We are well known for our beaches, and rightfully so. The sun and sand are the primary reason for the tourist draw every year, and I can't blame the visitors - our coastline is stunning.
However, at some point folks might want to try something different. And unlike many "Beach towns" in Florida, Sarasota does not disappoint. There are so many other things to do in Sarasota which are sadly missed by many of our visitors.
For instance, Myakka River State Park is an amazing sanctuary just 12 miles east of Sarasota. Myakka is one of the few places where you can still routinely see alligators -and lots of them - roaming about in their natural habitat. Let's face it, the alligators are legendary in Florida, and Myakka is the place to see them up close - and safely! One of my family's favorite things to do at Myakka is to walk out the boardwalk to the bird watching pavilion. To those who think their kids wont be enthralled, think again - to be "this close" to bald eagles, herons and cranes taller than they are, and even the occasional wild boar had my kids transfixed for nearly two hours. The natural beauty of old Florida is breathtaking for us adults as well. Make sure you check on the schedule for the daily airboat ride down the river -its not to be missed.
Another attraction that mesmerizes both kids and adults alike is Selby Gardens. The botanical gardens occupy some of the most stunning waterfront property in Sarasota. The orchid house provides the opportunity to see flowers you've likely never seen before, in an array of colors. The echo of "oh , this one is sooo cool!" is often heard from the kids. Walking the pathways along the gardens you will be shaded and lulled into a "Gone with the Wind" mentality - this really is beautiful, old Florida. Check Selby for bay front concerts, fireworks displays, educational opportunities and seasonal exhibits like the amazing Christmas lights display.
Sometimes its fun to be a "total tourist". I highly recommend you go out to Sarasota's most famous tourist boat, LaBarge. The two hour cruise allows you to see Sarasota from a completely different vantage point - the water. You will cruise past some of the most beautiful homes in Sarasota, see dolphins and manatees, and relax to music while sipping a drink - all while being talked through your tour by an experience tour guide. Ask them to point out the webcam at the north end of Siesta Key, and wave hello to your family back home in the snow!
Finally, if you are here during season you may want to check out America's favorite pastime, Sarasota style. Ed Smith Stadium is the place to enjoy the sunshine and remember what it was like to spend a sunny day at the ballfield with your family - without the high cost of regular season! Fun events like "free wing night" just make this old fashioned, family fun, right in the midst of your vacation.
Sarasota is so much more than the beach - talk to the locals that you run into and ask them what they like to do -you'll find a whole world of activity you may never have known existed -and its all right here.
Sunday, December 28, 2008
Friday, December 12, 2008
Case Study in Buyer Representation
Little by little, people are learning about the realities of representation. The listing agent represents the Seller. A buyer agent represents the Buyer.
The sale of a home is a legal transaction. In any other legal transaction, would you call the opposing side to ask them questions or tell them your situation? Of course not. They can use anything you say to strengthen their position.
Recently, while in the midst of negotiating an offer for a client, it occurred to me that the listing agent seemed to know more about my client than I had told her. And soon after, she said "Well, your client sent me an email saying..."
Needless to say, this caught me quite unaware. The email gave the listing agent insight into the clients plans, and thus allowed her to create a strategy for negotiation. We will never know if we could have had a different outcome had the email not been sent.
I am not talking about illegal or unethical behavior. But think of it as a poker game - if you show your hand, your opponent knows how to play theirs.
Make sure you retain professional representation, but then trust them to do their job. Any communication with the opposing side should ALWAYS be handled through your agent. It is for you own benefit.
The sale of a home is a legal transaction. In any other legal transaction, would you call the opposing side to ask them questions or tell them your situation? Of course not. They can use anything you say to strengthen their position.
Recently, while in the midst of negotiating an offer for a client, it occurred to me that the listing agent seemed to know more about my client than I had told her. And soon after, she said "Well, your client sent me an email saying..."
Needless to say, this caught me quite unaware. The email gave the listing agent insight into the clients plans, and thus allowed her to create a strategy for negotiation. We will never know if we could have had a different outcome had the email not been sent.
I am not talking about illegal or unethical behavior. But think of it as a poker game - if you show your hand, your opponent knows how to play theirs.
Make sure you retain professional representation, but then trust them to do their job. Any communication with the opposing side should ALWAYS be handled through your agent. It is for you own benefit.
Friday, December 05, 2008
Nothing New Under the (Florida) Sun
Ok, I admit it. I wrote about this on my website too. But this has me FIRED UP.
I read an article today, distributed through a national real estate publication that proclaimed "Bye-bye to buyer brokerages" . Obviously this is of interest to me, so I took a look.
There were many points made in the article about the future of real estate, given the economy and the internet explosion. Really, only one paragraph addressed the buyer brokerage model ( so why pick on us in the title??) I'll tell you why.
The "expert" quoted in the article made the argument that as more and more people search properties online, the online listing - complete with listing agent information - provides everything they need. Apparently in this bold "new" world of online real estate, the buyer need only contact the listing agent for all their needs.
Wait a minute.
Doesn't that sound an awful lot like...the entire history of real estate? In fact, the buyer agent is a fairly new creation, when people realized that the listing agent 1) represented the seller and 2) had every incentive to keep the sales price as high as possible for their seller. The buyer, although perhaps officially "represented", certainly didnt have sole representation or someone fighting on their side.
So how is this new online model different? Why should the buyer be more comfortable with this situation just because they found a listing online and not on a yard sign?
Nope, its the same old game. No matter where or how you find the house, you need professional representation to protect your interests. Don't let 'em fool you.
I read an article today, distributed through a national real estate publication that proclaimed "Bye-bye to buyer brokerages" . Obviously this is of interest to me, so I took a look.
There were many points made in the article about the future of real estate, given the economy and the internet explosion. Really, only one paragraph addressed the buyer brokerage model ( so why pick on us in the title??) I'll tell you why.
The "expert" quoted in the article made the argument that as more and more people search properties online, the online listing - complete with listing agent information - provides everything they need. Apparently in this bold "new" world of online real estate, the buyer need only contact the listing agent for all their needs.
Wait a minute.
Doesn't that sound an awful lot like...the entire history of real estate? In fact, the buyer agent is a fairly new creation, when people realized that the listing agent 1) represented the seller and 2) had every incentive to keep the sales price as high as possible for their seller. The buyer, although perhaps officially "represented", certainly didnt have sole representation or someone fighting on their side.
So how is this new online model different? Why should the buyer be more comfortable with this situation just because they found a listing online and not on a yard sign?
Nope, its the same old game. No matter where or how you find the house, you need professional representation to protect your interests. Don't let 'em fool you.
Thursday, December 04, 2008
The Bank Said WHAT?
Since the beginning of this era, when the short sales and foreclosures began to hit, people have tried to figure out what the banks are thinking.
Most came into the buying process thinking "the bank is going to be thrilled I am willing to take this off their hands!". The offers were low. REALLY low. And in most cases, the banks said no...they were still trying to get as much money as they could.
As we moved forward, we saw banks pricing properties a bit more aggressively. The foreclosed homes often were a very good deal, listed well below the market price. And still, people offered low. Really low.
I cant blame people I guess. But when a house is ALREADY a steal as per the comps, the bank is still going to say "no" when a 50% offer is made.
This week, we made an offer on a foreclosed property. It was priced well. We offered well. We went to contract. But inspections revealed a problem the buyer didn't want, and we invoked our right to cancel the contract.
And the bank came back with the question "What does the buyer want?"
This is nearly unprecedented. A bank is asking what a buyer wants in order to make the deal happen? To me, it signals a couple of trends -
1) Banks, notoriously impersonal and uncaring, really are interested in negotiating with someone who is realistic and fair.
2) Banks are realizing the qualified buyers are qualified buyers, and like traditional sellers - they are loathe to let a qualified, interested buyer walk away.
Unofficial conversations with bank assessors has led me to believe that banks will accept offers up to 10-15% off list price pretty regularly - much under that, and they will simply wait for the next buyer. But if a home is already 25% under market or more, you really cant go too wrong.
Most came into the buying process thinking "the bank is going to be thrilled I am willing to take this off their hands!". The offers were low. REALLY low. And in most cases, the banks said no...they were still trying to get as much money as they could.
As we moved forward, we saw banks pricing properties a bit more aggressively. The foreclosed homes often were a very good deal, listed well below the market price. And still, people offered low. Really low.
I cant blame people I guess. But when a house is ALREADY a steal as per the comps, the bank is still going to say "no" when a 50% offer is made.
This week, we made an offer on a foreclosed property. It was priced well. We offered well. We went to contract. But inspections revealed a problem the buyer didn't want, and we invoked our right to cancel the contract.
And the bank came back with the question "What does the buyer want?"
This is nearly unprecedented. A bank is asking what a buyer wants in order to make the deal happen? To me, it signals a couple of trends -
1) Banks, notoriously impersonal and uncaring, really are interested in negotiating with someone who is realistic and fair.
2) Banks are realizing the qualified buyers are qualified buyers, and like traditional sellers - they are loathe to let a qualified, interested buyer walk away.
Unofficial conversations with bank assessors has led me to believe that banks will accept offers up to 10-15% off list price pretty regularly - much under that, and they will simply wait for the next buyer. But if a home is already 25% under market or more, you really cant go too wrong.
Sunday, November 30, 2008
And you call yourself a Sarasota Buyer Agent?
I'm sorry, but I really must object.
There has been alot of emphasis put on the concept of the "buyer agent" of late, and rightfully so. Few consumers knew that the traditional real estate model represented a grave disservice to buyers, as the listing agent represented the Seller of the property, leaving many buyers unaware that they had no true representation.
The Buyers agent model addresses this, giving the Buyer of a property the opportunity to hire an agent that works exclusively for them - representing their rights in a transaction solely.
Unfortunately, there is still alot of confusion surrounding buyer agency, and it can still be a disservice to buyers. By definition a "buyer agent" is simply the person representing the buyer in that transaction. It does not guarantee that person specializes in buyers. Therefore, any licensed real estate agent can be, by default, a buyer agent in any one transaction. In the next transaction, they may represent a seller. Their brokerage likely represents both.
An exclusive buyer agent has no listings at all - and in many cases, neither does their brokerage. So they have no incentive to show and sell any one home over another - truly making their representation of you "exclusive buyer agency" with no danger of showing and selling a home represented by their brokerage, thus diluting the "buyer agency".
So although someone may be a buyer agent in a single transaction, they cannot claim to be an exclusive buyer agent - and isnt that the type of representation you should require when you buy your home?
There has been alot of emphasis put on the concept of the "buyer agent" of late, and rightfully so. Few consumers knew that the traditional real estate model represented a grave disservice to buyers, as the listing agent represented the Seller of the property, leaving many buyers unaware that they had no true representation.
The Buyers agent model addresses this, giving the Buyer of a property the opportunity to hire an agent that works exclusively for them - representing their rights in a transaction solely.
Unfortunately, there is still alot of confusion surrounding buyer agency, and it can still be a disservice to buyers. By definition a "buyer agent" is simply the person representing the buyer in that transaction. It does not guarantee that person specializes in buyers. Therefore, any licensed real estate agent can be, by default, a buyer agent in any one transaction. In the next transaction, they may represent a seller. Their brokerage likely represents both.
An exclusive buyer agent has no listings at all - and in many cases, neither does their brokerage. So they have no incentive to show and sell any one home over another - truly making their representation of you "exclusive buyer agency" with no danger of showing and selling a home represented by their brokerage, thus diluting the "buyer agency".
So although someone may be a buyer agent in a single transaction, they cannot claim to be an exclusive buyer agent - and isnt that the type of representation you should require when you buy your home?
Thursday, November 27, 2008
Why Would I Do Business with You?
There are alot of real estate agents in the Sarasota area.
You can be quite sure they are not all equal. The only real requirements to be a Florida real estate agent is to be 18, have a GED, and pass the State test.
People from all walks of life are real estate agents, and there is certainly someone who you can feel comfortable with, and relate to. But you must remember one thing - buying a home is serious business. And you should have a serious professional on your side. A smiling face and a license is simply not enough. Even a big name logo should not be evidence of competence.
So who should you look for?
1) Education and experience - A college education and prior experiential background in business indicate a level of professionalism that simply cannot be replicated. Being in business successfully over the last few years is a great sign too - it's not been an easy market and the strongest survive!
2) Commitment to the industry - Ongoing education and designations, and to a lesser extent awards, showcase an agent as one who is not trying to "slide by" with the bare minimum, a license, but is committed to ongoing knowledge and expertise.
3) Willingness to invest time in you - A good agent will spend time talking with you to determine your needs, lifestyle and specifications; as well as offer suggestions, anecdotes and information regarding your new home city. Speak to several agents and see what they know about those things that are important to you.
4) Internet savvy and followup - Let's face it, these days technology makes the process of buying a home a whole new ballgame. But there are still many tricks and insights that an agent can offer you - if you are sent off to search on your own, without input from the agent on what you are looking at, you will be missing crucial information. A good agent will provide information, links and continual insight as to what interests you.
There are many agents to choose from. We appreciate all those who have chosen True Real Estate's Exclusive Buyer Agents for their home search.
You can be quite sure they are not all equal. The only real requirements to be a Florida real estate agent is to be 18, have a GED, and pass the State test.
People from all walks of life are real estate agents, and there is certainly someone who you can feel comfortable with, and relate to. But you must remember one thing - buying a home is serious business. And you should have a serious professional on your side. A smiling face and a license is simply not enough. Even a big name logo should not be evidence of competence.
So who should you look for?
1) Education and experience - A college education and prior experiential background in business indicate a level of professionalism that simply cannot be replicated. Being in business successfully over the last few years is a great sign too - it's not been an easy market and the strongest survive!
2) Commitment to the industry - Ongoing education and designations, and to a lesser extent awards, showcase an agent as one who is not trying to "slide by" with the bare minimum, a license, but is committed to ongoing knowledge and expertise.
3) Willingness to invest time in you - A good agent will spend time talking with you to determine your needs, lifestyle and specifications; as well as offer suggestions, anecdotes and information regarding your new home city. Speak to several agents and see what they know about those things that are important to you.
4) Internet savvy and followup - Let's face it, these days technology makes the process of buying a home a whole new ballgame. But there are still many tricks and insights that an agent can offer you - if you are sent off to search on your own, without input from the agent on what you are looking at, you will be missing crucial information. A good agent will provide information, links and continual insight as to what interests you.
There are many agents to choose from. We appreciate all those who have chosen True Real Estate's Exclusive Buyer Agents for their home search.
Much to be Thankful for in Sarasota
Thanksgiving morning, and the kids are still asleep. It occurs to me that in Sarasota, FL, even after a tough year, we have much to be thankful for.
* Recent food and clothing drives for the homeless have proven that although there may be fear in peoples heads, their hearts are full. Records were smashed as people turned out in force to donate food to those less fortunate. I've said it before, Sarasota is a caring community.
* The weather has been stunning. Chilly mornings give way to glorious warm afternoons perfect for walking, biking and getting out with friends. Its late November - and we are wearing sunblock!
* Last Monday night a client and I went out to dinner, only to be told there was a 35 minute wait for a table. At least in Sarasota, the economy seems quite healthy.
* Home sales are up from last year, although the average prices have dropped. Both of these facts lead one to believe that home prices are now affordable for many, and those folks are buying the homes they couldnt two years ago.
* At True Real Estate, sales are steady and traffic is brisk. We are very thankful for all of you who have placed your confidence in us.
While news can be disconcerting, it is important to always remember the great privilege of living in this country, of having "enough" if not excess, and of being free to give thanks as we please.
Happy Thanksgiving to all - please remember our armed forces around the world.
Regina Brassil, REALTOR, e-Pro, ABR
* Recent food and clothing drives for the homeless have proven that although there may be fear in peoples heads, their hearts are full. Records were smashed as people turned out in force to donate food to those less fortunate. I've said it before, Sarasota is a caring community.
* The weather has been stunning. Chilly mornings give way to glorious warm afternoons perfect for walking, biking and getting out with friends. Its late November - and we are wearing sunblock!
* Last Monday night a client and I went out to dinner, only to be told there was a 35 minute wait for a table. At least in Sarasota, the economy seems quite healthy.
* Home sales are up from last year, although the average prices have dropped. Both of these facts lead one to believe that home prices are now affordable for many, and those folks are buying the homes they couldnt two years ago.
* At True Real Estate, sales are steady and traffic is brisk. We are very thankful for all of you who have placed your confidence in us.
While news can be disconcerting, it is important to always remember the great privilege of living in this country, of having "enough" if not excess, and of being free to give thanks as we please.
Happy Thanksgiving to all - please remember our armed forces around the world.
Regina Brassil, REALTOR, e-Pro, ABR
Thursday, November 20, 2008
Value Your Privacy? Don't Do This!
On the surface, it seems like a great idea.
Listing agents are streamlining information to home buyers with new products that allow them to provide on the spot property details via text message.
This is how it works - you see a great property in a great neighborhood. The sign out front prompts you to text to an automated system for property details - number of bedrooms, price, etc. Seems innocent enough, and you don't have to talk to sales rep!
But keep in mind, the service exists more for listing agents than for you. While you happily cruise along, finding out instant information on homes for sale from the comfort of your front seat...your cell phone number is being transmitted to listing agents. This is a fantastic form of "lead capture" for them...they know they had someone interested in the property. Now, while I do not begrudge them this opportunity - we are all, after all, in business - it is important a prospective home buyer understands that their information is being recorded and they will be contacted. Text for information on 10 homes? Expect 10 phone calls.
As buyer agents, we have long educated folks on the fact that listing agents are obligated to represent the seller of the property - even if they are acting transactionally (for both parties) they cannot fully represent YOU.
Write down the addresses to look up later; or carry a buyer agents phone number with you, they will be happy to give you all the information over the phone. At my brokerage, we will not call you if you request we don't. But we certainly hope the unbiased information we can provide is of value to you, and you will continue to seek our assistance.
While these new automated systems are convenient, you may find yourself besieged by agents hoping you'll buy their home.
Tuesday, November 18, 2008
Saving Real Money on Sarasota Real Estate
You've heard about the Sarasota real estate market.
Much like many markets, the prices are at incredible levels. But unlike alot of places, our real estate is selling. It seems that being in a warm, tropical location next to blue green waters holds a lasting appeal - a fact that, of course, I have known all along. Our prices dropped as much because of investor zeal over the last few years than the real estate situation - too many investors bought too many properties, resulting in a surplus of places for sale.
Great news for you.
Even better news for you is this - the Sarasota Association of Realtors is reporting that as of September, the average sales price of a Sarasota home was 93% of list price - that is, the home sold for 7% off list price. For Sarasota condos, the average number was 10% off list price.
By contrast, True Real Estate's exclusive buyer agents are averaging 24% off original list price over the last 4-5 months - a significant cost savings over the average.
Why such dramatic results? Because True Real Estate concentrates on getting buyers the BEST deals, every day. We know what the properties are really worth, and back up our offers with facts. We fight aggressively to get our clients the very best price for the home, and we will never let you overpay.
All the marketing hype in the world doesn't save you money. But working with a knoweldgeable buyer agent when you buy your Sarasota real estate may save you plenty.
Much like many markets, the prices are at incredible levels. But unlike alot of places, our real estate is selling. It seems that being in a warm, tropical location next to blue green waters holds a lasting appeal - a fact that, of course, I have known all along. Our prices dropped as much because of investor zeal over the last few years than the real estate situation - too many investors bought too many properties, resulting in a surplus of places for sale.
Great news for you.
Even better news for you is this - the Sarasota Association of Realtors is reporting that as of September, the average sales price of a Sarasota home was 93% of list price - that is, the home sold for 7% off list price. For Sarasota condos, the average number was 10% off list price.
By contrast, True Real Estate's exclusive buyer agents are averaging 24% off original list price over the last 4-5 months - a significant cost savings over the average.
Why such dramatic results? Because True Real Estate concentrates on getting buyers the BEST deals, every day. We know what the properties are really worth, and back up our offers with facts. We fight aggressively to get our clients the very best price for the home, and we will never let you overpay.
All the marketing hype in the world doesn't save you money. But working with a knoweldgeable buyer agent when you buy your Sarasota real estate may save you plenty.
Wednesday, November 12, 2008
Hurricane Predictions - "Hot Air" ??
Content from the Florida Association of REALTORS -
The past two years have seen a “remarkable” downturn in hurricane activity, contradicting predictions of more storms, researchers at Florida State University say.
The 2007 and 2008 hurricane seasons had the least activity in the Northern Hemisphere in 30 years, which is in stark contrast to the gloom and doom predictions of global warming causing more and more severe storms.
After the very active seasons of 2004 and 2005, 2006 showed "average" activity and 2007-8 has proven to be well under predicted activity. These number lead credence to the theory presented by NOAA representatives which state the hurricanes, and hurricane activity, simply follow patterns, ebbs and flows like all weather and natural phenomena.
The past two years have seen a “remarkable” downturn in hurricane activity, contradicting predictions of more storms, researchers at Florida State University say.
The 2007 and 2008 hurricane seasons had the least activity in the Northern Hemisphere in 30 years, which is in stark contrast to the gloom and doom predictions of global warming causing more and more severe storms.
After the very active seasons of 2004 and 2005, 2006 showed "average" activity and 2007-8 has proven to be well under predicted activity. These number lead credence to the theory presented by NOAA representatives which state the hurricanes, and hurricane activity, simply follow patterns, ebbs and flows like all weather and natural phenomena.
Tuesday, November 11, 2008
The Next Hot Thing!
No, I am not going to tell you what the next hot thing in Sarasota real estate is...fact is, once people deem an area as such, I generally begin to veer away from it.
Hype can be a scary thing. It can cloud judgement and make us do ill-advised things. I read an article in the Herald Tribune yesterday about how the city of North Port is being deserted. Once touted as "the" place for the working class, many are finding the lack of jobs and services to be too hard to bear. And they are moving on.
Often when people are searching listings, they see vast differences in prices. Two seemingly identical homes, but one is listed at $300K, and one at $179K? Obviously people tend toward the lower price...but remember, nothing is free. You get what you pay for.
Some areas are untested, untried and quite frankly have grown too fast. There is an extremely popular part of Sarasota that for the last several years has grown like wildfire. I always had my doubts though - and although no one has come out and said it, the listings tell a story of real problems. There are too many listings, too many foreclosures and the owners can't even sell for rock bottom prices. What happened? HYPE. It was the "place to be", and investors swarmed. But the reality cannot keep up with the hype.
In life in general, I have found that once everyone runs one way, its too late to get a deal. The ship has sailed, so to speak. So I rarely follow the crowds with the checkbooks. I'm quietly looking for the next big thing that no one knows about yet.
As exclusive buyer agents, we know every nook and cranny of this town. We know the secluded spots, the fabulous views, the true deals. But we've also learned a very important lesson - hype comes and goes, but in Sarasota, a few things will always have value - water, beach, golf and sanity.
Want a great deal that you STILL think is a great deal 10 years from now? Don't believe the hype.
Hype can be a scary thing. It can cloud judgement and make us do ill-advised things. I read an article in the Herald Tribune yesterday about how the city of North Port is being deserted. Once touted as "the" place for the working class, many are finding the lack of jobs and services to be too hard to bear. And they are moving on.
Often when people are searching listings, they see vast differences in prices. Two seemingly identical homes, but one is listed at $300K, and one at $179K? Obviously people tend toward the lower price...but remember, nothing is free. You get what you pay for.
Some areas are untested, untried and quite frankly have grown too fast. There is an extremely popular part of Sarasota that for the last several years has grown like wildfire. I always had my doubts though - and although no one has come out and said it, the listings tell a story of real problems. There are too many listings, too many foreclosures and the owners can't even sell for rock bottom prices. What happened? HYPE. It was the "place to be", and investors swarmed. But the reality cannot keep up with the hype.
In life in general, I have found that once everyone runs one way, its too late to get a deal. The ship has sailed, so to speak. So I rarely follow the crowds with the checkbooks. I'm quietly looking for the next big thing that no one knows about yet.
As exclusive buyer agents, we know every nook and cranny of this town. We know the secluded spots, the fabulous views, the true deals. But we've also learned a very important lesson - hype comes and goes, but in Sarasota, a few things will always have value - water, beach, golf and sanity.
Want a great deal that you STILL think is a great deal 10 years from now? Don't believe the hype.
Monday, November 10, 2008
Sarasota Short Sales and Foreclosures
There are a lot of great deals out there. And many that just are NOT.
Every day I speak to someone who is completely confused about why the bank isn't responding, or why a home's price just went UP, not down. The answers lie in the process, one which many people do not understand. Although I have blogged about what a short sale is, this is more to explain the response (or lack of response) we may receive when making or considering an offer.
Q. I made an offer only 10% lower than the short sale listing and the bank responded at OVER list price! What was that about?
A. Banks often do not set the short sale price. We do not know until we make an offer what the bank will really accept.
Q: This home was $199K two months ago - now it is in foreclosure and it's $299K! Why would the bank RAISE the price?
A. The home was likely in short sale at the lower price. You may remember from earlier blogs that the listing agent usually sets the sales price in a short sale, not the bank. The fact that it didnt sell at $199K may indicate that the bank didn't accept offers at that level - and once they owned it, they did an appraisal and determined what they would REALLY take. The banks new price is actually far more realistic - and maybe still a great deal.
Q. I made an offer on a foreclosure and didn't hear a word from the bank - now I hear its sold! Can they do that without acknowledging my offer?
A. While we would think it quite rude not to respond to an offer, the bank has no such qualms. Offers come in, often many offers on the same property. They determine which is best for them and work with that buyer. Other offers are often never heard from again. While it doesnt seem right, it is common. And something to think about - again, many people think that a foreclosure means the bank will give the home away. That is not necessarily the case. They do an appraisal and they know what the home is worth. A 50% offer on an already discounted home may generate alot of ...silence.
Offers to a bank are very different than offers to a seller.
Q. So does that mean there are no deals?
A. Not at all. They are there. But if a home is already priced well, someone will buy it without trying to take another 50% off. Case in point - I know of people who saw a great price, did their value research and found that the condo was an unbelievable steal at list price. Knowing others would agree and offer list price, this buyer offered 10% OVER the list price - and got the condo.
Q. Wait, wait wait - they offered OVER list? Who DOES that in this market??
A. In this market, more so than any other time in recent history, its not about the price on a listing - its about the homes true VALUE. If it is worth $500K all day long, and 10 offers come in at the list price of $300K - but one comes in at $325K - he gets it, and still made a great deal. I am not suggesting we offer over list on every property - I am suggesting that if its a deal, its a deal!
As Sarasota buyers agents, we work to get you GREAT deals. We work with you to make solid investments. We wont let you overpay for a property - ever. But we do continually work to make sure that our folks dont miss great opportunities- and in this market, the opportunities are not always as clear cut as one might think.
Every day I speak to someone who is completely confused about why the bank isn't responding, or why a home's price just went UP, not down. The answers lie in the process, one which many people do not understand. Although I have blogged about what a short sale is, this is more to explain the response (or lack of response) we may receive when making or considering an offer.
Q. I made an offer only 10% lower than the short sale listing and the bank responded at OVER list price! What was that about?
A. Banks often do not set the short sale price. We do not know until we make an offer what the bank will really accept.
Q: This home was $199K two months ago - now it is in foreclosure and it's $299K! Why would the bank RAISE the price?
A. The home was likely in short sale at the lower price. You may remember from earlier blogs that the listing agent usually sets the sales price in a short sale, not the bank. The fact that it didnt sell at $199K may indicate that the bank didn't accept offers at that level - and once they owned it, they did an appraisal and determined what they would REALLY take. The banks new price is actually far more realistic - and maybe still a great deal.
Q. I made an offer on a foreclosure and didn't hear a word from the bank - now I hear its sold! Can they do that without acknowledging my offer?
A. While we would think it quite rude not to respond to an offer, the bank has no such qualms. Offers come in, often many offers on the same property. They determine which is best for them and work with that buyer. Other offers are often never heard from again. While it doesnt seem right, it is common. And something to think about - again, many people think that a foreclosure means the bank will give the home away. That is not necessarily the case. They do an appraisal and they know what the home is worth. A 50% offer on an already discounted home may generate alot of ...silence.
Offers to a bank are very different than offers to a seller.
Q. So does that mean there are no deals?
A. Not at all. They are there. But if a home is already priced well, someone will buy it without trying to take another 50% off. Case in point - I know of people who saw a great price, did their value research and found that the condo was an unbelievable steal at list price. Knowing others would agree and offer list price, this buyer offered 10% OVER the list price - and got the condo.
Q. Wait, wait wait - they offered OVER list? Who DOES that in this market??
A. In this market, more so than any other time in recent history, its not about the price on a listing - its about the homes true VALUE. If it is worth $500K all day long, and 10 offers come in at the list price of $300K - but one comes in at $325K - he gets it, and still made a great deal. I am not suggesting we offer over list on every property - I am suggesting that if its a deal, its a deal!
As Sarasota buyers agents, we work to get you GREAT deals. We work with you to make solid investments. We wont let you overpay for a property - ever. But we do continually work to make sure that our folks dont miss great opportunities- and in this market, the opportunities are not always as clear cut as one might think.
Saturday, November 08, 2008
Sarasota Proves Once Again - We Care!
The Hope for the Community Outreach, taking place today (November 8th) at the Crossroads United Methodists Church is a special event.
In a world where people are holding onto everything they can, worrying about self preservation, the event has been planned to bring together the hurting of the Sarasota community and those who wish to help.
The free event is primarily aimed at those out-of-work but offers services to all who show up. Over 60 businesses and ministries will be on site giving free haircuts, health screenings, free flu shots, job and housing help, and providing food and clothing distribution.
When I moved to Sarasota years ago it was because of the beaches and gorgeous weather. Turns out that the people here are just as warm. I maintain this is a great place to live.
For Information:
Community outreach – November 8th.
Crossroads United Methodist Church
4726 N. Tamiami Trail Sarasota, Florida 34234 (by University)
941-355-5485
In a world where people are holding onto everything they can, worrying about self preservation, the event has been planned to bring together the hurting of the Sarasota community and those who wish to help.
The free event is primarily aimed at those out-of-work but offers services to all who show up. Over 60 businesses and ministries will be on site giving free haircuts, health screenings, free flu shots, job and housing help, and providing food and clothing distribution.
When I moved to Sarasota years ago it was because of the beaches and gorgeous weather. Turns out that the people here are just as warm. I maintain this is a great place to live.
For Information:
Community outreach – November 8th.
Crossroads United Methodist Church
4726 N. Tamiami Trail Sarasota, Florida 34234 (by University)
941-355-5485
Wednesday, November 05, 2008
Foreclosures may be a goldmine for buyers
Foreclosures are an unfortunate sign of the times. I dont want to rehash all the ugly details. But the hundreds of short sales which have been on the market for 18 months now are converting to foreclosures, and the banks hold more property every day.
This is not what they want. They want money in their coffers.
As unpleasant as the whole scene is, at this point the deed is done. And given that the banks now hold all this property, many of them are putting up properties for sale at exceptionally low prices (vs. the current market) to sell them quickly. And selling quickly they are - the really good deals are gone WITHIN HOURS.
How good? How about a 1200 square foot, updated condo directly on the sands of Siesta Key - for $250K? At nearly 50% of current market value (which is low!) someone got a deal. And a beautiful place to relax and watch the sunsets.
Deals like that are appearing every day. But there are other, more veiled deals. What if the list price is at market value, as many of them are? Does that mean we can't get a deal?
Within reason, banks are accepting less. And without the variable of "hurting the sellers feelings", we can make lower offers. Sure, often the bank is loathe to go too far below list price. But there are a few things we can do to sweeten the offer and grab a fantastic deal.
1) Quick closings - as the saying goes, fast nickels are better than slow dimes. A lower price might fly if they can get it off their books in 2 weeks - they dont know how long they will have to hold it if they let you get away.
2) Cash offers - This goes hand in hand with the above. No mortgage necessary means a far better chance of closing, and a highly qualified buyer
3)No contingencies - often people make offers based on certain variables "if I can build a pool", or "if I agree to the HOA". By making a contract contingency free, it gives the buyer less chance to cancel the contract. This can be risky business however, especially as we get into the area of inspections, so we do recommend you only enter this realm with professional advice - say, with a Sarasota buyer agent?
For years you have been told it is "time to buy". With the foreclosures now on the market, this really is a good time. Don't miss your chance.
This is not what they want. They want money in their coffers.
As unpleasant as the whole scene is, at this point the deed is done. And given that the banks now hold all this property, many of them are putting up properties for sale at exceptionally low prices (vs. the current market) to sell them quickly. And selling quickly they are - the really good deals are gone WITHIN HOURS.
How good? How about a 1200 square foot, updated condo directly on the sands of Siesta Key - for $250K? At nearly 50% of current market value (which is low!) someone got a deal. And a beautiful place to relax and watch the sunsets.
Deals like that are appearing every day. But there are other, more veiled deals. What if the list price is at market value, as many of them are? Does that mean we can't get a deal?
Within reason, banks are accepting less. And without the variable of "hurting the sellers feelings", we can make lower offers. Sure, often the bank is loathe to go too far below list price. But there are a few things we can do to sweeten the offer and grab a fantastic deal.
1) Quick closings - as the saying goes, fast nickels are better than slow dimes. A lower price might fly if they can get it off their books in 2 weeks - they dont know how long they will have to hold it if they let you get away.
2) Cash offers - This goes hand in hand with the above. No mortgage necessary means a far better chance of closing, and a highly qualified buyer
3)No contingencies - often people make offers based on certain variables "if I can build a pool", or "if I agree to the HOA". By making a contract contingency free, it gives the buyer less chance to cancel the contract. This can be risky business however, especially as we get into the area of inspections, so we do recommend you only enter this realm with professional advice - say, with a Sarasota buyer agent?
For years you have been told it is "time to buy". With the foreclosures now on the market, this really is a good time. Don't miss your chance.
Thursday, August 21, 2008
Great Deal? You Might Want to Take It
The buyers market of the last several years has produced a unique demographic of home purchasers.
With such an extensive inventory, it has become increasingly hard for people to say "This is the one!" . Even if it is the perfect home, at the right price, in the right neighborhood, there is always that nagging feeling that you might be missing another one - out there, somewhere.
It's a valid thought. But here's the reality - the best deals are selling. They probably won't be sitting there waiting for you to come back to them. Many folks have expressed extreme dismay that after looking for a few more weeks, and determining that the home was in fact the perfect home (as they suspected), someone else agreed with them, and its off the market. Now the prospect of finding another home that good for you is daunting - the "one that got away" never leaves your mind.
In this market, there are some excellent deals. And if its a great house in a great location at a great price, someone will buy it. Why not you?
With such an extensive inventory, it has become increasingly hard for people to say "This is the one!" . Even if it is the perfect home, at the right price, in the right neighborhood, there is always that nagging feeling that you might be missing another one - out there, somewhere.
It's a valid thought. But here's the reality - the best deals are selling. They probably won't be sitting there waiting for you to come back to them. Many folks have expressed extreme dismay that after looking for a few more weeks, and determining that the home was in fact the perfect home (as they suspected), someone else agreed with them, and its off the market. Now the prospect of finding another home that good for you is daunting - the "one that got away" never leaves your mind.
In this market, there are some excellent deals. And if its a great house in a great location at a great price, someone will buy it. Why not you?
Friday, August 01, 2008
Buy or Rent in Sarasota ?
In a recent MSN article, Sarasota-Venice-Bradenton was listed as one of 66 areas in the country where market conditions make it more practical to buy than rent.
Realistic home prices and low interest rates have combined to create a situation where it is affordable for nearly every price range to purchase a home at a good price.
The article does point out a key point - those looking to make a quick buck should not consider this a green light. Home prices , while considered at bottom, are not expected to rise very quickly either. But for those looking for long term home ownership, this is the place!
Read the Article:
http://realestate.msn.com/Buying/Article2.aspx?cp-documentid=8378117
Realistic home prices and low interest rates have combined to create a situation where it is affordable for nearly every price range to purchase a home at a good price.
The article does point out a key point - those looking to make a quick buck should not consider this a green light. Home prices , while considered at bottom, are not expected to rise very quickly either. But for those looking for long term home ownership, this is the place!
Read the Article:
http://realestate.msn.com/Buying/Article2.aspx?cp-documentid=8378117
Tuesday, July 22, 2008
Buyers Don't Fit a Formula
This is a re-post of a previous blog from May 2007:
Buyers Welcome
In a recent Realtor newsletter, the author of a story offered his criteria as to who was a "worthy buyer". His argument, essentially, was that the only real way to make money long term was with sellers..."list to live" as many have said. Buyers, he argued, can take alot of your time and should be carefully screened.
While I agree that it is important to ascertain whether or not someone is willing and able to buy a home, certainly they are not always completely ready when I first encounter them. Perhaps they need more information on the area , or need to feel comfortable about the schools. But if I followed the unspoken rules, I never would have sold homes to some of my most loyal customers.
* The couple from NJ who viewed 75 homes before buying the perfect one - with a phone call.
* The couple from Tennessee who called five realtors in town and were told "Call me when you get here". We worked with them to narrow down the search before they got here. When they did, they bought a home in two days.
* The young couple who were buying their first home and just felt they were being rushed into unfamiliar territory. After a few long conversations answering every question they had, they happily bought their home.
There was an old rule - show a buyer 5 homes and then ask them which one they want. In today's market, Buyers rule and have lots of options, so likely won't rush. But in any market, at this brokerage , Buyers are welcome. Whatever stage, whatever comfort level, whatever you need. Because sometimes all you need is someone to understand YOUR personal buying style - whatever that may be.
Buyers Welcome
In a recent Realtor newsletter, the author of a story offered his criteria as to who was a "worthy buyer". His argument, essentially, was that the only real way to make money long term was with sellers..."list to live" as many have said. Buyers, he argued, can take alot of your time and should be carefully screened.
While I agree that it is important to ascertain whether or not someone is willing and able to buy a home, certainly they are not always completely ready when I first encounter them. Perhaps they need more information on the area , or need to feel comfortable about the schools. But if I followed the unspoken rules, I never would have sold homes to some of my most loyal customers.
* The couple from NJ who viewed 75 homes before buying the perfect one - with a phone call.
* The couple from Tennessee who called five realtors in town and were told "Call me when you get here". We worked with them to narrow down the search before they got here. When they did, they bought a home in two days.
* The young couple who were buying their first home and just felt they were being rushed into unfamiliar territory. After a few long conversations answering every question they had, they happily bought their home.
There was an old rule - show a buyer 5 homes and then ask them which one they want. In today's market, Buyers rule and have lots of options, so likely won't rush. But in any market, at this brokerage , Buyers are welcome. Whatever stage, whatever comfort level, whatever you need. Because sometimes all you need is someone to understand YOUR personal buying style - whatever that may be.
Monday, July 21, 2008
Sarasota Buyer Agents Roles
There have been many blogs and articles on what a buyer agent is, or isnt. To our mind, here is the value we offer to a home buyer.
1) Time and Focus - Since we do not list property, our time is solely for our buyers. We are not distracted by creating sales flyers, marketing properties, or scheduling open houses. We are not taking calls from frustrated sellers or spending hours in sales caravans to learn about each others listings so we can promote them. Our time is spent researching the best properties that represent the best value for our buyers.
2) Expertise in Pricing - A listing agent cannot tell you how low a seller will go. They will not offer up the information that a list price is too high, or that the home next door sold for $50,000 less. We wouldn't expect them to - their job is to get the best possible price for their seller. But OUR job is to get the best possible price for our BUYER - so we will scour the records to find out the true market value of the home based on assessments and comparable sales; find out what the current owner paid for the property, and when they purchased the home. We also find out what they owe on the property, and extrapolate a likely sales price range using ALL the information. We make sure you never overpay for a home!
3) Protection - We guide buyers through the home buying process. Our reputation and career depends on it. It is therefore of utmost importance that our buyer is protected every step of the way. We know the contracts, and we know how to write them to best protect you. We understand the nuances, so that our customers don't lose deposits, don't get caught with an unexpected money pit, and don't get forced into a deal they didn't expect.
Working with a buyer agent means you are working with a SPECIALIST in the field of home buying. And when making a purchase of thie magnitude, don't you want the best by your side?
William True, REALTOR, Broker, ABR, ABRM, CRS, GRI
1) Time and Focus - Since we do not list property, our time is solely for our buyers. We are not distracted by creating sales flyers, marketing properties, or scheduling open houses. We are not taking calls from frustrated sellers or spending hours in sales caravans to learn about each others listings so we can promote them. Our time is spent researching the best properties that represent the best value for our buyers.
2) Expertise in Pricing - A listing agent cannot tell you how low a seller will go. They will not offer up the information that a list price is too high, or that the home next door sold for $50,000 less. We wouldn't expect them to - their job is to get the best possible price for their seller. But OUR job is to get the best possible price for our BUYER - so we will scour the records to find out the true market value of the home based on assessments and comparable sales; find out what the current owner paid for the property, and when they purchased the home. We also find out what they owe on the property, and extrapolate a likely sales price range using ALL the information. We make sure you never overpay for a home!
3) Protection - We guide buyers through the home buying process. Our reputation and career depends on it. It is therefore of utmost importance that our buyer is protected every step of the way. We know the contracts, and we know how to write them to best protect you. We understand the nuances, so that our customers don't lose deposits, don't get caught with an unexpected money pit, and don't get forced into a deal they didn't expect.
Working with a buyer agent means you are working with a SPECIALIST in the field of home buying. And when making a purchase of thie magnitude, don't you want the best by your side?
William True, REALTOR, Broker, ABR, ABRM, CRS, GRI
Sunday, July 20, 2008
Short Sales & Myths - Revisited
I have posted on this subject before, but as I talk to buyers everyday, I feel once again we should discuss the reality of the short sale.
The definition of a short sale is this - the home needs to be sold, and due to market conditions, it is clear that the home's current value (and subsequently its likely sales price) will be less than the seller paid for the property. Most of the time, this is due to the fact that the seller originally purchased the home somewhere between late 2003 and late 2005, when Sarasota's home values were increasing exponentially.
I find buyers greatly misunderstand short sales. Here are some myths I can dispel for my potential buyers.
Myth # 1 - The Seller is in financial crisis - While some sellers may be in a financial hardship situation, others simply need to sell for another reason. For instance, if they are offered a job in another state. They are up to date with their mortgage payments, but also realize that when they sell, the sales price will not cover their mortgage payoff.
Myth # 2 - The bank will be happy to take anything - The fact is, during the short sale process, the bank (and every other debtor or lien holder) is still trying to get the most they possibly can for the home. An offer submitted for a short sale is often not responded to for several months - could they be waiting on a higher offer?
Myth # 3 - The list price reflects what we can get the home for - Much to everyone's frustration at times, the bank often gives the listing agent virtually no guidance as to what they will accept. Remember, they are going to lose money. They would rather not specify how much they are willing to lose. That being said, the listing agent, God bless 'em, is left to set a price on a home , not knowing if the bank would accept it or not. What this results in are alot of folks who see a price that seems too good to be true - and often is.
Case in point - some buyers of mine recently came across a home listed for $225K. It was beautiful, and close to downtown - and in their price range! It was a short sale, but they were adamant this was their home. We made a full price offer, after ascertaining the value to actually be about $100K over the asking price. We later found out that the bank would not take an offer less than $300K. Being well out of their range, my buyers were crushed after having their hopes raised so high.
There is an upside to some short sales - if you can wait out the bank, are willing to be flexible, and get a bit lucky, you might get a great deal. But this type of home buying is not for the faint of heart. Can I show you a nice home right down the street...???
The definition of a short sale is this - the home needs to be sold, and due to market conditions, it is clear that the home's current value (and subsequently its likely sales price) will be less than the seller paid for the property. Most of the time, this is due to the fact that the seller originally purchased the home somewhere between late 2003 and late 2005, when Sarasota's home values were increasing exponentially.
I find buyers greatly misunderstand short sales. Here are some myths I can dispel for my potential buyers.
Myth # 1 - The Seller is in financial crisis - While some sellers may be in a financial hardship situation, others simply need to sell for another reason. For instance, if they are offered a job in another state. They are up to date with their mortgage payments, but also realize that when they sell, the sales price will not cover their mortgage payoff.
Myth # 2 - The bank will be happy to take anything - The fact is, during the short sale process, the bank (and every other debtor or lien holder) is still trying to get the most they possibly can for the home. An offer submitted for a short sale is often not responded to for several months - could they be waiting on a higher offer?
Myth # 3 - The list price reflects what we can get the home for - Much to everyone's frustration at times, the bank often gives the listing agent virtually no guidance as to what they will accept. Remember, they are going to lose money. They would rather not specify how much they are willing to lose. That being said, the listing agent, God bless 'em, is left to set a price on a home , not knowing if the bank would accept it or not. What this results in are alot of folks who see a price that seems too good to be true - and often is.
Case in point - some buyers of mine recently came across a home listed for $225K. It was beautiful, and close to downtown - and in their price range! It was a short sale, but they were adamant this was their home. We made a full price offer, after ascertaining the value to actually be about $100K over the asking price. We later found out that the bank would not take an offer less than $300K. Being well out of their range, my buyers were crushed after having their hopes raised so high.
There is an upside to some short sales - if you can wait out the bank, are willing to be flexible, and get a bit lucky, you might get a great deal. But this type of home buying is not for the faint of heart. Can I show you a nice home right down the street...???
Monday, July 07, 2008
Buyer Agents - and Why you Want One!
As the person responsible for content on our website, I recently went looking for "quotable quotes" regarding buyer agents.
After all, our brokerage made the decision to become exclusive buyer agents, and we no longer have listings. In traditional real estate, this would have been considered suicide - "list to live" has long been the mantra of real estate agents.
The best quote I found was from Consumer Reports: "You can't have partial loyalty; an agent either works for you or works for someone else."
Of course that makes sense, but it is not often a homebuyers first inclination. They see a home, there is a sign out front, they call the listing agent. But as we have often discussed, they represent the Seller. And no amount of disclosure or legal wording will make them YOUR agent.
A real estate transaction is complex. Buyer Agents represent ONLY you and your interests to make sure you get the best possible terms and price, and that you (and your deposit) are protected should a problem arise.
Putting the scary legal stuff aside, though, lets look at other practical facts - a buyers agent does not represent listings, and therefore has no incentive to show one home over another - we show you the BEST homes for your needs. Buyers Agents are not consumed with marketing properties, holding open houses, or prospecting for new listings. This frees up our time to work on the buyers side of the transaction all day - every day. Not insignificant is the knowledge we provide by showing more homes than...well, let's just say we show alot of property, and know the neighborhoods well!
I will close with another quote I found which sums up the importance of buyer agency - "Groups such as the Consumer Federation and the American Association of Retired Persons recommend using buyer's agents...the reason is - they work." -Smart Money
After all, our brokerage made the decision to become exclusive buyer agents, and we no longer have listings. In traditional real estate, this would have been considered suicide - "list to live" has long been the mantra of real estate agents.
The best quote I found was from Consumer Reports: "You can't have partial loyalty; an agent either works for you or works for someone else."
Of course that makes sense, but it is not often a homebuyers first inclination. They see a home, there is a sign out front, they call the listing agent. But as we have often discussed, they represent the Seller. And no amount of disclosure or legal wording will make them YOUR agent.
A real estate transaction is complex. Buyer Agents represent ONLY you and your interests to make sure you get the best possible terms and price, and that you (and your deposit) are protected should a problem arise.
Putting the scary legal stuff aside, though, lets look at other practical facts - a buyers agent does not represent listings, and therefore has no incentive to show one home over another - we show you the BEST homes for your needs. Buyers Agents are not consumed with marketing properties, holding open houses, or prospecting for new listings. This frees up our time to work on the buyers side of the transaction all day - every day. Not insignificant is the knowledge we provide by showing more homes than...well, let's just say we show alot of property, and know the neighborhoods well!
I will close with another quote I found which sums up the importance of buyer agency - "Groups such as the Consumer Federation and the American Association of Retired Persons recommend using buyer's agents...the reason is - they work." -Smart Money
Tuesday, May 27, 2008
Relocate to Sarasota
Here at True Real Estate, we have a lot in common. We love the beach, the water...boating, fishing, and the overall lifestyle that this beautiful Gulf Coast town represents.
We have another demographic in common - each one of us has relocated here from another part of the country.
Relocate America's editorial team has released its 11th Annual Top 100 Places To Live, and it is no surprise that Sarasota is in the Top 100. Relocate America accepts nominations for each city considered as a great place to live, and each nominating party must include all the top reasons this city qualifies as a best place to relocate. The nominations are reviewed, along with demographic data regarding education, environmental greenworthiness, economic opportunity, parks & recreation, and real estate & home ownership options.
This is just further validation of what we at True Real Estate have known for years -a decision to move to Sarasota is one you will never regret.
We have another demographic in common - each one of us has relocated here from another part of the country.
Relocate America's editorial team has released its 11th Annual Top 100 Places To Live, and it is no surprise that Sarasota is in the Top 100. Relocate America accepts nominations for each city considered as a great place to live, and each nominating party must include all the top reasons this city qualifies as a best place to relocate. The nominations are reviewed, along with demographic data regarding education, environmental greenworthiness, economic opportunity, parks & recreation, and real estate & home ownership options.
This is just further validation of what we at True Real Estate have known for years -a decision to move to Sarasota is one you will never regret.
Monday, May 19, 2008
Sarasota is On Sale
There are certainly alot of different views on the state of the Sarasota real estate market. While some disagree on the "bottom", if we have reached it or have yet to; one fact seems to be above dispute...
Sarasota is on sale.
As buyer agents, we show properties all day, every day. Being well versed in this market, the market values and prices, we know without a doubt the values that exist for home buyers right now.
Especially for those looking for boating communities, beachfront properties or downtown waterfront, homes are at unprecedented levels.
If you are an investor and looking to flip a Sarasota property, we will advise against it. But if you are looking to purchase your first home, lock in your retirement place or simply wish to have a great property for the long term...
The sale is on.
True Real Estate are exclusive buyer agents in Sarasota and the surrounding area.
Sarasota is on sale.
As buyer agents, we show properties all day, every day. Being well versed in this market, the market values and prices, we know without a doubt the values that exist for home buyers right now.
Especially for those looking for boating communities, beachfront properties or downtown waterfront, homes are at unprecedented levels.
If you are an investor and looking to flip a Sarasota property, we will advise against it. But if you are looking to purchase your first home, lock in your retirement place or simply wish to have a great property for the long term...
The sale is on.
True Real Estate are exclusive buyer agents in Sarasota and the surrounding area.
Thursday, April 10, 2008
List Prices in Sarasota Offer Little Room
The latest numbers from the Sarasota Association of REALTORS may surprise some people. Over the last 3 months, sales are up. Of those transactions, the sales amount has averaged 93% of list price.
This flies in the face of the popular opinion that people can lop 30-40% off the list price and take advantage of a desperate seller. The fact is, list prices are necessarily as low as they can go, if the Seller wants to sell their home competitively.
So although buyers shouldnt expect huge reductions off list price, the great news is that the homes are already priced competitively low and offer great value.
This flies in the face of the popular opinion that people can lop 30-40% off the list price and take advantage of a desperate seller. The fact is, list prices are necessarily as low as they can go, if the Seller wants to sell their home competitively.
So although buyers shouldnt expect huge reductions off list price, the great news is that the homes are already priced competitively low and offer great value.
Monday, April 07, 2008
Sarasota Real Estate Deals - Siesta Key & Longboat Key
Think you can't afford the beach? Check out a few of these opportunities - and this is only the beginning. Call today to find out how you can get your dream vacation, retirement or primary home at the beach! Sarasota Real Estate has never been hotter -and having a Sarasota Buyer Agent is the ONLY way to go.
RESIDENTIAL - SINGLE FAMILY ON LONGBOAT AND SIESTA KEY
$325,000 - 740 Longboat Court, Longboat Key - Value priced at lot value, secluded and charming. 3 BR /2 Ba
$347,000 - 5212 Calle de Costa Rica - Updated 3BR home, beautiful tropical landscaping, walk to Siesta Key Beach!
$349,000 - 636 Calle de Peru - Adorable 2 bedroom /1 Bath cottage, walk to Siesta Village and the world famous beach!
$399,900 - 5255 Winding Way - Less than 5 minutes by bike to Siesta Key Beach, shady mature canopy road. 3 Br/2 BA plus efficiency apt for extra income! 1300+ sq. ft
$445,000 - 660 Fox Street - Located in the historic village of Longboat Key. 2BR/2BA, 1500+ sq. ft.
$459,900 - 5159 Oakmont Place - Large family home that needs care but has great potential. 3 br/ 2 ba, with a pool! 1900+ sq. ft.
$484,900 - 549 St. Judes Drive - Remodeled and a mere 150 feet to a private beach on Longboat Key! 3BR/2BA, 1400+ sq ft
$489,000 - 700 Russell Street, Longboat Key - Totally updated and turnkey furnished pool home. 3/4 Bedrooms and 2 Baths
$549,900 - 508 Treasure Boat Way - Updated large pool home, with high end updates like bamboo flooring; large yard. 3 BR/ 2 BA. Over 2000 sq. ft.
$750,000 - 7180 Gulf of Mexico Drive - Canal front Longboat Key home, with a pool. Live the beach and boating lifestyle! 3BR / 3BA, 2500+ Sq. ft
CONDOMINIUMS ON LONGBOAT & SIESTA KEY
$247,500 - 4822 Ocean Blvd #4E - Gulf front Siesta Key views, turnkey furnished large (800 sq ft) 1 BR.
$249,000 - 3808 Gulf of Mexico Drive - On the Bay on Longboat Key, 2BR /2BA, needs updating and TLC but what a price!
$299,900 - 741 North Spanish Drive #30, Longboat Key - 55+ Turnkey furnished, steps to the pool, bay views. 2Br/2BA, 1600+ sq. ft
$325,000 - 6157 Midnight Pass Road #E 52 - Turnkey, classy unit, tropical pool. 2 Br, 1100+ sq. ft.
$379,000 - 1250 N. Portofino Drive #M307 - Updated spectacular 2 BR unit, intracoastal views. Deep sailboat water.
$399,900 - 8635 Midnight Pass Road # 307C - Full bay views, private cabana, turnkey 2 BR. 1100+ sq. ft
$449,000 - 1930 Harbourside Drive, Unit #131 -Beautiful Longboat Key, bay views, full amenities, 2 Bedroom, 2 Bath
$475,000 - 1103 Lake House Circle #C-107 - Across from famous Siesta Key Beach, turnkey 2BR unit with garage! Over 1300 sq. ft
$499,000 - 5260 Gulf of Mexico Drive, #404, 3 BR /3BA furnished, Gulf to Bay Longboat Key complex, 1400+ sq. ft.
$699,000 - 1701 Gulf of Mexico Drive #4D, Designer turnkey furnished, over 1500 sq. ft, 2 master suites on Longboat Key, 2 BR/ 2BA
RESIDENTIAL - SINGLE FAMILY ON LONGBOAT AND SIESTA KEY
$325,000 - 740 Longboat Court, Longboat Key - Value priced at lot value, secluded and charming. 3 BR /2 Ba
$347,000 - 5212 Calle de Costa Rica - Updated 3BR home, beautiful tropical landscaping, walk to Siesta Key Beach!
$349,000 - 636 Calle de Peru - Adorable 2 bedroom /1 Bath cottage, walk to Siesta Village and the world famous beach!
$399,900 - 5255 Winding Way - Less than 5 minutes by bike to Siesta Key Beach, shady mature canopy road. 3 Br/2 BA plus efficiency apt for extra income! 1300+ sq. ft
$445,000 - 660 Fox Street - Located in the historic village of Longboat Key. 2BR/2BA, 1500+ sq. ft.
$459,900 - 5159 Oakmont Place - Large family home that needs care but has great potential. 3 br/ 2 ba, with a pool! 1900+ sq. ft.
$484,900 - 549 St. Judes Drive - Remodeled and a mere 150 feet to a private beach on Longboat Key! 3BR/2BA, 1400+ sq ft
$489,000 - 700 Russell Street, Longboat Key - Totally updated and turnkey furnished pool home. 3/4 Bedrooms and 2 Baths
$549,900 - 508 Treasure Boat Way - Updated large pool home, with high end updates like bamboo flooring; large yard. 3 BR/ 2 BA. Over 2000 sq. ft.
$750,000 - 7180 Gulf of Mexico Drive - Canal front Longboat Key home, with a pool. Live the beach and boating lifestyle! 3BR / 3BA, 2500+ Sq. ft
CONDOMINIUMS ON LONGBOAT & SIESTA KEY
$247,500 - 4822 Ocean Blvd #4E - Gulf front Siesta Key views, turnkey furnished large (800 sq ft) 1 BR.
$249,000 - 3808 Gulf of Mexico Drive - On the Bay on Longboat Key, 2BR /2BA, needs updating and TLC but what a price!
$299,900 - 741 North Spanish Drive #30, Longboat Key - 55+ Turnkey furnished, steps to the pool, bay views. 2Br/2BA, 1600+ sq. ft
$325,000 - 6157 Midnight Pass Road #E 52 - Turnkey, classy unit, tropical pool. 2 Br, 1100+ sq. ft.
$379,000 - 1250 N. Portofino Drive #M307 - Updated spectacular 2 BR unit, intracoastal views. Deep sailboat water.
$399,900 - 8635 Midnight Pass Road # 307C - Full bay views, private cabana, turnkey 2 BR. 1100+ sq. ft
$449,000 - 1930 Harbourside Drive, Unit #131 -Beautiful Longboat Key, bay views, full amenities, 2 Bedroom, 2 Bath
$475,000 - 1103 Lake House Circle #C-107 - Across from famous Siesta Key Beach, turnkey 2BR unit with garage! Over 1300 sq. ft
$499,000 - 5260 Gulf of Mexico Drive, #404, 3 BR /3BA furnished, Gulf to Bay Longboat Key complex, 1400+ sq. ft.
$699,000 - 1701 Gulf of Mexico Drive #4D, Designer turnkey furnished, over 1500 sq. ft, 2 master suites on Longboat Key, 2 BR/ 2BA
Wednesday, March 12, 2008
Agents do More than Open Doors
Recently, while out to dinner, I overheard a gentleman ask his friends "Why should real estate agents get paid what they do? All they do is unlock doors!"
I try not to get offended when I hear such things. After all, not many people know the hours of work a Buyers Agent puts in - looking up appropriate properties that meet all of the clients requirements, scheduling showings through listing agents and sellers, and doing all the research on the home prior to (ahem) opening the door for you.
I work primarily with out of town buyers. They generally come to town with a good picture in their mind of what they want. Condo or home, beach or country, close to downtown or beaches...and I certainly love to work with someone who has thought it through. But I also know from experience that often, they end up buying something entirely different that what they envisioned.
As an effective agent, it is not just my job to open doors. It is my job to listen to the reason for the purchase, the lifestyle of the buyer, and those things which are truly important to them. Further, I need to step out and recommend to people those places which I think may fit perfectly, even if the suggestion is something totally different than they had originally considered. If we are spending several days together, the goal may change daily, as we identify what we love - and what we don't - each day.
A recent customer thought they wanted a downtown condo, yet settled on a private home in a vibrant area of Sarasota 20 minutes from downtown. Another was convinced that Sarasota would be home, yet fell in love with Venice. How did she get to Venice? After hearing her describe her "perfect lifestlye", I knew I had to bring her down there. It was a better fit, but she never would have known that had I just sold her a place in Sarasota like she had asked.
One of the things that makes an agent special is their willingness to be a willing and knowledgeable tour guide; not being so quick to sell a home as to find the right neighborhood, type of home and situation for their client.
(But I will be more than happy to open the door for you as well)
I try not to get offended when I hear such things. After all, not many people know the hours of work a Buyers Agent puts in - looking up appropriate properties that meet all of the clients requirements, scheduling showings through listing agents and sellers, and doing all the research on the home prior to (ahem) opening the door for you.
I work primarily with out of town buyers. They generally come to town with a good picture in their mind of what they want. Condo or home, beach or country, close to downtown or beaches...and I certainly love to work with someone who has thought it through. But I also know from experience that often, they end up buying something entirely different that what they envisioned.
As an effective agent, it is not just my job to open doors. It is my job to listen to the reason for the purchase, the lifestyle of the buyer, and those things which are truly important to them. Further, I need to step out and recommend to people those places which I think may fit perfectly, even if the suggestion is something totally different than they had originally considered. If we are spending several days together, the goal may change daily, as we identify what we love - and what we don't - each day.
A recent customer thought they wanted a downtown condo, yet settled on a private home in a vibrant area of Sarasota 20 minutes from downtown. Another was convinced that Sarasota would be home, yet fell in love with Venice. How did she get to Venice? After hearing her describe her "perfect lifestlye", I knew I had to bring her down there. It was a better fit, but she never would have known that had I just sold her a place in Sarasota like she had asked.
One of the things that makes an agent special is their willingness to be a willing and knowledgeable tour guide; not being so quick to sell a home as to find the right neighborhood, type of home and situation for their client.
(But I will be more than happy to open the door for you as well)
Thursday, February 14, 2008
Mom and Dad are Moving In!
Increasingly, I see builders offering courtyard homes that have a separate, small guest house across the pool from the main house.
I have made jokes about banishing the husband out there, or perhaps using it as an effective place to keep a barking puppy...but the reality is, as baby boomers are faced with retirement, they are also faced with caring for their parents. Not wanting to leave them alone or put them in a care facility, the courtyard/guest house option is growing in popularity. This allows the option of having aging parents close by, but still in their own space, and independent.
I hope my daughter buys one....
I have made jokes about banishing the husband out there, or perhaps using it as an effective place to keep a barking puppy...but the reality is, as baby boomers are faced with retirement, they are also faced with caring for their parents. Not wanting to leave them alone or put them in a care facility, the courtyard/guest house option is growing in popularity. This allows the option of having aging parents close by, but still in their own space, and independent.
I hope my daughter buys one....
New Homes in a Buyer's Market
I recently took out a client who asked me to find him a few resale homes in the $350,000 price range on Palmer Ranch. He also asked to see a certain new home community in the same area.
He was shocked to find out that the new homes were identical in price to those homes that were built 15 years ago. Try as he might, he couldn't even imagine buying a resale home when the new homes offered such quality at a comparable price.
I can't say that I blame him.
A tight market has caused builders to offer more in upgrades, better pricing and more aggressive strategies, putting them at a decided advantage over the single home seller. While touring the new homes, we learned of standard inclusions like "his and hers" bathrooms, hurricane shutters, and granite surfaces.
While there is charm to the older neighborhoods, with their mature landscaping and shady streets...now might just be the best time in years to get a brand new home loaded with upgrades - for a steal!
He was shocked to find out that the new homes were identical in price to those homes that were built 15 years ago. Try as he might, he couldn't even imagine buying a resale home when the new homes offered such quality at a comparable price.
I can't say that I blame him.
A tight market has caused builders to offer more in upgrades, better pricing and more aggressive strategies, putting them at a decided advantage over the single home seller. While touring the new homes, we learned of standard inclusions like "his and hers" bathrooms, hurricane shutters, and granite surfaces.
While there is charm to the older neighborhoods, with their mature landscaping and shady streets...now might just be the best time in years to get a brand new home loaded with upgrades - for a steal!
Thursday, January 24, 2008
New Low Rates
Sometimes as Realtors we really do feel like we are crying out in the wilderness...
New interest rates this week will make a HUGE difference in buyers ability to pay for a mortgage.
The prices are low. Beautiful homes in every price range are out there, waiting for a buyer.
And yet people wait...
New interest rates this week will make a HUGE difference in buyers ability to pay for a mortgage.
The prices are low. Beautiful homes in every price range are out there, waiting for a buyer.
And yet people wait...
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