Absorption Rate (Delray Beach, Sarasota, Port Charlotte: days on market, loans, new home)
Sarasota - Bradenton - Venice areaManatee and Sarasota Counties
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This recession seems a bit worse than previous recessions, IMO. One thing that differs with this recession is that the interest rates are still incredibly low. In previous recessions, for instance, in the early 80's the rates were upward of 20%.
The government has been very proactive in keeping the interest rates low and offering incentives like the $8k tax credit for first time home buyers. Housing prices never deflated as quickly and to the degree they have in this recession.
If you are to believe the news shows it will get worse for the next year or so and then prices will slowly increase. I think this is contingent on how the government reacts to stimulate the market.
If the government continues to manipulate the release of the foreclosures to market, then I believe you will see the market continue to stabilize and improve over the next few years.
That's what worries me: the government "stimulat[ing] the market." Isn't that how we got into this mess in the first place? In the final analysis government intervention in the market means government picking winners and losers. In this case the losers will be first-time home buyers priced out of homes that they might have been able to afford if prices were dictated by supply and demand rather than government meddling. What do you think?
Here are the stats from today:
55 new listings in Sarasota and Charlotte counties
65 pending
53 sold
Looks like there aren't as many going for way over list except for the properties under $100K or the homes in North Port and Port Charlotte.
I'll run through the sold so you can get a better picture:
1. Rotonda home, listed at $249,800, sold at $235K, foreign seller
2. Rotonda home, listed at $429,900, sold at $370K, foreign seller
3. Port Charlotte home, listed at $89,900, sold at $89,900, investor bought we were involved with the sale
4. Port Charlotte home, listed at $45,900, sold at $41,500, Bank owned
5. Port Charlotte home, listed at $57,900, sold at $59K, Bank owned
6. Punta Gorda Isles home, listed at $349K, sold at $320K, Regular sale
7. Port Charlotte home, listed at $41,900, sold at $43K, Bank owned
8. Port Charlotte condo, listed at $29K, sold at $34K, Bank owned
9. Port Charlotte home, listed at $62,700, sold at $60K, Bank owned
10. Port Charlotte home, listed at $65K, sold at $53,500, Bank owned
11. Port Charlotte home, listed at $128K, sold at $128K, Bank owned
12. Port Charlotte home, listed at $69,900K, sold at $60K, Bank owned
13. Port Charlotte home, listed at $100K, sold at $100K, Short sale
14. Port Charlotte home, listed at $35K, sold at $38K, Bank owned
15. Port Charlotte home, listed at $94,500, sold at $87,500K, regular sale
16. Punta Gorda home condo, listed at $99,900, sold at $93K, regular sale
17. Englewood home, listed at $149K, sold at $137K, Regular sale
18. Englewood home, listed at $179,500, sold at $150K, Regular sale
19. Sarasota condo, listed at $41,900, sold at $36K, Short Sale
20. Sarasota home, listed at $104,900, sold at $102K, Regular sale
21. Sarasota home, listed at $999K, sold at $680K, Short Sale
22. Sarasota home, listed at $50,900, sold at $55,100, Bank owned
23. Sarasota condo, listed at $67,200, sold at $56,500, Bank owned
24. Sarasota condo, listed at $185K, sold at $155K, Regular sale
25. Sarasota home, listed at $112,500, sold at $120K, Bank owned
26. Sarasota mobile, listed at $37,900K, sold at $35K, Regular sale
27. Sarasota home, listed at $220K, sold at $202K, Regular sale
28. Sarasota home, listed at $168,500, sold at $166K, Bank owned
29. Sarasota home, listed at $59,900, sold at $64K, Bank owned
30. Sarasota home, listed at $399,900, sold at $360K, Regular sale
31. Sarasota condo, listed at $359,900, sold at $300K, Regular sale
32. Sarasota home, listed at $1,275,000, sold at $1,150,000, Regular sale
33. Sarasota home, listed at $104,900, sold at $105K, Short sale
34. Sarasota home, listed at $42K, sold at $38,500, Bank owned
35. Sarasota home, listed at $140K, sold at $128,300, Short sale
36. Sarasota home, listed at $69K, sold at $62,500, Bank owned
37. Sarasota condo, listed at $499,900, sold at $425K, Regular sale
38. Sarasota home, listed at $76,900, sold at $69K, Bank owned
39. Sarasota villa, listed at $119,900, sold at $105K, Regular sale
40. Venice home, listed at $305K, sold at $280K, Regular sale
41. North Port home, listed at $229K, sold at $229K, Regular sale
42. North Port home, listed at $80K, sold at $105K, Bank owned
43. North Port home, listed at $69,900, sold at $69,900, Short Sale
44. North Port mobile, listed at $79,900, sold at $70K, Regular Sale
45. North Port home, listed at $359,900, sold at $343K, Regular sale
46. North Port home, listed at $64,900, sold at $50K, Regular sale
47. North Port home, listed at $78,500, sold at $80K, Bank owned
48. North Port town home, listed at $89,900, sold at $86,416, Bank owned
49. North Port town home, listed at $99K, sold at $99K, Regular sale
50. North Port home, listed at $30K, sold at $46,500, Regular sale
51. Venice home, listed at $92K, sold at $85K, Bank owned
52. Venice home, listed at $102K, sold at $105K, Bank owned
53. Venice home, listed at $96K, sold at $75K, Bank owned
And this is during the artifical bounce that's now starting to disappear with the new numbers of foreclosures. Wow. 50 G's for a house.
And these morons at countrywide rejected our offer and did not even counter?
We are going to make the final decision this week as to what we are going to do. We were told that Northport was one of the places that these bargains were seen but it appears that's it's growing everywhere as it should be.
It would be GREAT if links to these properties were made available. Just to see what sold for what. Is that possible?
That's what worries me: the government "stimulat[ing] the market." Isn't that how we got into this mess in the first place? In the final analysis government intervention in the market means government picking winners and losers. In this case the losers will be first-time home buyers priced out of homes that they might have been able to afford if prices were dictated by supply and demand rather than government meddling. What do you think?
As I and others have stated, the market, just like every other market is manipulated by supply and demand. When supply increases demand decreases and prices drop, until supply levels dwindle and demand increases, and then prices increase as well. In this case, it can be argued that government has manipulated the supply, by slowing the path to market where many more homes would be without all the foreclosure moratoriums that the government has imposed on Fannie Mae, Freddie Mac, and imposed on the banks and lending institutions. There-by creating a current market where demand is high, and supply is dwindling, and buyers and investors feel that we have hit the bottom and the market is changing. If the government continues these practices, and continues to offer buying incentives and reduced interest rates as they have, the market will continue to recover - artificially created or not, until the supply gradually dwindles to accurate conditions. However, if the government does allow all the potential foreclosures to be released, then prices could drop considerably. I cannot predict what the government will do, only react to it like everyone else. I think that the government will continue its policies to stabilize the housing market. It is the path they have been on for some time, and it seems to be working so, it will probably continue, as I said until the supply (which is trickling into the market) is fully absorbed. I and many other believe this will take a few years.
And this is during the artifical bounce that's now starting to disappear with the new numbers of foreclosures. Wow. 50 G's for a house.
And these morons at countrywide rejected our offer and did not even counter?
We are going to make the final decision this week as to what we are going to do. We were told that Northport was one of the places that these bargains were seen but it appears that's it's growing everywhere as it should be.
It would be GREAT if links to these properties were made available. Just to see what sold for what. Is that possible?
I would like to link them up as well but I can't because when I log onto the MLS on the Realtor side it automatically has my contact info on the bottom of the sheet. The only way that I can view these stats is to use my Realtor ID to log in. If I posted links to each sheet with my contact info on the bottom it would be a violation of the TOS of City-Data. I could however post the addresses to the homes since it's public record. So, the answer is no I can't link them up but yes I can put the addresses. I was going to do another list at the end of the day if time permits. Keep in mind that I am actually typing each one of these stats out. It's not a copy and past kind of thing
As far as the question about North Port, yes there are some great deals here, but as you can see by my stats that many of the homes here are going for at or above list price. Usually the list price is pretty reasonable to start with though.
Here are today's stats for Sarasota and Charlotte county. I put a little more info down today then I did yesterday.
Active listings as of 5:20pm 52
Pending listings 62
Sold listings 33
There are a few things that I noticed while pulling the stats today. The first thing is that the banks appear to be more willing to negotiate with short sales, although the days on the market is still very high due to the length of time it takes to get a response, it appears that some homes are actually closing for under their list price.
The other thing that is very apparent is the amount of cash deals. 22 of the 33 sales that closed today were all cash sales. This seems to be the trend. Most of my closings in the next month or so are all cash.
Like I stated earlier, the properties that are selling that are owner occupied are sellers that have owned their property in many cases for many years.
Well, these are the few things that jumped out at me when gathering this data. Hopefully this helps someone
1. 18359 Oxford Ave, Port Charlotte, 3/2, 1116 under air, built in 1988, Listed for $52,500 and sold for $52,500, All cash sale, bank owned—Last sold Apr, 2003 for $70,100
2. 17111 Alvin, Port Charlotte, 3/2, 1488 under air, built in 1997, with a pool, Listed for $48K and sold for $56K, All cash sale, Short Sale—Last sold Sept, 1998 for $94,900
3. 19325 Water Oak Dr #206, Port Charlotte, 2/2, 936 under air, built in 2002, Listed for $119,900, Sold for $107K, All cash sale, Regular sale—Last sold Sept 2002 for $90K
4. 1279 Miliken Ter, Port Charlotte, 3/2, 1893 under air, built in 2007, Listed for $109,900 and sold for $109,900, Conventional loan, bank owned—Last sold Apr, 2009 for $85,200
5. Forrest Nelson Blvd #B202, Port Charlotte 2/2, 848 under air, built in 1989, Listed for $48,500 and sold for $43,500, All Cash Sale, Regular sale, Last sale-Nov, 1989 for $67,200
6. 3080 Pinetree St, Port Charlotte, 3/2, 1078 under air, built in 1972, Listed for $33,500 and sold for $30K, All Cash Sale, Bank owned, Last sale Sept 2005 for $100K
7. 26485 Rampart Blvd #A-8, Punta Gorda, 2/2, 904 under air, built in 1987, Listed for $44,900 and sold for $41K, All Cash Sale, bank owned, Last sale Mar, 1998 for $46K
8. 331 Boca Grande, Punta Gorda, 2/1, 1212 under air, built in 1991, Listed for $61,900 and sold for $47K, All Cash Sale, Regular Sale, Last sold Mar, 1992 $45K
9. 27009 Creekbridge Dr, Punta Gorda, 3/2, 2745 under air, built in 2006, with a pool, Listed for $161,500 and sold for $158K, Conventional loan, Bank owned, Last sold June 2006, $355,900
10. 5707 Volsella PL, Sarasota, 3/2, 1474 under air, with a pool, built in 1960, Listed for $84,900 and sold for $77,500, All Cash Sale, bank owned, Last sold Feb 2009 for $110K
11. 1705 Parakeet Way #707, Sarasota, 2/2, 1049 under air, built in 1970, Listed for $54,900 and sold for $54,900, Conventional Loan, bank owned. Last sold Aug 2006 for $209,900
12. 6205 Green View Dr #129, Sarasota, 2/2, 1225 under air, built in 1973, Listed for $90K, and sold for $85K, Conventional Loan, Regular sale
13. 4066 Jardin Ln, Sarasota, 2/2, 1613 under air, built in 1992, Listed for $235K and sold for $220K, Conventional Loan, Regular Sale, Last sold May, 1992 for $157,700
14. 2404 Proud Truth Ln, Sarasota 3/2, 1702 under air, built in 1994, with a pool, Listed for $209K, sold for $173,276, Conventional Loan, Short Sale-Last sale Dec, 1993 for $112,857
15. 3849 Prudence Dr, Sarasota, 2/1, 971 under air, built in 1960, Listed for $64,900 and sold for $63K, Conventional Loan, short sale—Last sold Oct, 2003 for $34,700
16. 2001 Elk Ave, Sarasota, 2/1, 882 under air, built in 1957, Listed for $69K and sold for $60K, All Cash Sale, Short Sale, Last sold July, 2005 for $187,500
17. 666 (yikes!) N Jefferson Ave, #4, Sarasota, 2/2, 924 under air, built in 1981, listed for $65K, sold for $61,500, All Cash Sale, Regular sale. Last sold Sept, 1993 for $43K
18. 2110 Ben Franklin Dr #104 S, Sarasota, 2/2, 1248 under air, built in 1968, Listed for $439 and sold for $385, All Cash Sale, Regular Sale, No previous sales recorded
19. 5808 Helicon PL, Sarasota, 2/2, 1541 under air, built in 2002, Listed for $279,900 and sold for $262K, All Cash Sale, regular sale, Last sale Dec, 2002 for $224,200
20. 4148 Central Sarasota Pkwy #1312, Sarasota, 2/2, 949 under air, built in 1998, Listed for $134,900 and sold for $120K, All Cash Sale, Builder owned, no previous sales
21. 5217 Far Oak Cir, Sarasota, 4/2, 2410 under air, built in 1997, Listed for $359,900 and sold for $350K, All Cash Sale, Regular sale, Last sale Mar, 1996 for $64,600 (probably just the lot before the home was built)
22. 4828 Benchmark Ct, Sarasota, 5/4, 3419 under air, built in 1996, Listed $494,900 and sold for $450K, All Cash Sale, Estate sale, No previous sales recorded.
23. 1500 E Glen Oaks Dr #A209, Sarasota, 1/1, 639 under air, built in 1975, Listed at $59K and sold at $53K, Conventional Loan, Regular sale, Last sold Apr, 1987 for $36K.
24. 224 Island Cir, Sarasota, 4/2, 2423 under air, built in 2002, Listed for $674,900 and sold for $625, All Cash Sale, Bank owned, Last sale Aug, 2004 for $850K
25. 6665 Deering Ct, Sarasota, 3/2, 1915 under air, built in 1999, Listed for $200K and sold for $190K, All Cash Sale, Last sale was Apr, 1999 for $162,800
26. 217 Rio Terra, Venice, 3/2, 1804 under air, built in 2000, Listed for $325K and sold for $300K, Conventional Loan, Regular sale, Last sale Oct, 2000 for $230,500
27. 1752 Kilruss Dr, Venice, 3/2, 2396 under air, with a pool, built in 1991, Listed for $325K and sold for $285K, Conventional Loan, Regular sale, Nov, 1997 for $225K
28. 3143 Heron Shores Dr, Venice, 2/2, 1426 under air, built in 1986, Listed for $134,900 and sold for $128,900, All Cash Sale, Regular sale, Last sale Mar, 1998 for $112K
29. 521 Imperial Dr, North Port, 2/2, 1056 under air, built in 1979, Listed for $69,900 and sold for $55K, All Cash Sale, Regular sale, no sales on record
30. 5205 Grand Palmetto Way, North Port, 3/2, 2255 under air, built in 2005, with a pool, Listed for $240K and sold for $240, All Cash Sale, Short Sale, Last sale Sept, 2005 sold for $350,900
31. 1401 Fitzgerald Rd, North Port, 3/2, 2236 under air, built in 2007, Listed for $130,900 and sold for $127K, Conventional Loan, builder owned, no previous sales.
32. 4005 Narcissus Ter, North Port, 3/2, 1800 under air, built in 2007, Listed for $99,900 and sold for $85K, All cash Sale, No previous sales records.
33. 2765 Arugula Dr, North Port, 2/2, 1362 under air, built in 2008, Listed for $149,900 and sold for $135K, All Cash Sale, Last sale was Mar, 2008 for $169,200
Thank you SoFlGal for taking the time to post all this information. For those looking to sell or buy it is very helpful to have insight on current conditions. For those of us who just have an interest in real estate, the numbers help make sense of all that is being said in the papers and other sources.
Thank you SoFlGal for taking the time to post all this information. For those looking to sell or buy it is very helpful to have insight on current conditions. For those of us who just have an interest in real estate, the numbers help make sense of all that is being said in the papers and other sources.
Well said debvic!
SoFLGal, that was a lot of work putting that all together. Just typing it all out was a commendable project. The information you provide has been invaluable, and very very difficult for people to peice together from all the various sources they'd have to review. Debvic said it best - Thank you!
I really think SoFLGal goes above and beyond to help people out here. City-Data could use a few more like her.
She really does.
I saw in some of the posts that you moved to Sarasota.
It is really nice there. How close are you to St. Armands Circle? That is a great place to shop and stop in for an afternoon refresher!
She really does.
I saw in some of the posts that you moved to Sarasota.
It is really nice there. How close are you to St. Armands Circle? That is a great place to shop and stop in for an afternoon refresher!
St. Armand's is about a 10 minute drive from our house. We love it - had lunch at the Columbia not long ago. And the best ice cream in the WORLD is from Kilwin's - mmmm-mmmmm!
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