Home Buying in Sarasota>Question Details

Peggy, Home Buyer in

considering a townhome in venice/ sarasota area, new construction. how is the resale looking and what is the?

Asked by Peggy, Mon Jun 30, 2008

average price that should be paid? how about a garage, does that make a difference? should i be negotiating price? what do you think the market for townhomes is going to do?

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Hi Peggy

Resale has a lot to do with location, price and value. If you buy in a great location, you will always have great demand. If you buy low, you will always be able to play with your asking price to get demand. I personally wouldn't buy something without a garage because here in florida, we don't have basement or attics and we all need storage. A property without a garage will eliminate right away many people. That will hurt your resale. I would not worry too much much about tiownhomes vs villas vs single houses vs ... There are people who only want townhouses and there are people who only want single detached family homes... Just get the best townhouse that you can get if that'swhat you want. But just make sure that it has a garage.

Betszie and I would love to help you with that purchase. Just give her a call at 941-705-1567 or send us an e-mail at either betsietaber@kw.com or michelbergier@kw.com

Have a great 4th of July

Michel
1 vote Thank Flag Link Thu Jul 3, 2008
Be very careful before purchasing in any condo association - with so many foreclosures in associations, you have no idea what the future may hold in terms of fees, assessments. One of our newest developments has gone into bankruptcy before the project was complete - the remaining land was sold to another builder - the original condos are very nice but who is to say what goes up across the parking lot. The fees are very low, but when you consider the fees were calculated on the "whole' picture, who knows where they will end up. Condos are very risky in my opinion.
0 votes Thank Flag Link Fri Jul 4, 2008
Peggy,

We currently have a new( never lived in) 2/2/1 with a den, constructed in 2007, 2 miles from the beach, priced at $194,000 located in Venice. It also has granite, design lighting, and a community pool to add to your pleasure.

There are many opportunities out there today and many sellers in our location are truly motivated.

We would love to send you sample properties.

The "Eckler Team"
ecklerteam@comcast.net
941-408-5363
0 votes Thank Flag Link Mon Jun 30, 2008
Peggy, you have asked a lot of good questions, but unfortunately it's almost impossible to answer some of them. Starting with your question concerning resale, I'll have to reply by asking you a question. How long do you intend to own your townhome? I don't believe that anyone can give a serious answer concerning resale prospects in the near future, but I think that if you intend to own it for several years you'll be okay. Just be certain that what you are buying is a well-built home in a desireable location. What looks like a "deal" today might not be so great in the future if the location isn't ideal.

Your question concerning the average price that should be paid has no real answer. There are $150,000 townhomes and there are $750,000 townhomes. If you are not sure that you are getting a good deal, you might be smart to meet with a Realtor who knows the market in the area that you are considering. You'll learn about the value of similar properties in the area, recent sale prices, and other information that may help you to value the townhome.

You definitely should negotiate the sale price. If you don't you'll almost certainly be paying too much for the property. There are some great discounts currently offered on new construction, but home builders really want to move their inventory, so why not ask for an even better deal.? It would be a shame to pay $5000 more than necessary, just because you didn't ask for a bigger discount.

I won't pretend to have a good answer concerning the future of the townhome market in Sarasota/Venice, except to say that real estate is not generally a short-term investment. Buy a good townhome and enjoy living in it. If you stay there for several years, you'll build equity over time, and you'll be glad you bought instead of renting.

Charles Offer
Coldwell Banker Residential Real Estate
423 St. Armands Circle
Sarasota, FL 34236
(941) 321-9664
http://www.CharlesOffer.com
charlesoffer@comcast.net
Web Reference: http://www.CharlesOffer.com
0 votes Thank Flag Link Mon Jun 30, 2008
Peggy,

There are some great deals right now with the condos and townhomes. The average price that should be paid depends a great deal in the subdivision or condo complex that you decide on and what type of ammenities it has. What type of things are important to you? Golf, tennis, swimming? Here's some information that I think you might find interesting:

Sarasota market hits highest sales figure since March 2007
Home sales in the Sarasota MLS for May 2008 stood at 627 – the highest level in 14
months, and approximately 92 percent higher than the sales in January 2008. In 2008,
sales have been increasing each month, possibly due to the influence of the new property
tax portability law enacted in late January. Sales have climbed from 329 in January to
423 in February, 514 in March and 567 in April.
“This year, the Sarasota real estate market has been a beacon of hope as the state and
national markets continue to struggle,” said Helen Sosso, 2008 SAR President. “I believe
our local agents have embraced the concept of a buyers’ market, and educated sellers on
the realities of pricing. We still have advantageous interest rates, and our communities’
natural and cultural amenities always attract buyers.”
The May 2008 report continued to reflect strength in pending sales, which stood at 692 –
the second highest level since June 2006. Last month’s pending sales stood at 756, the
highest in the period. In May 2007 only 541 pending sales were reported. Like closed
sales, pending sales have been edging upward since December 2007, when there were
only 374 pending sales reported. Pending sales reflect contracts executed by buyers and
sellers, and indicate more closings in upcoming months and an improving market in the
early summer months.
Inventory levels were lower in May 2008 for the third month, and are the lowest they
have been since February 2006. Still, with 9,500 single family and 5,100 condos listed,
buyers have a huge selection of more affordably priced housing to select from. The
reduced inventory is a combination of fewer properties being listed, and increasing sales
numbers. As the inventory continues to decline, the market will come back to more
balance. As we approach equilibrium, the buyer’s market we’ve been experiencing will
be gone, and price appreciation will creep back into the market.
In general, the Sarasota MLS statistics show a rebound throughout 2008 – every month
seeing stronger numbers than the month before. In fact, Sarasota statistics have been
stronger in recent months than sales in the Miami market, which is a much bigger
geographic and demographic area.
In the local Sarasota market, we have seen the trend already beginning toward lower
inventories, higher sales, and a leveling of prices after several months of declines. The
May figures reflect this new reality

Please ccheck out our website for more information on the Sarasota/Venice area.

Roxanne Moore, Realtor
Re/Max Anchor Realty
941-626-3926
twomoores42@comcast.net
http://www.TropicalFloridaProperty.com
0 votes Thank Flag Link Mon Jun 30, 2008
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