Saturday, April 18, 2009
Fannie Mae has implemented tighter restrictions for condo loans as of January 15th 2009. The new rules are designed to make condo loans a more safe investment.
The headlines of these new rules are as follows: 1) To qualify for a Fannie Mae loan, 70 percent of the sales for new or newly converted condominium projects must be sold to a purchaser as a principle residence or second home (not investor). 2) For existing condo projects, no loans will be approved if more than 15% of the total units are more than 30 days past due on their condo association fees.
As of April 1st of this year, Fannie Mae is also adding an additional fee of 0.75% of the total loan amount on certain loans secured by a condo. This fee will apply on loans that have under 25% for a down payment. It is not clear what this fee will be used for except to encourage people to put more money down.
The headlines of these new rules are as follows: 1) To qualify for a Fannie Mae loan, 70 percent of the sales for new or newly converted condominium projects must be sold to a purchaser as a principle residence or second home (not investor). 2) For existing condo projects, no loans will be approved if more than 15% of the total units are more than 30 days past due on their condo association fees.
As of April 1st of this year, Fannie Mae is also adding an additional fee of 0.75% of the total loan amount on certain loans secured by a condo. This fee will apply on loans that have under 25% for a down payment. It is not clear what this fee will be used for except to encourage people to put more money down.
Labels: Lending rules for condos change
Wednesday, February 18, 2009
Tired of hearing about what's going to happen on the city owned property along Palm Ave? Seems the city commissioners are too. They scrapped the many proposals from private development firms and decided to build a parking garage on part of the property and sell the balance. Here's an article that was printed in the Herald today:
http://www.heraldtribune.com/article/20090218/ARTICLE/902180375/2055/NEWS?Title=Sarasota-chooses-garage-over-conference-center-for-Palm
Seems that the lack of funds and no clear vision of what to build there has prevented Sarasotans from enjoying what could have been something very special in that location. Too bad. I for one hope that the fight hasn't ended with this vote and that business leaders continue to pursue the conference center idea or, at the very minimum, include a retail component at the street level.
http://www.heraldtribune.com/article/20090218/ARTICLE/902180375/2055/NEWS?Title=Sarasota-chooses-garage-over-conference-center-for-Palm
Seems that the lack of funds and no clear vision of what to build there has prevented Sarasotans from enjoying what could have been something very special in that location. Too bad. I for one hope that the fight hasn't ended with this vote and that business leaders continue to pursue the conference center idea or, at the very minimum, include a retail component at the street level.
Labels: Parking Garage
Sunday, February 08, 2009
This weekend we decided to "do" Burns Court! First though, on Friday evening, we went to the dedication of the new sculpture in front of our office at five points. City commissioners, builders, artists, and many downtown residents were in attendance. There was a nice reception afterwords with live music in the lobby of The Plaza at Five Points. Look for it the next time you come downtown. Big stainless steel ring on top of a fountain... you can't miss it. It's sure to become a part of the downtown Sarasota identity. There's even talk of putting it in the middle of the Roundabout at five points - if they ever get that approved and built.
Then it was off to dinner at Ce Rina in Burns Court. Burns Court is such a special place located just south of downtown along Pineapple. Old historic homes have been converted into unique shops, restaurants and offices. Ce Rina occupies two of the homes with a courtyard of dining in between. Very nice authentic Italian cuisine served by a well trained staff. Then we walked over to The Burns Court Cinema for a movie. There you will be able to see many of the latest independent films as well as some good foreign films. It's another gem in the downtown Sarasota experience! The following night we were back for diner at 516 Burns with our friend Michelle. This restaurant is located just north of the Cinema in an old frame house that has one of the largest banyan trees in Sarasota growing all around it. If the weather's nice (when isn't it?), try to get a table outside...It's magical! And the food is better than ever under the new owners.
Then it was off to dinner at Ce Rina in Burns Court. Burns Court is such a special place located just south of downtown along Pineapple. Old historic homes have been converted into unique shops, restaurants and offices. Ce Rina occupies two of the homes with a courtyard of dining in between. Very nice authentic Italian cuisine served by a well trained staff. Then we walked over to The Burns Court Cinema for a movie. There you will be able to see many of the latest independent films as well as some good foreign films. It's another gem in the downtown Sarasota experience! The following night we were back for diner at 516 Burns with our friend Michelle. This restaurant is located just north of the Cinema in an old frame house that has one of the largest banyan trees in Sarasota growing all around it. If the weather's nice (when isn't it?), try to get a table outside...It's magical! And the food is better than ever under the new owners.
Labels: Burns Court
Thursday, January 22, 2009
A group of friends and I went for a paddle on Sunday down the Myakka River to the lower lake and back. What a treat! In all the time I've lived here, I had never been down to the lower lake!Saw lots of alligators, two pairs of bald eagles, several ospreys (one with a large fish he had just caught), turtles, egrets and herons, and we heard but did not see some wild boars.
Here are a few pictures:
Labels: Myakka River State Park
Wednesday, January 14, 2009
Cold Weather...
So it's supposed to be pretty cool here on Friday night. Some say it will get down into the 30s! Then the high for Saturday will be in the mid 60s. Burrrrrrrrrr!
Just want to keep things in perspective... they will have sub zero temps Friday night in the little town in Michigan where my mom still lives and the high - THE HIGH - will be 1 degree on Saturday!! I'm going to the farmer's market downtown and then the beach!
So it's supposed to be pretty cool here on Friday night. Some say it will get down into the 30s! Then the high for Saturday will be in the mid 60s. Burrrrrrrrrr!
Just want to keep things in perspective... they will have sub zero temps Friday night in the little town in Michigan where my mom still lives and the high - THE HIGH - will be 1 degree on Saturday!! I'm going to the farmer's market downtown and then the beach!
Labels: Winter Weather in Florida
Tuesday, November 25, 2008
Check this out for some good news...
Higher pending sales forecast busier season in local marketPending sales remained above the 500 level once again in October, forecasting a stronger market for the winter real estate season in the Sarasota area. Pending sales reflect contracts executed by buyers and sellers, and current numbers indicate more closings likely in the upcoming months - a positive sign. In October 2008, 549 properties were reported pending, compared to only 446 in the same month last year.Single family unit sales were also higher in October 2008 than in October 2007, while only a little lower than September 2008. There were 306 single family homes sold in October this year, compared to only 264 in October 2007, an increase of 16 percent. Condominium sales were weaker in October 2008, with 63 sales reported, compared to 120 in October 2007.Another important market tracker - the absorption rate of properties on the market - is lower than last year at this time and has been steadily declining with decreasing inventories since May. Absorption rate is the number of months it would take to sell the entire remaining listed inventory in a particular category, based upon the sales for that particular month. For October 2008, the absorption rate for single family homes stood at 18.2 months, compared to 18.3 months in September 2008, and 31.7 months in October 2007. For condominiums, the absorption rate was 28.7 months in October 2008, compared to 33.5 months in September 2008, and 45.1 months in October 2007.The single-family median sales price for the 12-month period ending October 2008 was $257,000. This compares to $310,000 for the same 12-month period ending October 2007. For condominiums, the 12-month rolling median sale price was $320,000 at the end of October 2008, and $357,000 for the 12 months ending October 2007, down about 10 percent."The strong pending sales in our market indicate that we should expect the winter season to remain stable and stronger than the late summer and early fall," said Helen Sosso, 2008 SAR President. "We are obviously living in historic times, particularly in respect to our national economy. But people continue to look at real estate as a safer place for their investment dollars in relation to other common investments. The stock market has obviously tumbled, and other commodities, like oil, have seen their values cut in half in only a few short months. Real estate has weathered the storm much better, and there are incredible values in our market right now. Families seeking a home as a future investment and a great place to live are still looking at Sarasota."The current local market continues to demonstrate statistically that we have a great selection of more affordably priced housing for buyers to purchase. In addition, declining inventory levels normally indicate the market is returning to a more historical balance, which eventually leads to normal, long-term price appreciation.
Higher pending sales forecast busier season in local marketPending sales remained above the 500 level once again in October, forecasting a stronger market for the winter real estate season in the Sarasota area. Pending sales reflect contracts executed by buyers and sellers, and current numbers indicate more closings likely in the upcoming months - a positive sign. In October 2008, 549 properties were reported pending, compared to only 446 in the same month last year.Single family unit sales were also higher in October 2008 than in October 2007, while only a little lower than September 2008. There were 306 single family homes sold in October this year, compared to only 264 in October 2007, an increase of 16 percent. Condominium sales were weaker in October 2008, with 63 sales reported, compared to 120 in October 2007.Another important market tracker - the absorption rate of properties on the market - is lower than last year at this time and has been steadily declining with decreasing inventories since May. Absorption rate is the number of months it would take to sell the entire remaining listed inventory in a particular category, based upon the sales for that particular month. For October 2008, the absorption rate for single family homes stood at 18.2 months, compared to 18.3 months in September 2008, and 31.7 months in October 2007. For condominiums, the absorption rate was 28.7 months in October 2008, compared to 33.5 months in September 2008, and 45.1 months in October 2007.The single-family median sales price for the 12-month period ending October 2008 was $257,000. This compares to $310,000 for the same 12-month period ending October 2007. For condominiums, the 12-month rolling median sale price was $320,000 at the end of October 2008, and $357,000 for the 12 months ending October 2007, down about 10 percent."The strong pending sales in our market indicate that we should expect the winter season to remain stable and stronger than the late summer and early fall," said Helen Sosso, 2008 SAR President. "We are obviously living in historic times, particularly in respect to our national economy. But people continue to look at real estate as a safer place for their investment dollars in relation to other common investments. The stock market has obviously tumbled, and other commodities, like oil, have seen their values cut in half in only a few short months. Real estate has weathered the storm much better, and there are incredible values in our market right now. Families seeking a home as a future investment and a great place to live are still looking at Sarasota."The current local market continues to demonstrate statistically that we have a great selection of more affordably priced housing for buyers to purchase. In addition, declining inventory levels normally indicate the market is returning to a more historical balance, which eventually leads to normal, long-term price appreciation.
Labels: Some Good News
Wednesday, November 05, 2008
An ordinance creating a Downtown Improvement District in Sarasota won unanimous support from the City Commission this week. It will still need approval on second reading as well before a five-person board is appointed and begins meeting. We have a number of competing commercial centers in the area now and this is important to make sure downtown is still competitive, said City Commissioner Ken Shelin. The district would include 162 properties now owned by 110 owners. The ordinance allows for the DID and City Commission to assess property taxes with a millage as high as 2.0 ($2 per $1,000 of taxable value). That would raise about $500,000 if the maximum levy were issued now. John Moran, president of the Downtown Sarasota Condo Association, said the district could be made larger in the future, but was kept small for now to guarantee that a majority of property owners supported the effort. A prior drive for a district failed in the 1990s, when most involved say too expansive an area was proposed. Little opposition spoke against a district Monday night. Real estate broker John Harshman voiced concerns that now was not the time to consider a property tax increase on downtown landowners because of the bad economy. But all four commissioners present Monday voiced strong support for the effort as a whole. Commissioner Dick Clapp did demand provisions allowing the DID to hire uniformed security be removed, suggesting the DID instead hire police if they see a need for better security.
Labels: Creation of Downtown Improvement District
