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Old 01-27-2010, 07:39 AM
 
Location: Palm Island and North Port
7,511 posts, read 22,824,018 times
Reputation: 2874

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Home sales in the Sarasota-Bradenton market rose 43 percent while Charlotte County-North Port saw a 42 percent increase.

Sales also were up month-to-month in both areas while the nation as a whole saw a nearly 17 percent drop.

"These purchases are driven by a new group of investors largely dissimilar to the first group of investors who got us into this trouble," Hunter said. "These investors are buying on fundamentals. They are cash investors, and that's good."

I find the last paragraph interesting because that's what I'm seeing. Lots of cash investors.

Housing sales leap in Southwest Florida | HeraldTribune.com
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Old 01-27-2010, 01:56 PM
 
Location: Sarasota, FL
1,642 posts, read 3,327,695 times
Reputation: 814
This is very promising. This is clearly an indicator that a lot of people who make their money analyzing such things seem to believe that the Sarasota market is undervalued (at least from a long-term view). I definitely tend to agree with this assessment (hence my buying in Sarasota recently).

Hearing that there is an abundance of cash deals is great news, too.

I have a lot of confidence in my Sarasota real estate purchase. While it will be an excellent home, I also feel that over the next ten years, it will prove an excellent investment as well.
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Old 01-27-2010, 05:18 PM
 
Location: Florida
917 posts, read 2,604,065 times
Reputation: 288
Quote:
Originally Posted by SoFLGal View Post
Home sales in the Sarasota-Bradenton market rose 43 percent while Charlotte County-North Port saw a 42 percent increase.

Sales also were up month-to-month in both areas while the nation as a whole saw a nearly 17 percent drop.

"These purchases are driven by a new group of investors largely dissimilar to the first group of investors who got us into this trouble," Hunter said. "These investors are buying on fundamentals. They are cash investors, and that's good."

I find the last paragraph interesting because that's what I'm seeing. Lots of cash investors.

Housing sales leap in Southwest Florida | HeraldTribune.com
The comments after the article are interesting too.
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Old 01-27-2010, 05:29 PM
 
17,455 posts, read 38,850,828 times
Reputation: 24080
Quote:
Originally Posted by Rushmore View Post
This is very promising. This is clearly an indicator that a lot of people who make their money analyzing such things seem to believe that the Sarasota market is undervalued (at least from a long-term view). I definitely tend to agree with this assessment (hence my buying in Sarasota recently).

Hearing that there is an abundance of cash deals is great news, too.

I have a lot of confidence in my Sarasota real estate purchase. While it will be an excellent home, I also feel that over the next ten years, it will prove an excellent investment as well.
I totally agree. Even though I don't really need "experts" to tell me what I already feel, there have been analysts saying for awhile that the Sarasota market is one of the most undervalued in the country right now. And looking at what we have here, I think so too. And I see people coming out in droves right now looking at stuff right here in my own neighborhood. Since I don't have anything to sell or gain whether people buy here or not, it does not matter to me from that standpoint. I am just happy to see all the activity, helping our local economy, which means our local businesses will thrive. And speaking of local businesses, it seems we have had quite a few new ones open lately including shops, offices and restaurants. There is a lot happening in the area right now, and it does my heart good to see it.
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Old 01-27-2010, 07:47 PM
 
Location: Palm Island and North Port
7,511 posts, read 22,824,018 times
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Quote:
Originally Posted by tommy-105 View Post
The comments after the article are interesting too.
Yeah I read through them as well. Like I said previously, I've seen a lot of cash buyers out there lately. I think you're going to have many people that say it one way or say it's the other.

All I can tell you is that we are very busy right now. Of course, Feb-May is our busiest time so it's not all that unusual. The properties under $150K are going pretty quickly and the over 1mil are selling fairly fast. The stuff in the middle has a longer DOM (days on market). We're also seeing the investors came back, which is interesting. But this time there isn't very much financing going on.

The foreclosure listings are slowing up a bit as well. I got two yesterday but before that it was a good month in a half before we got anything. Other agents that list foreclosures are seeing the same thing. From what I understand the banks are trying to do more loan mods.
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Old 01-27-2010, 10:29 PM
 
Location: Cheektowaga, NY. Overtaxed to extreme
473 posts, read 1,163,083 times
Reputation: 138
Sorry but I still see smoke and mirrors. I caught this on a blog
"Average price per square foot for Bradenton FL was $85"
No wonder you have more sales. I am a little shocked at that $85 per sf. figure. It's more expensive in my community so I would think things are still in a big state of flux down there. And as has been the case watch tomorrows newspaper come out with a report that says something to the effect of overall sales are down etc. etc. They have been pin ponging this story like this for quite some time.
Color me pessimistic. However if the avg sf is in fact $85 per, there wont be any real estate left in the Sarasota Bradenton area in about three months and that will clear up that 6 years worth of inventory right?????
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Old 01-28-2010, 07:30 AM
 
17,455 posts, read 38,850,828 times
Reputation: 24080
Quote:
Originally Posted by beerme1 View Post
Sorry but I still see smoke and mirrors. I caught this on a blog
"Average price per square foot for Bradenton FL was $85"
No wonder you have more sales. I am a little shocked at that $85 per sf. figure. It's more expensive in my community so I would think things are still in a big state of flux down there. And as has been the case watch tomorrows newspaper come out with a report that says something to the effect of overall sales are down etc. etc. They have been pin ponging this story like this for quite some time.
Color me pessimistic. However if the avg sf is in fact $85 per, there wont be any real estate left in the Sarasota Bradenton area in about three months and that will clear up that 6 years worth of inventory right?????
We don't have six years worth of inventory.... it's more like 7 months, I believe. As far as my own observations, I think the condo market is still in flux, but I see lotsa people buying homes. I don't care what articles say, I see what's happening around me, and things are looking pretty good here these days compared to a year ago.
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Old 01-28-2010, 11:34 AM
 
Location: midwest
508 posts, read 1,103,318 times
Reputation: 143
I hope the prices can stay low enough for a little while longer!!! I need to find a good deal while the getting is good!
But I am glad to see the area is doing better and people are anxious to spend again. This economy has been a real bummer for too long.
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Old 01-28-2010, 12:32 PM
 
17,455 posts, read 38,850,828 times
Reputation: 24080
Quote:
Originally Posted by ZaraZoteBuccaneer View Post
I hope the prices can stay low enough for a little while longer!!! I need to find a good deal while the getting is good!
But I am glad to see the area is doing better and people are anxious to spend again. This economy has been a real bummer for too long.
Don't worry ZZB! There will be plenty of good deals for a long time to come! It's just good to see things moving again after the past couple years!
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Old 01-28-2010, 03:22 PM
 
Location: Marion, IN
8,189 posts, read 31,151,257 times
Reputation: 7343
I just bought in Bradenton. I paid under $35/sf for this house. There were some minor repairs needed, but we did them in a few hours right after closing and moved in the very next day. It is not in a gated community, but it is not in the crack hood either.

There are deals to be had, but most of the listings I saw were still out of the realistic price range for the salaries offered down here. I am curious to know if most of the sales that are not investors are second homes.
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