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Sarasota - Bradenton - Venice area Manatee and Sarasota Counties
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Old 04-21-2012, 08:51 AM
398 posts, read 822,875 times
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Old 04-21-2012, 08:59 AM
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Nice to read that the average price is a 'tad' lower than the prices I get from a newsletter of a Sarasota Realtor.

Her letter says "Single Family Homes $811,427, Condos/Townhomes $547,679, Multi-family Homes $758,382", albeit it says Sarasota/Venice (We only look in Sarasota).

Thank you for posting the link ;-)
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Old 04-22-2012, 09:39 PM
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maybe my SIL's condo in Venice WILL be worth its mortgage in a few years at this rate....
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Old 04-23-2012, 12:25 PM
Location: Sarasota/ Bradenton - University Pkwy area
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Jobless rates in both Manatee and Sarasota counties also dropped again in March. Current jobless rates are 8.6% and 8.7%, both down 2% from March 2011. Not great by any means, but definitely going in the right direction.

There are a couple of important points in the SRQ Realtors report for March:
1) inventory of homes for sale is at an 8 year low
2) currently only 32% of listings are distress sales (when factor out sale pendings), a 3 year low. I've seen another report by a real estate web site that claims the number is 27%.

A former Morgan Stanley analyst was interviewed the other week on one of the cable news networks. He said the next wave of foreclosures will not create a free for all in the market as previously, that the banks are managing foreclosures more carefully, releasing them into the market in a timely manner so as not to further erode home prices.

That can be seen in the Sarasota market, where many of the bank owned listings are now receiving interior paint, carpet and appliances before coming on the market in order to attract higher prices. The ones that are priced cheaply are typically homes needing repair work, and even those are now receiving multiple bids, with sales price often going above list price.

While a few of the big banks in SW FL are filing more Lis Pendens, trying to clear a backlog created by, among other things, the robo signing scandal/ lawsuits, we are likely going to see an uptick in short sale listings in the next few months as homeowners in foreclosure come to the realization that the tax break they will currently receive on "forgiven" mortgage debt goes away after 12/31/12, unless Congress acts to extend the deadline. Looming deadlines create motivation, especially if they have a financial impact.

For those who can patiently wait for a short sale transaction to close, this is good news. For those expecting to see a large increase in REO (bank owned) listings in the future, it is not.

By the way, in the latest report out on foreclosure filings state by state, for the 1st quarter of 2012 the top 5 foreclosure states for increases were: Nevada, Utah, New Jersey, Maryland and North Carolina.
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