I am watching the weather reports. Another snowstorm is set to hit the northeast, which just makes me thankful all over again that I moved south nearly 10 years ago. That was the best move I ever made.
So in the spirit of warmth, sun, and beaches, I thought it appropriate to revisit a topic of much interest - are there any affordable homes on Siesta Key? Now, more than ever, the answer is YES. And if you are even remotely considering a retirement or second home and you want to walk to one of the top beaches in the world, now is your time.
Siesta Key Homes - Starting at $249K as of 2/25/2010
Siesta Key Condos - Starting at $150K as of 2/25/2010
As a true beach bum who moved to Sarasota after standing on this very beach in awe, I can tell you...like me, you will never regret having a home here. Especially if you can get a great deal.
http://www.TrueSiestaKey.com
http://SeeSarasotaLive.com Live webcam located on North Siesta Key
Thursday, February 25, 2010
Tuesday, February 23, 2010
Short Sales Changes Coming?
In November of 2009, the guidelines were set for non Freddie Mac/Fannie Mae short sale procedures. The guidelines are set to take place in April 2010. Fannie Mae and Freddie Mac are due to reveal their own version of the HAFA Act very soon. The acts, if implemented and workable, will solve some daunting short sale problems and hopefully begin to clear short sale inventory.
The act will address two of the biggest frustrations of short sales.
1) Blind offers - in the past, the listing agent often set the listing price without input from the bank as to what they will actually take.
New procedures will allow borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).
2) Unacceptable time frames - In the past, buyers and sellers had no choice but to wait for unspecified amounts of time - average 6 months, but up to a year or more in some cases - for a decision from the bank.
The new act will allow for standard processes, documents, and timeframes/deadlines.
It is my opinion that should these new processes be implemented in an enforceable way, the inventory will begin to rapidly drop to a normal level. At the moment, short sales dominate the market, and buyers are often unwilling to enter into a contract with so many unknowns and opt instead to wait until a "traditional" sale hits the market. Once lenders begin to utilize these procedures, and short sales are easier to navigate, buyers will begin to take advantage of the sales.
The act will address two of the biggest frustrations of short sales.
1) Blind offers - in the past, the listing agent often set the listing price without input from the bank as to what they will actually take.
New procedures will allow borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).
2) Unacceptable time frames - In the past, buyers and sellers had no choice but to wait for unspecified amounts of time - average 6 months, but up to a year or more in some cases - for a decision from the bank.
The new act will allow for standard processes, documents, and timeframes/deadlines.
It is my opinion that should these new processes be implemented in an enforceable way, the inventory will begin to rapidly drop to a normal level. At the moment, short sales dominate the market, and buyers are often unwilling to enter into a contract with so many unknowns and opt instead to wait until a "traditional" sale hits the market. Once lenders begin to utilize these procedures, and short sales are easier to navigate, buyers will begin to take advantage of the sales.
Wednesday, February 17, 2010
The Paradox of "Foreclosure Value"
The request goes something like this "I know there are a ton of foreclosures in the area. I want to take advantage of one, but I want to make sure I am buying something that will definitely increase in value"
Don't get me wrong, I understand what they are trying to accomplish. But when a neighborhood (or community or town or county) is rife with foreclosures, the concept of "recovery " and "values" is a dicey one. The very reason you can get so many properties for so cheap is generally because there are just too many abandoned properties in that area. Value in those locations is hard to guarantee. I recently looked at what appeared to be a great deal for a client - until we saw that 11 other homes ON THE SAME STREET were in distress. Value? Probably not.
In Sarasota, we do not see nearly the REOs as they have in other parts of the state - and exceptionally few in higher end properties (over $100K). And when the true steal comes up, it is gone within minutes. This is not an exaggeration. Recently, I saw an REO the moment it hit the system. Recognizing immediately that it was a deal - priced at $275K, worth about $400K - I ran out to the property to take photos for my customers. I got there less than 1 hour from the time it appeared on the market.
I was one of 17 people on property.
By the time one of my clients expressed interest 3 hours later, the property was pending. Gone. A true deal does not last long. The media has made it sound like there are no buyers. But Sarasota is crawling with buyers.
I look at every opportunity for my buyers - and sometimes we get lucky with an REO and steal a property. But I still maintain that some of the best deals to be had are from traditional sellers. If they purchased prior to the boom, they likely have plenty of equity in their home and can afford to sell. You get a great deal, and the home has actually been maintained. Not only that - those homes arent getting nearly the attention of the REOs, which often end in bidding wars and higher prices.
Don't get me wrong, I understand what they are trying to accomplish. But when a neighborhood (or community or town or county) is rife with foreclosures, the concept of "recovery " and "values" is a dicey one. The very reason you can get so many properties for so cheap is generally because there are just too many abandoned properties in that area. Value in those locations is hard to guarantee. I recently looked at what appeared to be a great deal for a client - until we saw that 11 other homes ON THE SAME STREET were in distress. Value? Probably not.
In Sarasota, we do not see nearly the REOs as they have in other parts of the state - and exceptionally few in higher end properties (over $100K). And when the true steal comes up, it is gone within minutes. This is not an exaggeration. Recently, I saw an REO the moment it hit the system. Recognizing immediately that it was a deal - priced at $275K, worth about $400K - I ran out to the property to take photos for my customers. I got there less than 1 hour from the time it appeared on the market.
I was one of 17 people on property.
By the time one of my clients expressed interest 3 hours later, the property was pending. Gone. A true deal does not last long. The media has made it sound like there are no buyers. But Sarasota is crawling with buyers.
I look at every opportunity for my buyers - and sometimes we get lucky with an REO and steal a property. But I still maintain that some of the best deals to be had are from traditional sellers. If they purchased prior to the boom, they likely have plenty of equity in their home and can afford to sell. You get a great deal, and the home has actually been maintained. Not only that - those homes arent getting nearly the attention of the REOs, which often end in bidding wars and higher prices.
Sunday, February 07, 2010
Add Sarasota to Another List!
AARP Magazine over the years has ranked retirement destinations under a variety of criteria, from "The Best Places to Live a Simple Life," to the "Healthiest Hometowns" and "The Best Places to Reinvent Your Life". From these lists, CNBC.com has focused on a selection of towns and cities recognized as top places to retire, picking the best and most unique locations from AARP Magazine's overall reviews.
Top Retirement Hotspots includes as #4, Sarasota FL.
Sarasota is perhaps one of the most popular retirement destinations in the most popular US state for retirees. Located on the Gulf Coast, Sarasota has 35 miles of beaches and offers residents opportunities from golfing to boating and gourmet dining. The town also offers a range of activities, including an opera, symphony, film society and a range of art galleries.
This destination is attracts plenty of vacationers in the winter months which does make it a bit more crowded during those times. The area also finds median home values at $185,200, which is slightly above the national average. Regardless, AARP Magazine has identified Sarasota, a city with the nickname "Paradise," as #4 on its list of "best places to reinvent your life.” Add that to its recent designation as the most undervalued city in America, and Sarasota is the obvious choice for a second, vacation or retirement home.
Top Retirement Hotspots includes as #4, Sarasota FL.
Sarasota is perhaps one of the most popular retirement destinations in the most popular US state for retirees. Located on the Gulf Coast, Sarasota has 35 miles of beaches and offers residents opportunities from golfing to boating and gourmet dining. The town also offers a range of activities, including an opera, symphony, film society and a range of art galleries.
This destination is attracts plenty of vacationers in the winter months which does make it a bit more crowded during those times. The area also finds median home values at $185,200, which is slightly above the national average. Regardless, AARP Magazine has identified Sarasota, a city with the nickname "Paradise," as #4 on its list of "best places to reinvent your life.” Add that to its recent designation as the most undervalued city in America, and Sarasota is the obvious choice for a second, vacation or retirement home.
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