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History is everywhere “North of the River.” That’s what the natives call the towns of Palmetto, Ellenton, and Parrish that line the shore of the mile-wide Manatee River. The ancient Indians mounds at Emerson Point show that people have been living here for centuries. And legends of pirates hiding out in the coves and bayous of Terra Ceia linger to this day.
The road to recovery for Southwest Florida’s real estate market has been long and arduous; fraught with an overabundance of properties for sale—many of them short sales and foreclosures. Yet following a winter in which sales of correctly-priced homes sizzled, even the most skeptical market watchers are trading die-hard pessimism for a healthy dose of informed optimism.
Prices are at long last stabilizing on properties priced below $300,000. The total number of properties for sale has retreated into a much healthier zone of balanced supply and demand; and the phenomenon of multiple offers on well-priced properties is not uncommon. The market for correctly-priced properties between $500,000 and $1 million has also begun to show signs of a slow recovery—although sales of properties above $1 million remain sluggish. Still, were it not for the 800-pound gorilla occupying the driver’s seat, some might conclude that our overall recovery is finally cruising in the fast lane.
That 800-pound gorilla is the beast called “foreclosure,” a tenacious problem applying considerable drag to the pace of our recovery. Yet, while the total number of foreclosures in Sarasota, Manatee and Charlotte Counties has essentially remained flat over the past few months, the number is still high—9,844 at last count in March—and could potentially get higher before subsiding. That’s the sobering news of the day.
But there’s good news too. Unlike earlier in the crisis, newer foreclosures are being handled somewhat more proactively by the major financial institutions, who now realize that it’s often in their best interest to strike constructive accords with “underwater” borrowers at risk for defaulting on their loans. With so many foreclosures exerting downward pressure on prices, everyone’s bottom line is better served by keeping home and homeowner together wherever possible. Thus, the result of a constructive give-and-take between borrower and lender increasingly comes in the form of a loan modification or principal reduction plan, which typically reduces principal and payments for the borrower while keeping the property lived-in, cared for, and of greater value to the lender.
The laidback lifestyle on Anna Maria Island attracts many interested homebuyers.
Wonderful values make the current real estate market very appealing to buyers. Pam Ali, branch manager of Michael Saunders & Company’s Bradenton office, notices an increase in activity on Manatee County’s beautiful Anna Maria Island.
The Anna Maria area offers a true Florida island lifestyle. The quaint feeling of smaller buildings and beautiful beaches attracts buyers who are looking for a quiet place to unwind. Many of those who have purchased on Anna Maria Island have done so for either a second home or to completely relocate to enjoy the ultimate in Florida island living. Walking on the beaches, watching sunsets, kayaking the sparkling waterways and excellent fishing are the ways of life on the island, and today’s market has offered many opportunities for buyers in all price ranges to take advantage of some of the best properties available. (more…)
Florida’s west coast attracts many visitors and new residents from all over the world. Company CEO and Founder Michael Saunders talks about many special things that make our area so compelling.
What is so compelling about the west coast of Florida?
If you have questions for Michael Saunders, email AskMichael@michaelsaunders.com.
Properties on Tidy Island
Turn-of-the-century bayside villages, quiet rural settings, country club communities, comfortable urban neighborhoods and secure retirement enclaves are all part of Bradenton and Manatee County. Bordering the Gulf of Mexico between Tampa and Sarasota, Manatee County has earned the reputation of being one of the friendliest communities in on the Gulf Coast, in addition to its diverse neighborhoods and Florida charm. The agents of our Bradenton office proudly serve the residential opportunities throughout Manatee County and beyond.
Manatee County Sales Reports
Pam Ali, branch manager of Michael Saunders & Company’s Bradenton office, is pleased to report significant activity in home sales throughout Manatee County. In the Multiple Listing Service (MLS) for Manatee County, there were 243 single-family homes that sold in the last 30 days. The average sales price was $230,488. (more…)
MS&C Bradenton Office
From the shore of Anna Maria Island and stretching eastward along the Manatee River, the Bradenton-Manatee area is a remarkable place highlighted by a host of art and historical attractions, as well as a coastline of sun-drenched beaches. From adorable Florida fishing cottages and stately southern houses to luxury condominiums, modest mid-century homes and island bungalows, this Gulf Coast destination boasts a great sampling of residential lifestyle options. As proven area experts, the agents of our Bradenton office specialize in helping homebuyers and sellers throughout the communities of Bradenton, Palmetto, Anna Maria Island, Parrish, Terra Ceia and Lakewood Ranch.
How’s the market in Bradenton?
Bradenton office branch manager Pam Ali has witnessed a very active market in her area. Additionally, our Bradenton agents have recently seen a significant increase in the number of buyers and sellers making inquiries via the Michael Saunders & Company website, michaelsaunders.com. Many of these are from out-of-town potential buyers who found our piece of paradise online. Within the last 14 days, the Bradenton office has received 20 pending transactions, which indicates a healthy amount of interest in Bradenton real estate. (more…)
SARASOTA, Florida—(June, 2009)—“Its very heartening to see that the sales momentum that built so impressively during the first four months of 2009 continued to be strong even as we transitioned from the busy winter season into our customarily slow summer months,” said Michael Saunders upon examining the latest sales statistics for May, just out from TRENDGRAPHIX.. “With bottoming prices, low interest rates and extraordinary, limited-time-only buying incentives—like the First Time Homebuyers Tax Credit—buyers are expressing their confidence in the market by stepping up to buy wherever they detect the best buying opportunities.”
“Sales continue to be disproportionately clustered in the under-$300,000 price range, thanks to prices that have been impacted by foreclosures and short sales; but sales are also occurring in every price range where sellers wisely list their homes in very close proximity to what comparable homes are actually selling for,” Saunders added. “The most encouraging news from this new data is that closed sales, although down slightly in most cases for May in Sarasota, Manatee and Charlotte Counties—as would be expected as we enter the slow summer months—largely held their own compared with April; while pending sales are way up compared with last May. Further, with most of these pending sales set to close in the next 30 to 60 days, it looks like the trend toward improved sales, established early this year, will continue throughout the summer.” (more…)
NAR’s report for May shows a nationwide uptick in the sale of existing homes and sited favorable affordability conditions and the first time buyer tax credit as the primary reasons:
Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 2.4 percent to a seasonally adjusted annual rate of 4.77 million units in May from a downwardly revised level of 4.66 million units in April, but remained 3.6 percent below the 4.95 million-unit pace in May 2008.
It is encouraging to see the continued trend – the first nationwide back-to-back monthly gain since September 2005 – and Michael Saunders & Company recently posted our own area trend report for Sarasota, Manatee and Charlotte counties. Unfortunately, month to month reports only tell a piece of the story. (more…)
Much of the Michael Saunders & Company Reinvent Yourself 09 conference held last week pushed the notion that the fundamentals of the real estate industry, specifically the way we market property is and will be changing drastically over the near future. In fact if there is a bright spot to the housing and economic turmoil it is that it forces these changes to happen all the quicker: in the same way that higher fuel costs prompt more efficient vehicles, the evolved real estate agent is now leaner and smarter when it comes to marketing your home.
Out, are the single property advetisements in the newspapers and magazines – a quick appeasement for a seller, and not much else. Why would a potential home buyer wait until Sunday to look at one property in the newspaper when they can get instant gratification and look at all available properties on the market at once on the web?
In, are the targeted effects of social networking, otherwise known as the larest ongoing cocktail party on earth. Facebook, with over 275 million active users, now has a population greater than the 4th largest country on earth and is trailing only China, India and the United States in citizens. Bob Corcoran of Corcoran Consulting Inc. outlines some great techniques in a recent article on his website: (more…)
CNNMoney.com today reported that home prices across the U.S. are at their most affordable levels in 18 years:
Nearly 73% of all homes sold in the United States during the first three months of 2009 were considered affordable. That was the highest percentage ever reported by the 18-year-old Housing Opportunity Index, an analysis of markets compiled quarterly by the National Association of Homebuilders and Wells Fargo Bank.
While the article does state that the markets for new and existing home sales are still slow, they cite emerging optimism from homebuilders that the improved data – affordability, new homes sales up, pending home sales up – could indicate that the worst is behind us. Please click here for the full article.
As shown in our April Trends report last week, pending home sales for the region for April are up considerably: for Sarasota county, +18.44%; for Manatee count, +19.53%, for Charlotte county, + 16.91%.
