Click on title to see full article and charts.
The great home price decline that began on the Gulf Coast more than four years ago finally shows signs of ending.
In the Sarasota-Bradenton market, the median price for single-family homes hit a low of $144,000 in February 2009. Since then, it has bounced around, creeping as high as $167,400.
Some skeptics warn that more bad news lurks, thanks to an expected flood of foreclosures and a paucity of bank lending.
But a growing number of market watchers see signs the price decline has ended.
• The number of for-sale properties continues to push toward a more healthy level. In the Sarasota market, there was a 10.6-month inventory last month -- the amount of time it would take to sell every home on the market at the current rate of sales -- down from 11.5 months in January. Six months is considered equilibrium between buyers and sellers.
• The lower end of the market -- homes selling for $200,000 or less -- has stabilized. Thanks to strong investor demand, there have been bidding wars for homes in that range. For the 12 months ended Jan. 31, the median price for low-end homes in Sarasota has risen no higher than $110,000 and fallen no lower than $99,000.
• The top of the market -- homes that sell for $500,000 and above -- may still face turmoil. More people than realized bought luxury homes they could not afford, says Jack McCabe, the real estate consultant who correctly called the top of the market in 2005. Those houses will be sold at deep discounts during the next two years, he predicts.
Sunday, March 28, 2010
Wednesday, March 24, 2010
Sarasota Region's housing sales up
Click on title to see full article.
Homes sales in Southwest Florida bucked a third straight month of decline nationwide, but prices in this region fell for the second straight month.
February's median sales price remained above the apparent nadir set a year ago in the Sarasota-Bradenton market, but the question of whether distressed properties will push the region to a new low before a broader recovery continues to dog the housing market.
Budge Huskey, the Southeast region executive vice president for Coldwell Banker's parent NRT LLC, said the price drops do not worry him.
"The general assumption is that we will have continued volatility on a month-to-month basis, but the longer trend-line will be unmistakable positive," Huskey said. "It would appear that the worst of the devaluation is behind us."
Meanwhile, sales that continue to rise regionally even as the nation sees declines bolsters many observers' notion that the market has bottomed.
Sales of existing homes in Sarasota-Bradenton rose 48 percent from a year ago while increasing 11 percent in the Charlotte County-North Port market.
The median price in Sarasota-Bradenton was up 7 percent at $154,500 from a year ago, but down 1.4 percent from January. Prices had dropped 6.4 percent from December to January.
Prices in Charlotte County-North Port were flat at $96,600 in February compared with $96,400 a year ago. But the median was down 5.3 percent when compared with January. Prices had dropped 8.3 percent from December to January, according to data from Florida Realtors, the former Florida Association of Realtors.
Most agents in that southern market think the worst of price declines is over, and that if prices have not already bottomed, they are "very close," said Bob Gray, president of the Punta Gorda-Port Charlotte-North Port Association of Realtors.
"You can never tell when it's actually happening -- that you've reached the bottom -- only after it's happened," Gray said. "But the overall feeling here is that we were kind of the first in, and we may now be the first out."
In particular, prices are starting to stabilize thanks to a substantial reduction in inventory since the beginning of the Great Recession, Gray said.
In October 2007, for example, there were 47 months worth of homes for sale in the broader Charlotte County region, or nearly 8,000. Last month, it was a 10-month supply, or about four months shy of what is considered normal, Gray said.
A majority of buyers also are paying prices much closer to the sellers' original asking price, Gray said, citing data showing that during February buyers paid 93 percent of the listing price.
Sales were also up statewide during February with fairly flat pricing.
Statewide, sales rose 21 percent while the median sales price was $131,200, down 7 percent from a year ago and roughly equal to January's $130,900.
But sales nationally fell for a third straight month in February -- a drop of 0.6 percent -- down to the lowest level since July, the National Association of Realtors reported.
Sales activity varied across the country. In the South, the dip was only 1 percent, but sales dropped almost 9 percent in the Midwest and 5 percent in the West. Sales rose 2 percent in the Northeast.
The weakness depressed prices with the median dropping almost 2 percent from a year ago to $165,100.
But in Southwest Florida, agents are seeing renewed activity and buyer confidence returning even in the high-end market, said Judy Green, broker and owner of Sarasota's Signature Sotheby's International Realty.
Multiple Listing Service data show that eight homes in Sarasota and Manatee counties sold for more than $1 million in February 2009. Last month, 24 homes above the $1 million mark sold in the same area.
"Many high-end homes are still overpriced," Green said. "Sellers need to be realistic with new market conditions if they expect their home to sell."
Huskey, the Coldwell Banker executive, acknowledged that there remains a large supply of bank-owned homes still to enter the market.
"Some of the largest lenders in the country are continuing to hold on to their inventory," Huskey said. "While we'll see fewer bank-owned sales in the immediate future, inevitably the flood gates will re-open."
But Huskey thinks that improvements in the economy, in consumer confidence and in the stock market are leading the drive upward in sales.
"We still have some fundamental problems, but we have come a long way," he said.
Gae Stewart, president of the Venice Area Board of Realtors, sees prices stabilizing in her territory.
"Homes are selling at 95 percent of the list price, which indicates to me that we've hit a bottom and things are leveling out," Stewart said. "When homes are priced right, you do not see too much of a drop from the listing price to a sales price."
A hot topic at meetings among Realtors remains the new wave of foreclosures that experts predict will come onto the market soon and again swell inventories.
"The banks are the ones that have the hold on those because they are ones that they have taken back in foreclosure," Stewart said. "And they have the right to hold onto them until it is a better time to put them on the market. The second wave? We'll have to see."
Homes sales in Southwest Florida bucked a third straight month of decline nationwide, but prices in this region fell for the second straight month.
February's median sales price remained above the apparent nadir set a year ago in the Sarasota-Bradenton market, but the question of whether distressed properties will push the region to a new low before a broader recovery continues to dog the housing market.
Budge Huskey, the Southeast region executive vice president for Coldwell Banker's parent NRT LLC, said the price drops do not worry him.
"The general assumption is that we will have continued volatility on a month-to-month basis, but the longer trend-line will be unmistakable positive," Huskey said. "It would appear that the worst of the devaluation is behind us."
Meanwhile, sales that continue to rise regionally even as the nation sees declines bolsters many observers' notion that the market has bottomed.
Sales of existing homes in Sarasota-Bradenton rose 48 percent from a year ago while increasing 11 percent in the Charlotte County-North Port market.
The median price in Sarasota-Bradenton was up 7 percent at $154,500 from a year ago, but down 1.4 percent from January. Prices had dropped 6.4 percent from December to January.
Prices in Charlotte County-North Port were flat at $96,600 in February compared with $96,400 a year ago. But the median was down 5.3 percent when compared with January. Prices had dropped 8.3 percent from December to January, according to data from Florida Realtors, the former Florida Association of Realtors.
Most agents in that southern market think the worst of price declines is over, and that if prices have not already bottomed, they are "very close," said Bob Gray, president of the Punta Gorda-Port Charlotte-North Port Association of Realtors.
"You can never tell when it's actually happening -- that you've reached the bottom -- only after it's happened," Gray said. "But the overall feeling here is that we were kind of the first in, and we may now be the first out."
In particular, prices are starting to stabilize thanks to a substantial reduction in inventory since the beginning of the Great Recession, Gray said.
In October 2007, for example, there were 47 months worth of homes for sale in the broader Charlotte County region, or nearly 8,000. Last month, it was a 10-month supply, or about four months shy of what is considered normal, Gray said.
A majority of buyers also are paying prices much closer to the sellers' original asking price, Gray said, citing data showing that during February buyers paid 93 percent of the listing price.
Sales were also up statewide during February with fairly flat pricing.
Statewide, sales rose 21 percent while the median sales price was $131,200, down 7 percent from a year ago and roughly equal to January's $130,900.
But sales nationally fell for a third straight month in February -- a drop of 0.6 percent -- down to the lowest level since July, the National Association of Realtors reported.
Sales activity varied across the country. In the South, the dip was only 1 percent, but sales dropped almost 9 percent in the Midwest and 5 percent in the West. Sales rose 2 percent in the Northeast.
The weakness depressed prices with the median dropping almost 2 percent from a year ago to $165,100.
But in Southwest Florida, agents are seeing renewed activity and buyer confidence returning even in the high-end market, said Judy Green, broker and owner of Sarasota's Signature Sotheby's International Realty.
Multiple Listing Service data show that eight homes in Sarasota and Manatee counties sold for more than $1 million in February 2009. Last month, 24 homes above the $1 million mark sold in the same area.
"Many high-end homes are still overpriced," Green said. "Sellers need to be realistic with new market conditions if they expect their home to sell."
Huskey, the Coldwell Banker executive, acknowledged that there remains a large supply of bank-owned homes still to enter the market.
"Some of the largest lenders in the country are continuing to hold on to their inventory," Huskey said. "While we'll see fewer bank-owned sales in the immediate future, inevitably the flood gates will re-open."
But Huskey thinks that improvements in the economy, in consumer confidence and in the stock market are leading the drive upward in sales.
"We still have some fundamental problems, but we have come a long way," he said.
Gae Stewart, president of the Venice Area Board of Realtors, sees prices stabilizing in her territory.
"Homes are selling at 95 percent of the list price, which indicates to me that we've hit a bottom and things are leveling out," Stewart said. "When homes are priced right, you do not see too much of a drop from the listing price to a sales price."
A hot topic at meetings among Realtors remains the new wave of foreclosures that experts predict will come onto the market soon and again swell inventories.
"The banks are the ones that have the hold on those because they are ones that they have taken back in foreclosure," Stewart said. "And they have the right to hold onto them until it is a better time to put them on the market. The second wave? We'll have to see."
Tuesday, March 23, 2010
Florida’s existing home, condo sales rise in February 2010
Feb. existing-home sales ease with mixed conditions, says NAR
ORLANDO, Fla. – March 23, 2010 – Florida’s existing home sales rose in February, which means that sales activity has increased in the year-to-year comparison for the past year and a half (18 months), according to the latest housing data released by Florida Realtors®.
Existing home sales increased 21 percent last month with a total of 11,890 homes sold statewide compared to 9,867 homes sold in February 2009, according to Florida Realtors. Statewide existing home sales last month increased 13.6 percent over statewide sales activity in January.
Florida Realtors also reported a 59 percent increase in statewide sales of existing condos in February compared to the previous year’s sales figure; statewide existing condo sales last month rose 9.8 percent over the total units sold in January.
“Homebuyers should take advantage of favorable conditions in the current housing market,” said 2010 Florida Realtors® President Wendell Davis, a broker with Watson Realty Corp. in Jacksonville. “Mortgage rates remain near historic lows at just under 5 percent, but they won’t stay at that level forever. Plus, only six weeks are left before the extended and expanded homebuyer tax credit expires. First-time buyers and current homeowners who want to buy their next home in time to use the tax credit must have a purchase contract signed before the April 30 deadline – then they’ll have until June 30 to close the transaction.”
Seventeen of Florida’s metropolitan statistical areas (MSAs) reported increased existing home sales in January, while all but one MSA had higher condo sales. A majority of the state’s MSAs have reported increased sales for 20 consecutive months.
Florida’s median sales price for existing homes last month was $131,300; a year ago, it was $141,800 for a 7 percent decrease. Analysts with the National Association of Realtors® (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in January 2010 was $163,600, down 0.4 percent from a year earlier, according to NAR. In Massachusetts, the statewide median resales price was $300,000 in January; in California, it was $287,440; in New York, it was $242,750; and in Maryland, it was $234,894.
NAR’s latest outlook predicts a surge in late spring home sales. “Activity should be picking up strongly in late spring as buyers take advantage of the tax credit, which is critical to absorb distressed properties reaching the market and to continually chip away at inventory levels,” said NAR Chief Economist Lawrence Yun. “If there is sufficient job creation, housing can become self-sustaining with stable to modestly rising home prices.”
In Florida’s year-to-year comparison for condos, 5,085 units sold statewide last month compared to 3,190 units in February 2009 for an increase of 59 percent. The statewide existing condo median sales price last month was $92,200; in February 2009 it was $109,100 for a 15 percent decrease. The national median existing condo price was $172,400 in January, according to NAR.
Interest rates for a 30-year fixed-rate mortgage averaged 4.99 percent last month, even lower than the average rate of 5.13 percent in February 2009, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state’s smaller markets, the Punta Gorda MSA reported a total of 239 homes sold in February compared to 216 homes a year earlier for an 11 percent increase. The market’s existing home median sales price last month was $96,600, slightly higher than the year-ago median price of $96,400. A total of 43 condos sold in the MSA in February compared to 33 units sold the same month a year earlier for an increase of 30 percent. The existing condo median price last month was $95,000; a year earlier, it was $88,300 for a gain of 8 percent.
© 2010 Florida Realtors®
ORLANDO, Fla. – March 23, 2010 – Florida’s existing home sales rose in February, which means that sales activity has increased in the year-to-year comparison for the past year and a half (18 months), according to the latest housing data released by Florida Realtors®.
Existing home sales increased 21 percent last month with a total of 11,890 homes sold statewide compared to 9,867 homes sold in February 2009, according to Florida Realtors. Statewide existing home sales last month increased 13.6 percent over statewide sales activity in January.
Florida Realtors also reported a 59 percent increase in statewide sales of existing condos in February compared to the previous year’s sales figure; statewide existing condo sales last month rose 9.8 percent over the total units sold in January.
“Homebuyers should take advantage of favorable conditions in the current housing market,” said 2010 Florida Realtors® President Wendell Davis, a broker with Watson Realty Corp. in Jacksonville. “Mortgage rates remain near historic lows at just under 5 percent, but they won’t stay at that level forever. Plus, only six weeks are left before the extended and expanded homebuyer tax credit expires. First-time buyers and current homeowners who want to buy their next home in time to use the tax credit must have a purchase contract signed before the April 30 deadline – then they’ll have until June 30 to close the transaction.”
Seventeen of Florida’s metropolitan statistical areas (MSAs) reported increased existing home sales in January, while all but one MSA had higher condo sales. A majority of the state’s MSAs have reported increased sales for 20 consecutive months.
Florida’s median sales price for existing homes last month was $131,300; a year ago, it was $141,800 for a 7 percent decrease. Analysts with the National Association of Realtors® (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in January 2010 was $163,600, down 0.4 percent from a year earlier, according to NAR. In Massachusetts, the statewide median resales price was $300,000 in January; in California, it was $287,440; in New York, it was $242,750; and in Maryland, it was $234,894.
NAR’s latest outlook predicts a surge in late spring home sales. “Activity should be picking up strongly in late spring as buyers take advantage of the tax credit, which is critical to absorb distressed properties reaching the market and to continually chip away at inventory levels,” said NAR Chief Economist Lawrence Yun. “If there is sufficient job creation, housing can become self-sustaining with stable to modestly rising home prices.”
In Florida’s year-to-year comparison for condos, 5,085 units sold statewide last month compared to 3,190 units in February 2009 for an increase of 59 percent. The statewide existing condo median sales price last month was $92,200; in February 2009 it was $109,100 for a 15 percent decrease. The national median existing condo price was $172,400 in January, according to NAR.
Interest rates for a 30-year fixed-rate mortgage averaged 4.99 percent last month, even lower than the average rate of 5.13 percent in February 2009, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state’s smaller markets, the Punta Gorda MSA reported a total of 239 homes sold in February compared to 216 homes a year earlier for an 11 percent increase. The market’s existing home median sales price last month was $96,600, slightly higher than the year-ago median price of $96,400. A total of 43 condos sold in the MSA in February compared to 33 units sold the same month a year earlier for an increase of 30 percent. The existing condo median price last month was $95,000; a year earlier, it was $88,300 for a gain of 8 percent.
© 2010 Florida Realtors®
Charlotte State Bank's Statistics
Below are some very interesting Charlotte County statistics:
By Maryann Mize, CCIM
Senior Vice President, Senior Credit Officer
Charlotte State Bank
Six years ago, I was asked to put together a presentation covering an overview of Charlotte County statistics along with "what's going on" in real estate. It was May 2004. The event was a Charlotte County Chamber of Commerce coffee. The venue was the old auditorium and, in front of 200 attendees, it took me about 25 minutes to flip through my 37 overhead projector sheets using a hot overhead projector (this was before PowerPoint became the rage).
From that beginning six years ago, I began collecting data and statistics, running numbers and trying to make sense out of what is "going on" in Charlotte County. Based on this data collected over the past six years, I have the some "broad brush" good news to share in several areas.
1. Single-family median home prices: The peak of single-family median home prices appears to have occurred in November 2005, when values soared to $237,500. Everyone talks about the shame of a 60 percent drop in values from that peak. But I think we should focus on the present stability. We currently have 14 months of stability in single-family median home prices. For the past 14 months, they've bumped around the $100,000 range.
So together, let's stop dwelling on old news: the drop in values. Instead, let's cheer about the past 14 months of stable single-family median home prices.
2. Single family home sales: Values aren't the only thing that have experienced volatility in the past five years. Many of us remember the heady days when it wasn't uncommon to hear of 400 sales per month. Then around September 2006, they began to plummet. But those days of plummeting sales are over for now. We are running at a very steady rate of 200 to 250 units sold on a monthly basis for about the past 28 months (based on a 12-month trailing average).
3. Lis Pendens filings: Lis Pendens is the name of the document filed in the records to begin the foreclosure process. In an effort to rely on something other than Realtytrac.com for a count of foreclosures, I decided to obtain data from 2006 to the present from the public records and capture a count of the number of Lis Pendens on a monthly basis. Based on that count and analysis, the tick up in Lis Pendens filings in Charlotte County began in approximately February 2007, peaked in April 2009 with about 535 filings, and the good news is that we have had a stable slowdown for the past three months at around 260 per month.
In conclusion, we know that markets move in cycles and, based on the statistics, it appears we are emerging from the bottom of the cycle. And that's good news.
By Maryann Mize, CCIM
Senior Vice President, Senior Credit Officer
Charlotte State Bank
Six years ago, I was asked to put together a presentation covering an overview of Charlotte County statistics along with "what's going on" in real estate. It was May 2004. The event was a Charlotte County Chamber of Commerce coffee. The venue was the old auditorium and, in front of 200 attendees, it took me about 25 minutes to flip through my 37 overhead projector sheets using a hot overhead projector (this was before PowerPoint became the rage).
From that beginning six years ago, I began collecting data and statistics, running numbers and trying to make sense out of what is "going on" in Charlotte County. Based on this data collected over the past six years, I have the some "broad brush" good news to share in several areas.
1. Single-family median home prices: The peak of single-family median home prices appears to have occurred in November 2005, when values soared to $237,500. Everyone talks about the shame of a 60 percent drop in values from that peak. But I think we should focus on the present stability. We currently have 14 months of stability in single-family median home prices. For the past 14 months, they've bumped around the $100,000 range.
So together, let's stop dwelling on old news: the drop in values. Instead, let's cheer about the past 14 months of stable single-family median home prices.
2. Single family home sales: Values aren't the only thing that have experienced volatility in the past five years. Many of us remember the heady days when it wasn't uncommon to hear of 400 sales per month. Then around September 2006, they began to plummet. But those days of plummeting sales are over for now. We are running at a very steady rate of 200 to 250 units sold on a monthly basis for about the past 28 months (based on a 12-month trailing average).
3. Lis Pendens filings: Lis Pendens is the name of the document filed in the records to begin the foreclosure process. In an effort to rely on something other than Realtytrac.com for a count of foreclosures, I decided to obtain data from 2006 to the present from the public records and capture a count of the number of Lis Pendens on a monthly basis. Based on that count and analysis, the tick up in Lis Pendens filings in Charlotte County began in approximately February 2007, peaked in April 2009 with about 535 filings, and the good news is that we have had a stable slowdown for the past three months at around 260 per month.
In conclusion, we know that markets move in cycles and, based on the statistics, it appears we are emerging from the bottom of the cycle. And that's good news.
Monday, March 22, 2010
North Port Lot Sales and Prices
The City of North Port was one of the centers of vacant lot speculation in the 2003 to 2006 period. Ten thousand square foot lots without central water or sewer rose from $3,000 per lot in 2001 to over $50,000 per lot in 2005. Prices started declining in the first quarter of 2006.
In 2010, well located 10,000 square foot lots are selling for $4,000 to $5,000 apiece, there have been 36 sales this year. Lots that are located on fresh water canals are selling for $7,500 to $10,000 each and there have been six sales this year.
Three to five acre lots in North Port Estates are selling for $10,000 to $20,000 per acre. Most sales are $12,000/acre or less. There have been 6 sales in the last 12 months.
There is still almost no new construction in North Port due to the overhang of distressed houses.
When the market recovers, those that buy lots at these prices should be handsomely rewarded.
In 2010, well located 10,000 square foot lots are selling for $4,000 to $5,000 apiece, there have been 36 sales this year. Lots that are located on fresh water canals are selling for $7,500 to $10,000 each and there have been six sales this year.
Three to five acre lots in North Port Estates are selling for $10,000 to $20,000 per acre. Most sales are $12,000/acre or less. There have been 6 sales in the last 12 months.
There is still almost no new construction in North Port due to the overhang of distressed houses.
When the market recovers, those that buy lots at these prices should be handsomely rewarded.
Bank of America Eases Up on Condo Financing
I just received the following email from Janet Jones at Bank of America:
Hello Realtor Partners,
Ready for some good news? Limited Reviews for Condo’s in Florida are back!!! The chart is below but here is the scoop. We have been required to do the Full Review process on all condo request. Full review allows 80% LTV. While some passed the full review other established condominiums were not passing for various reasons. The beauty of the limited review (the far right in the chart) is that the lender takes on the risk of not going thru the full due diligence but in return for that requires 25% down on a primary or 30% down on a second home.
So, if the condominium is an established project, with an HOA, with all amenities complete, that isn’t tied up in litigation -----then we have just opened up the market for a lot more condo sales by going from full review to limited review. Of course if we think the condo will pass a full review and the buyer needs 80% LTV then we can still use the full review.
Also BofA is doing 30 year fixed on condo’s --- many lenders are still only doing ARM’s.
Spread the word! Limited Review & fixed rate mortgages means condo’s just came back to life!
Hello Realtor Partners,
Ready for some good news? Limited Reviews for Condo’s in Florida are back!!! The chart is below but here is the scoop. We have been required to do the Full Review process on all condo request. Full review allows 80% LTV. While some passed the full review other established condominiums were not passing for various reasons. The beauty of the limited review (the far right in the chart) is that the lender takes on the risk of not going thru the full due diligence but in return for that requires 25% down on a primary or 30% down on a second home.
So, if the condominium is an established project, with an HOA, with all amenities complete, that isn’t tied up in litigation -----then we have just opened up the market for a lot more condo sales by going from full review to limited review. Of course if we think the condo will pass a full review and the buyer needs 80% LTV then we can still use the full review.
Also BofA is doing 30 year fixed on condo’s --- many lenders are still only doing ARM’s.
Spread the word! Limited Review & fixed rate mortgages means condo’s just came back to life!
Friday, March 19, 2010
Old Punta Gorda's got a brand new look
Click on title to see full article.
PUNTA GORDA, Fla. -- It's easy to overlook this quaint and resilient waterfront village because not far away is a trio of southwest Florida's legendary resort islands: Sanibel, Captiva and Gasparilla.
The islands get the ink in glossy travel magazines thanks to swanky visitors, beautiful beaches and outdoor adventures aplenty. Punta Gorda you may find only if you deign to wander off Interstate 75. But there are some gems here that will make it worth the effort, especially if you've got tickets for a spring training game in one of the stadiums that dot this section of the West Coast, from Fort Myers to Bradenton.
What might strike you first is that the town looks spanking new, despite being about 120 years old. There's not a lousy roof to be found and the paint looks barely dry. Then you might remember that Hurricane Charley nearly obliterated Punta Gorda in August 2004. The Category 4 storm slammed into Punta Gorda with winds at 145 miles per hour. Charley left a trail of 11,000 destroyed homes and 300 leveled businesses. Even today, there are empty lots downtown and scattered throughout residential areas.
While the buildings were weak, the town's spirit was not. Today, just over five years later, there are two new hotels 10 miles north on pretty Charlotte Harbor, an attractive and compact downtown poised to dazzle when the economy turns and a destination restaurant that's earning a national reputation.
Use your spring training ticket as an excuse to check out these parts, or put Punta Gorda on your list for a weekend getaway. Long after spring training closes, chef Jeanie Roland will be serving sea scallops in brown butter sauce at the Perfect Caper.
PUNTA GORDA, Fla. -- It's easy to overlook this quaint and resilient waterfront village because not far away is a trio of southwest Florida's legendary resort islands: Sanibel, Captiva and Gasparilla.
The islands get the ink in glossy travel magazines thanks to swanky visitors, beautiful beaches and outdoor adventures aplenty. Punta Gorda you may find only if you deign to wander off Interstate 75. But there are some gems here that will make it worth the effort, especially if you've got tickets for a spring training game in one of the stadiums that dot this section of the West Coast, from Fort Myers to Bradenton.
What might strike you first is that the town looks spanking new, despite being about 120 years old. There's not a lousy roof to be found and the paint looks barely dry. Then you might remember that Hurricane Charley nearly obliterated Punta Gorda in August 2004. The Category 4 storm slammed into Punta Gorda with winds at 145 miles per hour. Charley left a trail of 11,000 destroyed homes and 300 leveled businesses. Even today, there are empty lots downtown and scattered throughout residential areas.
While the buildings were weak, the town's spirit was not. Today, just over five years later, there are two new hotels 10 miles north on pretty Charlotte Harbor, an attractive and compact downtown poised to dazzle when the economy turns and a destination restaurant that's earning a national reputation.
Use your spring training ticket as an excuse to check out these parts, or put Punta Gorda on your list for a weekend getaway. Long after spring training closes, chef Jeanie Roland will be serving sea scallops in brown butter sauce at the Perfect Caper.
Years after loan default, homeowners may still owe
Click on title to see full article.
SACRAMENTO, Calif. – March 19, 2010 – Homeowners defaulting on mortgages today may be surprised to learn years from now that they still owe thousands of dollars – and a collection agency is coming after them to get it. That’s because lenders have been quietly selling second mortgages and home equity lines left unpaid after foreclosures and short sales. The buyers: collection agencies, which in some states have years to make a claim.
If they win court judgments, these collectors could have years to pursue borrowers with repayment plans, and even garnish their wages, said Scott CoBen, a Sacramento bankruptcy attorney.
“The only relief a consumer will have is entering into a debt negotiating plan or filing for bankruptcy,” said Sylvia Alayon, a vice president with the New York-based Consumer Mortgage Audit Center. The firm provides mortgage analysis to lenders, advocacy groups and attorneys.
The phenomenon suggests an ominous, looming echo of today’s real estate meltdown. As debt collectors surely seek at least partial repayment of millions of dollars in unpaid home loans, some say renewed financial stresses on tens of thousands of local consumers could dampen the economic recovery.
“I think there will be a lot of unhappy people when it hits,” said CoBen. “We saw this in the ‘90s. This is not really new. Just when you think you’re back on your feet, you’re making money and the economy’s good, they hit you with this.”
Alayon said most people are so stressed out and exhausted by trying to save their homes today that they are unaware they could face another hit later. And many who are losing homes don’t get the advice necessary to prevent future fallout, say nonprofit loan counselors.
SACRAMENTO, Calif. – March 19, 2010 – Homeowners defaulting on mortgages today may be surprised to learn years from now that they still owe thousands of dollars – and a collection agency is coming after them to get it. That’s because lenders have been quietly selling second mortgages and home equity lines left unpaid after foreclosures and short sales. The buyers: collection agencies, which in some states have years to make a claim.
If they win court judgments, these collectors could have years to pursue borrowers with repayment plans, and even garnish their wages, said Scott CoBen, a Sacramento bankruptcy attorney.
“The only relief a consumer will have is entering into a debt negotiating plan or filing for bankruptcy,” said Sylvia Alayon, a vice president with the New York-based Consumer Mortgage Audit Center. The firm provides mortgage analysis to lenders, advocacy groups and attorneys.
The phenomenon suggests an ominous, looming echo of today’s real estate meltdown. As debt collectors surely seek at least partial repayment of millions of dollars in unpaid home loans, some say renewed financial stresses on tens of thousands of local consumers could dampen the economic recovery.
“I think there will be a lot of unhappy people when it hits,” said CoBen. “We saw this in the ‘90s. This is not really new. Just when you think you’re back on your feet, you’re making money and the economy’s good, they hit you with this.”
Alayon said most people are so stressed out and exhausted by trying to save their homes today that they are unaware they could face another hit later. And many who are losing homes don’t get the advice necessary to prevent future fallout, say nonprofit loan counselors.
Thursday, March 18, 2010
Florida's foreclosure backlog among nation's worst-Palm Beach Post
Click on title to see full article. To put this information in context, Realtors sold about 220,000 houses and condos in Florida in 2009.
From The Palm Beach Post:
A crushing backlog of foreclosure cases has pushed Florida's courts to request a one-time payment of $9.6 million to help purge the system and quicken a market recovery.
The Florida State Courts Administration estimates 500,000 property foreclosures are pending, including 55,000 in Palm Beach County.
Without additional resources to clear the cases, judges fear the bottleneck will continue to drag down home values, which aren't expected to stabilize until the glut of foreclosures moves through the system.
It's routine in Florida for foreclosures to take more than a year to settle, leaving deteriorating homes, unpaid association fees, and families facing uncertain futures.
"We want to be good partners in the economic recovery, not part of the problem," said Peter Blanc, chief judge of the 15th Judicial Circuit Court in Palm Beach County. "We want to get properties through the courts and back onto the market. The numbers are just overwhelming."
A Barclays Capital report last week found Florida has one of the highest foreclosure backlogs nationally, even singling out South Florida — Miami-Dade, Broward and Palm Beach counties — saying it is "remarkable" that the area may only be 18 percent finished with liquidating its delinquent property loans through foreclosure.
Florida's lawmakers are considering the court's appeal for more money, which would come from the State Courts Revenue Trust Fund, and pay for additional case managers and retired senior judges.
Court Administrator Lisa Goodner said the
From The Palm Beach Post:
A crushing backlog of foreclosure cases has pushed Florida's courts to request a one-time payment of $9.6 million to help purge the system and quicken a market recovery.
The Florida State Courts Administration estimates 500,000 property foreclosures are pending, including 55,000 in Palm Beach County.
Without additional resources to clear the cases, judges fear the bottleneck will continue to drag down home values, which aren't expected to stabilize until the glut of foreclosures moves through the system.
It's routine in Florida for foreclosures to take more than a year to settle, leaving deteriorating homes, unpaid association fees, and families facing uncertain futures.
"We want to be good partners in the economic recovery, not part of the problem," said Peter Blanc, chief judge of the 15th Judicial Circuit Court in Palm Beach County. "We want to get properties through the courts and back onto the market. The numbers are just overwhelming."
A Barclays Capital report last week found Florida has one of the highest foreclosure backlogs nationally, even singling out South Florida — Miami-Dade, Broward and Palm Beach counties — saying it is "remarkable" that the area may only be 18 percent finished with liquidating its delinquent property loans through foreclosure.
Florida's lawmakers are considering the court's appeal for more money, which would come from the State Courts Revenue Trust Fund, and pay for additional case managers and retired senior judges.
Court Administrator Lisa Goodner said the
Wednesday, March 17, 2010
Rotonda Lot Prices in 2010
We are far enough into 2010 to have a feel for how prices are running this year.
OUTSIDE THE CIRCLE
Rotonda Sands has no sales this year. Prices for standard lots have been around $5,000 to $7,000 per lot.
Rotonda Villas had 5 sales. Two at $500, two at $1,300, and one at $3,200. The Villas are the only area in Rotonda without central sewer and most lots don't have electrical access.
Rotonda Meadows has four sales, one at $3,500, one at $4,000, a double canal lot sold for $16,000, and a foreign buyer bought a double lot for $17,000.
Rotonda Lakes has four sales at prices between $6,500 and $8,500.
Rotonda Heights has eleven sales between $5,000 and $10,300 ( median $7,500 ) and one 25,000 sq ft lot for $27,000.
INSIDE THE CIRCLE
White Marsh had the most activity. Three side by side canal lots sold for $95,000, three more canal lots sold for prices between $21,000 and $35,000. Three grenbelt lots sold for prices between $15,000 and $22,500.
Pine Valley had an oversized double lot at the end of a cul-de-sac with lake and golf course views sell for $77,500. Also, a canal lot sold for $22,500.
In Long Meadow, a canal lot sold for $20,000.
In Broadmoor, an oversized lot on Boundary sold for $23,500.
In Pebble Beach, a lot on Boundary sold for $6,000.
In Pinehurst, two lots on Boundary sold for $18,000 each and a greenbelt lot sold for $12,000.
There have been no sales of golf course lots this year.
OUTSIDE THE CIRCLE
Rotonda Sands has no sales this year. Prices for standard lots have been around $5,000 to $7,000 per lot.
Rotonda Villas had 5 sales. Two at $500, two at $1,300, and one at $3,200. The Villas are the only area in Rotonda without central sewer and most lots don't have electrical access.
Rotonda Meadows has four sales, one at $3,500, one at $4,000, a double canal lot sold for $16,000, and a foreign buyer bought a double lot for $17,000.
Rotonda Lakes has four sales at prices between $6,500 and $8,500.
Rotonda Heights has eleven sales between $5,000 and $10,300 ( median $7,500 ) and one 25,000 sq ft lot for $27,000.
INSIDE THE CIRCLE
White Marsh had the most activity. Three side by side canal lots sold for $95,000, three more canal lots sold for prices between $21,000 and $35,000. Three grenbelt lots sold for prices between $15,000 and $22,500.
Pine Valley had an oversized double lot at the end of a cul-de-sac with lake and golf course views sell for $77,500. Also, a canal lot sold for $22,500.
In Long Meadow, a canal lot sold for $20,000.
In Broadmoor, an oversized lot on Boundary sold for $23,500.
In Pebble Beach, a lot on Boundary sold for $6,000.
In Pinehurst, two lots on Boundary sold for $18,000 each and a greenbelt lot sold for $12,000.
There have been no sales of golf course lots this year.
Monday, March 15, 2010
Florida Community Bank property in limbo
Click on the link to see the full article. I had a buyer for a couple of this bank's lots in North Port but the transaction fell through when then bank failed.
The Fort Myers News Press says:
Two months after taking over Florida Community Bank, Bond Street Holdings is consolidating its position as a community bank - and dealing with some of the failed ventures left behind by FCB.
New York-based Bond Street is operating Premier American Bank, which picked up a failed Premier bank in Miami and Immokalee-based Florida Community in January, acquiring both in deals brokered by the Federal Deposit Insurance Corp.
Since then, said Kent Ellert, president and chief operating officer of both banks, he's been concerned mainly with holding on to the goodwill and customer base he inherited.
"Our first priority was to open this institution (Florida Community) with an eye to stability," he said. "We immediately rehired over 95 percent of the bank's employees. When we opened the doors the following day, our customers were able to see the same people they'd seen for years."
Premier American also has sunk an initial $135 million of its $440 million in capital into the two banks, which will continue to operate under their own names, Ellert said.
So far so good, he said.
"Our bank has already grown since the conversion. We're winning back old customers. We've taken in more deposits and on the lending side we've been meeting with our clients. They're very, very pleased to know their bank has been recapitalized."
Florida Community got into trouble with loans that went bad after prices plummeted following the end of the real estate boom in Southwest Florida in late 2005.
By the time it was acquired by Premier, the bank had about $200 million in bad debt.
That included some high-profile properties, including Zoomers Family Amusement Park in south Fort Myers and Concordia condominium in Cape Coral. Both were taken back by Florida Community in foreclosure after their developers defaulted on loans.
Ellert said it's too soon to comment on what will happen to those projects and the rest of the assets Bond Street acquired.
The Fort Myers News Press says:
Two months after taking over Florida Community Bank, Bond Street Holdings is consolidating its position as a community bank - and dealing with some of the failed ventures left behind by FCB.
New York-based Bond Street is operating Premier American Bank, which picked up a failed Premier bank in Miami and Immokalee-based Florida Community in January, acquiring both in deals brokered by the Federal Deposit Insurance Corp.
Since then, said Kent Ellert, president and chief operating officer of both banks, he's been concerned mainly with holding on to the goodwill and customer base he inherited.
"Our first priority was to open this institution (Florida Community) with an eye to stability," he said. "We immediately rehired over 95 percent of the bank's employees. When we opened the doors the following day, our customers were able to see the same people they'd seen for years."
Premier American also has sunk an initial $135 million of its $440 million in capital into the two banks, which will continue to operate under their own names, Ellert said.
So far so good, he said.
"Our bank has already grown since the conversion. We're winning back old customers. We've taken in more deposits and on the lending side we've been meeting with our clients. They're very, very pleased to know their bank has been recapitalized."
Florida Community got into trouble with loans that went bad after prices plummeted following the end of the real estate boom in Southwest Florida in late 2005.
By the time it was acquired by Premier, the bank had about $200 million in bad debt.
That included some high-profile properties, including Zoomers Family Amusement Park in south Fort Myers and Concordia condominium in Cape Coral. Both were taken back by Florida Community in foreclosure after their developers defaulted on loans.
Ellert said it's too soon to comment on what will happen to those projects and the rest of the assets Bond Street acquired.
Sunday, March 14, 2010
Crews Work to Restore Power After Rain Storm (New York, not Florida)
Click on title to see NY Times article.
It always irritates me that when storms hit the northeast and do damage similar to a hurricane, you never hear people say they are moving out of state because of the storms. Maybe because they don't give their storms names like we do for hurricanes or they don't have two weeks advance notice for storms like Florida does.
The New York Times says:
With the worst of a furious storm that killed five people having finally abated, utility crews were out in force across the metropolitan region on Sunday morning to restore power to several hundred thousand homes.
Local power companies said almost all of the failures were caused by fallen trees and tree limbs, making the job of removing the trees and restringing lines time consuming.
Con Edison reported that 167,000 customers in the city and Westchester county lost power at some point during the storm. By Sunday morning, 138,000 still had no power, with 72,000 of those in Westchester County, 32,000 on Staten Island, and a total of 34,000 in Brooklyn, Queens and the Bronx.
On Long Island, about 110,000 homes remained without power, about half of the total that had been without power as of Saturday night.
In New Jersey, about 133,000 homes had no electricity. More than half of those were in Bergen County.
Major roads across the region remained flooded or obstructed by trees. But much of the commuter train service had been restored, after widespread shutdowns on Saturday night.
The Long Island Rail Road reported that service remained temporarily suspended on the Far Rockaway Branch in both directions between Valley Stream and Far Rockaway.
It always irritates me that when storms hit the northeast and do damage similar to a hurricane, you never hear people say they are moving out of state because of the storms. Maybe because they don't give their storms names like we do for hurricanes or they don't have two weeks advance notice for storms like Florida does.
The New York Times says:
With the worst of a furious storm that killed five people having finally abated, utility crews were out in force across the metropolitan region on Sunday morning to restore power to several hundred thousand homes.
Local power companies said almost all of the failures were caused by fallen trees and tree limbs, making the job of removing the trees and restringing lines time consuming.
Con Edison reported that 167,000 customers in the city and Westchester county lost power at some point during the storm. By Sunday morning, 138,000 still had no power, with 72,000 of those in Westchester County, 32,000 on Staten Island, and a total of 34,000 in Brooklyn, Queens and the Bronx.
On Long Island, about 110,000 homes remained without power, about half of the total that had been without power as of Saturday night.
In New Jersey, about 133,000 homes had no electricity. More than half of those were in Bergen County.
Major roads across the region remained flooded or obstructed by trees. But much of the commuter train service had been restored, after widespread shutdowns on Saturday night.
The Long Island Rail Road reported that service remained temporarily suspended on the Far Rockaway Branch in both directions between Valley Stream and Far Rockaway.
Friday, March 12, 2010
Sarasota Assoc of Realtors Monthly Statistics for February 2010 - Sales Up 49 Percent!
Property sales up 49 percent in February 2010; pending sales spike.
Overall property sales reached 528 in the Sarasota market in February 2010, up nearly 49 percent over February 2009, and pending sales were also strong at 967 - the second highest total in the past four years. The statistics continue to reflect a recovering Sarasota market, as median sale prices also rebounded for condos in February and remained stable for single family homes.
February sales of 379 single family homes and 149 condominiums was a major improvement over February 2009, which saw only 354 overall sales (260 homes and 94 condos). Pending sales, at 967, were about 19 percent higher than last month's 815, and more than 23 percent higher than the 782 reported in February 2009. The statistic is a strong indicator for the next two or three months of sales, as pending sales are an indicator of current buyer activity, and likely reflects the rush of buyers to qualify for homebuyer tax credits before the April 30th expiration.
Median sale prices in the Sarasota real estate market rose in February 2010 for condos, while slipping slightly for single family homes. The median sale price for a single family home was $150,000, down 4 percent from January's $156,250, but up 5.6 percent over last February's figure of $142,000. For condos, the median price rose to $169,000 from last month's level of $165,000, a 2.4 percent increase. Last year at this time, condo median sale price was $198,000. For the last 12 months combined, the median sale price for single family homes was $160,000, while the median sale price for condos was $185,000.
Distressed property sales represented 47 percent of the overall market in February 2010, nearly the same as the previous month's figure of 48 percent. The high percentage of short sales and bank-owned foreclosure sales in the Sarasota market continues to be the single biggest factor holding back the overall median sale prices.
Normal arm's length property sales continue to show median sale prices roughly 150 percent higher than distressed property sale prices.
"Despite the national economic doldrums, lingering high unemployment, and other negative factors, our local real estate market remains strong compared to recent down years," said 2010 SAR President Erick Shumway. "There are now several months of positive numbers which indicate we are emerging with strength from the recent downturn. While distressed property sales remain a drag on the overall market health, all the other statistics are tracking in a very positive manner. Our local and even our international buyers are proving the old adage that you can't keep a good market down for long. And with pending sales at nearly 1,000 last month, the near term future looks very promising."
The property inventory level fell slightly in February 2010 to 6,329 from the January total of 6,342, which remains at near the lowest level since late summer of 2005.
The months of inventory for single family homes was 10.6 months, a drop from last month's 11.5 months and far lower than the 24.1 months in February 2009. For condos, the months of inventory level was 15.4 months, or slightly higher than the 14.7 months last month, and far lower than the 28.4 months only a year ago. Once the market reaches the 6 month level it is considered to be in equilibrium between buyers and sellers.
The first-time homebuyer tax credit, extended and expanded to include many other homebuyers on Nov. 6, expires at the end of April, noted Shumway. He urged potential buyers to contact local Realtors® and get a contract approved before the end of the month to ensure they can take advantage of the $8,000 and $6,500 credits.
Overall property sales reached 528 in the Sarasota market in February 2010, up nearly 49 percent over February 2009, and pending sales were also strong at 967 - the second highest total in the past four years. The statistics continue to reflect a recovering Sarasota market, as median sale prices also rebounded for condos in February and remained stable for single family homes.
February sales of 379 single family homes and 149 condominiums was a major improvement over February 2009, which saw only 354 overall sales (260 homes and 94 condos). Pending sales, at 967, were about 19 percent higher than last month's 815, and more than 23 percent higher than the 782 reported in February 2009. The statistic is a strong indicator for the next two or three months of sales, as pending sales are an indicator of current buyer activity, and likely reflects the rush of buyers to qualify for homebuyer tax credits before the April 30th expiration.
Median sale prices in the Sarasota real estate market rose in February 2010 for condos, while slipping slightly for single family homes. The median sale price for a single family home was $150,000, down 4 percent from January's $156,250, but up 5.6 percent over last February's figure of $142,000. For condos, the median price rose to $169,000 from last month's level of $165,000, a 2.4 percent increase. Last year at this time, condo median sale price was $198,000. For the last 12 months combined, the median sale price for single family homes was $160,000, while the median sale price for condos was $185,000.
Distressed property sales represented 47 percent of the overall market in February 2010, nearly the same as the previous month's figure of 48 percent. The high percentage of short sales and bank-owned foreclosure sales in the Sarasota market continues to be the single biggest factor holding back the overall median sale prices.
Normal arm's length property sales continue to show median sale prices roughly 150 percent higher than distressed property sale prices.
"Despite the national economic doldrums, lingering high unemployment, and other negative factors, our local real estate market remains strong compared to recent down years," said 2010 SAR President Erick Shumway. "There are now several months of positive numbers which indicate we are emerging with strength from the recent downturn. While distressed property sales remain a drag on the overall market health, all the other statistics are tracking in a very positive manner. Our local and even our international buyers are proving the old adage that you can't keep a good market down for long. And with pending sales at nearly 1,000 last month, the near term future looks very promising."
The property inventory level fell slightly in February 2010 to 6,329 from the January total of 6,342, which remains at near the lowest level since late summer of 2005.
The months of inventory for single family homes was 10.6 months, a drop from last month's 11.5 months and far lower than the 24.1 months in February 2009. For condos, the months of inventory level was 15.4 months, or slightly higher than the 14.7 months last month, and far lower than the 28.4 months only a year ago. Once the market reaches the 6 month level it is considered to be in equilibrium between buyers and sellers.
The first-time homebuyer tax credit, extended and expanded to include many other homebuyers on Nov. 6, expires at the end of April, noted Shumway. He urged potential buyers to contact local Realtors® and get a contract approved before the end of the month to ensure they can take advantage of the $8,000 and $6,500 credits.
Thursday, March 11, 2010
Florida CFO Sink calls for report on Fla. insurers
TALLAHASSEE, Fla. – March 10, 2010 – Florida Chief Financial Officer Alex Sink has called upon State Insurance Commissioner Kevin McCarty to take a public account of the state’s property insurers’ financial status at a cabinet meeting on March 23.
“Florida’s homeowners and policyholders deserve nothing less than accurate information about the protection they’ve been paying for, especially as we head into hurricane season,” Sink wrote in a letter to McCarty. She notes that Florida insurers have posted financial losses and some others are failing, even though the state has not been hit by a hurricane.
The request from Sink follows a Sarasota Herald Tribune report that the insurers that exhibiting signs of financial distress cover more than 2 million Florida families. The Florida Office of Insurance Regulation is currently collecting and examining 2009 year-end financial statements from Florida’s insurers and has previously conducted spot audits of smaller insurers.
Meanwhile, Florida Senate Insurance Committee Chair Garrett Richter supports legislation under consideration to raise minimum capital requirements for Florida insurers from $4 million to $15 million.
Source: Sarasota Herald-Tribune (FL) (03/10/10) P. 1A; St. John, Paige
“Florida’s homeowners and policyholders deserve nothing less than accurate information about the protection they’ve been paying for, especially as we head into hurricane season,” Sink wrote in a letter to McCarty. She notes that Florida insurers have posted financial losses and some others are failing, even though the state has not been hit by a hurricane.
The request from Sink follows a Sarasota Herald Tribune report that the insurers that exhibiting signs of financial distress cover more than 2 million Florida families. The Florida Office of Insurance Regulation is currently collecting and examining 2009 year-end financial statements from Florida’s insurers and has previously conducted spot audits of smaller insurers.
Meanwhile, Florida Senate Insurance Committee Chair Garrett Richter supports legislation under consideration to raise minimum capital requirements for Florida insurers from $4 million to $15 million.
Source: Sarasota Herald-Tribune (FL) (03/10/10) P. 1A; St. John, Paige
Wednesday, March 10, 2010
Florida matched all time highest unemployment rate in January
Click on title to see full article.
Florida matched its highest-ever unemployment rate in January at 11.9 percent with 1.1 million Floridians out of work.
The figures released this morning showed a 0.2 point increase in the jobless rate from December. The unemployment rate was 3.2 percentage points higher than the year previous. Florida's jobless rate is higher than the national 9.7 percent rate.
More than 300,000 jobs have been lost in Florida in the last year as the real estate bust and recession took its toll. Construction was where the most jobs were lost, with 90,700 disappearing.
The figures released Wednesday matched Florida's 11.9 percent unemployment rate from May 1975, the highest ever recorded.
Florida matched its highest-ever unemployment rate in January at 11.9 percent with 1.1 million Floridians out of work.
The figures released this morning showed a 0.2 point increase in the jobless rate from December. The unemployment rate was 3.2 percentage points higher than the year previous. Florida's jobless rate is higher than the national 9.7 percent rate.
More than 300,000 jobs have been lost in Florida in the last year as the real estate bust and recession took its toll. Construction was where the most jobs were lost, with 90,700 disappearing.
The figures released Wednesday matched Florida's 11.9 percent unemployment rate from May 1975, the highest ever recorded.
Monday, March 8, 2010
Sarasota Foreclosures Creeping Upwards But Market Still Tight
As of today there are 249 bank owned foreclosures ( REO's ) actively for sale in Sarasota County. This up from 120 last summer and 200 at year end. Since 1/1/2010 there have been 298 closings of REO's, so the months of inventory is still well under two months.
Also, today there are 1,076 short sales for sale in Sarasota County, 1,431 pending sales, and 307 closed sales this year. Given that there are almost ten months of short sales pending as opposed to 1.5 months of REO's pending, something is screwy. Look for a lot of the pending short sales to return to the market due to failed transactions.
Normal ( non-distressed ) sales for houses priced under $200,000 are going reasonably well. Closed sales have been 437 so far this year against an inventory of 1,900 for sale giving an inventory figure of about 9.5 months ( six months of inventory is considered normal ).
Non-distressed sales for houses priced over $500,000 continue to be very slow. There are 1,738 for sale and only 110 have closed this year. The inventory level is almost three years. Since most listings are for six months, these houses are getting listed 6 times before they are sold.
Also, today there are 1,076 short sales for sale in Sarasota County, 1,431 pending sales, and 307 closed sales this year. Given that there are almost ten months of short sales pending as opposed to 1.5 months of REO's pending, something is screwy. Look for a lot of the pending short sales to return to the market due to failed transactions.
Normal ( non-distressed ) sales for houses priced under $200,000 are going reasonably well. Closed sales have been 437 so far this year against an inventory of 1,900 for sale giving an inventory figure of about 9.5 months ( six months of inventory is considered normal ).
Non-distressed sales for houses priced over $500,000 continue to be very slow. There are 1,738 for sale and only 110 have closed this year. The inventory level is almost three years. Since most listings are for six months, these houses are getting listed 6 times before they are sold.
Saturday, March 6, 2010
Recent South Gulf Cove Lot Sales
South Gulf Cove has 15,000 lots of which about 10% have houses built. There was little construction before the year 2000 due to previous infrastructure issues related to water, sewage and electricity. Most of the existing 1,200+ houses were built between 2002 and 2007.
Of the 15,000 lots, 4,734 are waterfront lots on canals with Gulf of Mexico access. The remaining 10,266 lots are dry lots. All lots in South Gulf Cove have central water and sewer plus electrical power access.
The 4,734 waterfront lots are divided into "sailboat" and "powerboat" lots. The sailboat lots have access to Charlotte Harbor and the Gulf of Mexico without going under any fixed bridges. The powerboat lots have the same Gulf of Mexico access but the boats have to pass under 10 foot high bridges. Sailboat lots have a significant price premium over powerboat lots. The sailboat lots are located in two places:
1. North of Calumet Blvd and east of Welsford. The main street names are Margo, Meachem, Arlewood, Leipzig, Chinook, and Aquarius. All of these lots have seawalls and they are in the zone closest to the lock that give access to Charlotte Harbor. These sailboat lots are usually the most expensive lots in South Gulf Cove.
2. South of Appleton. These sailboat lots usually don't have seawalls ( a concrete seawall for a normal sized lot costs about $20,000 ) and they have a much longer distance to the lock.
All of the remaining canal lots are powerboat lots. Prices of these lots vary according to whether or not they have a seawall, the distance to the lock, the size of the lot, and the quality of the waterview.
For the purpose of tracking prices, lots will be divided into the following categories:
1.Sailboat lots north of Calumet
2. Sailboat lots south of Appleton
3.Powerboat lots with seawalls
4.Powerboat lots without seawalls
5.Dry lots accross the street from canal lots
6.Dry lots accross the street from dry lots
Sailboat Lots North of Calumet
------------------------------
Since November 1 ,2009 there have been two sales, one for $91,500 and one for $85,000. At the market top in 2005, lots like these sold for over $400,000.
Sailboat Lots South of Appleton
-------------------------------
Since November 1, 2009 there have been 9 sales. The high price was $61,500, low price was $40,000, and median price was $49,333.
Powerboat Lots With Seawalls
----------------------------
Since November 1, 2009 there have been two sales. One at $60,000 and one at $50,000. At the market top in 2005, lots like these sold for $300,000 and up.
Powerboat Lots Without Seawalls
-------------------------------
Since November 1, 2009, there have been 14 sales. The high price was $50,000, the low price was $26,100, the median price was $34,500.
Dry Lots Accross the Street From Canal Lots
-------------------------------------------
Since November 1, 2009 there have been 6 sales. The high price was $15,000, the low price was $9,000, the median price was $10,000. At the market top in 2005, lots like these sold for $60,000 to $100,000.
Dry Lots Accross the Street From Dry Lots
-----------------------------------------
Since November 1, 2009 there have been 37 sales. The high price was $9,000, the low price was $4,000, the median price was $5,500.
Of the 15,000 lots, 4,734 are waterfront lots on canals with Gulf of Mexico access. The remaining 10,266 lots are dry lots. All lots in South Gulf Cove have central water and sewer plus electrical power access.
The 4,734 waterfront lots are divided into "sailboat" and "powerboat" lots. The sailboat lots have access to Charlotte Harbor and the Gulf of Mexico without going under any fixed bridges. The powerboat lots have the same Gulf of Mexico access but the boats have to pass under 10 foot high bridges. Sailboat lots have a significant price premium over powerboat lots. The sailboat lots are located in two places:
1. North of Calumet Blvd and east of Welsford. The main street names are Margo, Meachem, Arlewood, Leipzig, Chinook, and Aquarius. All of these lots have seawalls and they are in the zone closest to the lock that give access to Charlotte Harbor. These sailboat lots are usually the most expensive lots in South Gulf Cove.
2. South of Appleton. These sailboat lots usually don't have seawalls ( a concrete seawall for a normal sized lot costs about $20,000 ) and they have a much longer distance to the lock.
All of the remaining canal lots are powerboat lots. Prices of these lots vary according to whether or not they have a seawall, the distance to the lock, the size of the lot, and the quality of the waterview.
For the purpose of tracking prices, lots will be divided into the following categories:
1.Sailboat lots north of Calumet
2. Sailboat lots south of Appleton
3.Powerboat lots with seawalls
4.Powerboat lots without seawalls
5.Dry lots accross the street from canal lots
6.Dry lots accross the street from dry lots
Sailboat Lots North of Calumet
------------------------------
Since November 1 ,2009 there have been two sales, one for $91,500 and one for $85,000. At the market top in 2005, lots like these sold for over $400,000.
Sailboat Lots South of Appleton
-------------------------------
Since November 1, 2009 there have been 9 sales. The high price was $61,500, low price was $40,000, and median price was $49,333.
Powerboat Lots With Seawalls
----------------------------
Since November 1, 2009 there have been two sales. One at $60,000 and one at $50,000. At the market top in 2005, lots like these sold for $300,000 and up.
Powerboat Lots Without Seawalls
-------------------------------
Since November 1, 2009, there have been 14 sales. The high price was $50,000, the low price was $26,100, the median price was $34,500.
Dry Lots Accross the Street From Canal Lots
-------------------------------------------
Since November 1, 2009 there have been 6 sales. The high price was $15,000, the low price was $9,000, the median price was $10,000. At the market top in 2005, lots like these sold for $60,000 to $100,000.
Dry Lots Accross the Street From Dry Lots
-----------------------------------------
Since November 1, 2009 there have been 37 sales. The high price was $9,000, the low price was $4,000, the median price was $5,500.
Thursday, March 4, 2010
Port Charlotte Vacant Lots Part of Ponzi Scheme
Click on title to see full Herald Tribune article.
The Securities and Exchange Commission charged a prominent Miami couple on Wednesday with operating a $135 million Ponzi scheme that was built on sales of Southwest Florida lots with low monthly payments, mostly marketed to Hispanics through slick television ads.
Operating as Royal West Properties Inc., Gaston Cantens, 71, and his wife, Teresita, 73, would then re-package the retail monthly mortgage payments they received on the lots for larger investors looking for a yield, a common practice. This group was promised yields ranging from 9 percent to 16 percent per year. Selling off the paper from already-sold lots allowed Royal West to keep expanding.
But when Royal West's fortunes went sour as mortgage holders defaulted, the Cantenses allegedly began using money from new investors to pay off older ones in a classic Ponzi scheme, said Eric Bustillo, regional director of the SEC's Miami office.
The lot investors still have their now-devalued lots, assuming they did not default. But the yield investors are "likely only to receive pennies on the dollar after promises were made and broken," said Miami attorney Peter F. Valori.
The Securities and Exchange Commission charged a prominent Miami couple on Wednesday with operating a $135 million Ponzi scheme that was built on sales of Southwest Florida lots with low monthly payments, mostly marketed to Hispanics through slick television ads.
Operating as Royal West Properties Inc., Gaston Cantens, 71, and his wife, Teresita, 73, would then re-package the retail monthly mortgage payments they received on the lots for larger investors looking for a yield, a common practice. This group was promised yields ranging from 9 percent to 16 percent per year. Selling off the paper from already-sold lots allowed Royal West to keep expanding.
But when Royal West's fortunes went sour as mortgage holders defaulted, the Cantenses allegedly began using money from new investors to pay off older ones in a classic Ponzi scheme, said Eric Bustillo, regional director of the SEC's Miami office.
The lot investors still have their now-devalued lots, assuming they did not default. But the yield investors are "likely only to receive pennies on the dollar after promises were made and broken," said Miami attorney Peter F. Valori.
Monday, March 1, 2010
Florida DominatesTop 100 Places to retire, Sarasota second on list, Venice number 11
Click title to see full list.
The Sunbelt is still shining when it comes to best places to retire. Every year Topretirements.com publishes a list of the 100 most popular places to retire. This year 68 of the 100 top positions were occupied by towns in the Sunbelt. Florida dominated the list, taking 23 of the spots, followed by North Carolina (11) and South Carolina (8). The list is hardly static -- 25 new towns made it to the top 100 in 2010.
1. Asheville, NC
2. Sarasota, FL
3. Prescott, AZ
4. Paris, TN
5. Austin, TX
6. Green Valley, AZ
7. Winston-Salem, NC
8. Beaufort, SC
9. San Diego, CA
10. Ft. Myers, FL
11. Venice, FL
12. Athens, GA
13. Charlottesville, VA
14. Mt. Airy, NC
15. Crossville, TN
16. Sedona, AZ
17. San Antonio, TX
18. San Luis Obispo, CA
19. Flagstaff, AZ
20. Tucson, AZ
21. Phoenix, AZ
22. Gainesville, FL
23. Naples, FL
The Sunbelt is still shining when it comes to best places to retire. Every year Topretirements.com publishes a list of the 100 most popular places to retire. This year 68 of the 100 top positions were occupied by towns in the Sunbelt. Florida dominated the list, taking 23 of the spots, followed by North Carolina (11) and South Carolina (8). The list is hardly static -- 25 new towns made it to the top 100 in 2010.
1. Asheville, NC
2. Sarasota, FL
3. Prescott, AZ
4. Paris, TN
5. Austin, TX
6. Green Valley, AZ
7. Winston-Salem, NC
8. Beaufort, SC
9. San Diego, CA
10. Ft. Myers, FL
11. Venice, FL
12. Athens, GA
13. Charlottesville, VA
14. Mt. Airy, NC
15. Crossville, TN
16. Sedona, AZ
17. San Antonio, TX
18. San Luis Obispo, CA
19. Flagstaff, AZ
20. Tucson, AZ
21. Phoenix, AZ
22. Gainesville, FL
23. Naples, FL
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