The View From Here

A Message From Michael Saunders

Dear friends:

With Memorial Day fast approaching, the summer vacation season is about to shift into high gear. Which makes now an excellent time to remind all of our friends everywhere that Southwest Florida and its Gulf Coast waterways, beaches and fishing grounds have absolutely NOT been impacted by the BP oil spill-nor are they expected to be. Powerful loop currents far offshore will actually drag the oil away from us. Regrettably, the oil slick will do its damage elsewhere.

That being said, our area's award-winning beaches are as gorgeous, powdery white; and as pristine as they ever were. Our Gulf and bay waters are a refreshing shade of Caribbean blue and our late Spring weather couldn't be more ideal for enjoying every precious minute of your hard-earned vacation. Plus, if you've ever considered owning a second home or vacation property here, you are looking at prices that haven't been this low since the turn of the century.

Even though the first time home buyer tax credit expired at the end of April, buyers in our market are still anxiously lining-up to take advantage of the great money-saving incentives that still exist, notably bottoming home prices and low interest rates. Home buyers in the under $300,000 market are even more eager to lock-in the right property; as inventories have dropped dramatically and prices in this category have actually risen over the past few reporting periods. Even so, the March 2010 median home price of $150,000 represents nearly a 60 % rollback from Sarasota County's boom-time high of $362,000, recorded in December 2005.

As encouraging as this news is, much more work needs to be done to complete our market's recovery, especially in the higher price brackets. For instance, as of April 2010 our market shows a 32.6 month supply of properties priced over $1 million, based on April's rate of sales. That's nearly five times the supply customarily considered normal and healthy in a balanced market! Compare this to the market for properties under $300,000-which presently has a 5.4 month supply of available homes-and you'll see that sellers of luxury properties must remain extremely diligent in pricing their homes aggressively at or below comparable competitive properties.

Read all about the dynamics of our recovering market in this month's edition of Saunders@Home. And while you're at it, visit our newly streamlined and upgraded blog for a wealth of information about all things real estate in Southwest Florida.

Meanwhile have a wonderful summer; and if your vacation plans are as yet incomplete why not pay us a visit. Our top-rated beaches are open for business as usual.

Cordially,

We would love to hear your comments and suggestions as to what you would like to read in the weeks and months ahead. Please email them to me, care of editor@michaelsaunders.com . Meanwhile enjoy our twenty-fifth issue.

Did You Know? Our office in the lobby of The Ritz-Carlton Hotel in Sarasota is staffed by an elite team of real estate professionals with extensive knowledge and expertise in our area's three Ritz-Carlton properties. Contact 941.364-8884 or visit michaelsaunders.com for more information.

To receive the Saunders@Home Monthly Newsletter to your email, complete the form below:

* required

Email Address: *

First Name:

Last Name: