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Ring in October and 2018-19 season

by Roger Pettingell

Changes as we approach peak season

Updated information on construction, quarterly figures and new listings

Peak Season listings in REALTALK™ #182
The strategy for new listings as we head into the "shoulder" season, discussed in REALTALK™ #182

After 35 years selling real estate on Longboat Key and Sarasota we have learned a thing or two about setting up for peak season which begins in October. At present the inventory is low but I have a good feeling that is about to change for the better. We have signed a number of listing contracts that will offer a good variety of single-family homes and residences. We will also have a good price range for buyers.

The housing market is faring well too. The Florida Realtors trade group released its second quarter figures for Manatee and Sarasota counties, reporting that median price of single-family homes rose 5.4 percent to $294,990 and residences rose 6.6 percent to $218,000. There are other significant trends for happy home owners. The Longboat Key budget is to pass its fiscal year budget today with no recommended increases in property taxes.

Longboat Club Road guard gate construction
First Phase for new Longboat resort hotel - A realignment of Longboat Club Road and new guard gate is expected to be completed by Thanksgiving

Inventory is also looking upward with the development of the Longboat Key residences that are currently underway. Your first drive from the south on Gulf of Mexico will have this progress in full view, new roadwork to reroute Longboat Club Road by the Chart House Restaurant and our office. This will pave the way for Ocean Properties and its 90 new residences with 250 hotel room complex. A short drive north and you will see the demolition of the old Colony Beach and Tennis Resort. In its place will be 78 condominiums and 166 hotel rooms operated by the prestigious St. Regis company. Travel to the mainland to Tamiami Trail and you will also see the ground broken for the redevelopment of the Quay area in downtown Sarasota, beginning with a new Ritz-Carlton building and 73 new residences that will be connected to the existing Ritz-Carlton by an overhead walking bridge.

A preview of some of the $40 Million in 21 new listings by Halloween

Here is a preview of homes that I have coming onto the market, some as early as next week. The first is a waterfront home with direct bay access in beautiful Cherokee Park on the south end of Sarasota, close to downtown at 1509 South Lodge Drive. This spacious 4BR/5BA home with 5,800 square feet of living space built in 2005 will list at $4,995,000.

1509 South Lodge Drive
1509 South Lodge Drive - $4,995,000

Another home with a lot of space and bedrooms will go on sale next week has 10,335 square feet of living space, with plenty of bedroom space for family and friends with 7 bedrooms and 8 bathroom. It is another newer built home in 2000 listing for $3,995,000 at 1744 Seminole Drive in the Sarasota community of McClellan Park. A home in San Remo Estates at 1363 Tangier Way is a 3 bedroom home with 3 full baths and 2,899 square feet of living space set for the market at $2,995,000.

I have three homes in different areas coming on the market in the $800,000 range. On Longboat Key in Country Club Shores, listing at $895,000 is a 3 bedroom and 3 bath home on the canal with 1,918 square feet of living space. Country Club Shores has always been a community with good valued homes. Returning to Sarasota, this single-family home at 76 Osprey Point Drive in the Oaks is a light and bright 3 bedroom home with 5 bedrooms and spacious 4,364 square feet that I featured in my REALTALK™ #180 video last week, a discussion of the Oaks Bayside. It will list as a good value home for $849,000. The third home in this price range is at 4646 Hidden Forest Drive, with 4 bedrooms, 3 baths and 3,472 square feet of living space priced at $779,000.

415 L’Ambiance Dr, #C604
415 L’Ambiance Dr, #C604 - $2,395,000

If you like the maintenance-free lifestyle that a condominium presents, I have you covered there too. These three residences offer high quality living on the Gulf of Mexico sandy white beaches, where the amenities are many and the sunsets that will take your breath away. Built in 1992 L’Ambiance on the southern end of Longboat Key combine luxury with many amenities in a great location. The 2 bedroom, 3 Bath residence with 2,820 square feet, Gulf and Links on Longboat golf views in a Sabal floor plan at 415 L’Ambiance Dr, #C604, listing for $2,395,000. Just a short drive up Longboat Club Road is a residence with many of the similar amenities on the Gulf at 535 Sanctuary Drive, #B705. This 3 bedroom, 3 bath residence will list for $1,499,000. Near the heart of Longboat Key shopping with a Publix and CVS is the residence at 2675 Gulf of Mexico Dr, #501 in the Veinte community which will list for $1,250,000. On the beach, what more could you ask?

Check our website in the next weeks as these and other listings will return to the market. With any of these listings coming on the market soon, please contact me at (941) 387-1840 for an exclusive showing this week before they go on the market.

 

Call us at (941) 387-1840 for an exclusive showing

 

Economist view of the Market

by Roger Pettingell

An Economist's View of the Market

As funny as his presentation was, his message was strong

Elliott Eisenberg, Ph.D., economist
Elliott Eisenberg, Ph.D., economist - Click on the image for more information and to register for his 70 word daily blogs on economics.

Elliot F. Eisenberg, Ph.D. is a funny guy. He is an economist, so how can I call him funny. He recently spoke at a recent gathering for local REALTORS®, there to speak on the economics of the housing market.

There was laughter at many of his jokes and one in particular. He was explaining the Federal government’s role in stimulus packages. He noted that more rebates for home buyers weren’t necessary based on inventory and the number of buyers for those homes. It was actually the Federal government that was a factor in the overload.

“If you dig a hole too deep,” he said. “Get rid of the shovel.”

He was good at either an analogy or quick witted comment to put everything in perspective. It was an economist’s view of inflation, business growth, government programs, and yes: interest rates and the housing market. There was a tie-in to housing sales in all the economic indicators and he showed the graphs that he used to back up his findings. Even his website is a combination of serious figures and comedy routines, graphsandlaughs.net.

He pointed out that more state and local jobs will be created and industry production is increasing too for more jobs. He made a point to indicate that with more jobs, the housing market is stronger. We can all make that assumption but it took someone with his background to look at the numbers to tell us whether we are going up or down.

He noted the government’s role in interest rates. He seemed to have a clear vision of the Federal Reserve, despite the changing of the guard and the inauguration of Janet Yellen as head. He claimed that short term-rates will stay low as long as unemployment and inflation remains low.

Dr. Eisenberg noted that lenders need home buyers and that buyers should seek out lenders they trust. At issue is the uncertainty in creating loans and uncertainty in getting a loan that was created by the housing crisis a few years ago. This has created a situation where the banks are losing money. It also may account for the recent announcement from RealtyTrac that 65% of home purchases in Sarasota County were based on cash purchases. This ranks among the top five in the nation of cities with populations over 500,00. He reasoned that regulations will ease a bit to pull us out even faster.

He did note that the government will likely drive interest rates upward, but that it won’t start until the Fed tapers its stimulus packages, likely to start in November. Dr. Eisenberg made note that his views were smart, but that government is not always smart.

He displayed a graph that was a combination of existing home sales and new home sales. The gap was very noticeable the last four years. Encouraging were his figures on the decreasing number of distressed homes as a percentage of total home sales.

He wrapped up with graphs on Florida and its comparison to other states in the nation. He said that the east coast up to Pennsylvania is looking good for the housing market and that Florida is fourth or fifth in unemployment recovery. He was keen on the fact that listings are still down but that Florida has recovered to a point that houses were selling at 95% of the original listing price. He said we still have a long way to go from the 34% below market prices that this state is in recovery.

The take-away is that we should all be bullish on the economy and we have all seen the indicators. Now we have a good perspective that relates it all back to the housing market.


 

For more information, and to register for 70 word daily blogs on the economy, visit the website of Elliott Eisenberg, Ph.D.

Please take a look at our most recent listings. We welcome these new sellers to our services here at Roger Pettingell, Coldwell Banker Previews International. If you have any questions, please feel free to contact me at (941) 387-1840.

3030 Grand Bay Blvd., #354 $1,149,000 Video  
1000 Longboat Club Rd. #703 $649,000 Video Photo Slideshow

 


 

REALTALK: Housing Market videos

by Roger Pettingell

REALTALK™ Debuts April 23

New Video Series for the Local Real Estate Market

REALTALK videos by Roger Pettingell on the Longboat Key and Sarasota Real Estate markets.
REALTALK™ - My videos on the Longboat Key and Sarasota Real Estate markets. Click on the image above for the playlist.

When I thought of a weekly video program that was devoted to the local real estate market I wanted to produce content that was concise and relevant enough to put into a two- to three-minute conversation.

The first REALTALK™ debuted April 23 with a comparison of the 2013 first quarter to 2014, what is selling at a rapid pace and what I think we should look forward to the next three quarters. The second episode on April 30th I talked about homes on the market and pointed to some of the high end homes available for sale to luxury home buyers.

These videos have done better on my YouTube channel so I had them packaged into a playlist. It is my hope that by making these videos accessible and easy to find, this information will be available to a wide audience. To make them accessible to the hard of hearing, I have been transcribing them with closed captioning. The closed captioning button is located at the bottom of all REALTALK™ videos.

On my website, longboatrealestate.com, the transcripts will be available as expanding windows so you can see the list of videos easily, but open the text for a quick read. This archive has already been created and you can see it here.

I will offer my knowledge in these videos as a top producing REALTOR the past 26 years in the Sarasota and Longboat Key areas.  I also hope to have guest speakers: experts on the housing market, remodeling, taxes and more. Mary Kay Ryan, my director of customer care, is a moderator in this question and answer series.

Please take a look at the price changes on Longboat Key for a great value property. If you have any questions, please feel free to contact me at (941) 387-1840.

$6,295,000 Video Photo Slideshow
775 Longboat Club Rd, #607 $1,395,000 Video Photo Slideshow

 

Good Economic News to Ring in the New Year

by Roger Pettingell

Good Economic News to Ring in New Year

Based on Some Indicators, 2014 Should be a Good Year

Longboat Key Club golf course. The resort was rated among the top 500 in 2014 by readers of Travel + Leisure Magazine.Happy new year!

Yesterday on New Year’s Day I was greeted with good economic news from a few fronts. This news was especially good for the housing market in Florida and for luxury items in the retail sector.

The first was a report by the University of Florida Bureau of Economic and Business Research which predicted that Sarasota and Manatee counties would increase in population by over 21,000 in 2015 over the current level.

Our two counties are also expected to follow Florida in general with a solid economic performance growth. The state is forecast to lead the nation in economic indicators such as job growth and sales across many channels.

One follows the other according to Moody’s Analytics economists, as the population grows with retirees here in Southwest Florida, they predict a solid performance in other indicators.

Baby boomers and retirees are spending more on luxury items compared to products sold at the Targets, Wal-marts, Kmarts, Sears, JC Penneys and other big box stores. This pace reflects good growth in the stock market according to industry analysts. Record tourism in 2013 was also a boost to the retail, service, hotel and restaurant industries.

The new year brought more recognition for the area. The Longboat Key Club was rated among the world’s top 500 resorts by readers of Travel + Leisure Magazine. The 2014 poll is the 18th year to rate this distinction among all world lodgings.

Optimism abounds at many levels, we wish for you a prosperous and safe 2014.

Please take a look at our most recent listings. We welcome these sellers to our services here at Roger Pettingell, Coldwell Banker Previews International.

415 L'Ambiance Dr #301 $2,495,000 Photo Slideshow
3060 Grand Bay Blvd #121 $1,200,000 Photo Slideshow
511 Bowsprit Lane $1,095,000 Photo Slideshow
7890 Esperanza Cir, Sarasota $749,900 Photo Slideshow
1902 Harbour Links Cir., #16 $699,000 Photo Slideshow
1701 Gulf Of Mexico Dr #602 $649,000 Photo Slideshow
1701 Gulf Of Mexico Dr #402 $575,000 Photo Slideshow

 

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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.