Florida Leads The Way To Recovery?

Florida deserves a round of applause and Sarasota too since we've been leading all other counties in the state with home sales:

Housing Predictor - which monitors over 250 residential property markets nationwide - says Florida appears to be emerging from the realty slump before any other state, including California.

The Sunshine State is seeing population growth, and single-family home and condominium sales have been on the rise for more than six months. Foreclosures and short sales presently account for approximately 67 percent of all sales and often are not included in real estate agents' tallies. Additionally, banks in many Florida housing markets are cranking out more home loans, and sellers finance almost 20 percent of all sales.

Source: First
EmailWire.com (04/21/09)

© Copyright 2009 INFORMATION, INC. Bethesda, MD (301) 215-4688

January Sales Stats

*The following press release was sent to local media on Feb. 25 at 11:00 a.m.

January 2009 pending sales jump almost 18 percent

In the face of national economic doom and gloom, pending sales in the Sarasota real estate market rose to 683 in January 2009 as reported by members of the Sarasota Association of Realtors®, topping the 500 level for the 13th month in a row. Pending sales last month were much higher than the 516 reported in January 2008, which indicates that local real estate has bucked the national downward to some extent.

Pending sales reflect contracts executed by buyers and sellers. The recent numbers demonstrate a steady, strong pattern, indicating buyers have become more active in the Sarasota market as the traditional season heats up.

"These are certainly historic times for our nation's economy, and we must be realistic and understand that higher unemployment and the recession impacts everyone," said 2009 SAR President Bill Geller. "But we must also understand that even during downturns, opportunities exist for savvy buyers. The Sarasota market is blessed with tremendous, high quality properties, and the lower prices have made this area a goldmine of opportunity. With the guidance of a well-trained, professional local Realtor®, buyers can be assured that they will find the perfect property in today's market environment."

Overall closed sales in the first month of 2009 stood at 319, compared to 327 in January 2008, a year-to-year decline of only 2.4 percent. Sales totaled 406 December 2008, but the monthly decline was expected, especially during a four-year election cycle, when real estate activity often sees a lull prior to a new administration taking office.

The recent signing of the $787 billion American Recovery and Reinvestment Act, plus the Obama administration's enactment of the $75 billion Housing Support and Foreclosure Prevention program should help improve the real estate markets even more in the months ahead, said Geller.

"We are clearly seeing a focus by this administration on the root of the economic problems - the real estate downturn," said Geller. "There have been several initiatives adopted which include suggestions by the National Association of Realtors®, and we are hopeful these programs will help us back on the road to recovery."

For instance, first-time homebuyers who meet eligibility requirements and purchase a home this year prior to Dec. 1 are eligible for a tax credit of $8,000. Unlike the 2008 tax credit, this one does not have to be repaid. Combined with historically low interest rates, experts expect this program to generate an increase in sales.

"And the ripple effects of expenditures for household items, moving costs, furnishings and so on should provide a needed shot in the arm for our local economy," said Geller.

The median sale price for single family homes declined to $149,950 in January 2009 after coming in at $175,000 in December 2008, for a 14 percent decline. Condominium prices fell to $220,000 in January 2009 from the December 2008 figure of $255,000, also 14 percent decline. While statistics have not been tabulated breaking down the number of short sales and foreclosures, many local agents and brokers have indicated these sales have dominated their recent business, which tends to impact the median sales prices substantially.

Another important market tracker - the absorption rate of properties on the market - continues to track lower than last year at this time for both single family homes and condominiums. Absorption rate is the number of months it would take to sell the entire remaining listed inventory in a particular category, based upon the sales for that particular month.

For January 2009, the absorption rate for single family homes stood at 25.3 months, compared to 39.0 months in January 2008. For condominiums, the absorption rate was at 38.4 months in January 2009, substantially lower than the 52.0 months reported in January 2008.

Follow this link for a two page stats chart:
http://rs6.net/tn.jsp?et=1102476640349&e=001nCg2Z8ryvYWDzD_YmAYDMflbXHhMmH2kFiAwCVunqeve-U7ht-hiAsyc1Z9ArCn03i6_3ImHM9p5_OENrdyC_QdU8OETq0QbAScbn_X27BM932CqLoq-O3kRAulE2UD_zEhWcPgzw0yzrezlJGzqf-CRruTgRIJt

September's Sarasota, Florida & US Real Estate Sales Statistics

From the Sarasota Association of Realtors:
http://www.sarasotarealtors.com/StatsSept08.pdf

From the Florida Association of Realtors:
http://www.floridarealtors.org/NewsAndEvents/n1-102408.cfm

From the National Association of Realtors:
http://go-to.realtor.org/r/IY67XN/EWV1D/S3NNA7/FQP6E/755QE/XL/h/

Pains In The...

"Lenders Told They Can't Hide" By Todd Ruger
Published: Monday, October 20, 2008 at 1:00 a.m. Last Modified: Monday, October 20, 2008 at 1:23 a.m.

As more and more Florida homeowners slip into foreclosure, the law firms handling the cases for the banks have become harder to reach, those familiar with the system say. Homeowners and their attorneys, and even judges, cannot get a call back, making it impossible to dispute a debt or work out deals other than foreclosure until the case is in front of a judge.

"The lenders are just not talking to them," Chief Circuit Judge Lee Haworth said. Now, Haworth and other 12th Judicial Circuit court judges are going to force those law firms to meet with the homeowner within 45 days for a frank discussion on alternatives to foreclosure. Those discussions could center around refinancing, forgiving part of the debt or clarifying the amount required to reinstate or pay off the loan.

The Homestead Foreclosure Conciliation Program will start in December. It aims to keep people in their homes and reduce the strain on the court system from foreclosure cases, which are on pace to double this year compared with 2007. The program applies only to property registered as a primary residence under the homestead exemption. Local bar associations and legal aid organizations agreed to provide some attorneys to assist those homeowners during the meeting at no cost.

The law firms representing lenders are also required to notify any homeowner of the program, contact them and invite them to participate.

The large increase in foreclosures has strained almost every part of the foreclosure process, from serving legal papers to finding courtroom time. Coming to a solution within 45 days would avoid protracted legal battles and reduce the number of cases going through the system. Those long legal battles seem to be the only way to get law firms representing banks to return calls, Miami-based foreclosure attorney Rick Neustein said. "Most of the time they don't want to talk to us until they see this thing is being hotly contested," Neustein said. "They don't get serious until we're defending the foreclosure for nine months." Haworth said the main issue is only a small number of law firms handle the foreclosure cases for the banks for small legal fees, so they want to put as little time as possible into a case.

If the law firms do not comply with the new order, they will face courtroom sanctions that would cost them money, since it would take their attorneys more time to handle the cases. The law firms for lenders would not be able to settle the case through a summary judgment, a quick resolution to cases. The lender attorneys would no longer be able to appear at hearings over the telephone. And that lender's cases would be assigned the lowest priority for court hearing times, which may delay the case for an extended period.

Florida was the No. 4 state for foreclosures in August. Across the country, foreclosure filings in August rose 12 percent from the previous month and 27 percent from August 2007. The 303,879 filings -- default notices, auction sales notices and bank repossessions -- represent one filing for every 416 households. According to numbers provided by Sally Olsen Rackey of Sarasota's Hembree & Associates, one out of every three houses sold in Sarasota County since the beginning of the year was a foreclosure sale.

Florida's Home Sales Increases For First Time In 2 Years!

So the increase is only six more homes last month compared to July 1007 but every little bit counts, right?

For the full story: http://www.floridarealtors.org/NewsAndEvents/n1-082508.cfm.

Market Updates

HOME SALES

Florida Realtors continued to report positive signs for the state's housing sector in the second quarter of 2008. Sales of both existing single-family homes and existing condos improved in the second quarter compared to first quarter 2008, according to FAR's latest housing data. A total of 35,178 existing homes sold statewide in 2Q 2008, up 38.2 percent over 1Q 2008. Nationwide, existing home sales rose from the first quarter in 13 states, according to NAR's latest survey.

Read the full story: http://www.floridarealtors.org/NewsAndEvents/n1-081408.cfm.

FORECLOSURES

Nationwide, more than 272,000 homes received at least one foreclosure-related notice in July, up 55 percent from the same month last year and 8 percent from June. Florida trailed only Nevada and California's state foreclosure rates for the month, while Cape Coral-Fort Myers ranked No. 1 for metro areas.

Read the full story: http://www.floridarealtors.org/NewsAndEvents/n4-081408.cfm.

2009 Predictions

Property values in Florida declined $153 billion last year, or 6 percent, state economists reported Wednesday. But they expect the state's economic picture to start improving in 2009.

Read the full story: http://www.floridarealtors.org/NewsAndEvents/n3-080708.cfm.

For a second straight meeting, the Federal Reserve has decided to remain on the sidelines and leave interest rates unchanged. In the opinion of many economists, that stance may prevail not only for the rest of this year but well into 2009.

Read the full story: http://www.floridarealtors.org/NewsAndEvents/n4-080708.cfm.

NAR's Pending Home Sales Index, a forward-looking indicator based on contracts signed in June, rose 5.3 percent to stand at 89.0 from May. "The rise in pending home sales was broad-based with all four regions showing gains," says NAR Chief Economist Lawrence Yun. Further improvement is predicted for the months ahead, and the report notes an upswing in Fort Myers.

Read the full story: http://www.floridarealtors.org/NewsAndEvents/n2-080708.cfm.

Foreclosure Rates Finally Fall

RealtyTrac just reported that the national foreclosure rate fell by 3% in May compared to April. This may not seem like much but I'm going to take it as a good sign.

For the full story, click here: http://www.floridarealtors.org/NewsAndEvents/n4-071008.cfm.

Sarasota's May Home Sales Statistics

While most areas throughout the state continue to struggle, home sales in the Sarasota MLS hit an all time high for 2008 in May with a total sold of 627 single family houses and condos--the most properties sold in one month since March 2007. This marks the fifth consistent increase in sales this year: January 329, February 423, March 514 and April 567.

Inventory levels were also lower in May for the third month in a row with a total of roughly 9500 homes and 5100 condos currently for sale.

There's still a lot of truly affordable housing available out there, including great deals on foreclosures. If you're interested in receiving automatic updates of newly listed homes and price reductions--or need help finding your dream home--email me at Christina@YourHometownConsultant.com.

SRQ Only 1 of 2 Florida Markets With Sales Increase!

"In area home sales, signs of hope"

In another sign that the Sarasota-Bradenton housing market is recovering faster than most parts of Florida, June home sales climbed 5 percent from the same month last year. Prices were still seeking firmer footing: the median dropped 10 percent. But the June price was on par with the last six months.In the Sarasota-Bradenton area, one of only two Florida markets with June sales increases, home sales continue to run at about the rate of the pre-boom market. "I would not expect median prices to be rising yet as there is still so much inventory, but people are buying and beginning to realize perhaps we are skidding along the bottom," said Penny Hill, the Sarasota-based top national producer for Chase Mortgage. "Skidding along" might be an apt description: Sarasota-Bradenton's median sales price was $292,700 in June, $294,700 in May, $294,800 in April, $291,500 in March and $294,500 in February.

One sign that the recovery in Sarasota-Bradenton may be ahead of the rest of the state: In Miami, 469 existing homes were sold during June, compared to the 797 that sold in Sarasota-Bradenton.

Meanwhile, Charlotte County-North Port saw a 33 percent drop in sales, from 323 homes in June 2006 to 218. Its median price dropped 10 percent, from $222,300 to $199,000. Only Melbourne-Titusville-Palm Bay had a bigger drop at 15 percent. Tallahassee, Ocala and Fort Lauderdale all posted increases -- 4 percent, 3 percent and 1 percent, respectively.Sales in the Tampa-St. Petersburg-Clearwater market dropped 35 percent.

For the rest of the article by By STEPHEN FRATER and MICHAEL POLLICK in the SHT: http://www.heraldtribune.com/article/20070726/REALESTATE/707260573/1201.

7th Best State To Do Business Too

Florida is one of the best places to do business, ranking seventh in the 2007 listing of business-friendly states by Forbes.com. Criteria considered included job and income growth, living costs, and educational achievement, as well as projections of job, income, and gross state product growth.

Full story:http://click.email.floridarealtors.org/?ju=fe5b11747c67017e7412&ls=fe3211727667077e711171&m=feff1070756103&l=fecc177274660379&s=fe5f1d777365047c7215&jb=ffcf14&t=

Sarasota Memorial Rocks Again!

"For the past three years, Sarasota Memorial Hospital has trumpeted the release of a national magazine's rankings of top hospitals.In 2006, Sarasota Memorial was heralded as being among the nation's top 50 hospitals in six different specialties, including high-profile programs like heart surgery and orthopedics. This year's rankings, though, have hospital officials quietly poring over the numbers.U.S. News & World Report released its 'America's Top Hospitals' rankings on its Web site Friday.

Sarasota Memorial ranked among the top 50 hospitals in two specialties, cancer and geriatrics. Officially, the hospital calls it an achievement just to make a list dominated by big-name facilities like Johns Hopkins and the Mayo Clinic....


For more info: http://heraldtribune.com/article/20070717/BUSINESS/707170599.

Sarasota's 2nd Best In US For New Small Business!

10 Best Places for Starting a Small Business

Florida is the best state to grow a small business, according to a new study by Bizjournals, the Web site of American City Business Journals Inc. Bizjournals used a 12-part formula to rate the vitality of small-businesses in the nation's 75 largest metropolitan areas. These 75 markets, taken as a group, had 179 million residents as of mid-2005, accounting for 60 percent of the nation's total population. They also included 4.5 million small businesses, a number that rose by 7 percent between 2000 and 2005. The study's objective was to identify those metro areas that are most conducive to the creation and development of small businesses.

The highest scores went to areas that have prosperous economies, are expanding rapidly, and are densely packed with small businesses. The top 10 are:


Orlando, FL
Sarasota-Bradenton, FL
Miami-Fort Lauderdale, FL
Las Vegas,NV
Jacksonville, FL
Raleigh, NC
Washington, DC
Salt Lake City, UT
Oxnard-Thousand Oaks, CA
Minneapolis-St. Paul, MN


For a more complete results, see how all 75 markets ranked for small business growth.

Source: BizJournals, G. Scott Thomas (07/10/07)

Sarasota-Bradenton A Bright Spot In The Nation For Home Sales In March

By MICHAEL BRAGA and MICHAEL POLLICK
michael.braga@heraldtribune.commichael.pollick@heraldtribune.com


Sarasota-Bradenton’s housing market was bright spot in a bleak national landscape during March. The market was the only one among the state’s 20 largest metropolitan areas besides Panama City to post an increase in sales. Sarasota-Bradenton’s increase was 16 percent while Panama City’s was up 28 percent. The median sales price was down 9 percent at $291,500, but there was some good news in even that. The price was actually higher than during the last several months even though it was lower than March 2006.

Charlotte County-North Port’s sales dropped 25 percent during March while its median sales price was $193,000, a decline of 14 percent.

The national backdrop of the region’s March performance was that sales of existing homes dropped by the largest amount in nearly two decades, reflecting bad weather and increasing problems in the subprime mortgage market, the National Association of Realtors reported. Sales of existing homes fell by 8.4 percent in March, compared with February. It was the biggest one-month decline since a 12.6 percent drop in January 1989, another period of recession conditions in housing. The drop left sales in March at a seasonally adjusted annual rate of 6.12 million units, the slowest pace since June 2003. The steep sales decline was accompanied by an eighth straight fall in median home prices, the longest such period of falling prices on record. The median price fell to $217,000, a drop of 0.3 percent from the price a year ago.

Sarasota Is 7th Best Spot For Young Retirees

STAFF REPORT

SARASOTA -- Money magazine named Sarasota as one of the "Best Places to Retire Young." Money lauded the city of 53,000 for its architecture, beaches and culture, though it took a mild shot at Sarasota's house prices. Sarasota was the seventh city on the list of 10. "While you're not going to realize a lot of housing bargains in this Gulf Coast spot, you will discover some of the most splendid architecture anywhere in the Sunshine State," Money writers said. "It also boasts pure white sands, exotic birds and plants, boating, water skiing, opera, ballets." Sarasota was among nine other cities around the nation that were praised for being a good spot to hang up your work hat while you still walk without a cane.

No other Florida cities made the list, but four other Sunshine State communities were finalists for the top 100 on Money's spots to retire young: Boca Raton, Coral Springs, Miramar and Pembroke Pines.Only one state -- Virginia -- claimed more than one spot on the list. The other nine cities among the top 10 were -- in the order of the list: Coeur d'Alene, Idaho; Charlottesville, Va.; Logan, Utah; Blacksburg, Va.; Burlington, Vt.; Anacortes, Wash.; Hanover, N.H.; Manhattan, Kan.; and Ames, Iowa. Money listed Sarasota with a population of 53,477, a 15-year population growth of 2.6 percent, a median house price of $423,400, and a home price forecast for the next two years of a 6.3 percent increase.

How did Money make the call for what communities would be on the list? The magazine's writers figured that young retired people were still active and would have a need for travel and recreation. They also are not likely to want to fight major-city congestion. Each city chosen for the list had to be near a major city or "urban cluster" to provide a major airport, shopping and dining and other amenities.In cases where a metropolitan area was not within 100 miles, the magazine "looked for an outdoor lifestyle compelling enough to overcome the relative isolation."

The magazine's writers also looked for places with healthy economies -- they looked for low unemployment and long-term job growth -- and a cost of living measured by home prices that were near the average in the United States. Unemployment in Sarasota County during February was 3 percent, down from 3.1 percent in January and slightly higher than the same month last year. Sarasota, obviously, had some difficulties in the latter housing category given its $400,000-plus median." In some cases, we were willing to include those places that are worth their higher price tag through their unique mix of resources," the magazine writers said.

House Sales Rise 5 % in Sarasota-Bradenton; Price Drops 9 %

March 23. 2007 11:28AM
Sales drop 1 percent in Charlotte County North while price drops 11 percent
STAFF REPORT for Sarasota Herald Tribune

February proved a brighter month for homes sales in Southwest Florida with a 5 percent increase in sales in the Sarasota-Bradenton market. That was the biggest increase in the state behind Panama City, which posted a 21 percent rise.

There were 598 homes sold in Sarasota-Bradenton last month compared with 568 during the same month in 2006.Charlotte County-North Port posted a 1 percent drop in sales, 216 sales in February 2006 compared with 218 last month.

The median sales price in the Sarasota-Bradenton market was $294,500 in February, down 9 percent from $324,200 during the same month last year.The median sales price dropped by a larger margin in Charlotte County-North Port. It was $201,100 last month, down 11 percent from $226,300 during the same 2006 month.