Add in on top of that a gorgeous mansion filled with laughing and playing children and now you have Villa Devita.  And, I, the fortunate Realtor have the pleasure of marketing it for the owners who are now ready to sell it. 

We are so pleased to have been featured in the Sarasota Herald Tribune today on both the front page of the entire paper and also on the front page of the Real Estate Section.  A home run!!  Thank you to Harold Bubil for such a great story and for so tastefully telling the story of Richard and Colleen AND for so nicely honoring the memory of Jackie Devita, the real vision behind the home.  We are all grateful to him for a job well done.

Enjoy reading about the home and the property. 

Read the full front page article in the Sarasota Herald Tribune here

Read the full real estate section article in the Sarasota Herald Tribune here

Photo gallery Villa Devita

Photo gallery DeVitas

There is a company in California named CoreLogic that has spent a great deal of time and energy following this group.  According to their most recent numbers, the number is decreasing.  According to CoreLogic, the number of homes for the month of July that could be considered shadow inventory was about 1.6 million. 

A year ago for that same time period the number was about 1.9 million so, this reflects a 16 percent decrease in that timeframe.  That is a good thing.  If one wants to look at a little more a recent number, then consider the April shadow inventory number of 1.7 million units.  

Read the full article in the Sarasota Herald Tribune here

Depending on which side of the transaction you are on, try to get everyone to agree on finding another appraiser. We have seen the same house appraise a few weeks apart for 50% more.  Appraising is not a precise science.

One fairly important thought to keep in mind is that what is of value and worth to a homeowner in terms of improvements, is not necessarily viewed the same way by the appraiser.  For instance, a seller might have recently put a lot of money into a new kitchen or bath and have had the thought that this money spent was going to come back in the form of increased value for the property.  Not necessarily so.  An appraiser does not necessarily see it that same way. 

So the word of caution to those considering making significant improvements is to do those only if they will personally enjoy the changes.  In terms of getting a home ready to sell, new carpet and fresh paint are usually items well worth their cost and effort.  These are rather small in terms of the big picture but their impact is most noticeable. It is like putting a layer of icing on the cake!

Read the full article in the Sarasota Herald Tribune here

Appraisals can make or break a deal

For a long time this lack of information seemed to have stalled them in their tracks.  For Manatee, Sarasota and Charlotte counties it could perhaps mean that while the prices have been fairly stable for a lot of 2011, that might change and move downward if there is this new group of distressed properties hitting the market. 

However, it is believed that the banks will introduce properties at a reasonable pace so as to keep a frenzy from happening.  They realize there is no benefit from a saturated market.  

Read the full article in the Sarasota Herald Tribune here

It is no secret that the economy in the US is not healthy.  It is also no secret that millions of Americans have lost their homes and millions more stand to have that happen as they are falling further and further behind in their payments.  There is a large shadow market of foreclosed properties and beyond that a large group that will find themselves in that same pool one of these days soon based on the track they are on. 

Jack McCabe is a well-known economist who has recently gone on the record with his own ideas about what will help to ease this situation.  He has made 3 major suggestions that are worthy of some pretty serious consideration.  The first is that mortgage companies need to consider making some fairly substantial loan modifications. 

The second step that goes along with this, and is certainly related, is then allowing for reductions in the mortgage principal.  He stresses that both of these must be done in tandem or they are not fully effective.  They work together.  The third suggestion he made is that Fannie Mae and Freddie Mac should purchase new residential mortgage backed securities.  In other words, new mortgages are going to follow some new, tighter rules that require a more conservative payment, credit  and income verification criteria.  When all of these things are put into place then it is possible America can once again be realizing that dream of home ownership.  

Read the full article in the Sarasota Herald Tribune here

However, under this Relief Act, provided certain parameters are met, the amount is not taxed.  To qualify for the relief, the debt must have been used to buy, build or significantly improve one’s primary residence and it must have been secured by that residence.  If the money was, instead, for instance, used to buy a second home or a rental property or if the money was taken to pay off credit card bills or simply for living expenses, then these situations do not qualify for the relief.  If you happen to think that you are headed in the direction of a short sale (which is typically anything but short) then you might want to consider speeding up your plans to make that happen so that you are able to take advantage of this tax relief.  

Read the full article in the Sarasota Herald Tribune here

There had been some relief for a while with respect to the costs of building materials.  In the mid-2000’s costs had become nearly prohibitive for many making the prospect of building something new quite difficult and extremely costly. 

Then…the recession hit…..prices seemed to go down and the scene changed quite a bit.  Now…..we are once again approaching these same issues.  At the very core of this issue is the sheer rule of Economics 101. 

Supply and demand.  Demand has been down in the United States but certain other countries are finding that their demand is quite high.  We are now in a worldwide economy and what happens in what place effects what happens here.  

Read the full article in the Sarasota Herald Tribune here

Prices of critical housing materials are rising again

What this translates to, according to leading economists, is that this is a warning sign of upcoming foreclosures.  A general rule of thumb to keep in mind is that a neighborhood or community is in “hot water” if more than 35% of the homeowners are spending more than 35% of their income on these ongoing expenses.  The reality is that right now in Sarasota County about 41% of our homeowners fall into this category and it is even worse in Charlotte County where about 46% of folks are in this boat.  Manatee fairs just a bit better with “only” about 38% finding themselves in this situation. 

The prospect for the next year or more isn’t looking too rosy at the moment.  Unemployment rates as well as declining incomes and the adjustment of some adjustable-rate mortgages isn’t helping.

Read the full article in the Sarasota Herald Tribune here

Census indicates area's mortgage health is poor

They were all laughing and kidding around and genuinely seemed happy.  It was great to know that these new ones to the neighborhood had met each other already and that some of the other kids were also interacting and joining in. 

As a Realtor, that is a fun thing to see and not one we always get to see.  Here are 2 new families who have gone through the, admittedly, stressful process of relocating and uprooting children.  To now see these kids with new friends and obviously joining in with the others was a great feeling for me.  It isn’t just about collecting a commission and a paycheck, it is about helping people make a big change in their lives.  On the days this business is tough (okay, that’s most days) I will remind myself of this scene.