About Sarasota County, FL

Property Update Report by Kari A. Battaglia

For more information please call (941)-270-1851

The report summarizes listings sold, as well as active/pending listings for Jacaranda West. Listings summarized in the following table are based on information from the Mid Florida Regional MLS and/or other MLS Services. Properties sold were not all listed by Coldwell Banker Residential Real Estate and were listed by various MLS participating offices. Please note that For Sale By Owner properties are excluded because they often do not represent the full value of what they could sell for when properly priced and exposed to a greater number of qualified buyers through a professional real estate agent. The most recent listings sold are shown in more detail below as they represent the best indication of change in property values.

Summary of Solds for Jacaranda West

11/06/09 1702 Sklar Ct 3/2 1976 $298,900 $260,000 -13.01% 51

11/10/09 1704 Reef Ct 3/2 1974 $149,900 $165,000 +10.0% 115

11/30/09 1132 Olga Ct 2/2 1981 $159,900 $159,900 0.00% 9

12/04/09 1811 Oakwood 3/2 1983 $288,500 $250,000 -13.34% 131

Summary of Activity for Jacaranda West

11/09/09-01/11/10 4 $224,300 17 $233,497 7 $171,671

09/09/09-11/09/09 8 $218,750 19 $248,297 9 $210,166

06/01/09 -09/28/09 11 $213,263 13 $243,208 10 $187,250

01/01/09 - 05/31/09 6 $188,417 n/a n/a n/a n/a

06/01/08 - 12/31/08 12 $190,441 n/a n/a n/a n/a

The number of properties available for sale in the Venice/Englewood area real estate markets are continuing to decline, down 33.2% from the same month one year ago; 3010 single family homes for sale to 2012, sales that are pending in the area are remaining strong for December 2009, up over 23.7% from one year ago; 2349 properties pending to 308 properties pending*: an indicator of buyers interest in the Venice/Englewood real estate market. Even though the number of homes available for sale in our area continues to decline, we are still in a Buyer's market. Our Venice Coldwell Banker Office did 40% more business for 2009 than in 2008.

We were expected mortgage rates to increase for 2010, from the 4% range in December to the 5% to 6% range first quarter of 2010. Currently my mortgage reps are quoting in the 5% range. We are still looking at historically low rates. Homebuyer tax credit will be expiring quicker than you know it and buying activity was predicted to increase as buyers capture tax credit before expiration. Buying activity has increased for the lower priced homes.

Contact Kari A. Battaglia, PA GRI SRES^® , licensed REALTOR® in Venice Florida at 941-270-1851 to list your home, answer general questions or to help you search for homes for sale in Venice Florida. I currently serve customers in Venice Florida, Englewood Florida, Nokomis Florida, South Venice, Laurel, Osprey and Casey Key and Manasota Key communities. As a private landowner, I also have Tennessee properties available in the Chattanooga area. Call or email me to receive a list of Tennessee properties available for sale.

Contact me by email at Kari@DiscoverVeniceRealEstate.com. Need information fast, call me direct at 941-270-1851. Copyright©2009. By Kari A. Battaglia PA. All Rights Reserved.

DiscoverVeniceRealEstate.com - FREE MLS Search, Buyers guide, Sellers guide, Community Info/Links

The way that real estate is now bought and sold has changed so much over the past few years. Buyers now choose from foreclosures and short sales with the seller owned homes being the minority.

Working in the Sarasota/Bradenton real estate market today is like being back in 2005 again with the multiple offers pushing the price over asking and all this within hours of the home being listed. Buyers have to be educated on how to actually get one of these bank owned deals!

The other part of the market is still moving slowly with homes collecting days on the market and price reductions until they are more competitively priced to the foreclosures.

The first time homebuyer is once again having a hard time securing their dream home because there are so many cash buyers in their price range. The cash buyers are second homebuyers that have patiently waited for these prices and our investors are back too!

Short sales are finally moving but not without a lot of grief along the way. The documentation required from the seller is lengthy. The banks are spending so much time with BPO's when they need to just be doing an appraisal. It's still up to six months before you may see the closing. Just to add a little more to the mix buyers should be aware that if the seller files bankruptcy during the short sale process and includes the home in the bankruptcy that home can no longer be sold via short sale.

Recently BOA has countered two different offers on homes by $20,000! The homes are not worth what the bank is asking for them. This forces the seller into foreclosure. I have not had this issue with any other bank.

The new short sale is the homeowner who woke up and realized that their $400,000 home is now only worth $200,000. Their American Dream has now turned into their nightmare. It's like a noose around their necks. They are faced with tough decisions. If they stay in that home how many years will it be before it's worth what they owe on it? If they walk away they ruin their credit and face the possibility of the bank filing a deficiency judgement against them.

Mortgage modifications are nearly non existent. People need help NOW, yesterday! I have heard so many heart wrenching stories that could have been avoided if the banks had listened sooner. We have so many foreclosures that didn't need to be.

The rental market is now quite strong. Just the opposite of where it has been for many years. We've turned homeowners into renter's once again.

This market will continue for some time however in Sarasota/Manatee counties the buyers are here and that is helping to reduce the inventory. However they are realizing that there was a lot more to choose from 12 months ago. Remember no one knows the bottom until it's passed you by...................

Venice Golf & Country Club Property Update Report by Kari A. Battaglia

For more information please call (941)-270-1851

The report summarizes listings sold, as well as active/pending listings for Venice Golf & Country Club. Listings summarized in the following table are based on information from the Mid Florida Regional MLS and/or other MLS Services. Properties sold were not all listed by Coldwell Banker Residential Real Estate and were listed by various MLS participating offices. Please note that For Sale By Owner properties are excluded because they often do not represent the full value of what they could sell for when properly priced and exposed to a greater number of qualified buyers through a professional real estate agent. The most recent listings sold are shown in more detail below as they represent the best indication of change in property values.

Summary of Sold Listings for Venice Golf & Country Club

06/05/09 407 Huntridge Dr 4/3.1 1993 $595,000 $555,000 -6.72% 420

06/30/09 313 Lansbrook Dr 3/2 1994 $299,900 $240,000 -19.97% 239

08/04/09 319 Lansbrook Dr 3/2 1995 $249,900 $250,000 +0.1% 83

08/14/09 411 Wellington Ct 3/3 1992 $379,000 $320,000 -15.56% 301

08/14/09 411 Lansbrook Dr 4/3 1996 $539,000 $480,000 -10.94% 296

09/15/09 513 Summerfield 3/2 2001 $275,000 $276,000 +0.03% 122

09/18/09 397 Autumn Chase 4/3 1994 $598,000 $560,000 -6.35% 119

09/25/09 421 Autumn Chase 4/3 2005 $675,000 $638,000 -5.48% 18

09/30/09 232 Vestavia Dr 3/3 1991 $295,000 $266,500 -9.66% 478

11/16/09 332 Melrose Ct 3/2 1995 $287,000 $265,000 -7.66% 52

12/17/09 321 Lansbrook Dr 3/2 1995 $227,900 $216,450 -5.02% 124

12/28/09 215 Vestavia Dr 3/2 1991 $260,000 $240,000 -7.69% 416

12/28/09 415 Fieldstone Dr 4/3 1993 $495,000 $445,500 -10% 483

12/30/09 479 Summerfield 3/23 1992 $499,000 $460,000 -7.81% 330

Summary of Activity for Venice Golf & Country Club

06/01/09 -12/31/09 14 $372,317 48 $389,162 2 $329,499

01/01/09 - 06/01/09 2 $265,000 n/a n/a n/a n/a

06/01/08 - 12/31/08 12 $381,100 n/a n/a n/a n/a

The number of properties available for sale in the Venice/Englewood area real estate markets are continuing to decline, down 33.2% from the same month one year ago; 3010 single family homes for sale to 2012, sales that are pending in the area are remaining strong for December 2009, up over 23.7% from one year ago; 2349 properties pending to 308 properties pending*: an indicator of buyers interest in the Venice/Englewood real estate market. Even though the number of homes available for sale in our area continues to decline, we are still in a Buyer's market. Our Venice Coldwell Banker Office did 40% more business for 2009 than in 2008.

We are expected mortgage rates to increase for 2010, from the 4% range in December to the 5% to 6% range first quarter of 2010. Currently my mortgage reps are quoting in the 5% range. We are still looking at historically low rates. Homebuyer tax credit will be expiring quicker than you know it and buying activity was predicted to increase as buyers capture tax credit before expiration. Buying activity has increased for the lower priced homes.

Contact Kari A. Battaglia, PA GRI SRES^® , licensed REALTOR® in Venice Florida at 941-270-1851 to list your home, answer general questions or to help you search for homes for sale in Venice Florida. I currently serve customers in Venice Florida, Englewood Florida, Nokomis Florida, South Venice, Laurel, Osprey and Casey Key and Manasota Key communities. As a private landowner, I also have Tennessee properties available in the Chattanooga area. Call or email me to receive a list of Tennessee properties available for sale.

Contact me by email at Kari@DiscoverVeniceRealEstate.com. Need information fast, call me direct at 941-270-1851. Copyright©2009. By Kari A. Battaglia PA. All Rights Reserved.

DiscoverVeniceRealEstate.com - FREE MLS Search, Buyers guide, Sellers guide, Community Info/Links

I decided some time ago I really like the relationship approach. I want people to know what I am up to. I don't mind them knowing I'm a little strange, So are they. so are you. So watch it, buster. I find humor in a lot of things. I find humor in people who don't find me humorous. I started sending out emails, blogs, marketing pieces that Cecelia would tell me after "made her nervous." For example. We made this sign up for our community. It says "We live here and we love it". Our community management team jumped into action and made me take it down. I responded with the following email. Most people do have a sense of humor, including the management company. They now advertise in our newsletter and get that it's ok to have fun. We really do live here and love it.

Guest Blogger - Lena Reid, BB&T Bank AVP, Mortgage Loan Officer

FHA Property Flipping Rules -(Temporary Policy Change)

HUD is taking action to expedite the sales of foreclosed properties to new homebuyers.

FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. Effective with Purchase Contracts dated on and after February 1, 2010, the 90 day Property Flipping Rule will not apply.

This policy is temporary ONLY and has very strict conditions (SEE BELOW) to assure against predatory practices. (Change is effective for a 1 year period unless otherwise extended or withdrawn by the FHA Commissioner.)

This policy change will permit homebuyers to use FHA-insured financing to:

• Purchase HUD-Owned Properties

• Bank Owned Properties

• Properties Resold through Private Sales

Must meet the following conditions:

• All transactions must be arms-length, with NO identity of interest between the buyer and seller or other parties participating in the sales transaction.

• In cases in which the sales price of the property is 20 percent or more above the seller's acquisition cost, the waiver will only apply if the lender meets specific conditions.

Specific Conditions are:

a) Must justify increase in value by supporting documentation and/or a second appraisal which verifies that the seller has completed sufficient legitimate renovations, repair or rehabilitation work on subject property to substantiate the increase in value. In Cases where no work performed, Appraiser to provide explanation of increase since prior title transfer.

AND

b) A satisfactory property inspection prepared by a qualified inspector and provided to purchaser prior to closing. The borrower or seller can be charged a reasonable and customary

inspection fee for this service. Inspections can be done by FHA approved inspector, a licensed

home inspector or registered engineer. The inspector may have no interest in the property or relationship to the seller.

Lena Reid | BB&T Bank AVP, Mortgage Loan Officer | Office: 941- 492-2623 | Toll-free: 888-493-0300 | 1580 Jacaranda Blvd, Venice, FL 34293 | LReid@BBandT.com