Sarasota Makes Top 10 List For Soaring List Prices

DAILY REAL ESTATE NEWS | THURSDAY, DECEMBER 22, 2011 -- Median list prices nationwide have risen 4.05 percent on a year-over-year basis, according to November housing data of 146 metro areas from Realtor.com. Fewer cities are reporting year-over-year list price declines, "suggesting a growing optimism on the part of sellers about 2012 market conditions," according to Realtor.com.
So where have prices risen the most in the last month? The following are the 10 cities that saw the largest median list price increases from October to November.
1. Central Fla.-Regional Statistical Area
Month-to-month median increase: 5.63 percent
Year-over-year increase: 14.27 percent
Median list price: $169,000
2. Phoenix-Mesa, Ariz.
Month-to-month increase: 4.46 percent
Year-over-year increase: 10.54 percent
Median list price: $164,700
3. Miami, Fla.
Month-to-month increase: 3.60 percent
Year-over-year increase: 29.50 percent
Median list price: $259,000
4. Tampa-St. Petersburg-Clearwater, Fla.
Month-to-month increase: 3 percent
Year-over-year decrease: -2.50 percent
Median list price: $144,200
5. New York, N.Y.
Month-to-month increase: 2.71 percent
Year-over-year decrease: -2.57 percent
Median list price: $379,000
6. Fort Myers-Cape Coral, Fla.
Month-to-month increase: 2.69 percent
Year-over-year increase: 21.63 percent
Median list price: $224,900
7. Iowa City, Iowa
Month-to-month increase: 2.50 percent
Year-over-year increase: 3.02 percent
Median list price: $204,900
8. Tucson, Ariz.
Month-to-month increase: 2.41 percent
Year-over-year increase: 2.41 percent
Median list price: $174,000
9. Sarasota-Bradenton, Fla.
Month-to-month increase: 2.13 percent
Year-over-year increase: 16.56 percent
Median list price: $240,000
10. West Palm Beach-Boca Raton, Fla.
Month-to-month increase: 1.86 percent
Year-over-year increase: 15.26 percent
Median list price: $219,000
By Melissa Dittmann Tracey for REALTOR® Magazine's Daily News

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Open House in Serenoa Lakes Sunday January 22nd

The Greg Hudson Group will be hosting an Open House, this Sunday January 22nd 1-4 p.m. at 6793 Areca Blvd, Sarasota Florida. This 4 bedroom 4 bath pool home includes Den/Study, Bonus Room and a 3 car side-entry garage and water and preserve views.

Call Greg today for information about other homes for sale in this gated community (golf course membership is optional). Direct: 941.302.1485

Housing Inventory Drops Another Six Percent in December

January 19, 2012 (Chris Moore) - The inventory of available homes for sale in the United States continued to drop in December, falling for the seventh consecutive month, while the listing prices for those homes that were available for purchase fell slightly according to the latest data housing of 146 metro areas released by Realtor.com

Total listings of existing homes declined 6.00 percent from November with a total of 1,893,528 single-family homes, condos, townhomes, and co-ops listed for sale in December compared to 2,014,352 in November. The number of homes listed for sale in December was 22.29 percent lower than a year ago.

The median list price for an existing home in December was $188,000, down 1.0 percent from $189,900 in November, but 5.03 percent higher than in December 2010.

Detroit posted the largest year-over-year decline in median list prices for the second consecutive month, falling 11.01 percent below December 2010′s price levels. Chicago, which had posted the largest declines in list prices for the previous four months before Detroit took over that distinction, had a year-over-year decline of 10.00 percent.

Rounding out the top five was Las Vegas, with a 7.62 percent decline, followed by Sacramento and Atlanta with annual list price declines of 6.98 and 6.25 percent, respectively.

Florida continued to dominate the list of metropolitan areas with the largest year-over-year increase in median list prices with four of the top five areas residing in that state. Miami was at the top for the second consecutive month, posting a 32.50 percent gain, followed by Naples, which posted a gain of 21.67 percent.

Fort Myers-Cape Coral, which had posted the largest gains in the median list price for the previous five months before Miami claimed the top spot, was third highest at 21.47 percent. Punta Gorda was next with a 19.42 percent annual median list price increase and Boise City, Idaho, broke into the top five with a gain of 19.25.

Five other areas in Florida experienced double-digit gains in their annual list prices which included West Palm Beach (+18.38%), Sarasota (+17.62%), Daytona Beach (+16.06%), Central Florida RSA (+12.63%), and Lakeland-Winter Haven (+12.28%).

The average number of days that an existing home spent on the market climbed to 122 in December from 114 days in November but was down from 127 days in December of last year. One hundred-nine out of the 146 metropolitan areas required 100 days or more to sell a home, up from 92 in November.

Residents selling their homes in the southern region of South Carolina continued to wait the longest to sell their homes, averaging 197 days on the market, up from 188 days the previous month. Residents in Oakland had the shortest wait for the third consecutive month, averaging 53 days on the market, up from 49 days the previous month.

Tags: housing inventory, listed homes, home prices, median sales price, average list price

Source:
Realtor.com

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Optimism Builds in Housing Market

DAILY REAL ESTATE NEWS | Several recent indicators for the real estate industry are pointing to a market that is on the mend and entering recovery mode.

Housing experts' predictions for the new year tend to center around a market stabilizing before entering a gradual, albeit very slow, recovery. However, the tone is more upbeat than it has been in years for the housing market.

Here are a few of the signs that are showing the market moving in a more positive direction:

Home sales: Existing home sales are expected to increase 12 percent this year, following a 2 percent jump last year, Moody's Analytics predicts. The signs are already showing: In November, pending home sales — a gauge for future home buying — reached its highest level in 19 months, the National Association of REALTORS® reported. (Read more.)

New-home market: Coming off of what could be considered the worst year for new-home building ever recorded, the sector is expected to bounce back this year. New-home sales and starts were already showing a rebound in the last few months of 2011. Moody's is predicting that single-family housing starts will increase 37 percent this year, and new-home sales will soar 74 percent.

Housing stocks: Investors are starting to get optimistic about the possibility of a rebound too, and are turning to home builder stocks. These equities have recently outperformed the broader stock market and the S&P 1500 homebuilding index has increased 38 percent since mid-October, USA Today reports.

Consumer confidence: With mortgage rates at record lows and housing affordability high, about 71 percent of Americans say now is a good time to purchase a home. Also, more Americans are optimistic that home prices will rise over the next year — about 26 percent say prices will rise in 2012, an increase of 4 percent over the last survey, according to Fannie Mae's December National Housing Survey

Source: "Housing Outlook Is More Upbeat," USA Today (Jan. 15, 2012) and "Consumers More Confident, Survey Says," Deseret News (Utah) (Jan. 16, 2012)
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Qualifying for the Best Mortgage Rate

DAILY REAL ESTATE NEWS | TUESDAY, JANUARY 17, 2012 - Many borrowers are finding that the record-low mortgage rates advertised recently are out of reach. So how can borrowers snag these best rates — which for the 30-year fixed-rate mortgage alone has been under 4 percent recently? Basically, they need to prove to lenders they are less risk: Lenders offer the best rates to those who they perceive as low-risk borrowers.

Here are ways for consumers to show lenders that they are low-risk borrowers, according to a recent article at The New York Times:

Credit score: According to one mortgage broker, ideal borrowers nowadays have a FICO score of 740 or higher to qualify for the best pricing.

Property types: Buyers of a duplex, four-unit building, or condo may have a rate premium added. Also, lenders will charge borrowers more if they plan to rent out the property rather than live there.

Down payment: Borrowers who put down at least 25 percent will most likely attract the best pricing, lenders say. "Lenders offer different breaks on rates if equity is higher, so you should ask what is available," The New York Times article notes.

Also, borrowers who are able to get a low rate now may want to lock it in if they are heading to closing soon. "Lenders typically agree not to change an offered interest rate for 60 days, but borrowers confident of a quick closing may be willing to accept a 45-day rate guarantee, or even a 30-day lock, in exchange for a small discount, because the transaction's speed helps the lender reduce its risk," The New York Times article notes.

Source: "Mortgages: Shopping for the Best Rates," The New York Times (Jan. 12, 2012)
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More Good News - Want A Home - Buy Now

John R. Talbott, previously a Goldman Sachs investment banker who predicted the housing market collapse 2003, declared that it is now time to buy.  He notes that "it is always better to buy at a discount rather than at a historical peak, and these seem like awfully big discounts. And by my calculations, in most cities across the country, real prices adjusted for inflation have just about come into line with where prices were in 1997, before all this crazy bank lending started, so there should be little additional downside risk by buying today." Read the full article here at http://www.huffingtonpost.com/john-r-talbott/housing-market_b_1161186.html.

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Head Of Largest Bank Sees Bottom Of Real Estate Market

USA Today Money reporter Maria Bartirmo intervies Jamie Dimon, head of the largest bank in the US who thinks the housing marlet has bottomed. He pointed to innovation in health care as a testament to America's strength and heft. Read the interview here: http://www.usatoday.com/money/companies/management/bartiromo/story/2012-01-13/maria-bartiromo-jp-morgan-chase-ceo-jamie-dimon/52583386/1

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Spring Training Tickets Starting to Go on Sale

Spring training tickets are starting to go on sale for the Tampa Bay Rays, Baltimore Orioles and other teams in Florida's Grapefruit League.

Single-game tickets go on sale at 10 a.m. Jan. 28 for the Orioles. The Rays haven't specified an on-sale date yet, but according to MLB.com, single-game tickets will go on sale in mid-January.

The Orioles' spring schedule and the Rays' spring schedule include four head-to-head matchups: on Monday, March 5 (split squad) and Friday, March 9 in Charlotte County; and on Tuesday, March 13 and Sunday, April 1 in Sarasota.

The Orioles will host American League rival the New York Yankees in a split squad night game on Sunday, March 18, and they will welcome the Boston Red Sox to town three times: on Sunday, March 11; Friday, March 23; and in a split squad matchup on St. Patrick's Day, which is a Saturday.

See the schedules and more at: http://sarasota.patch.com/articles/spring-training-tickets-on-sale-this-week-b7de28c4

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Four Best Real Estate Moves For 2012

CBSNEWS: (MoneyWatch) Ever since the housing market collapsed five years ago, buyers, sellers and investors have been climbing their way out of the rubble. Things have improved a little, but it's clear we're not there yet.

Even so, there are signs of hope. Existing home sales are up by a large margin compared with the close of 2010. And for those with the cash, credit, and determination, there has never been a better time to buy a home or apply for a mortgage or refinance.

Mortgage interest rates are at all-time lows, hovering at or under 4 percent for a 30-year fixed loan. Last Thursday, Freddie Mac reported that mortgage interest rates matched the all-time low.

With some careful planning, a little research and a lot of persistence, you can avoid housing market misery in 2012, and come out on top.

Here are four best real estate moves you'll want to make this year:

1. Surround yourself with experts

No matter your goal - a first home, a refinance, reverse mortgage or the purchase of an investment property - you will need a little help from qualified professionals who can help you navigate the rough real estate waters.

Having a good experience starts with hiring someone who has been around this block many times before. So find yourself a very experienced real estate agent who can list your property or help you find the right new home.

But you'll also need to secure the services of trusted experts who can help you seal the deal. Look for a great mortgage lender, real estate attorney (especially if you're buying a foreclosure or short sale or are selling in a short situation), home inspector and tax advisor (for real estate investors).

Putting together the right team can go a long way toward helping you make sound real estate decisions in the coming year.

Read the read of the list at: http://www.cbsnews.com/8301-505145_162-57348884/4-best-real-estate-moves

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7 Tips for Buying in a Tight Market

It's our busy winter season here in Sarasota Florida and I wanted to share with you some tips on how to avoid the frenzy and make a smart decision.

Increase your chances of getting your dream house in a competitive housing market, and lower your chances of losing out to another buyer.

1. Get pre-qualified for a mortgage. You’ll be able to make a firm commitment to buy and your offer will be more desirable to the seller.

2. Stay in close contact with your real estate agent to find out about the newest listings. Be ready to see a house as soon as it goes on the market — if it’s a great home, it will go fast.

3. Scout out new listings yourself. Look at Web sites such as REALTOR.com, browse your local newspaper’s real estate section, and drive through the neighborhood to spot For Sale signs. If you see a home you like, write down the address and the name of the listing agent. Your real estate agent will schedule a showing.

4. Be ready to make a decision. Spend a lot of time in advance deciding what you must have in a home so you won’t be unsure when you have the chance to make an offer.

5. Bid competitively. You may not want to start out offering the absolute highest price you can afford, but don’t go too low to get a deal. In a tight market, you’ll lose out.

6. Keep contingencies to a minimum. Restrictions such as needing to sell your home before you move or wanting to delay the closing until a certain date can make your offer unappealing. In a tight market, you’ll probably be able to sell your house rapidly. Or talk to your lender about getting a bridge loan to cover both mortgages for a short period.

7. Don’t get caught in a buying frenzy. Just because there’s competition doesn’t mean you should just buy it. And even though you want to make your offer attractive, don’t neglect inspections that help ensure that your house is sound.

OK, have any questions? I hope this will give you something to think about.

Call Greg Hudson direct 941.302.1485

SAR Reports Property Sales Up 8.2 Percent For Full Year 2011

For the full year 2011, property sales of members of the Sarasota Association of Realtors® jumped by 8.2 percent to 8,224, achieving the highest level since 2005. The surge in sales was accompanied by stabilization in the median sale prices, which now stand at $155,925 for single family homes and $156,800 for condos over the full year, and have not fluctuated much for the past 12 months.

 

Once again, the market has demonstrated that Sarasota is a destination of choice for many homebuyers. For the overall year of 2011, the resurgence in sales was dramatic, and represents a 44 percent increase over the low point of the downturn in 2008, when only 5,820 properties changed hands.

 

"This is really incredible news, and demonstrates how far this market has improved in only three short years," said SAR President Laura Benson. "Now, we also offer very affordable pricing. Combined with the high quality of homes and condos on the market, I think we clearly have the best values in Florida, without question."

 

Property transactions in the Sarasota real estate market jumped 7.3 percent in December 2011, compared to the November totals. Combined sales stood at 648, up from last month's figure of 602 and the October 2011 sales of 577. This sales resurgence has paralleled the drop in the available inventory, and put the remaining months of inventory in the range of a seller's market.

 

The inventory of available properties for sale in Sarasota was at 4,567 in December, down slightly from the 4,672 in November. The inventory fell to a 10-year low of 4,408 in August 2011. As the inventory has slid, the months of inventory has dropped and now stands at 6.3 months for single family homes and 9.2 months for condos. A figure of 6 months is considered equilibrium between a buyer's and a seller's market.

 

The December 2011 median sale price for condos recovered strongly to $150,000 from November's figure of $127,000. This was the highest level since August 2011. Condo prices have been fluctuating for several months, with the year-to-date median sale price at $156,800.

 

For single family homes, the median sale price dropped slightly in December to $160,000 from $162,000 in November 2011. For the overall year, the figures have remained remarkably steady, indicating a stabilizing market.

 

"There is a real sense of optimism and excitement returning to the market," Benson noted. "We're entering the height of the season, and the open houses have been bustling with energy and interest. Recent news of new home sales doubling in one community and setting records for annual sales in another are clear signs of the strength of the current market."

 

Pending sales were at 694 in December 2011, down slightly from the November 2011 number of 782. Last month, 504 single family homes and 190 condos went under contract.

 

Distressed property sales continued to represent a higher percentage than normal in the local market for the fourth quarter of 2011. In total, 41.7 percent of sales in the fourth quarter were distressed property sales (foreclosures and short sales). This was somewhat higher than the third quarter, when the overall percentage was 38.8 percent, but well below the market high of over 50 percent in the second quarter of 2010.

 

Median sale prices continued to show three distinct markets, with normal market transaction sales prices more than double those for bank-owned transactions. But the price gap has narrowed somewhat, particularly during the past two quarters. For the second quarter of 2011, foreclosed condos sold for a median price of $62,250, while market condo transactions saw a $270,000 median. For the quarter just ended, those prices were at $73,500 and $193,500, respectively.

 

"Realtors® and consumers have adjusted to the market realities, and it appears that pricing in all categories has become more reflective of the current conditions," said Benson. "We continue to watch and hope for a break in the distressed property cycle, and we anticipate the improving economy and lower unemployment rate will eventually bring these figures down to lower levels. The positive side is that our market offers incredible buying opportunities that won't last long."

 

Click HERE for the complete press release in PDF format, plus six pages of statistical charts. 

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The Greg Hudson Group JUST SOLD 7304 S Serenoa Drive in Sarasota. The 3BR + Den updated pool home is beautifully set on a 1/2 acre lot with lake and golf course view. This country club home in Serenoa was listed for $469,000. Call Greg today for information about other homes for sale in this gated community (golf course membership is optional). Direct: 941.302.1485

The Greg Hudson Group JUST SOLD 7304 S Serenoa Drive in Sarasota

The Greg Hudson Group just sold 7304 S Serenoa Drive in Sarasota. The 3BR + Den updated pool home is beautifully set on a 1/2 acre lot with lake and golf course view. This country club home in Serenoa was listed for $469,000. Call Greg today for information about other homes for sale in this gated community (golf course membership is optional). Direct: 941.302.1485

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Just Listed by The Greg Hudson Group - Estate on Siesta Key in Sarasota Fl.

The Greg Hudson Group has just listed an amazing estate on Siesta Key in Sarasota Fl. The estate consists of 2 lots, one with 2 duplexes with rental income potential. Estate is within 600 feet of Siesta Beach, voted the Number One Beach in the USA.
See this listing and more at: http://sarasotafloridahomesonline.com/template40/nextpage.asp?mnu=216996

The Greg Hudson Group has just listed an amazing estate on Siesta Key in Sarasota Fl. The estate consists of 2 lots, one with 2 duplexes with rental income potential. Estate is within 600 feet of Siesta Beach, voted the Number One Beach in the USA.
See this listing and more at: http://ping.fm/l4N46

Federal Reserve Advocates REO Rental Program

DAILY REAL ESTATE NEWS | THURSDAY, JANUARY 05, 2012 - The Federal Reseve called on lawmakers to do more to help the ailing housing market, which has been blamed for dragging down economic recovery. In a 26-page white paper, the Fed told lawmakers that more aggressive action is needed in preventing home values from falling further and handling the large supply of foreclosures that continue to plague many markets.

One program the white paper suggested was a government program to start renting out single-family homes in foreclosure, even allowing the former owners who were foreclosed upon to rent the properties back.

An REO rental program by the government-sponsored enterprises may cost mortgage servicers and bond investors, but the benefit of such a program in the long run needs to be weighed, the Fed said. "Some actions that cause greater losses to be sustained by the GSE in the near term might be in the interest of taxpayers to pursue if those actions result in a quicker and more vigorous economic recovery," according to white paper.

Moreover, renting out some of Fannie Mae's REO inventory, for example, might "deliver a better loss recovery than selling the property," the white paper states.

The Fed also warns in the white paper to lawmakers that the "extraordinarily tight" mortgage lending standards is also harming the real estate market and keeping many from home ownership.

Without more action by the government to help housing, the Fed warns that "the adjustment process will take longer and incur more deadweight losses, pushing house prices lower and thereby prolonging the downward pressure on the wealth of current home owners and the resultant drag on the economy at large."

Source: "Bernanke Calls for Nationwide REO Rental Program," HousingWire (Jan. 4, 2012) and "Fed Urges Action on Housing," Wall Street Journal (Jan. 5, 2012) [Log-in required.]
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The Greg Hudson Group Lists Another Home in Hidden Oaks in Sarasota FL.

HIDDEN OAKS ESTATES Live in a luxurious gated estate home on 2 fenced acres with all the conveniences of a central Sarasota location. The entrance to this custom home begins with a gated 13,000sf paver brick driveway. This professionally designed and decorated 4746sf home includes the finest upgrades throughout. Features 4BR, 4BA, Office/Den, Bonus/Game Rm, 4 Car Garage, and a Detached 6 Car +RV/Boat Garage with Guest Suite. Quality gourmet kitchen includes stainless steel appliances, sub zero side by side, 2 ovens, microwave, dishwasher, and a gas 6 burner range top. Wood cabinets and granite counter tops w/custom tile back splash, island counter, large closet pantry and a butlers pantry. The expansive Master Suite features his/hers bathrooms, walk-in closets and shares an over sized roman shower. Double crown ceiling molding, 6 and a half inch baseboard, double tray ceilings, travertine tile floors, hardwood floors & custom wood blinds are featured upgrades. This home has a 4 zone A/C system and a 45kw generator provides electric should there be a power failure. Outdoor entertaining includes a Pergola with fire pit, an 18x36 salt pool, heated spa, screened lanai with outdoor kitchen, paver brick deck & tongue/groove ceiling. The Detached Garage with Guest Suite is apx 3,800sf. The roof is high quality 24 gage galvalume. Windows/doors are PGT win guard designed for 130 mph winds. Ideally located with less than an 8 minute drive to downtown and nearby medical facilities, schools, shopping, dining.

See more of it at: http://sarasotafloridahomesonline.com/SearchPoint/listingDetail.asp?_account=flist&_org_id=flmfr&_uid=3376C78E-623B-48B0-B501-148579D782E8-2&_current=1&mls_property_id=A3953566&order_id=20106&_per_id=83EC6AE09FA84076948EE1D117C23CB0&_vp_cb=

The Greg Hudson Group has just listed a stunning home in Hidden Oaks in Sarasota FL. Located at 4720 Stone Ridge Terrace Trl, this 4 bedroom, 4 bath pool home has over 4,746 sq. feet of living. See more of it at: http://ping.fm/m9dJ6