The Neighborhood Report – Siesta Key
Siesta Key Office
Renowned around the world for its sugary sand, Siesta Key is a major attraction for those in search of a property close to the area’s finest beaches. Our Siesta Key office is located on the north end of Siesta Key Village, which also serves as quite an attraction for visitors and residents alike. Picture perfect and ideal for laidback tropical afternoons, the Village was recently transformed into an inviting pedestrian-friendly area, where benches, streetlights, additional crosswalks and a gazebo create an attractive setting. Additionally, the great restaurants and vibrant nightlife make this a destination not to be missed.
How is the Market on Siesta Key?
Debbie Judge, branch manager of Michael Saunders & Company’s Siesta Key office, reports positive news for Siesta Key’s inventory of available properties. For the first two quarters of 2009, the supply of available single-family homes is down 22 percent compared to the first five months of 2008. Furthermore, condominium inventory is down 9.2 percent. After a very strong June, Debbie expects to see a further decline in properties available for buyers. Her conclusion: Educated buyers are scooping up the values.
A Siesta Key Success Story
Our agents on Siesta Key understand the importance of pricing their listings correctly. Recently, a Siesta Key office agent listed a Real Estate Owned (REO) property on Venice Lane. This well-priced listing garnered an incredible six showings within the first 48 hours of being on the market. Similarly, a newly listed, luxurious waterfront home followed an identical guideline for pricing and received several offers and a prompt contract, resulting in one very satisfied client. Today’s market is all about price. Buyers are leery of properties that have been on the market for a while and expect sellers to take low offers. When priced right, listings definitely spend less time with a for sale sign.
Customer Questions
Buyers and sellers have been asking how the dramatically changing mortgage lending guidelines and hightened regulatory compliance requirements are affecting the ability of buyers to secure financing. While we are aware of the impact the mortgage lending changes have had on the real estate market, Michael Saunders & Company is very fortunate to have a team of experienced mortgage originators to help, MSC Mortgage.
The Bottom Line – Debbie’s Advice to Buyers
Never assume that a seller will reduce their price by 20 percent or more. Work with your Realtor to identify listings that are likely to sell in your desired price range. Correctly priced properties are selling at roughly 90 percent of the list price, so narrowing your choices down will help your search and results.
Short sales are still a challenge and are typically not “short” in the time it takes to get approvals. While waiting for a short sale to be approved by the bank, a buyer may miss out on other opportunities to get a great buy. Michael Saunders & Company agents are well-versed in handling these transactions and can guide a buyer so that they keep their options open.
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