB does not have enough money to bail out Spain and that's when the banking system will get hit again, 2008 was the dress rehearsal, just wait for the final showdown!!!!Hopefully this time Goldmans will go down.

The figures for Sarasota are great news but an interesting point that nobody has made is that the figures are similar to the boom days but now the property prices are discounted by 50%, this is what is driving the market.

I know of an REO coming on in Englewood, in the boom it sold for $620k it will now be coming on at low $200's, rent it out it's better than what a pension fund manager can do for your money.

When prices are below build costs you know it's a good buy.

I'm now starting to think that if you wanna move to Sarasota do it know, prices may not go up for a few years because of the shadow but boy once the dust all settles in about 10 years you will have wished you did it. So many multiple bids we need that shadow inventory...send it my way!

I had 4 Spanish clients this week that have all just got their EB5 visa, which incidentally costs 500k to receive a green card and they were buying beautiful houses at 10% of the price they would cost in Spain. Do you know what each of the clients said.....they loved the USA because the country has invested in their infrastructure. believe me compared to Spain and coming from someone who has lived their recently you guys have. They could not believe the broadband speeds, you are lucky to get 1mb and the house prices...they thought it was Christmas/Navidad

It's going to be a bumpy ride globally and this will affect the US and our pocket of SW Florida but their is so much going for this place that any inventory that does come on will get mopped up one way or another and this is coming from a pessimist!!!!

Great post - reps to you!

[siestachica]

Thks Gypsychic, just saying how it is!!!!!

Just got back from the beach and had a great lunch in 'The Cottage' the music was great and my baby girl ate all her food...life is good!

[siestachica]

I'm off to Europe not looking forward too it after realizing I do live in the most amazing part of the world!!!!!

All I need now is some sticky toffee pudding from Jims Small Bakery, but alas that's not on the cards as I've had a couple of beers!!!!

[Vikingen]

We are from Northern Europe, and just bought a house in SW Florida. No matter how you look at it, it was a steal. You can hardly get a lot here in Northern Europe for what we got a whole house for in SW Florida.

We are just sitting in our sun chairs with a big grin - house is already booked for most of the year - making money the first year!!!


There is so much negative focus on the PIGS countries and their influence on world economy. Forget it. Let them bankrupt, go back to drakhmer, pesetas and lire. Doesn't matter - Northern Europe and the US will still prosper.

[Rushmore]

Can a moderator please edit the title of this thread to something that makes sense? While I am not a participant, I still have to have a fit of OCD every time I see it on the list of threads.

[downthrust]

Looking for an update on latest pricing info?

[RetiredBuckeye]

I have an offer in on a condo in Bradenton and from my own personal experience and talking with my realtor I know at the present time inventories of properties for sale in the Sarasota / Bradenton area are on the low side.