The Real estate market has been a crazy one these past 3 years. We have seen may changes, crazy sales, values deteriorate and threats of a lot more on the horizon. It is a shame that this has gone on for so long. You would think this govt of ours would have the ability to get this going on the right track again. I think the real problem is that the leaders in Washington just don’t have the practical experience to know what to do. Our president has read it all and has the words down well but you cant possibly know how to run anything if you have no experience actually doing it. Unfortunately we put a leader in office that has had to rely on the folks around him to show him how to do it. Again, those folks around him have no actual  experience either, so they are all winging it,  at a cost to us all that will take time to fix. 

Enough of the politics, Our real estate market in Sarasota Florida has been all over the page. We have had a huge uptick in the sale of high end properties.  Anything good on the water goes.  Experienced buyers know  the real value of water. They know  the prices for waterfront will go soaring again. I can remember 15 years ago when I had a gulf front condo for sale right on the beach. You could walk out the door right on to the pure white sands of Siesta beach. The price for that unit then $380,000. That same style unit sold sold at the peak for $1,560,000. Today it would sell for $800,000. My point here is that even with the worst 3 years we have ever had, the value for prime real estate on our siesta beach is still 2 to 3 times its value 15 years ago. 

 Siesta Beach was recently voted the #1 beach in the country. It is our main draw to Siesta Key for people from all over the world.  Our values are still strong. Our inventories have diminished, We were over 600 condos on the market at the worst of this downturn, we are now under 300 units getting closer to our average market of about 150. Once that hits we will be back in a  normal market condition. I don’t see values dropping much more, we do still have  problems getting lenders to lend in some of our more aggressive rental complexes, but that will ease with time.  I believe in our marketplace, its a great place to work and live, we should all be confident Better times are on the way. Give me a call,  I can show you what good oportunities our out there.

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It is the time of year when we should remember all who have made great sacrifices so we can enjoy our lives in peace and really appreciate all the wonderful thing we have in this country. 

The oil spill continues and has created unforeseen hardships on all of our businesses. The emotional drag is tremendous and it is hard to see the light at the end of the tunnel.
I do firmly believe that these relief wells will solve the problem and will provide the solution to stopping the flow of this well.

I was listening to a discussion from the oil experts this week and got a clearer picture of the plan. Once they make a connection with the first relief well they will then begin to pump mud into the relief line and begin to fill the main oil well with mud to a point where the weight of the mud will overcome the pressure of the well thus allowing them to permanently cap it. I believe this will work and put an end to this unfortunate situation. Big news today, we have one of the largest oil skimmer ships in the world arriving in the gulf tomorrow providing a huge boost to the cleanup efforts.  Sales on the key continue and values seem to holding up ok. I do think once this oil situation is corrected we will see some brisk movement in sales and pricing.  Have a great 4th of July.

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Just when we finally get things rolling again another catastrophe hits, can you believe it !   unfortuanatley, what you see on TV and the radio today is so distorted you don’t know what to believe.  Bottom line, right now, we dont see much threat to out Local Sarasota beaches . It is so sad that something of this magnitude can be so out of control and that there is no leadership in our govt to get things under control.  We have a very book smart govt now running this country with absolutely no hands on experience in anything, This is very scary and we are seeing the results of it. Hopefully we wont have anything else in the near future.  Enough of my rant. 

 Our real estate market continues to limp along,  price is the only driver. There are plenty of buyers and plenty of cash but they will not take risk and buy anything that they feel is out of the market. Many are offering under market now, if they don’t get it they move on to the next.  When you really think about it if you were buying wouldn’t you do the same thing.  Inventory on the Barrier islands is definitley coming down and prices have stabilized.  Properties that have a view of the water are the best values now. 

I can remember 15 years ago, I had listed  for sale a  2/2 condo,  first floor, walk out unit, right on  Crescent beach on Siesta Key. I had priced it in the mid $400,000′s.  People would walk in during an open house and tell me how crazy I was and that none would ever pay that much for a condo. Well, guess what,  that unit did sell in the low 400′s a month or so later, and  a similar unit in the same complex 13 years later actually sold for  $1,560,000.  How’s that for appreciation.  Even in the worst recession we have seen and a drop in real estate values unimaginable we still saw similar unit in that same complex sell for $750,000.   My point is, that direct gulf front values are still very strong.   Those that bought in recent years are feeling the jolt but those who bought several years back are seeing their values come down but not necessarily below their original purchase prices.  I think you will see these values slowly start to go up again once the inventory gets sold off  which may take another year or so.

We do have lenders that will finance these condos which had been an added concern for some time. We continue to see more and more lenders come in to the market for condos and condo hotels which has helped us considerably. Please call me should you have any questions,  if you are short selling, buying or just need help I can help you. My cell anytime 941 350 2463.  email t.ward@comcast.net.    see you in a few weeks.

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We have all seen an uptick in sales the past several months, The key contributor was price points. Sellers that really listened and came to reality with the market values were the ones that got the sale. With the internet savy buyers today from all over the world, they can access properties through various websites that our MLS system links to, and have their homework done before they get to our agents. Don’t get me wrong, we will never be able to commence a sale without local knowledge. Buyers would be foolish to buy blind.
We are definitley seeing a strong base value being established on the gulffront which at some point will begin to climb in value again. Still with over 400 condos on the market we still are way above our norm of about 160 units. I will be attatching weekly stats on sales in the key areas for you to review. Keep reading, glad to see you back, Tom

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Finally we have seen a real uptick. Prices are much lower and that is the reason in some cases 40% off the market highs. Savvy buyers are buyers are really starting to snatch this stuff up. As has been the case, price is the driving factor. The last 90 days have shown with 186 properties have ……

Report on Siesta Key real estate

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Blog, May 2009

END OF THE BUSY SEASON

The height of our tourist season here on Siesta Key is over so it’s a good time to reflect on this market. Many of you have called or written to ask about the particulars of this current market, so we’ll look at the particulars here. Given these ……

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On a Personal Note… Tom was born in Melbourne, Australia and raised in Greenwich, Connecticut. His interests took him to Florida in 1969, where he have made it his home and raised his family.

Toms wife, Brenda, enjoys spending time with their grandson at their home on Martha’s Vineyard. His daughter, Renee Oteri, works hard establishing her career in photography on the Vineyard, while Brian (Tom’s Son) plays on pro golf tournaments and doing quite well.

Tom’s shared passion for the golf course is something he does during his spare time, but the real estate world is something that he has real talent for and it has definitely been proven.

As a real estate professional… Tom Ward’s commitment is to provide his customers and clients with quality service and support characterized by knowledge, enthusiasm, and care. In addition, his responsibilities are based upon his desire for integrity, respect and positive attitude in his working relationships with customers, clients, real estate professionals and the business community.

Tom will never encourage someone to purchase something that he would not be willing to re-list in the future. His objectives are as follows:

To bring as many qualified buyers as possible to your property until it is sold;

To continually communicate the results of our activities to you;

To assist you in obtaining the highest possible net proceeds for your property with the least problems in the shortest possible amount of time.

About Waterside Realty… Tom Ward and Brian Livesey brought their philosophy and vision of offering customers a more personal touch in Real Estate in January 2002.

Waterside Realty, LLC started out as a partnership between colleagues, but quickly expanded to 32 active experienced agents. Their ‘down to earth’ techniques have proven to be successful. With just two offices on Siesta Key and over 30 agents, Waterside Realty now holds its rightful place among the giants in the Sarasota Real Estate community.

In March 2003, Waterside Accommodations, LLC was formed in effort to cary over the personalized service to their investment property owners. The proactive approach in advertising and excellent customer service skills continue to bring guests back for short-term rentals.

Waterside Realty and Waterside Accommodations can not provide sales, rental, and property management services to clients in Sarasota and Siesta Key.

On a final note… Remember, whether you are buying or selling your first property in Sarasota, or you are a seasoned Investor, Tom Ward is ready to meet and exceed all of your expectations. Please allow him the opportunity to be your full-service partner for all of your real estate needs. You will not be disappointed!…

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Blog, February 9 2009

Finally the election is over and the new administration is in place. Hopefully now we will start to generate some confidence in our markets. It is a huge problem, probably larger than anyone had ever anticipated. This problem had been brewing for many years now and thru ……

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Another year comes to an end. Who would have ever thought we would be where we are today? Unfortunately, we in the real estate business are seeing the worst of it. We have been working in deteriorating conditions for over two years now and really do feel most of the adjustment is out of this ……

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