Sarasota McMansions? Kevin Spacey, Surely You Jest!

Sarasota McMansions? I Think Not!Earlier this week the new political drama ‘House Of Cards‘ featuring actor Kevin Spacey debuted on netflix. In the show Kevin Spacey plays a rather unpleasant, power-hungry politician with an apparent unfavorable view of our lovely city.

In particular his character cited Sarasota’s luxury real estate market while illustrating his disdain for a former employee who left his service.

Money is the McMansion in Sarasota that falls apart after 10 years, Power is the old stone building that stands for centuries.

Well it’s obvious for us his character must NOT have spent much time checking out the array of industry leading hurricane-hardened, luxury homes that line our waterfront neighborhoods. Many of which have been designed by renown architects in both traditional and contemporary styles, have been built with beautiful natural materials, are LEED certified and will certainly withstand the test of time as they must comply with some of the strictest building codes in the country to deal with our frequent threat of hurricanes.

While hearing this kind of casual criticism certainly gets our feathers ruffled, we will admit at least during the ill-fated real estate bubble, there were a few fly-by-night builders with little experience interested in flipping a large well-located but poorly designed home for an even larger quick profit. However those were definitely the exception not the norm. High-end luxury home building in Sarasota is not for the feint of heart, and builders with little experience or resources do not last very long.

Sarasota Historical Remodel By Murray HomesThe many stunning estates that line our avenues and waterways have become a world-wide draw, and competition between top builders ensures impeccable quality and design standards. Murray Homes, we are proud to say, has been leading the pack. As the top builder on Bird Key in 2012 we have always had a passion for building homes that are not only luxurious, well designed and built with the best materials to the highest standards, but homes that will stand the test of time and continue to be an asset for both the homeowner and our community as a whole.

If fact for proof of our luxury home market’s longevity you need look no further than Ca’ d’Zan. John Ringling’s historical mansion. Built almost 90 years ago in1924, this masterpiece of the Venetian style architecture has graced our shorelines for decades.

Sarasota ModernIf the ornate old-world look is not your thing, Paul Rudolph, an icon of contemporary architecture, started the well known Sarasota Modern, or Sarasota School of Architecture movement that has not only lead to the design and construction of decades-old masterpieces, but has inspired a whole generation of contemporary architects to continue to innovate with beautiful and clean designs. In fact many homes in our area gain significantly in value not by being designed by a well-known architect but by simply being next to a home designed by one.

As a builder of of luxury homes in some of Sarasota’s most prominent areas we take the responsibility of creating homes that will add to our areas overall value now and far into the future.

Sarasota Continues to Rise

Sarasota real estate has come a long way from the dark days of 2006-2010. In November 2008, the inventory level* was 24 months. In June of this year the figure has plummeted to below 5 months, ushering in a seller’s market.  *Months of inventory represents the time it would take to deplete the current inventory of homes and condos at the current sales rate.

Real estate agents are finding themselves busy keeping up with demand from buyers at a time of year that is typically much slower than the peak buying and selling months of January through April.

Highlights from the Sarasota Association of Realtors – Real Estate Market report for June 2012:

•        Real estate market achieved the highest level of quarterly sales in seven years.

•        June sales were the second highest total since September 2005, yet another indication of a market that is achieving sales totals not seen since the 2003-2005 real estate surge.

•        Sales prices 18.7% higher than in June 2011

•        The normal seasonal influx of buyers tends to drop shortly after the Easter holiday, but this year the higher sales appear to be continuing into the summer.

•        The median sales price for single family homes dropped slightly to $178,500 from last month’s figure of $185,000, but it remains higher than the 12-month running median of $167,000. The median sales price for condos was $195,000 – up from last month’s figure of $180,750, and still much higher than the 12-month running median prices of $165,000.

•        Single family home prices remained over 30% higher than the low of 15 months ago ($137,500), while condo prices are over 50% higher than the low point ($127,000).

Jane Ebury

941-365-1837

Sarasota is hot, hot, hot!

Sarasota sunshine is heating up and so is the local real estate market. Property sales have topped 800 for the third consecutive month, demonstrating a market that has recovered to levels not seen since the 2003-2005.

Interest rates hit record lows in May, and house prices still remain relatively low.  This has brought high sales rate and low inventory – a rare combination, which is why Sarasota is attracting buyers from across the nation, and the world.

The median sale price for both single family homes and condos remained near the highest levels of the year in May. The median sales price for single family homes was $185,000 – a 34% increase from the lows of 14 months ago. Last month’s figure was $175,000. The median sales price for condos was $180,750, a drop from April’s figure of $191,750 but a 40% increase from the low point.

The total number of distressed properties, foreclosure and short sales on the market remains around 31%, the lowest level in 3 years.  This is likely a contributing factor to the housing demand and increase in prices.

The May figures are 4.3 months of inventory for single family homes and 5.2 months’ inventory for condos. Months of inventory represents the time it would take to deplete the current inventory at the current rate of sales. Six months of inventory is classed as the market equilibrium, therefore we are now considered a seller’s market.

“I’ve been in our Association for over 15 years and inventories at this level are rare,” said SAR President Laura Benson. “The market is tightening, and when available properties are at such low levels, the result is normally greater competition for available properties. This scenario tends to escalate prices, so if you’re in the market for a home, now is the time to act.”

Jane Ebury

 

Prices keep climbing – Florida is heating up

Word is getting out that Florida’s bust is switching to boom, with the charge being led by the $1 million single family house market.

Across the state in Miami-Dade, a $52million house is reportedly under contract and a penthouse condo just sold for a record $25million.

On this side of Florida, our price point is not as impressive but we have continued signs of rising sales.  In February and March of this year, sales of $1million-plus houses in Sarasota county were 48% higher than last year.

For more information on luxury homes in Sarasota call Bev Murray or Jane Ebury 941-365-1837 at Murray Realty

 

Should You Invest in a Second Home?

An article recently published in The Wall Street Journal offers some insight into whether or not you should be thinking of buying a second home in the next five years.

There is a lot to think about – with near record low mortgages rates, bargain prices and dwindling home inventories the once hard to attain second home is now at your fingertips for historically low prices. These factors have conspired to create somewhat of a buying frenzy in our perenially popular Sarasota market.

Sales of vacation homes fell 56% between 2006 and 2010, but climbed 7% in 2011, according to the most recent survey by the National Association of Realtors. Showing continued confidence in our market place.

At Murray Realty we have seen Sarasota properties receive multiple offers as well as an increase in activity in the high end market place.  Waterfront properties are being snapped up at 50% of their boom value.  Snow birds are feeling more confident that the market has bottomed out, therefore investing their money in a second property might be once again a sound investment.

Read Wall Street Journal’s full article

Jane Ebury

941-365-1837

 

 

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Luxury Living Looking Up?

The buzz around town and on the keys is that Sarasota has had a phenomenal season. Reports are coming in from delighted restaurant owners, motel managers, valet parkers and shop retailers that our visitors not only came for the season, but they also spent money while they were here.

The real estate community is quietly optimistic about the positive signs for the year to date and the upward trend is being lead by the luxury end of the market.

According to the Sarasota Herald Tribune, there were a total of 34 homes and condominiums sold in Sarasota county in March 2012. This is a whopping 48% increase over last year.

The luxury end of the market has been especially stagnant in the past few years so this is extremely encouraging news.  These increased sales mirror the upswing in the luxury new home construction market which began at the beginning of 2011.  Wealthy homeowners and investors are finally feeling confident enough to spend some of the cash which has begun to burn a hole in their pockets.

One of the problems that potential homebuyers and investors are facing is the lack of raw material.  The inventory of available homes is at an 8 year low,   hovering a little below six months’ supply, the number generally considered to be optimum for a balanced real estate economy.  The reduced inventory is likely to translate into higher prices.

This news may well be enough to convince homeowners who have been sitting on their properties waiting out the downturn, to put their homes on the market and make the move to fresh pastures.

Part of our job as Realtors is a commitment to keeping buyers and sellers informed about the nuances of the high end real estate market.  Rest assured that Murray Realty is working tirelessly to make sure that buyers are aware that values are rising and inventory is low.

It appears that luxury living really is on the up!

Bev Murray –

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