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Updates from December, 2011
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Florida Sales Report November 2011 Exisiting Condominiums
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Florida Sales Report – 3rd Quarter 2011 Existing Condominiums
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Florida Realtors Sales Reports June 2011
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Vacation Home Sales Surge Higher
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By Mike Colpitts
RISMEDIA, March 26, 2011—In a sign that the housing market is finally making a major move in a positive direction, vacation home markets—some of the most battered in the real estate downturn—are making a surge higher in many of the hardest hit areas of the nation. Condominium sales in Hawaii and Florida are surging higher even as some potential buyers remain hesitant about the economy. (More …) -
Denise Mattmuller of Michael Saunders & Company to appear on HGTV House Hunters
MSC Marketing
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Regional Spotlight: Florida’s Existing Condo Sales Rise in July 2010
MSC Marketing
RISMEDIA, August 26, 2010—Sales of existing condominiums in Florida rose 11% in July 2010, with a total of 5,557 condos sold statewide compared to 4,991 units sold in July 2009, according to the latest housing data released by Florida Realtors.Eleven of Florida’s metropolitan statistical areas (MSAs) reported higher existing condo sales in July, according to Florida Realtors. The statewide existing condo median sales price last month was $87,200; in July 2009 it was $108,500 for a 20% decrease. The national median existing condo price was $181,300 in June, according to the National Association of Realtors (NAR). (More …)
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Luxury on Sale
MSC Marketing
February 17, 2010Check out the bargains at Riviera Dunes in Palmetto.By Robert Plunket, Real Estate Junkie, Sarasota MagazineThe whole town is talking about those luxury apartments at Riviera Dunes up in Palmetto that have been reduced to prices that are truly startling – they now start at $140,000 for a 2,000-square-foot unit that was originally priced at almost half a million. Are they any good? What’s the catch? And what does this mean for the future?Riviera Dunes is a very elaborate high-end development on the eastern edge of Palmetto that includes private homes, a big marina, and three large apartment complexes, the one in question being called Bel Mare. It was built at exactly the wrong time and has been purchased out of foreclosure by a company that specializes in turning these sort of situations around. Apparently they purchased 53 units for an average price of $120,000 and are now selling them at greatly deflated prices. (More …) -
Condo Groups In Financial Pain
MSC Marketing
By MICHAEL BRAGA, The Herald Tribune – January 3, 2010The continuing foreclosure flood is creating severe financial problems for condominium associations across Florida, and members are complaining that banks and mortgage companies are doing nothing to help.
Rich DiBello is the sales and rental director for Villagio Condominiums in Sarasota. Condo associations are facing financial difficulties, and many say lenders aren't doing enough to help.
In fact, condo owners say that many lenders are delaying foreclosures to avoid paying association dues. That is requiring associations to slash costs and cut amenities, and forcing owners to fork over more cash to keep complexes humming.
In something of a Catch-22, the financial problems at condo complexes also are prompting banks to tighten restrictions on lending.
Banks will not lend in complexes that have not set aside 10 percent of their budgets for reserves. They will not lend when more than 50 percent of the units are rented. They also will not lend where a few owners control too many of the units or where too many owners are in default on their mortgages and dues.
Those restrictions only make the crisis worse by driving condo values down and prompting more people to bail on their units, said Perry Corneau, a Sarasota real estate agent who specializes in condos. (More …)
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