Bird Key, a 510-home enclave just off the Ringling Causeway, has canal-front and bayfront homes with manicured lawns and dramatic city skyline view. Also originally owned by John Ringling, the key was the Arvida Corporation’s first big Sarasota development in the early 1960s. Bird Key is a boater’s dream, and the Bird Key Yacht Club is the hub of social life here. A mix of executives, physicians, recently retired baby boomers, at least one rock’n’roll superstar and a controversial national talk-show host live here, but we’re not naming names.
New Listing – Investor Opportunity!
610, 640 and 642 Madison Court, Sarasota FL 34236
Short Sale!
3 adjoining lots in Laurel Park. Listed separately but available as a parcel at $900,000. 610, 640 and 642 Madison Ct. See MLS # A3924746, A3924747 and A3924748. 8 fully leased units in total on 5 lots in sought after Laurel Park. Low out of pocket expenses due to separate water/electric meters. Plenty of parking. Short Sale:approval of the seller’s lenders(s) may be conditioned upon the gross commission being reduced.642 Madison must be purchased with the adjacent properties (610 & 640 Madison) as part of the zoning requirements to to allow construction of 5 single family residences in Laurel Park.
For more information call;
Steve Murray
941 365 1837
US new home sales still sluggish
26 July 2010 Last updated at 11:53 ET
The pace of sales remains slow
New home sales in the US rose sharply in June compared with the previous month, but the pace of sales was the second slowest on record, official figures show. The Commerce Department said sales rose to an annual rate of 330,000 in June from a revised 267,000 in May, which had been the worst month on record.
June’s figure was the second-lowest rate since records began in 1963.
The housing market has suffered since tax credits for buyers ended in April.
Analysts say that the uncertainty over the US economy – including unemployment at about 9.5% and tight credit conditions – have left potential buyers reluctant to commit to a new home. “There’s no question that this is a weak number, but it seems to be more stable,” said Stuart Hoffman, chief economist at PNC Financial Services Group.
“The bottom line to all of this is that we need more jobs.”
Knock-on effect
Sales saw their peak annual rate of 1.39 million in July 2005. New homes sales made up about 7% of the housing market last year – though this figure was about 15% before the collapse of the housing market. Knock-on effects of low sales include fewer jobs in the construction industry.
According to the National Association of Home Builders, each new home built creates an average of three jobs for a year and generates about $90,000 in taxes.
Positive Signs for Residential Real Estate
Sales of existing homes in Florida rose 15 percent in June, marking 22 consecutive months that sales activity has increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors®.
Murray Realty – Why you should choose us?
We have a few major factors on our side;
– we have specialized in buying, selling and building on Longboat Key, Lido Key, Sarasota and Bird Key since 1995. We have built and remodeled 21 homes on Bird Key alone and are currently building 2 new construction custom homes on the key, reflecting our draw to investors or potential building clients. All lots that have not been improved or rebuilt are seen as a potential tear down and rebuild, and clients come to us for that advice and expertise. We can also offer a potential client remodeling ideas and costs, which broadens your customer base.
– There are many foreign buyers entering the Sarasota market at the moment, especially Europeans. We have just completed a days shooting of our other listing, by a German production crew filming a home show airing in Germany, Switzerland and Austria. Our UK connections have brought many European buyers into Sarasota over the years.
– We have an affiliation with Savills and Country Life in the UK, the leading real estate agent and publication for estate homes and feature on their website. This generates a lot of referrals.
– We are on all current media websites including Realtor.com, Facebook etc, we have an interactive search facility on the website that draws a lot of traffic. We publish regular e-blasts promoting our listings and send out a targeted monthly blog to over 3000 addresses.
– We update you weekly on traffic, showings and market trends in order to ensure you remain advised on the status.
– We believe that being a small company, we are able to act and react swiftly and give the personal service that high end custom homes require. We are Bird Key and Longboat Key specialists….this is our patch… and we have good relationships with all of the realtors in town that sell Bird Key, Longboat Key and waterfront property, meaning that all local realtors are aware of our listings and have complete access and knowledge to the attributes of the house. The MLS today means that all posted houses are available to buyers via the internet. Then converting an interested party to a sale, is what we do best.
– We believe in and take good photography as these photos sell the houses to internet clients. We perform area caravans, showing local realtors and hold open houses on Sundays.
In conclusion, as a small but experienced company, concentrating on a small geography, and having the added bonus of our construction company and contacts, we believe that we offer the best service available for your property.
Hopefully this helps. If it sounds like a hard sell, it is, because we believe in what we do and are successful at doing it.
Murray Realty Presents – 14618 Sundial Place, Lakewood Ranch, Sarasota FL34202
Front View - Sundial Place
Murray Realty Presents –
This home is beautiful and is a must see!! 4 Bedrooms plus front office, addition games/playroom at the back, private lake and preserve lot.It has many upgrades throughout including crown modeling, tile in main areas, vaulted ceilings, granite countertops and much more. Gorgeous kitchen with wood cabinetry and black onyx granite. Disappearing sliding glass doors in family room open up to lanai with a fabulous pool/spa. There is 1 bedroom and bath off of the upstairs bonus room that also has a relaxing balcony facing the preserve. You will love the peaceful lake view with the preserve and woodlands in the distance with abundant wildlife. Three Car Garage. Within walking distance to elementary school, middle school and playgrounds. Call Jane Ebury for more details 941 726 9360
Kenneth R. Harney – Kenneth Harney: Foreclosure alternative gaining favor
Kenneth Harney: Foreclosure alternative gaining favor
via Kenneth R. Harney – Kenneth Harney: Foreclosure alternative gaining favor.
February 19, 2010 REAL Magazine Event
Tue, Feb 9, 2010
February 19, 2010 REAL Magazine Event.
Hosted by Steve Murray of Murray Homes at his Bird Key bayfront estate at 667 Mourning Dove Drive, Sarasota, Florida 34236, 11:30am-1pm. The keynote speach will be delivered by Jeff LaHurd, author and historian, on the history of Bird Key.
On February 19th 2010 from 11:30am to 1pm REAL Magazine will hold a networking event at 667 Mourning Dove Drive on Bird Key. The event will feature a presentation on the history of Bird Key by noted local historian and author of 12 books on Sarasota, Jeff LaHurd. A surprise giveaway ups the ante one more notch.
FHA Announces Policy Changes to Address Risk and Strengthen Finances
New Measures Will Help FHA Better Manage Risk, While Maintaining Support for the Housing Market and Access for Underserved Communities
WASHINGTON – Federal Housing Administration (FHA) Commissioner David Stevens today announced a set of policy changes to strengthen the FHA’s capital reserves, while enabling the agency to continue to fulfill its mission to provide access to homeownership for underserved communities. The changes announced today are the latest in a series of changes Stevens has enacted in order to better position the FHA to manage its risk while continuing to support the nation’s housing market recovery.
The FHA will propose to take the following steps: increase the mortgage insurance premium (MIP); update the combination of FICO scores and down payments for new borrowers; reduce seller concessions to three percent, from six percent; and implement a series of significant measures aimed at increasing lender enforcement. U.S. Housing and Urban Development Secretary Shaun Donovan previewed the changes in December of last year, noting that the FHA would announce additional details before the end of January.
“Striking the right balance between managing the FHA’s risk, continuing to provide access to underserved communities, and supporting the nation’s economic recovery is critically important,” said Commissioner Stevens. “When combined with the risk management measures announced in September of last year, these changes are among the most significant steps to address risk in the agency’s history. Additionally, by continuing to provide affordable, responsible mortgage products, FHA will support the housing market’s recovery. Importantly, FHA will remain the largest source of home purchase financing for underserved communities.”
Announced FHA Policy Changes:
- Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending
- The first step will be to raise the up-front MIP by 50 bps to 2.25% and request legislative authority to increase the maximum annual MIP that the FHA can charge.
- If this authority is granted, then the second step will be to shift some of the premium increase from the up-front MIP to the annual MIP.
- This shift will allow for the capital reserves to increase with less impact to the consumer, because the annual MIP is paid over the life of the loan instead of at the time of closing
- The initial up-front increase is included in a Mortgagee Letter to be released tomorrow, January 21st, and will go into effect in the spring.
- Update the combination of FICO scores and down payments for new borrowers.
- New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA’s 3.5% down payment program. New borrowers with less than a 580 FICO score will be required to put down at least 10%.
- This allows the FHA to better balance its risk and continue to provide access for those borrowers who have historically performed well.
- This change will be posted in the Federal Register in February and, after a notice and comment period, would go into effect in the early summer.
- Reduce allowable seller concessions from 6% to 3%
- The current level exposes the FHA to excess risk by creating incentives to inflate appraised value. This change will bring FHA into conformity with industry standards on seller concessions.
- This change will be posted in the Federal Register in February, and after a notice and comment period, would go into effect in the early summer.
- Increase enforcement on FHA lenders
- Publicly report lender performance rankings to complement currently available Neighborhood Watch data – Will be available on the HUD website on February 1.
- This is an operational change to make information more user-friendly and hold lenders more accountable; it does not require new regulatory action as Neighborhood Watch data is currently publicly available.
- Enhance monitoring of lender performance and compliance with FHA guidelines and standards.
- Implement Credit Watch termination through lender underwriting ID in addition to originating ID.
- This change is included in a Mortgagee Letter to be released tomorrow, January 21st, and is effective immediately.
- Implement statutory authority through regulation of section 256 of the National Housing Act to enforce indemnification provisions for lenders using delegated insuring process
- Specifications of this change will be posted in March, and after a notice and comment period, would go into effect in early summer.
- HUD is pursuing legislative authority to increase enforcement on FHA lenders. Specific authority includes:
- Amendment of section 256 of the National Housing Act to apply indemnification provisions to all Direct Endorsement lenders. This would require all approved mortgagees to assume liability for all of the loans that they originate and underwrite
- Legislative authority permitting HUD maximum flexibility to establish separate “areas” for purposes of review and termination under the Credit Watch initiative. This would provide authority to withdraw originating and underwriting approval for a lender nationwide on the basis of the performance of its regional branches
- Publicly report lender performance rankings to complement currently available Neighborhood Watch data – Will be available on the HUD website on February 1.
In addition to the changes proposed today, the FHA is continuing to review its overall response to housing market conditions, and continuing to evaluate its mortgage insurance underwriting standards and its measures to help distressed and underwater borrowers through FHA/HAMP and other FHA initiatives going forward.
http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2010/HUDNo.10-016
90 Day seasoning dropped
The HUD Secretary Shaun Donovan has announded, as of the 1st Feburary 2010 the 90 day seasoning that new homeowners have to wait before they are able to resell will be dropped temporary for 1 year.
To protect the FHA borrowers against predatory practices of “flipping,” the waiver is limited to those sales meeting the following general conditions;
- All transactions must be arms length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.
- In cases in which the sales price of the property is 20% or more above the sellers acquisition cost, the waiver will only apply if the lender meets specific conditions.
- The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.
- Specific conditions and other details of this new temporary policy are in the text of the waiver, available on HUD’s website: www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf
