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Market Conditions in Venice : Real Estate Advice

  • All376
  • Local Info25
  • Home Buying132
  • Home Selling6
  • Market Conditions28

Activity 31
joegourmet, Home Owner in Venice, FL
Mon Aug 20, 2012
joegourmet answered:
Even though you are paying cash you should carefully investigate the market here in Florida. The realestate "professionals" are working with sellers who are severely under water in their houses. The market is still a long way from recovering - the ratio of forclosures and short sales is about 4-1 in most markets. Unless you have money you would like to throw away-buying into a sinking market do your own reasearch. Look at the actual sales not the listings. Listings are 20-30% higher than the sales prices. Remember that Florida is the spawning ground for world best circuses and as Barnum once said "there is a sucker born every minute." Work the short sales and be patient. ... more
0 votes 16 answers Share Flag
Tim Page,  in 99037
Mon Jul 16, 2012
Tim Page answered:
I'm finding this trend in many areas in my market area too. This is caused by prices declining since the purchase of the owner's homes and they must try and get back what they put into it or they will have to make payments to the bank after their home is sold or short sale the home. They also have the choice of removing their home from the market if the home does not sale.

This is why it is critical to understand home value and make sure your Realtor understands home value. If you do not review every sale in the area before you bid on the home, you may be paying over market value. And in a downward market, this will not be fun when you refinance because YOU will be the one losing money.
... more
0 votes 4 answers Share Flag
Tammy Hayes, Real Estate Pro in Port Charlotte, FL
Thu Jul 5, 2012
Tammy Hayes answered:
Homeowner insurance – Insurance rates vary by age of home, size of home, conditions of home, and location of home. Insurance is more expensive if you live near any type of water – pond, lake, river, Gulf. Insurance is more expensive if home was not built to current hurricane standards. You can get discounts the home qualifies for by having a wind mitigation inspection done at the same time as your home inspection. Discounts are available for building features that reduce damage during high wind events. Overall discounts include things such as age of home, style of roof, how close the home is to a body of water, how close to a fire hydrant, how the roof is tied down, if the home has hurricane shutters or impact resistant windows, frame or block home, etc. If the home is in a flood zone, the insurance company will require a flood elevation certificate. That can be obtained by paying a survey company to prepare it. To check Flood Zones go to www.floodsmart.gov and type in the address of the property. It will give you the flood zone, rates, and insurance companies.

Property Taxes – A home buyer should not rely on the seller's current property taxes as the amount of property taxes that the buyer may be obligated to pay in the year subsequent to purchase. A change of ownership or property improvements triggers reassessment of the property that could result in higher property taxes. If you have any questions concerning valuation, contact the county property appraiser's office for information. The home you are interested in purchasing may be homestead. Homesteading caps the tax assessments on the home during ownership. MLS records do not necessarily reflect current tax assessments. To apply for homestead or to read through answers to frequently asked questions, visit the Charlotte County Property Appraiser web site at http://www.ccappraiser.com/.

Home Inspection - After you have an executed contract you usually have 10-15 days to get a home inspection, which you pay for. It costs $375 and up depending on size of home. The inspector will examine the home's structural systems and give you a written report detailing any problems found. The inspection takes a few hours. If you cannot be here for the inspection, I can be there with the inspector. Some homes are sold in "As Is" condition which means the sellers will not pay anything for repairs. If the repair cost is too high, you have the right to back out of the contract within the time period specified. Other homes are sold where the seller pays up to 1.5% of the purchase price for repairs.

Buyer Expenses – This is a general list of expenses involved in purchasing a home. You will need proof of funds if paying cash or a pre-approval letter from a lender to submit with an offer on any home.
Expenses: Recording of Deed, Home Inspection, Wood Destroying Organism Inspection, Well Test (Optional), Flood Insurance, Flood Elevation Certificate, Homeowner Insurance, Proration of Real Property Taxes, and Proration of Homeowner Association/Maintenance Fees (if any).
Additional Expenses if Obtaining a Mortgage: Mortgage Title Insurance Policy, Service Fee or Origination Fee, Doc Stamps on Note (.35 on each $100), Appraisal, Intangible Tax, Recording of Mortgage, Credit Report, Survey, Escrow Account (Taxes and Insurance). If you are using a lender, they will provide you with a Good Faith Estimate within 3 days of applying for a loan which will detail all expenses.
Other Expenses if not paid by Seller: Owners Title Insurance Policy, State Doc Stamps on Deed (.70 for each $100), Home Repairs found during Home Inspection.

Pest Control – Bugs are a natural part of Florida. The most common problems are termites, carpenter ants, fire ants, and spiders. For any home you live in within this area you would either need to spray your home for pests or hire a pest control company to do it for you quarterly. There are several plans to choose from. When you purchase a home you can get a termite (WDO) inspection for free from Macy’s Pest Control or you can pay $75 for a Wood Destroying Organism inspection from other pest control companies.

Utilities – Some homes have well and septic, others have city water and sewer, and some even have city water and septic. Rates vary by county. FPL (Florida Power and Light) is the power company used in this area – www.fpl.com. The Charlotte County Utilities web site is http://www.charlottecountyfl.com/CCU/.

If you have additional questions, please contact me.

Tammy Hayes, Realtor
Green Lion Realty, Port Charlotte, FL
tammyhayesre@gmail.com
941-276-6185
... more
1 vote 4 answers Share Flag
Diane Fuchs, Real Estate Pro in Venice, FL
Wed Jul 29, 2009
Diane Fuchs answered:
Venice has several rental companies that specialize in seasonal rentals. I also have several clients that have rental properties. One is on the island 3/3 with a pool. If you are interested in the details please do not hesitate to contact me.

Welcome to Venice and I know you'll enjoy your stay

Regards,
Diane Fuchs, CRS, GRI, ABR, e-PRO
Broker Associate
Michael Saunders & Company
941-266-8006
diane@dianefuchs.com
... more
0 votes 5 answers Share Flag
Shannon Moore…, Real Estate Pro in Port Charlotte, FL
Mon Sep 15, 2008
Shannon Moore - The Moore Team answered:
Another person that has many rentals in the Venice area is Luann Nudi, www.nudionthebeach.com
0 votes 5 answers Share Flag
Bill Eckler, Real Estate Pro in Venice, FL
Tue Sep 9, 2008
Bill Eckler answered:
Stan,
If you have a specific area in mind and know the address, one option is go to www.zillow.com and enter the property address. The program will provide all of the recently sold comperable properties in that general area.

This information is taken directly from the tax records and should be reliable.

Important to note.......the Zestimated(Zillow property values) should be considered VERY carefully as they have been known to be way off.....it is not to be considered relaible or in the same light as an appraisal.

Good luck,
The "Eckler Team"
Michael Saunders & Company
billeckler@michaelsaunders.com
941-408-5363
... more
0 votes 7 answers Share Flag
Shannon Moore…, Real Estate Pro in Port Charlotte, FL
Tue Aug 19, 2008
Shannon Moore - The Moore Team answered:
Hi Stan,

Did you buy a condo in Venice? Where did you end up buying-Waterside Village? We'd love hear you how you like the Venice area if you bought there.

Shannon Moore, Realtor
Re/Max Anchor Realty
941-276-8142
twomoores19@comcast.net
... more
0 votes 4 answers Share Flag
Bill Eckler, Real Estate Pro in Venice, FL
Sat May 10, 2008
Bill Eckler answered:
B.
The rental market in the Venice area is alive and doing very well. With fewer people making the commitment to purchase Florida property and interest levels remaining high for our northern visitors, the demand for Venice rentals has actually increased.
If you are looking to rent your property in Jacaranda West be sure to seek the assistance of a top rated rental management company. We would be happy to provide a list of possibilities.

The "Eckler Team"
Century 21 Almar and associates
Venice, Fl 34285
ecklerteam@comcast.net
... more
0 votes 3 answers Share Flag
Bill Eckler, Real Estate Pro in Venice, FL
Sat May 10, 2008
Bill Eckler answered:
Hi Paula,

Sarasota National is a new development located in the southern Venice area. There are some great opportunities in this golf course community. Located about 10 minutes from area beaches and charming downtown Venice it is a very attractive option for buyers like yourself.

It is a CDD (Community Development District) community and comes with additional annual fees to cover the costs of infra structure.

We would be happy to email you property samples at your request.

Good luck,
The "Eckler Team"
Century 21 Almar and Associates
Venice, Fl 34285
ecklerteam@comcast.net
... more
0 votes 2 answers Share Flag
Bill Eckler, Real Estate Pro in Venice, FL
Sun Feb 3, 2008
Bill Eckler answered:
There are currently 10 units available for sale in the Gardens at Waterside Village with a price range of $217,500-$299,900 for units built between 1997 & 2006. As far as overall market conditions, the area is a reflection of the general market with it being largely a "buyer market." You can count on most sellers being willing to make a deal....

We woul be happy to provide additional information, if interested.

The "Eckler Team"
... more
0 votes 1 answer Share Flag
Bill Eckler, Real Estate Pro in Venice, FL
Tue Jan 29, 2008
Bill Eckler answered:
As a poin t of reference, we personally bought a Venice Island home in 1997 for $119,000 and sold it in 2006 for $360,000. During the 10 years prioe to 1996 prices in the same area hovered in the $90,000 to $100,000 price range. Currently, decent Island homes remain in the $300,000 to $400,000 range.

Hope this is helpful,

The "Eckler Team"
... more
0 votes 1 answer Share Flag
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