Sarasota in Best Housing Markets

According to Realtor.com’s “Top 10 Turnaround Report,” based on Third Quarter 2011 data, the following six Florida markets are included as exhibiting the best positive year-over-year housing median price appreciation, inventory reductions and inventory age while also experiencing lower unemployment rates: Miami, Orlando, Fort Myers-Cape Coral, Fort Lauderdale, Sarasota-Bradenton, and Lakeland-Winter Haven. Most of these same markets were featured just three years ago as having the worst impacts in the nation from the Great Recession. This report also notes that the number of foreign buyers purchasing homes in these markets increased from 10 percent in 2007 to 31 percent in 2011.

Ringling Bridge

Bird Key Yacht Club Completes Renovations – Celebrations Start With A Bang!

Murray Homes has just completed a major renovation of Bird Key Yacht Club. The project was completed on time and on budget and with outstanding results.

Established in 1959, the Bird Key Yacht Club has seen numerous upgrades and renovations over the years. This project included renovations to the entrance, parking lot, a new, nautically themed entry hall and reception and lobby area with a grand two-story foyer and a new port cochère.

A “Grand Opening” was held in conjunction with The Commodore’s Ball on Saturday, November 19th when Bird Key residents and club members descended in their finery to celebrate a ribbon cutting and a cannon salute followed by an exquisite dinner.

Murray Homes was chosen from numerous applicants to bid for the project. Comments from Bird Key Yacht Club reflect a happy and successful outcome: “Working with Steve Murray and Murray Homes on this project couldn’t have made for a better renovation experience,” said Rob Edwards, General Manager “. He never lacked focus or momentum and doesn’t compromise. He wants to get it right; that’s the way he operates!

John and Glyn Murray have been members of Bird Key Yacht Club since 1995 and the family actively races there.

Building & Selling on Bird Key

The combined expertise of Murray Homes and Murray Realty makes that “impossible dream” not so impossible! Whether it’s building your own stylish home, or building to sell, we can deliver. We can take it from the ground up – find the land, design and build your personal luxury waterfront home – or we can take an existing home and give it an extreme makeover like no other you’ve ever seen.

Our meticulous approach to building and understanding of this area’s real estate market came into play again as we recently completed and sold two multi-million dollar homes on Bird Key. Who says there’s no way to get what you really want out of life in today’s economy?

Whether you are a buyer or seller, the Murray team offers you unparalled quality service in all aspects of your real estate venture. Let us help you make that impossible dream a reality. Call us today.

SARASOTA MARKET IS HOT, HOT, HOT!
According to the Sarasota Association of Realtors, this community is one hot commodity! Single family home prices have hit the highest level since June 2010 and the available inventory of properties has dropped to the lowest level in more than a decade. So what does that mean for you? It’s time to jump into the market! With prices for both single family homes and condos above the annual median prices for the past two years, it’s obvious that Sarasota is a destination for people on the move.

Forbes Magazine thinks so too…
Forbes Magazine recently named Sarasota a recession proof city! With a solid median home price of $143,000 and price increases for the first two quarters of the year, we’re looking pretty good!

7324 Broughton Street, Sarasota FL 34243 (Short Sale) – $169,900

2 bed 2 bath

7324 Broughton Street, Sarasota FL 34243

Short Sale – Beautiful home situated 1 block away from Sarasota Bay in historic Whitfield Estates and close to Sarasota/Bradenton Airport. The floor plan complements the square footage making it feel bigger. Kitchen has granite countertops. Great outdoor kitchen with a good size back yard. Close to US41 and the SRQ airport.  A/C Handler 2003, Water heater 2007, All the windows hurricane approved, with shutters for doors. BOA has already done their appraisal, the short sale documents have been collected and sent into the bank.Ready for offers!!!

To arrange a viewing please call
Jane Ebury, Realtor
941-726-9360
Murray Realty
1255 Seeds Ave, Sarasota FL 34237

Never a dull moment

With Halloween, Thanksgiving, Christmas and New Year racing upon us, 2011 is only round the corner.  Some of you will be glad to see the back of 2010, others will look forward to 2011 with a positive attitude and a sense of anticipation.
 
Over the last two to three years, real estate and banking news has filled the media for one reason or another.  Over the last few months things had quietened down……or so we thought!  Earlier this month J.P. Morgan Chase, Bank of America, Wells Fargo and many other lenders stopped all foreclosures until further notice.  They have discovered that the lawyers they retained did not handle the files with due diligence, which lead to many homes being foreclosed upon by banks who may or may not hold the note.  With this said, the financial institutions are frantically trying to limit the damages.  I suspect we may see class action suits brought against the banks in the near future by homeowners who surrendered their homes to lenders who were not qualified to foreclose.
 
On a more positive note, the snow birds are starting to return to Sarasota.  This is the perfect time to list your home ready for the seasonal residents to buy up our real estate at historically low prices. 
 
Murray Realty has a Facebook page.  If you haven’t already viewed these, click on the links below.  Both pages have proved to be a huge success.  They are regularly updated with information on new listings and relevant market changes, as well as our opinions on real estate news.  Please feel free to comment on any articles on our sites.  This enables us to stay focused on what you need from your real estate agent.
Thank you for supporting us and have a safe Halloween

Amendment 4: What Every Voter Should Know

What are the facts?

On November 2nd, you will be asked to vote yes or no on a plan to alter Florida’s Constitution called Amendment 4. Special interest lawyers, adult entertainment interests and population control groups have designed, funded and proposed this amendment to our Constitution. Take a moment to learn more about who’s backing Amendment 4 and why.

What is the issue?

Amendment 4 will prolong the recession and put recovery out of reach for thousands of working Floridians. As a result, leading business, labor, and civic groups oppose Amendment 4

What will the measure do?

This proposed change to Florida’s Constitution would require a taxpayer-funded referendum for every single change to a local government comprehensive plan. Simply stated, Amendment 4 would force Floridians, not the representatives they elect, to decide hundreds of minor, technical comprehensive plan changes each year on issues like drainage, traffic circulation, and intergovernmental coordination.

What does that mean for you?

Here is what Amendment 4 means for you: (1) a Florida with drastically fewer jobs, (2) a significantly weaker economy, and (3) unbearably higher taxes to feed the Amendment 4 “litigation” bureaucracy.

The Florida Chamber of Commerce asked leading economists to study the impact of Amendment 4. The study indicates that Amendment 4 would likely put more than 267,000 Floridians out of work, shrink Florida’s economic output by more than $34 billion annually, and take nearly $12 billion out of the pockets of working families.

With Florida’s jobless rate reaching well into double digits, our state’s top business and labor groups have put politics aside to oppose Amendment 4. Mark Wilson, president of the Florida Chamber of Commerce wrote: “If you like the recession, you’ll love Amendment 4.” Frank Ortis, executive board member with Florida’s AFL-CIO noted that “Amendment 4 will devastate Florida’s economy by costing hundreds of thousands of jobs and driving the unemployment rate even higher.”

According to the Orlando Sentinel, “The cost to local governments of [Amendment 4] would soar into the millions.” Those costs would be shouldered by Florida’s taxpayers who could expect to see not only more government waste, but also nonstop lawsuits as special interests wage war in court over the technical wording of endless ballot summaries. Referencing a failed experiment in Amendment 4-style rule in the small Florida town of St. Pete Beach, the St. Petersburg Times wrote that Amendment 4 leads to “short-term thinking” and “invites lawsuits…”

What is the conclusion?

Florida’s jobless rate is high—but it could get much, much worse with the passage of Amendment 4. At a time when many families and small businesses are struggling to make ends meet, that’s the last thing we need. Please take the time to learn more about Amendment 4 by visiting www.Florida2010.org.

Real Estate Investment

If you are thinking about purchasing a home, don’t let negative or sensationalized headlines be your sole persuader.  Even journalists who write many of the stories behind the headlines are rebelling against the idea that real estate is on its way out as the foundation of many Americans’ wealth.  We’ve certainly had our ups and downs over the years, but that’s expected in every investment’s cycle.  We are getting much closer to a sustained up cycle.  Read as much as you can from the sources you trust.  That way you’re most likely to make the right decision for you, and with confidence.   Above all, don’t let trash talk rob you of one of the most opportune moments in real estate history.

August property sales up; prices remain stable

The Sarasota real estate market rebounded in August 2010 after an expected slower July, following the expiration of the federal $8,000 homebuyer incentive. Sales were up 8 percent over July 2010, and up 14.3 percent over August 2009.
 
Property sales in August 2010 stood at 567 total sales. This compared to 525 sales in July 2010 and 496 sales in August 2009.
 
There were 408 single family home sales in August, with the median price at $154,500, almost identical to last month’s figure of $155,000. The median price was also $155,000 in August 2009, and has been steady throughout the last 12 months ($161,000), fluctuating between a high of $170,000 and a low of $150,000.
 
Condos saw 159 sales in August, with the median price rising by 22 percent to $155,000 from last month’s figure of $127,000.  For the last 12 months combined, the median sale price for condos was $169,900. Distressed condo sales have dragged the overall median price down substantially, with normal arm’s length sales garnering three-times as much as bank-owned properties, and twice as much as short sales on average.
 
Pending sales also rose in August to 816, from last month’s figure of 653, for a 25 percent increase. The rise bodes well for the closings in the early fall months.
 
“It was very encouraging to see that the market recovered nicely after a drop in sales from June to July,” said 2010 SAR President Erick Shumway. “After experiencing a five-year high in sales for the second quarter, everyone knew the loss of the homebuyer tax credit would have a negative impact. But we saw a big jump in sales for August, and prices held steady, so this market still has legs and the recovery appears to be a healthy one.”
 
The level of sales of distressed properties (foreclosures and short sales) dropped in August 2010 to 47 percent from last month’s figure of 48.7 percent of the overall market. Distressed market sales were at a high in late 2009, and have hovered in the range between 44 and 48 percent since that time.
 
The property inventory level remained fairly consistent, remaining just over the 6,000 level in August 2010, which remains one of the lowest monthly levels since late summer of 2005.
 
The months of inventory for single family homes in August 2010 dropped to 9.5 months from 10.4 months in July. The figure was 10.3 months in August 2009. This figure represents the number of months it would take to sell all available homes at the current pace. For condos, the figure dropped to 13.5 months from 14.4 months in July 2010. It was substantially lower than the August 2009 figure of 20.5 months. Once the market reaches the 6 month level it is considered to be in equilibrium between a buyers and sellers market.
Sarasota Association of REALTORS®