Sarasota Experience . com » Sarasota Foreclosures

Banks Easing Loan Requirements for Condos

Perry Corneau — Fri, 08 Jan 2010 15:27:38 +0000

Much of the reason for the current over correction in condominium prices has been the lack of available lending due to tightening of lending guidelines for condominiums. I was recently quoted in an article titled Condo groups in financial pain which appeared in the Sarasota Herald. It now looks like Fannie Mae may have figured out that if thier over reaction the the market’s decline is part of the reason for the high rate of foreclosures among condos. The logic is simple; if no mortgages are available to a particular condominium than current owners needing to sell but who cannot afford to sell to cash-only speculators will be forced into foreclosure by the same rigid lending requirements which are intended to stem foreclosures.

Fannie Mae will now allow condominiums which have been denied “approved status” to make application for approval. Fannie Mae will review the condominiums financial stability, occupancy rates, physical condition and association dues to determine if approved status is warranted. If deemed sound, condominiums will be granted approved status for up to 18 months. This is a much needed change which will have a positive effect the values of condominiums previously denied lending and a boon to those savvy cash investors that have purchased into previously denied projects.

Florida Home Sales

Perry Corneau — Wed, 28 Oct 2009 00:40:45 +0000

Homes sales in Florida increased by as much as 34 percent in October marking the 13th consecutive month with increased sales as measure in year-to-year comparison. There were 14,419 homes sold in September this year compared to 10,778 for the same period last year. The increase in condominium sales was even more dramatic. Statewide the sales of condominiums increased by 77 percent over September 2008 and nearly 9 percent over August of this year. Over 5,000 condo were sold in September compared to 2,870 in September of 2008. With so many good deals among foreclosures and short sales it is no surprise that sales are up. If you would like to register to receive daily updates about foreclosures in our area visit www.bankownedpropertydeals.com .

Foreclosures at Arielle on Palmer Ranch

Perry Corneau — Tue, 20 Oct 2009 22:40:55 +0000

Right now the are two very nice deals on foreclosures at Arielle on Palmer Ranch. This is a very nice gated luxury condominium community. Click here to view the details about these bank owned properties. Visit our website www.palmerranchcondominiums.com/arielle for more information about the community or visit www.bankownedpropertydeals.com to get daily updates about other foreclosure as they come to market. If would rather try before you buy, we have a great rental opportunity at Arielle. It is a furnished three bedroom unit with lake view and two car garage available for $1,700 per month. Call 941-650-4626 for more information. Click here to view the rental.

Here are all of the properties currently available at Arielle. If you have questions about any of these properties or would like to schedule an appointment to view these properties, please call me at 941-650-4626.

Sarasota Bank Owned Real Estate

Perry Corneau — Fri, 09 Oct 2009 11:17:43 +0000

With prices in Sarasota on the rise again, time is running out to get the best deals on bank owned properties and foreclosures. If you are interested in getting a list of foreclosure property deals in Sarasota, Bradenton, or the Keys or Lakewood Ranch, visit www.bankownedpropertydeals.com and register. We are seeing an increase in interest among buyer and investors looking for properties since the The Today Show named Sarasota as the number one place in the country to buy real estate. Don’t miss out, there are still some great deals.

Arielle on Palmer Ranch

Perry Corneau — Thu, 20 Aug 2009 01:19:02 +0000

Arielle on Palmer Ranch is a nice residential condominium enclave of 192 units. Each of these luxurious condos has a private garage and most of nice views of the lakes. There is a community pool and a jacuzzi in this gated community. On average the units are about 1800 square feet in size. Visit www.palmerranchcondominiums.com/arielle to request more information. Prices for two bedroom units at Arielle currently range from $186,000 to $289,000.

Legacy Golf Course

Perry Corneau — Sun, 16 Aug 2009 14:50:16 +0000

The Legacy Golf Course in Lakewood Ranch is soon the change hands. Due to the slowing economy the number of rounds being played have been down. The current debt to Textron Financial is not being adequitly serviced under the current rate of play. The course is not expected to close but the course will no longer be by Troon.

Buying Foreclosures

Perry Corneau — Fri, 17 Jul 2009 11:01:27 +0000

Harris Interactive recently conducted a study in which it was determined that 55 percent of people surveyed identified them selves as likely to purchase a foreclosed property. Back in November of 2008, the same survey indicated that only 47 percent were likely to purchase a foreclosed property. People currently renting (68%) were among the most likely to buy a foreclosed property. Here in the Sarasota / Bradenton real estate market we are experiencing the effects of this increased interest in foreclosure properties which make up a high percentage of the closed transactions. There are some excellent opportunities among the foreclosures in our market. However, not all foreclosure are good deals because in some cases the costs associated with repairs and upgrades may be too high. The best deals may newly constructed homes that were purchased by out of town investors at the end of the boom. In many cases these foreclosed properties have never been lived in and are in excellent condition. If you are interested in such properties, give me a call at 941-650-4626.

Sarasota Foreclosures

Perry Corneau — Thu, 14 May 2009 12:11:12 +0000

After a brief moratorium on bank foreclosures we are seeing a spike in foreclosure activity. March foreclosure activity amounts to a 40 percent increase over previous months. Other market indices point to a market recovery so current foreclosures make for wonderful opportunities for smart investing. If you are interested in purchasing distressed or foreclosed properties give me a call at 941-650-4626.

Multiple Offers

Perry Corneau — Thu, 07 May 2009 15:13:39 +0000

USA Today just ran an article entitled; “More homes get multiple offers; downturn may be nearing end”. A similar article just ran in the Sarasota Herald Tribune. This is definitely the case hare in Sarasota. We have three years of pent up demand and yes there are many properties on the market but many homes are overpriced. With the best deals getting all the attention multiple offers are common. We are even seeing properties sell for more than asking price. I was just notified that a cash offer placed this morning was declined by a seller who received an above list offer which was also for cash. The property garnering multiple offers was a two bedroom condo beach condo on Siesta Key which was a bank foreclosure listed at only $299,000. This property is currently assessed by the county tax office at $545,000 and sold for $649,000 in 2005. If you are looking for deals like this give me a call.

First Time Home Buyer Credit

Perry Corneau — Thu, 19 Feb 2009 15:34:13 +0000

Under the recently passed $789 billion economic stimulus package first time home buyers may receive a tax credit equal to 10% of the homes value up to a total of $8,000. Buyers who have not owned a home during the past three years are also eligible for this tax credit. Unlike previous programs, this tax credit is not required to be repaid unless the home is resold in the first three years of ownership. To qualify for this tax credit home buyers must complete their purchase before December first of this year.

Now is a wonderful time to be a first time home buyer. Priced are down and great deals can be made among the many bank owned properties. With a mortgage deduction on mortgage interest paid coupled with this tax credit buying a home at today’s prices may be a great financial decision.