Decreasing Inventories

Take a look at this graph- I find it very interesting. This data is for all of Sarasota County dating back to last September.  You can see a clear decrease in properties on the market from a peak of over 13,000 in February to just over 9700 for November. That is an astounding decrease in active inventory (25%!). You can also see a trend in sold and pended homes- a clear increase from 2007.  There might be several explanations for the decrease in inventory- tired sellers, bank foreclosures, etc. But with recent foreclosure numbers showing that in October the number of foreclosures decreased, one begins to wonder how long our endless supply of inventory will last. I am not an economist, and I do not claim to fully grasp the scope of our economic crisis. What I do see is shrinking inventory, and better sales numbers than last year. I don't think I could ask for a better Christmas present. 

Fiery Florida Skies

This is a picture that I took early in the morning before the last cold front swept through West Florida. Those ominous skies gave way to a very strong front sparking tornadoes in many areas. Winter is a fascinating time of the year in Florida...  

Moratorium on Home Buying Created by the Fed?

In the government's latest move, the FED is considering measures to curb mortgage interest rates to 4.5% for new home buyers and new residential loans.  Click here to see the article.

As a real estate practitioner, I see the short term impacts of this as nothing short of devastating. Until the FED makes a final decision on this, buyers will most likely remain on the fence only considering cash purchases for the most attractively priced properties. If I can calm myself down enough to be patient and think about the long view, perhaps there is an upside to all this.  The FED is on the right track, however they are still missing the mark. Where the aid really needs to be directed is to those who are in homes now that they cannot afford and to those who are losing confidence as they make payments on an asset that is worth pennies to the dollar on what they owe.  A more sensible plan would focus on underwriting banks and sponsoring a program so that troubled borrowers can refinance their current homes to lower rates. This would free up hundreds of dollars per month for the average American, stimulating the economy from the housing sector to professional services to retail etc. In the meantime, most American industries continue to suffer until final and decisive action is taken. 

Another Great Winter in Sarasota Tradition

Believe it or not, there is a large surfing population in Sarasota. Today was one of those classic Sarasota days with lots of cold surf to go around. Most winter storm systems bring fresh doses of cold, sunny waves to the Gulf Coast, much to rejoicing of surfing enthusiasts across the area.

By the Way, Have You Seen the Mortgage Rates?

If buyers did not have enough incentive, take a look at what the 30yr interest rates have done over the past month. If you can find a bank to lend you money, the time has never been better to buy. This is the perfect storm!

Coldest Start to Winter I Can Remember

This winter is off to a blustery start. I am always amazed at how quickly the Gulf of Mexico can change temperatures from almost 90 to 65 degrees.  I can remember many beach days in December and warm Halloween nights trick or treating in Sarasota. Not so with this year. I would expect all our friends from the North to want to visit and stay a while this year. 

If tanning on the beach in 5o degree weather is not to your liking, there are several things to consider doing in Sarasota in cooler climates. One of my favorite winter and spring traditions in Sarasota is the Season of Sculpture.  If you were wondering about the large statue near Marina Jack's you can learn more here: http://www.sarasotaseasonofsculpture.org.

Enjoy this magical time of year in Sarasota and don't forget to take advantage of all our great seasonal attractions.