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Roger Pettingell

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June 2010 Sarasota Market Update

by Roger Pettingell

Property sales in May 2010 in the Sarasota market once again hit the highest total since 2005 and median sale prices continued the steady pace observed in recent months. The 766 sales were the highest for the year, topping the April 2010 total of 757, and were the highest total since December 2005, and 51.3 percent higher than the May 2009 total of 506 sales.

Pending sales were once again strong, hitting 857, but were slower than April 2010. The March and April pending sales figures both topped 1,000, and reflected a last minute rush to beat the federal homebuyer tax credit deadline.

The median sale price for a single family home was also trending higher at $169,000, up 8.4 percent from last May's figure of $155,000. For the last 12 months combined, the median sale price for single family homes was $165,000. For condos, the median price was $184,500, slightly higher than last May's figure of $181,000, while the median sale price for condos over the last 12 months was $192,000.

The pace of sales quickened for single family homes, with the average days on market dropping to 168, from 195 days last May. For condos, the figure stood at 213 days, slightly higher than last May's figure of 203 days.

The level of sales of distressed properties (foreclosures and short sales) rose slightly in May 2010 to 40 percent of the overall market, from 38 percent in April 2010. The distressed market topped 48 percent in late 2009, so the overall trend remains downward - a good sign for a market returning to normal.

The property inventory level remained steady in May 2010 at 6,094, which is the lowest level since late summer of 2005. The months of inventory for single family homes in May 2010 dropped to 7.2 months, the number of months it would take to sell all available homes at the current pace. This was a significant drop from May 2009 - 14.3 months - and very near equilibrium. For condos, the figure fell to 9.7 months, much lower than last May's figure of 19.0 months. Once the market reaches the 6 month level it is considered to be in equilibrium between a buyers and sellers market.

Il Panifico

by Roger Pettingell
If you love authentic pizza, you will LOVE Il Panifico. Whether you choose to bring the ingredients home for make your own pizza night, pick up individual gourmet slices to go, or hang out with friends…… this is the place. Located downtown with lots of parking, Il Panifico has a delicious authentic deli as well as traditional yummy desserts. Don’t miss this casual bistro.



Il Panifico
1703 Main Street
Sarasota, FL 34236
941-366-5570

Sarasota Property Sales Up 49 Percent

by Roger Pettingell

Sarasota real estate sales were up 49 percent in February 2010, reaching a total of 528. Pending sales were also strong at 967. The statistics continue to reflect a recovering real estate market in Sarasota, with sale prices rebounding for condos and remaining stable for residential homes.
 
379 single family homes and 149 condos sold in Feb. A major improvement over February 2009's 260 homes and 94 condos. Pending sales were roughly 19 percent higher than last month and 23 percent higher than the in February 2009. 

Median sale prices in Sarasota rose in February for condos, while falling slightly for single family homes. The median sale price for a single family home was $150,000, down 4% from January, but up 5.6% over last Feb. For condos, the median price rose to $169,000 up from last month's $165,000, a 2.4 percent increase. This time last year the median sale price for condos in Sarasota was $198,000. The median sale price for single family homes for the last 12 months was $160,000, while the median sale price for condos across the same period was $185,000. 
 
Short sales and foreclosures accounted for 47% of the overall market in February of this year, much the same as January's 48% mark. The high percentage of short sales and foreclosures in Sarasota continues to be the single biggest factor holding down median sale prices.
 
The property inventory level fell slightly in February to 6,329. Down only 13 units from January's total of 6,342, which remains at the lowest levels we've seen since the summer of 2005.
 
The months of inventory for single family homes was 10.6 months, a drop from last month's 11.5 months and far lower than the 24.1 months in February 2009. For condos, the inventory was 15.4 months, slightly higher than the 14.7 months reported in Jan. and far lower than the 28.4 months of a year ago.  For comparison, a 6 month inventory is considered by most analysts to be a "healthy" real estate market.
 
The first-time homebuyer tax credit and it's extension for current homeowners having been in their home for 5+ years expires at the end of April. That deadline will likely drive some activity in the Sarasota market in the coming month as potential homeowners scramble to get a contract approved before the end of the month. Those credits are essentially free money for home buyers (in most cases) totaling $8,000 and $6,500 respectively. If you're interested in taking advantage of the tax credit give me a call and I'll be happy to assist you.

-Roger Pettingell

Owens Fish Camp

by Roger Pettingell
Hook Line and Sinker! This is the place. Owens Fish Camp is the buzz and the place to be! OFC is anchored in the old 516 Burns Restaurant next to the movie theatre in Burn’s Court. Saddle up to the bar or high top tables for the perfect meeting place for seafood and a beer….
Or enjoy the open air seating and dining inside. Super casual and super fun! Whether its oyster shooters or the best lightly fried fish sandwich in town…you are missing out if you don’t stop by!



Owens Fish Camp
516 Burns Ct
Sarasota, FL 34236
941-951-6936

Cafe Epicure

by Roger Pettingell
Casual and light! This fun Italian café boasts a fabulous menu for all connoisseurs. Epicure has great price points for casual pizza or a sophisticated dinner. A wonderful atmosphere inside as well as ideal outdoor dining. Favorites include tropicale salad, buffalo mozzarella sandwich, chicken Milanese, and gnocchi.



Cafe Epicure
1298 North Palm Ave.
Sarasota, FL 34236
(941) 366-5648
http://www.cafeepicuresrq. com/

Roy's Hawaiian Cuisine

by Roger Pettingell
Hawaiian fusion at its finest! Make reservations and prepare for an energetic evening with a creative menu! Sushi, items from the sea or the land...they have it all ....Grab a nice full Lychee Lemon Drop martini or 1988 cocktail prior to having dinner in the large dining room. Great 'lil prix fix menu too if you are looking for a lot of food for a moderate price!!!!! Great management too...any issues - they are at your service! Definitely will be back soon!



Roy's Hawaiian Cuisine
2001 Siesta Drive
Sarasota, FL 34239
Phone: (941) 952-0109
Hours of Operation:
Sunday - Thursday: 5:30pm–9pm
Friday & Saturday: 5:30pm–10pm

Venezia

by Roger Pettingell
A bustling, fun cafe on St. Armands with large picture windows for fun people watching is the way to go! Enjoy delicious pizza (Greek is a FAVORITE), generous salads (Venezia is the best on the menu) and wondeful other authentic italian dishes. You will have a hard time keeping your fork away from the children's mac n' cheese too! Great for families, friends or date nights!



Venezia
373-375 St. Armands Circle
Sarasota , FL 34236
Phone: (941) 388-1400

Maison Blanche

by Roger Pettingell
Paris meets Longboat Key for a beautiful love affair. Prepare your palette for an epicurean treat! Michelan-rated chef Jose Martinez prepares an exquisite menu with many choices. Our favorites include the tomato tart, sea bass, short ribs, and grand marnier soufflé. Maison Blanche also offers a tasting menu with wine pairings…..Divine!



Where:
Maison Blanche
2605 Gulf of Mexico Dr.
Longboat Key, FL 383-8088

Longboat Key and Bird Key Markets Turning

by Roger Pettingell

Exciting news from the Longboat Observer last week about the sales activity on Longboat and the surrounding keys:

Longboat Key and Bird Key real estate markets improving“If the improving real-estate market on Longboat Key and Sarasota’s offshore keys the last five weeks in 2009 and the first five weeks in 2010 is any indication, the future may bode well for our “living industry.”

There were 110 transactions involving $94,985,070 in those 10 weeks. Sixty-two were transacted between Nov. 30, 2009, and the end the year for more than $50.2 million, and 48 were transacted during the first five weeks of 2010 for more than $44.7 million.

The largest sale was the $8.4 million new home sale on New Pass the last week in January to boost the week’s sales to more than $20 million. This compares to the best week of $18 million posted from Nov. 30, 2009, through Dec. 4, 2009.”
 
I’ve participate in many of these sales, including contracting on a $5.4 million Bird Key home, two Sanctuary residences with a combined value over $3 million, and the listing a selling of a $1 million Pierre residence.  Showings have been bit slower in the first two weeks of February, perhaps due to the unseasonably cool weather.  Buyers who are out looking are noticing greatly reduced inventory, particularly prime locations.  That coupled with the threat of rising interest rates will likely continue to drive the market.

Longboat Key Real Estate Market On the Rise

by Roger Pettingell

It’s hard to believe how much a market can change in a year!  The Sarasota real estate market has been doing extremely well, starting this fall and zooming through the present day.  I personally sold just under $15 million of waterfront properties this fall, and I have already contracted on two Sanctuary residences on Longboat Key ($1,895,000 and $1,795,000) and a lovely Bird Key waterfront home listed at $5.4 million so far this January.  As you can see from the following article, the overall Sarasota market is looking good too.

Click Here To View The Latest Sarasota and Longboat Key Real Estate Trends 

Displaying blog entries 371-380 of 383

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Why Choose
Roger Pettingell?

Experience

  • Over 33 years as a top producing REALTOR® on Longboat Key and in Sarasota.

Achievements

  • Number 1 single Coldwell Banker agent in all of Florida for 2008, 2010, 2012, 2013, 2014, 2015, 2016 and 2017
  • Number 1 Realtor on Longboat Key and Bird Key for 2008, 2010, 2012, 2013, 2014, 2015, 2016, 2017 and 2018
  • Number 1 Realtor for all Sarasota in 2008, 2010, 2012, 2013, 2014, 2015, 2016, 2017 and 2018
  • Coldwell Banker Society of Excellence award in 2013, 2014 and 2016
  • Ranked among the top 250 agents in the country for 2014, 2016 and 2017 by REAL Trends as reported in the Wall Street Journal.

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About Roger Pettingell

Roger Pettingell of Coldwell Banker Residential Real Estate is your Longboat Key, Florida Luxury Real Estate Specialist. Roger provides his real estate expertise to sellers, investors, developers, and buyers in the Sarasota area including Anna Maria, Bird Key, Bradenton Beach, Casey Key, Cortez, Grand Bay, Holmes Beach, Longboat Key, Marina Bay, Osprey and Siesta Key. Search for homes, luxury homes, condominiums, investment property, development property, and vacant land and lots on the Longboat Key, Florida and the surrounding area.