Lisa Blakeley

Hi Richard,
I would totally agree with Ron and Cathy Pepka, the condo market is taking a real beating right now and will for the foreseeable future. Here's my feelings with regard to the monthly fees, it is what it is!! Now, in saying that, there are some condo communities where they have tremendous amenities but are only in the mid to low $200's and that makes it doable especially when most of the fees out there include basic cable and water. It will, just as the Pepka's stated, take a much longer period of time to see any real return on your investment whether being a personal residence, second home or investment, the ownership method will not change the value just the desirability. Single family homes are currently a great deal, what we have seen in our office is that a lot of the experienced real estate agents are listing the home based off of a couple of things...recent sales as comps, a previous short sale experience or actually dialogue with a "knowledgable" lender who is wanting to sell the home rather than gather inventory. When you start with the right price to begin with, the process is much smoother and actually quite fast, at least that has been our experience in our office. We are probably averaging 15 offers a month on the listings we have and each one that has been priced with precision sells, the ones where the bank/lender really has no clue and chooses not to communicate with the seller and listing agent tend to send. We, as real estate agents, are the messenger, we cannot force these inexperienced lenders to do their job to get the homes priced appropriately but we can be strong in our arguments when we do make the offers and usually win them with data... For you, Parrish would be my pick but don't expect to find a 50 cent on the dollar exchange, too much has already been weeded out at this point, I'd be prepared to look at recent sales, compare the amenities of those properties to the homes you like and make an offer accordingly if you are a serious buyer. If you have any additional questions, please don't hesitate to contact anyone in our office for assistance. We are a learning based company that stays on top of the curve of what the market is bearing. I hope this information moves you a direction that best services your needs.
Lisa M. Blakeley, Broker/Owner
Blakeley & Associates Realty
11515 Palmbrush Trail
Lakewood Ranch, FL 34211
941.567.3100 office
9441.567.3111 direct - Thu Nov 6 2008, 07:01

Hi Richard,
You've had a lot of responses to your questions and you've been given a lot to think about. Here's my feeling. You need to give us more information as to your purchase, is it for you full time, part time, to be a rental either year round or seasonally...all of this info would direct us in the ability to wisely answer your question(s). There are pros and cons to condos for your exact reason...fees, but short sales have also been oversold, they are difficult unless you are dealing with a listing agent that has a good understanding of their job and unfortunately because short sales are a relatively new concept, most agents don't know how to deal with them. If you could fill in some blanks, I'd be happy to direct you to one of our agents and you can rest assured they are up to speed on the market conditions and how to handle the adverse situations out there. Good Luck! - Sun May 4 2008, 13:23

Hi Halley, I guess I feel differently regarding the Sarasota and Bradenton markets. I have now sat in on at least 4 local and state economists' seminars and everyone of them say that we botttomed out in Sept/Oct of last year (2007). I also watch the statistics daily as I not only own a real estate company but I'm an instructor and I have to be on top of my game with numbers, etc. to be able to teach. Saying that, the numbers actually reveal that our market has bottomed, yes there are still going to be additional short sales, foreclosures, and some people who will need to reduce their current pricing but generally speaking we are on a slow upswing. One way to prove this is by watching the local board statistics, this time last year, it was not uncommon to see anywhere from 800 to 1200 properties being listed every three to four weeks. The numbers for the past couple of weeks has been around 450-500 properties. Also, the sales have gone from record lows of 50-60 sales a month last year to back up to around 250-300 this past month. The numbers don't lie...our market has turned, the really great deals are almost gone and I believe that before the year ends, we will have seen about a 5-7% value increase. Hope this helps. Good Luck! - Sat May 10 2008, 15:19

Hi, I guess I might consider a different approach. Real estate is usually always a good investment especially when you can buy in a declining market. What you might want to consider is how much product you can buy today with your money vs. waiting, because even if something happened and you ended up not moving to LV, you have an investment that should turn a profit in five years. Renting is only as good as the management of the property so I'd figure in interviewing to find a top notch management company so that you get a better shot a "great tenants". It's a buyer's market almost everywhere especially in LV so I'd think seriously about buying now. Remember, once you retire, unless you are planning on paying cash for your home, you will have a harder time get financing and with financing conditions changing so dramatically, who knows what they might look like in 5 years! Lastly, our dollar is buying less and less with each year...just something to think about. Good Luck! - Sat May 10 2008, 14:56

Ann,
Real Estate investing is a generic term and it has meanings depending on what your desire is. One thing that you also need to add into the equation if you are thinking of purchasing in the Sarasota-Bradenton area is that for many many years this area was a relative secret. There was no movement to "grow" the area and have it become exposed to the world, thus there was very little value improvement throughout the years, at least until around 2002, 2003. The market started to grow with the increased development east of I-75 mainly the Lakewood Ranch area. Then all of the sudden the value bubble started to blow up and we all know what happens to a balloon with too much air...it popped in the latter part of '06. But, in saying that, it doesn't mean that investing in real estate isn't a good thing, it just means that you need to have a plan based on the type of investing you want to do. There's alot more that could be said, but I'll leave you with this, nothing has ever provided the investment opportunity that real estate has with like results so I'd do more homework and get the right person to help you with your long or short term plan.
Good Luck! - Sun May 4 2008, 13:06

Maybe it's just lack of understanding but if your offer was accepted, was it in writing and if not, who advised you to complete an inspection prior to having a fully executed contract? I cannot even imagine a licensed agent directing you to make any expenditures without every i dotted and every t crossed. What is the real situation, written or verbal only? Are you represented or not? You may have recourse based on the answers you provide. - Fri May 2 2008, 17:21