The current market has opened up areas of town previously untouchable by "normal" homebuyers - those of us who do not have a million dollars lying around.
Once the playground of only the rich and famous, the hottest areas in Sarasota allow walking to the beach, proximity to all downtown has to offer, and scenic neighborhoods on the water.
Bird Key is home to multi-million dollar waterfront homes - but the homes in the middle of the Key, the "garden homes", have fallen to levels that make it completely affordable for families. Why is this Key so hot? The community is surrounded by water, is walking distance to both downtown Sarasota in one direction and St. Armands in the other - and HOA fees are a mere $380 per year! The Bird Key yacht club is available for additional amenities but is not a required expense. Lido Beach is an aggressive walk (20 minutes) or a very short drive across to Lido Key.
Just south of downtown is Bungalow Hill - an upscale bayfront neighborhood characterized by older homes, usually renovated beautifully, and situated on quiet, walkable tree lined streets. Within walking distance is Selby Gardens, the Sarasota Bayfront, Main Street, Towles Court and all of downtowns great events and amenities.
Lido Key (St. Armand's) and Siesta Key have always been favorites for those who want to walk to the beach - every day. Although very different in both personality and amenities, both Key offer what every beach lover craves - expansive, beautiful beaches and crystal water within minutes. And during season, its easy to see why beach bums want to live physically on the Key - no driving over the causeways, which can get very crowded. Both Siesta and Lido are attracting families like never before.
Thursday, February 19, 2009
Friday, February 13, 2009
Buy Now, Retire Later
A recent Money Magazine article confirmed the reality that Sarasota buyer agents have been experiencing for the last 6 months - now is a great time to pick up your retirement place - even if you aren't ready to retire!
With beach, golf and resort communities at levels not seen in years, many people are seeing the opportunity to purchase their retirement home NOW, feeling pretty certain that in 10 years when they DO retire, that the prices may not be this low. And if history is any indication, they wont be.
I loved the fact that the author pointed out several points we have been making over the last year:
1) Are we at the absolute bottom? Maybe not. But we are pretty darn low, and if you can feel confident that over the long term prices will rise, its likely a great investment.
2) Buyer agents are great allies in assisting in finding the great deals, and negotiating steals based on actual data and numbers - giving you a far better chance of getting a great deal than just throwing a low number against the wall.
and # 3, and I find this to be SO important - At some point, you are likely buying a retirement home because you want to have a wonderful place to retire, to have fun, to enjoy your life. Its not always about making a 50% return - you have to be happy that you secured your dream home at a great price, and will get years of enjoyment out of it!
In Sarasota, a brisk and consistent tourist trade also pretty much ensures that you will be able to rent out the home, providing income until you are ready to use it - and THAT'S a smart move.
With beach, golf and resort communities at levels not seen in years, many people are seeing the opportunity to purchase their retirement home NOW, feeling pretty certain that in 10 years when they DO retire, that the prices may not be this low. And if history is any indication, they wont be.
I loved the fact that the author pointed out several points we have been making over the last year:
1) Are we at the absolute bottom? Maybe not. But we are pretty darn low, and if you can feel confident that over the long term prices will rise, its likely a great investment.
2) Buyer agents are great allies in assisting in finding the great deals, and negotiating steals based on actual data and numbers - giving you a far better chance of getting a great deal than just throwing a low number against the wall.
and # 3, and I find this to be SO important - At some point, you are likely buying a retirement home because you want to have a wonderful place to retire, to have fun, to enjoy your life. Its not always about making a 50% return - you have to be happy that you secured your dream home at a great price, and will get years of enjoyment out of it!
In Sarasota, a brisk and consistent tourist trade also pretty much ensures that you will be able to rent out the home, providing income until you are ready to use it - and THAT'S a smart move.
Monday, February 09, 2009
Pay List Price - Get a Deal!
Home buyers have been more than a little blind-sided lately.
They find a great home. Deliberate for a time, and decide to purchase the property. Even though the home was exactly what they were looking for - and they were advised the home was priced WELL under market value, they decide to lowball the offer.
After all, who pays list price in THIS market?
They submit the offer, dreaming of the grateful seller's response.
Only to be told there were three other offers, and theirs was rejected. What happened to the desperate bank or seller - and where did all these buyers come from?
The general media has done a marvelous job at making everyone believe that nothing is selling. While the market certainly has issues, one fact remains - a good home, priced well, SELLS. And even in this market, it sells quickly.
A buyers agent provides a wealth of information. People love to hear that a home is overpriced, and we have the numbers to support making a low offer. But when we inform clients that the home is actually UNDER priced, it is met with skepticism. Is that possible in this market?
Yes, it is. I have seen properties listed in the morning, and under contract a few hours later. Yes, even in this market. There are alot of folks looking for a bargain - and when it surfaces, they are ready to move.
I cannot stress it enough - Learn the reality of the market value and dont be afraid to offer full list - if the comps on a property are $300K, and the list price is $200K, a $150K offer won't cut it. Someone else is more than willing to offer $200K, "scoop" everyone else, and take the instant equity. Happily. A home priced at 2/3 of the market value is worth every penny of the list price.
Yes, many homes are languishing on the market. But the GREAT Deals? They go fast. Don't let the hype fool you out of your perfect home. Work with a buyers agency experienced in researching, finding, and scoring our customers the great deals. Even if it means paying full list price. And loving every minute of it.
They find a great home. Deliberate for a time, and decide to purchase the property. Even though the home was exactly what they were looking for - and they were advised the home was priced WELL under market value, they decide to lowball the offer.
After all, who pays list price in THIS market?
They submit the offer, dreaming of the grateful seller's response.
Only to be told there were three other offers, and theirs was rejected. What happened to the desperate bank or seller - and where did all these buyers come from?
The general media has done a marvelous job at making everyone believe that nothing is selling. While the market certainly has issues, one fact remains - a good home, priced well, SELLS. And even in this market, it sells quickly.
A buyers agent provides a wealth of information. People love to hear that a home is overpriced, and we have the numbers to support making a low offer. But when we inform clients that the home is actually UNDER priced, it is met with skepticism. Is that possible in this market?
Yes, it is. I have seen properties listed in the morning, and under contract a few hours later. Yes, even in this market. There are alot of folks looking for a bargain - and when it surfaces, they are ready to move.
I cannot stress it enough - Learn the reality of the market value and dont be afraid to offer full list - if the comps on a property are $300K, and the list price is $200K, a $150K offer won't cut it. Someone else is more than willing to offer $200K, "scoop" everyone else, and take the instant equity. Happily. A home priced at 2/3 of the market value is worth every penny of the list price.
Yes, many homes are languishing on the market. But the GREAT Deals? They go fast. Don't let the hype fool you out of your perfect home. Work with a buyers agency experienced in researching, finding, and scoring our customers the great deals. Even if it means paying full list price. And loving every minute of it.
Friday, February 06, 2009
Senate Housing Stimulus Package
The housing market in Sarasota is brisk. Low interest rates, ample inventories and low prices have combined to result in a classic buyers market.
Buyers of real estate will see an even greater reason to purchase this year, with Senate legislators unanimously approving a proposal Wednesday that would allow a tax credit for home buyers of 10 percent of the value of new or existing residences, up to a $15,000 limit. Current law provides for a $7,500 tax break but only for first-time homebuyers.
Getting a $15,000 tax credit as a homebuyer makes an huge impact in peoples lives and pocketbooks, and makes this an even better time to get your piece of Sarasota real estate.
Buyers of real estate will see an even greater reason to purchase this year, with Senate legislators unanimously approving a proposal Wednesday that would allow a tax credit for home buyers of 10 percent of the value of new or existing residences, up to a $15,000 limit. Current law provides for a $7,500 tax break but only for first-time homebuyers.
Getting a $15,000 tax credit as a homebuyer makes an huge impact in peoples lives and pocketbooks, and makes this an even better time to get your piece of Sarasota real estate.
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