In a market whose values have fallen so far, the banks are less and less likely to take a number significantly under market. As a matter of fact ,what most buyers do not realize is that the bank will appraise the property, and they know what it is worth in today’s market. Since they are already taking a loss from the original mortgage, they are more likely to stick to approximate market value; we have actually seen cases where short sales are priced OVER current market, but people assume it is a good deal. 

Bank owned (REO) properties are often good deals, as the bank is not in the business of owning real estate. They would much rather collect money. So bank owned properties are often aggressively priced, but as of late we have noticed that they too are priced close to market value, not willing to give up too much ground. Bank owned properties often have a fair amount of deferred maintenance, so that has to be factored into the price as well. Although the margin of “steal” has gotten smaller, bank owned properties are still easier to purchase for a good price, generally speaking, than a short sale.

The final option is , of course, a traditional sale. And believe it or not, a traditional seller with equity is often your best bet for a great price. So when looking for property, don’t limit your search to short sales, or bank properties. Your dream home may be waiting with its owner still living in it; well maintained, well priced, and ready to go.

September 3 – First Friday Art Walk on Palm Avenue, Sarasota  6pm

September 4 & 5 – 2nd Annual Labor Day Arts Festival, Miami Street, Venice  10am

September 4 - Bullseye Ride – Sarasota Classic Car Museum (5pm & 7:30 pm)
Call 941-355-6228

September 4 & 5 – SCI Labor Day Soccer Showcase – Sarasota Polo Grounds -
Call 941-907-0000

September 4 – Venice 2010 Triathlon -Sharkeys on the Pier, Venice  7:30am 
Call 941-492- 9622

September 5 – Liquid@Lido Pool Party – Lido Public Pool (Noon-7pm)

September 6 – Labor Day Picnic at Historic Spanish Point  – Starts 9am
Call 941-966-5241 -$10 per carload

September 6 – 9th Annual Labor Day Garden Tour & Plant Sale-
Call 941-358-4953

Can’t get here?  Check out Siesta Key Beach, Sarasota Bayfront, Sarasota downtown or Mote Marine on webcam – and have a great weekend!

* Listings with gorgeous interior photos, but not one shot of the backyard. Understand that if there is an expansive lakeview, or a very private large yard, there will likely be a photo of it. That would be a strong selling point.

* Just the opposite- photos of the exterior, yard and community amenities, but nothing of the interior. Condition of the home may be worrisome.

* Only a few photos of the interior, and of seemingly random rooms – if the kitchen is upgraded and beautiful, there will be a photo of it – same with bathrooms. A listing agent will not leave out a gourmet kitchen, if it exists.

* “Cozy” and “well-loved” homes are usually small and probably in their original condition (no upgrades). This is not always bad, but just be aware.

* If you are not familiar with Sarasota, the great majority of  homes are within 20 minutes of the beach. If a listing states “only 40 minutes to beaches ” you are way out of the city.   

* Sarasota is a resort town on the Gulf of Mexico, world renowned for its beaches and culture. If homes are exceptionally cheap, they are not in good condition. If you want a “cheap” Sarasota downtown or waterfront home, be prepared to do some work.  

* Exclamation points and capital letters do not ensure accuracy. If a listing proclaims “BEST DEAL IN SARASOTA!!!” it is not necessarily true. Same thing with “PRICED $100K UNDER APPRAISAL!!” If that is true, I can almost guarantee the appraisal was from 2005.

One thing I want to point out as well – not every home in Sarasota is overpriced. As a matter of fact, most are not. The idea that every home should be reduced by 40-50% when we make offers is false. At this point in the downturn, most homes are priced for the current market and based on recent sales. While a few sellers remain stubborn, most are reasonable. But as always, and situation by situation, we pledge to negotiate the best possible deal for you!

34201 – University Park
34202 – Lakewood Ranch
34216 – Anna Maria Island
34228 – Longboat Key
34229 – Osprey
34231 – Gulf Gate, bayfront south of Stickney Point
34234 – Museum Area, North of Downtown
34235 – The Meadows
34236 – Sarasota downtown, Lido Key, Bird Key, St. Armand’s
34238 – Palmer Ranch
34239 – South of downtown, bayfront real estate
34240 – Equestrian, east on Fruitville
34241 – Bent Tree, Laurel Oaks, East on Bee Ridge
34242 – Siesta Key
34243 – University Corridor
34275 – Casey Key, Nokomis

1) A short sale is not bank owned. The seller of the property is still the person who purchased it and holds a mortgage. However, a bank does have to approve the deal – thus there are two steps – acceptance by the seller, and subsequent acceptance by the lender.

2)  The bank is not in any hurry to sell the home at sharply discounted rates. They are willing to listen to offers that reflect market value or perhaps go a bit lower. But a bank is not generally interested in 50% of market value. Remember, they do not own it yet - this is not a foreclosure.

3) Short sales, even with improved processes, are still anything but short. Expect a long wait for an answer, a long wait for paperwork, and a long wait for closing. If those time frames can be shortened up, that will be a bonus.

4) Banks play by their own  rules. They can wait as long as they like to answer, or not answer at all. They can accept and consider as many offers as they like, regardless of what order they came in.

Although things have gotten better, and some lenders have expedited the process, many short sales are still an exercise in patience and good humor – you may wait quite some time to hear “no”. They are a reality in this market. Here are a few tips

1) If you have a time sensitive situation, for instance your current home is under contract, or you want to be here by season  - short sales are not the way to go.

2) A bank approved short sale is a positive sign. A bank approved price is a better sign. If you see either of these, the bank is engaged in the process and that should – theoretically – speed things up.

The good news is this – there are great deals with bank owned REOs. Much to people’s surprise, straight traditional sales, without all the bureaucracy, often offer the best options and sales price. The lesson is, don’t believe the hype. “Short sale” does not always mean easy, or guaranteed deal. But since sometimes it might, give us a call.

Sarasota’s exclusive buyer agents.

Driving across the John Ringling Bridge from downtown is a surreal experience in itself, where one leaves the business behind and can literally feel the Gulf breezes wafting away the “real world”.  As you cruise towards the beach, you will see Bird Key to your left. A short detour will reveal Bird Key to be a tranquil little residential island of less than 300 beautiful homes in one of the most idyllic locations in the world.

Water is to both sides of you as you drive on, and boaters, fishermen, and windsurfers will pull off to the side of the road, unable to wait another minute to get into the water! Just ahead, along the tree lined causeway, is perhaps one of the most famous places in Sarasota, St. Armand’s Circle.

St. Armand’s Circle is the manifest reality of John Ringling’s dream. He wanted to make Sarasota a shopping and dining mecca, and he succeeded. But beyond the boutiques and cafes, St. Armand’s also is home to art exhibits, car shows, and community concerts. It is a true gathering place.

Just off St. Armand’s Circle is a wealth of life to be discovered. To the northeast is Mote Marine Laboratories and Ken Thompson Park. To the west is Lido Key Beaches and South Lido Beach Park. And surrounding the circle in all directions are a myriad of Lido Key real estate options – beautiful waterfront mansions, serene oak canopied cottages, and a wealth of opportunities for investment properties. Although Lido is not our most populated Key, it does provide the best of all worlds.    

Lido Key Beach is wide and white, very much like its sister Siesta Key Beach. However, stretches of Lido Beach are more protected and private,  and thus more wild in nature. Lido Key is home to a couple of attractions not often seen in Sarasota – the beachront tiki bar at the Lido Beach Resort; and the public pool, directly on the beach mid-key. A walk along North Lido will allow you to wander through protected dunes and wild grass; while South Lido Beach Park offers beautiful pines to shelter you from the sun while you picnic, canoe, kayak and fish. A canoe/kayak launch is available, guaranteeing an easy transition into the crystal clear waters of the Bay and Gulf, and the Lido mangrove tunnels.

Lido Key offers arts, culture, shopping, dining, boating, fishing, canoeing, kayaking, picnics, marine life, beach side pools – the list goes on and on. Take a virtual tour with us and discover why Lido Key is not to be missed – enjoy the below video!

Lido Key from SeeSarasotaLive on Vimeo.

Ironically, I hear it from both buyers and sellers – in the same deal.  Buyers think that everything is still overpriced, while sellers know how much they have cut their price. So who is right?

We have all heard that the price the market  is willing to pay for something is what it is worth. In Sarasota real estate, we live and die on comparable values and appraisals. If you follow this blog, you know that those values themselves are hard to pin down. But comparable sales is the best way to determine what the going value of a specific home in a specific neighborhood is.

Buyers are conditioned that they should never offer list price, or even close, in this market. So we often hear “I won’t pay more than (x) for that home” and it is generally far under list price. However, if the home is already priced under market value, someone else WILL buy it.

While it seems a “win” to negotiate a big chuck off of the list price, the list price is actually the least important number in this equation. Getting a great purchase price is the goal, and sometimes that menas paying list to beat out the competition. Many times buyers, shocked that someone else bought “their” home, are amazed to find that the other buyer paid close to list price. But if list price was under market, it is worth it.

Our job as buyers agents is to get you the best possible deal on the best home. Sometimes that means negotiating a large amount off list price – but other times, it means informing you the the home is priced so well, and is so desirable, that you should take it and run.

In this market, as in any market, if the home is priced at or under current market, it is a good deal. And it will sell.  You can think the buyer is crazy – but they may very well end up laughing all the way to the bank in the years to come.

My kids have gotten used to my obvious statement. They most often hear it as we travel across the John Ringling Bridge from downtown to Lido Key. From high atop the bridge, the water views are amazing, and I am overcome that this is my home, and not some travel brochure. But the sentiment hits me all over town – walking out onto Siesta Key at sunset, gliding past Sarasota’s downtown skyline by boat, or canoeing through the mangrove tunnels. Forget that the #1 destination in the country, Disney World, is a  day trip away. The amazement that I live in this place never wears off.

Sarasota real estate has grown in popularity as more companies have moved their operations to the Gulf Coast, and more people are telecommuting or working for themselves. Once relegated to a vacation spot, the reality of living in a place that people save up for years to visit is nothing short of awesome.

I have been in Sarasota 10 years and still feel like I am on vacation everyday. Sarasota real estate is lower priced than it has been in years, interest rates are low, and the beaches have never been better. But if all that doesn’t convince you to purchase your piece of Sarasota real estate, I’ll take you on a drive over the John Ringling Bridge.

And neither has Siesta Key beach.  But that’s another blog entirely.

When I arrived, my daughter was entering 3rd grade, and my son was a baby. My daughter this year will be dual enrolled in college, and my son enters middle school. How time has flown. The Sarasota school system has continued its tradition of excellence, and Sarasota families enjoy not only top notch public education, but a wide range of charter public schools as well, including the Imagine Schools, Oak Park Schools, and Pine View.

Please be aware on August 23rd and beyond, that streets devoid of children this week will be crawling with them next week. Bus stops are throughout most neighborhoods; also within 1 mile of any school you can expect kids on bikes and on foot darting across the street. Please be aware.

Since I have moved here, Sarasota residents have faithfully supported the schools, and it shows in our rankings and test scores. Let’s help keep our kids safe this year – welcome back, kids!