RealFacts research firm has compiled the following data for rentals in the areas that I service for property management.

According to the study, monthly apartment rents in the Manatee, Sarasota and Venice markets averaged $973 for the first quarter of 2007. This represents a 3.5% increase over the same reporting period in 2006.

The greater market area of Manatee and Sarasota counties is the third most expensive in the state of Florida behind Naples and Miami. Apartment occupancy rates at an average of 91.5% were down 3.5% over the same reporting period in 2006.

The Englewood area was not included in this study due to the low number of actual apartment communities that the area has to offer. Being a still relatively "undiscovered and under-developed" area of the Florida coastline, Englewood's rental market relies heavily on the availability of single-family homes.

In general, area rental rates in the Englewood area for single-family homes have dropped approximately $100-200/mo from the previous year's rates. Brand new homes with pools can be rented for $1200/mo with lawn and pool care included. Inventory in the single-family home rental market in Englewood has increased significantly over the last year due to lack of sales activity.

Recent conversations with would-be homeowners in the area indicate that many consumers are taking the "wait and see" approach of finding a home. Many potential renters I meet tell me that they are finding rental deals that are too good to pass up for now.

Instead of purchasing now, as they had planned, they will wait another year or two to see if the tax and insurance issues will be properly addressed and if, indeed, the market will adjust upward again.

In the meantime, many of them are taking advantage of being able to rent more of a home than they could in the past. For example, in some areas, a 4 bedroom, 3 bath pool home on a canal with a dock can be rented for less than $1500/mo.

Most rental property owners are willing to structure a lease purchase or lease option package that will meet the needs of the renter. In fact, one real estate agency in town has changed their signs to clearly indicated "FOR SALE OR LEASE!"

It's a GREAT TIME to get a GOOD DEAL on a rental home in Manatee, Sarasota or Charlotte county!

The life and times of a REALTOR are challenging enough without drastic economic changes impacting our market places. Today, our profession is more challenged than ever with markets declining and continued negative press.

Even the Real Estate Giants, who appear above the risk range, are reporting sharp concern for the negative impacts to their business.

For Maggie and for all of us, I share this comforting story that appeared recently in my email inbox....from an unknown author....on a day when I needed the inspiration.....perhaps you know someone who would be warmed by the message also:

WHEN YOUR HUT'S ON FIRE

The only survivor of a shipwreck was washed up on a small, uninhabited
island. He prayed feverishly for God to rescue him.

Everyday he scanned the horizon for help, but none seemed forthcoming.
Exhausted, he eventually managed to build a little hut out of driftwood to
protect him from the elements, and to store his few possessions.

One day, after scavenging for food, he arrived home to find his little hut
in flames, with smoke rolling up to the sky. He felt the worst had
happened, and everything was lost. He was stunned with disbelief, grief,
and anger. He cried out, "God! How could you do this to me?"

Early the next day, he was awakened by the sound of a ship approaching the
island! It had come to rescue him!

"How did you know I was here?," asked the weary man of his rescuers.

"We saw your smoke signal," they replied.

The Moral of This Story:

It's easy to get discouraged when things are going bad, but we shouldn't
lose heart, because God is at work in our lives.... even in the midst of
our pain and suffering. Remember that the next time your little hut seems
to be burning to the ground. It just may be a smoke signal that summons the
Grace of God.

P. S. You may want to consider passing this on, because you never know who
feels as if their hut is on fire today.

Why is it that you can get right down to the day before closing and still have a hiccup in the lender process?

I just don't get it. Here's an example of what I mean and maybe somebody can tell me why the consumer (both the buyer and the seller, actually) must suffer through a lender's inability to do their job with an eye for detail, accuracy and down right pride in providing excellent service to their customers. (Not all of them, mind you, but enough are deficient in these areas that this example happens quite often!)

Here's the example:

Information on length of employment is requested of the Mr. Consumer who is obtaining a mortgage so he can buy his lovely wife a lovely home. The application indicates that Mr. Consumer must provide his last 2 years employment history. Which he does.

The application is turned in with absolutely no clarifying questioning to the consumer from the loan processer.

Mr. Consumer assumes that all is well since he answered the questions to the best of his recollection, especially since there were no questions.

This application is turned in 3 or 4 weeks prior to the closing date.

One day before closing rolls around and all hell breaks loose.

The UNDERWRITER (some would call him the Undertaker) says he can't approve the loan because Mr. Consumer has not had a full 24 months at his current job. He had a 2 month gap over a year ago.

No Loan unless an exception can be obtained. You guessed it....NO EXCEPTION!

I have seen this or similar happen time and time again.

What is it that I don't understand about the mortgage lending process that keeps them from making sure the T's are crossed and the I's are dotted before the application goes for final approval with the underwriter?

SOMEBODY PLEASE TELL ME!

Mortgage Wizard: "I see by your ad on Craig's List that you are selling your home on your own. Your ad says it is priced way below the appraisal value, that's too bad, but I think I can help you out."

Florida FSBO Seller: "Well that would be great. Are you going to buy my house?"

Mortgage Wizard: "Well, let me explain...I am a mortgage broker who has made a great living over the past several years doing mortgages for people. My mortgage business has really slowed down, so I have gotten together a large group of investors who are buying properties. I find 'em, they buy 'em. Plus we get to help out people like you who are backwards in the market or close to deperate to sell their homes. Would you like for me to tell you how it works?"

Florida FSBO Seller: "Sure, I am interested in selling my home, but I am skeptical...I don't want to do anything illegal."

Mortgage Wizard: "Everything is legal. I am in the business of making deals happen, not to watch somebody get into trouble. Here's how it works...I can close the deal in 30 days, no mortgage contingencies. Your ad says you have your home priced at $399,000 but have an appraisal for $485,00...is that actually true?"

Florida FSBO Seller: "Yes unfortunately it is true...my mortgage has doubled and so have the taxes/insurance and I just need to get this sold before I go broke.....so, yes.....I am willng to take less than the appraisal"

Mortagage Wizard: "Good. I've had my in-house appraiser do a pencil appraisal on your home and he is coming up with $495,000. If I can get an appraisal for $495,000 I will buy your home for the $399,000 you are asking. Actually, I will write up the first contract with you, but will have the right to assign it to one of my investors. The sales price will be $485,000 ...but you will net the $399,000 you want."

Florida FSBO Seller: "Wait a minute...I'm ok with the assignment part....but I don't understand how the money part works"

Mortgage Wizard: "Well I also own a property management company and I will be renting and managing the property for the investor. You will net your current asking price and agree to allow everthing above that price to be directed to my management company so I can continue to keep the place looking nice, get it rented and have a reserve in case any big repairs come along. I'll even pay for your doc stamps, etc. on the part of the sales price that is above the $399,000. It's a win-win"

Florida FSBO Seller: "I understand that I get what I want...and if you can close in 30 days with no mortgage contingency, that would be wonderful, but this doesn't seem legal to me."

Mortgage Wizard: "Everything is legal. I've done 10 of these deals in the last month...everything is documented and all parties agree to it. You will have no legal issues to worry about on that end. Now, would you like to get the burden of your home sale off your back or do you want to go bankrupt? Think about it and give me a call back."

SELLER BEWARE?? HAS THIS BEEN GOING ON IN FLORIDA FOR AWHILE?? It's a new one on me! I'd like to hear opinions from Realtors, Mortgage Brokers and Real Estate Attorney's ...as well as Consumers on this one. What do you think about this sales pitch? How would you advise the Seller? Is it really legal? Have you run into this guy or one of his cousins? Seller Beware!

Showing property early today took on a whole new dimension.

As I left my home to venture out to my first appointment, I realized that today was going to call for some unusual real estate gear.

With all the smoke from the Georgia and Florida wild fires being blown over southwest Florida today, even those of us in Englewood experienced ASH SHOWERS early in the day. Yes, small particles of ash were falling from the sky and accumulating on our cars and making it hard to breath. Stinky too! I had flashbacks to Mt. St. Helen's! I had to protect my customers!

So, back into the house I went to dig out a few surgical masks (from the costume closet) and umbrellas (just in case) to provide to my two elderly customers.

As I approached the sweet elderly couple, equipped with ASH DAY trappings... they smiled....giggled...and said "How thoughtful!" as they adjusted their protection gear and proudly climbed into the car.

I escorted these folks (dressed in their surgical mask-protection gear and wielding two umbrellas) to four beautiful homes and the property of their dreams. By early afternoon, the ashes dissapated and we were able to agree on terms without mumbling through masks.

Moral 1:

Don't be a ninny!

Watch the elders and learn from them.

They have no fear of "what others may think!"

Moral 2:

Be aware of your surroundings,

think fast and

even when the sky is falling,

BELIEVE THAT YOU CAN SUCCEED!

TIME IS OF THE ESSENCE! A while back I posted information on a closing that took 3 years to happen. Today an agent told me their own horror story about a closing that took 2 years and another that was dragged out 3 months due to misunderstandings.

I'm currently working with a customer who has suffered through one failed closing (which luckily we accepted an offer on the next day after posting a classified ad on Craig's List! Woo-hoo!) to jump into another that is 60 days past the original contract closing date (Boo-hoo!).

What's the record here for delayed closings? Is 3 years tops? or has someone else encountered more of a horror story than that? What's been your longest delayed closing? Why? Was it something we could all learn from or is it just a sign of our current economic market conditions?

Get free clip art

Saturday night, Baby Huey flew in from the Shadow Hill Kennel breeders in Missouri by way of a two hour lay over in Dallas. What a trip he had!

Thankfully, he came from reputable breeders who had treated him extremely well his first eight weeks of life. He is big and strong and healthy. Thankfully, the Dallas airport cargo employees treated him to water and two hours of cooing and petting. We know this because, like expectant parents, we were concerned for his safety and well-being during the long and potentially traumatic travel day--SO WE CALLED! We had never flown an animal anywhere and we were pleasantly surprised at the care these employees take with the animals. Most impressive! Thankfully, he won the hearts of all who passed him by and he was treated like royalty all the way to the Tampa baggage area.

Being the cutest puppy in the world, you can image the stir he caused in the Tampa airport baggage claim area. Every passer-by was asking "What is he? How big is he?" "What's his name?" and exclaiming "How CUTE! How CUTE!"

Fighting our way to get out of the airport and get this worn-out pup to the safety of a vehicle that would wisk him to his new home was a lengthy task. But as we sped away from the terminal, seeing the smile on his face was well worth it. As he chewed his new squeaky-toy Octopus while intermittantly lapping at my chin, tiny tears of happiness splashed out of me...so happy he was safe. Yes, I actually shed tears...much to my surprise!

Well, like most new parents, we did not get much sleep on Saturday evening. Nor much blogging time on ACTIVE RAIN!

Huey's schedule for the next 24 hours consisted of drink water, pee, play, romp, pee, plop down and sleep 20 min, eat kibbles, pee, drink water, pee, romp, tug-o-war, pee, sniff around, pee, smile and give chase, pee, poop, sleep 20 min and start all over again. He is already going to the door to let us know he needs to do "his business" so it seems he is quick to adjust.....Me on the other hand...I feel like I was run over by a truck and I don't know how long it will take me to adjust, but it is worth it and I am happy he is in our life. He is a very intelligent and loving puppy who appears to be mindful of what is right and wrong......and somehow he also seems witty! Can a puppy be witty?

Huey is a full breed mix of Great Pyreneese and Bernese Mountain Dog. 20 lbs at 8 weeks, he will take two years to mature into a beautiful adult who will weigh in around 120lbs. His breeds are known to be gentle giants who love all animals and people. They are becoming a very popular breed mix and I can already see why. Maybe you need one too? After all, what HOME (see this post is related to real estate after all!) couldn't use a little more love?

One last thing about Huey...he is WAY CUTER than this photo!

The vacation rental inventory in the local Florida market (from Casey Key to Boca Grande) for both annual and seasonal rentals along the coast line has sky-rocketed over the last couple of months. Luckily, the demand for seasonal cottages, condos, villas and single family homes is quite high as well. Visitors are seeing fantastic deals on rental accomodations along the coast right now.

Europeans and South American visitors generally come to Florida during the summer months with our traditional US visitors still flocking to the Florida coastline in winter. I need more inventory to keep up with the demand, especially for seasonal rentals that are on or near the beach. I need your help...and maybe together we can help out some of those investors who have too many vacant homes sitting around.

If you, your customers* or your family have a home in Sarasota or Charlotte county Florida and would be interested in renting it on a seasonal or annual basis, please contact me. I can help.

I especially need seasonal inventory for the upcoming 2008 season.

*(All REALTOR/Customer relationships protected.)

mox·ie (mks) n. Slang 1. The ability to face difficulty with spirit and courage. 2. Aggressive energy; initiative: 3. Skill; know-how.

These were cut and pasted from thefreedictionary.com just so we are all on the same page for this blog.

My family uses the word MOXIE all the time, but many people I know have never heard of the word. My family has used this word for as long as I can remember to describe a person who is determined in spite of severe challenges. I love the word and its meaning....to me, the word itself has the feeling of a determined spirit and strength. Anyway, MOXIE isn't hard to find, but not everyone has it. In my opinion, most people who have it, are born with it, but I suppose it can be learned.

Just from reading through the blog posts over the past couple of weeks, there appears to be a select group here on Active Rain that have MOXIE.....you can tell by their stories of determination in light of day to day real estate challenges. You can tell by the spirit in which they tackle their obstacles and the words they use to convey their stories.

Although we haven't heard from him in awhile, Jonathan Greene is an AR MOXIE Man in my book. He just seems to put his head down and plow through with courage and a determined spirit. His MOXIE is part of what will make him a success in real estate. Best wishes to you, Jonathan, I hope things are going well at your new brokerage!

Maureen & Dmitry are also on my MOXIE list. There is passion and determination in their words and their personalities come through their posts with clarity. I always scroll down to hit their blogs, even if I am in a hurry. Here is one team that, even without knowing them personally, I would put my money on to serve their customers with the utmost care, conern and professionalism. Thank you for sharing your thoughts.

So, with all the blog posts that you've read over the course of several weeks, perhaps months....do you have a feeling for who has MOXIE? Who's on your AR MOXIE list?

Wow! my husband and I were traveling across state last week and were thrilled to see the price of gas! We didn't hesitate to stop and fill up when we saw $2.38 in Okeechobee! Here are some of the other prices that we encountered..........

Englewood $2.55 down from $2.87

Sarasota $2.39 down from $2.95

Jupiter $2.58 down from $3.01

Arcadia $2.60 down from $2.84

Englewood, Florida is largely a tourist area with many of our seasonal residents concerned about previously escalating gas prices. Many of them have been in contact with us lately indicating that reduced gas prices may result in earlier trips to our area this year (that and the reduction in hurricane traffic). That's a positive for us, obviously!

What trends are you seeing with gas prices in your area and do you feel there will be any positive reflection of that trend on your real estate business?