Venice

You will hear nothing but the truth backed up with facts from my blog.  Good, Bad or Ugly.  Nothing but the truth!  I have built my 20 year career here in Venice/Englewood with that integrity and I will give you nothing less here on my little space on the web.

What I am referring to when I state that the “pipeline is thinning” is that while sales(homes closed) were very good for the month of June, the number of homes under contract have been dwindling the last two months.  We have gone from 541 pendings in April and 538 pendings in May, to 439 pendings in June and 333 pendings to date in July with over half of those pending sales being short sales.  Good deals are staying on the market longer.  I want to reiterate “good deals are staying on the market longer”  I still believe it is a great time to pick up a great deal.  Prices are stable, this is a fabulous buyers market.

The inventory of Bank owned homes stay consistent, 70-90 homes in inventory.  Short sale inventory is increasing slightly, but the good news there is that banks are finally getting better at negotiating short sales versus foreclosing, that will help to keep our market stable and eventually start it back on the path to recovery.  Even the Feds have adopted the short sale “HAFA” program that they so conveniently excluded themselves from in the beginning.  If you missed my previous blog on “HAFA” be sure to go back and read it.  Look for a future article soon on the minor changes that FNMA and Freddie Mac made and adopted. 

Average days on the market - 127 and the list to sell ratio is at 93% 

If you have any questions about the market, if you are considering buying or selling real estate call, e-mail or text me.

I will continue to be YOUR Real Estate source.  I look forward to helping you!

Bike to the Beach, Restaurants, and Main street shopping.  Maintenance free lanscape and heated pool.  Just bring your toothbrush and turn the key because everything else is included.  Does this sound good?  Then call me to take a look at your new End unit villa on the Island of Venice. 2 Bedrooms 2 baths, Carport and a outside deck to enjoy the Florida sunshine.  Asking just $119,900.

The market statistics continued to look good for the month of May.  Inventory dropped from 1824 listing to 1752 listings and 197 sales were recorded in the Mid-Florida Regional MLS system.  That equals a 9 month supply of homes.

Some other Statistics that you my find interesting:

12 – 13% of the listings are short sales.

13 – 15% of the sold properties this year were short sales.

13- 15 % of the sold properties this year were Bank- owned making 25-30%  of all sales distressed sales.

Call me if you need to buy or sell!

Your Real Estate Source,

Buck Settles

Just a short update on the housing market.

April was the best month since July of 2005 for sales in Venice!

Here are the number of homes and condos closed in Venice as reported by the Venice MLS, May 11th, 2010.

January           105

February         128

March               176

April                   201  

Of those 201 sales 20 were bank owned and 21 were short sales,  Interestingly the percentage of Bank owned and short sale transactions have consistently hovered around that 20% of the total sales. 

Now certainly seems like the time to buy!  

It’s always in your best interest to choose an agent that knows the market. I know the market! Call or e-mail me when you need to buy or sell real estate.

Welcome to part two of  “should I short sale my home”  Periodically I will post different thoughts and  concerns that will help you answer this question

Today’s question  –  “Do I have to be behind on my payments before the bank will consider a short sale?”

Until recently I would have said yes, however I just received a “short payoff” approval today on one of my listings and the seller is not late on a payment.  The loan is through GMAC, kudos to them, they were really “on it” from the beginning.  I obtained the approval in about 12 days!  It has been my experience that when the process is done properly the results are getting measurably better then from just a month ago.  We are trying to lessen the impact on this sellers credit, he should just take a minimal hit. 

If you are considering selling your home call me!  If you must do a short sale I can help you, I have a successful track record.  If you just need more information to make a good decision, please do not hesitate to call, I do not mind sharing my knowledge, all I ask is if you choose to sell or buy that you consider me and refer me to your friends, family or other contacts that my need to buy or sell Real Estate.

Okay I baited you a little…but what I am saying is true.  This home is a hot buy!  Twice the land of recent comparable sales.  Over 1/2 acre of waterfront.  Gorgeous, private waterfront property on quiet cul-de-sac street. Beautiful wildlife views overlooking the canal.  Richmond built home.  3 Bedrooms 2 Baths and a 2 car garage.  Living room, Kitchen pass thru breakfast nook and second bedroom all open up to a vaulted lanai.  Just two bridges to the bay.  Additional private lanai off the master bedroom. This property offers Englewood Beach Club membership.  Ready for the best part…$199,900, firm.

If you do not have the cash to buy a condo, it just got a little easier to finance one.    Fannie Mae and Freddie Mac have begun to ease there restrictions.   It’s my opinion that one of the largest factors that lead to the Real Estate Crash was the over building specifically of condos in the Florida market.  Condos were treated like stocks, they would be bought and sold 2 to 3 times before they were even built, each owner making a profit on the sale until the music stopped.  That last “investor” would then walk away leaving the other owners to pay for the fees incurred to maintain the complex.  Many of these complexes turned to Ghost Towns.  Here is an article that was published in the Sarasota Herald Tribune

Welcome to part one of  “should I short sale my home”  Periodically I will post different thoughts and  concerns that will help you answer this question.  

Today’s question  – “If I short sale my home will I be taxed on the amount the bank was shorted?”

The short answer, Not if it is your primary residence and you sell it between 2007 and 2012.

Here is an article I found on the subject.  click here

“What if it is an investment or second home?  Ask your tax preparer if you meet the insolvency rule, or have the bank agree in writing that they will forgive the “short” and not file a 1099.  For this you may want to consult the expertise of a foreclosure defense attorney.

Always confirm any tax question with your CPA or tax preparer.

The Sarasota Herald Tribune has just reported sharp increases in both home sales and prices during March. 

In the Sarasota-Bradenton market, sales rose 38 percent to 1,055 in March from a year ago. The median price rose 9 percent to $163,400 from a year ago and climbed 6 percent from February, according to statistics released Thursday by Florida Realtors, the former Florida Association of Realtors.  

Sales rose by 24 percent in Florida, but the median price fell 3 percent to $137,000. The only other major market in Florida that saw appreciation was West Palm Beach, where prices rose 8 percent to $246,100.

Nationally, sales rose by 6.8 percent to a seasonally adjusted annual rate of 5.35 million, while the median price remained flat at $170,700.

Sales rose 7 percent in the Midwest and South, 6.6 percent in the West and 6 percent in the Northeast.

To read the entire article just click here.

If your a current pilot, a former pilot, maybe a vetern of our armed forces, or simply someone who likes planes and the idea of flight, you will love this Jewell of Venice. 

The Venice airport (VNC) was built during the 1940s by the United States Army Air Force. It served as a military flight training facility.  The Army Air Corps base property went from the current airfield to the Island Hospital, West to the Gulf and into South Venice. – Title to the Air Corps Base was transferred to the city under terms established by the War Surplus Property Act a little more than 61 years ago.  The airport generates its own funds. The taxpayers of Venice do not support the airport with their tax dollars. The airport pays the city for services such as Fire and Police protection. – The airport is a huge economic engine generating tens of millions of dollars a year into the Venice region.  In 2000 the Airport master plan contained a detailed economic analysis that indicated that the Venice Municipal Airport contributed some $22,000,000.00 in direct economic impact to our region.  Lots of happenings to take advantage of including an Annual Airport Appreciation Day and an annual visit by the Collins Foundation and there B-17, B24 and P51.  There is also Flight Training including aerobatic training based on the field.

Many of my clients have credited our little airport as a big reason for moving to Venice.  It’s a great way to check out our city, Fly in and enjoy the Honoluana Restaurant and Tiki bar located directly on the field or walk across to  Sharkeys directly on the Beach. 

I have been a pilot since 1992 and fly a 1978 Mooney currently hangered at vnc.  If anyone cares to do a little hanger flying, or wants to explore the Real Estate opportuinities we currently have to offer, give me a call.