Sales Summary for 2007:

1251 N. Basin Lane ~ $1,175,000 ~ Closed Transaction

7111 Pine Needle Road ~ $760,000 ~ Closed Transaction

7220 Pine Needle Road ~ $750,000 ~ Closed Transaction

8132 Sanderling Road ~ $3,995,000 ~ Pending Transaction

Sales Summary 2007:

24 N. Casey Key Road ~ $2,200,000 ~ Closed Transaction

421 Casey Key Road ~ $2,375,000 ~ Closed Transaction

435 N. Casey Key Road ~ $2,400,000 ~ Closed Transaction

511 N. Casey Key Road ~ $2,150,000 ~ Closed Transaction

814 N. Casey Key Road ~ $4,100,000 ~ Closed Transaction

937 Casey Key Road ~ $3,156,500 ~ Closed Transaction

1522/1538 N. Casey Key Road ~ $20,035,000 ~ Pending Transaction

1716 Casey Key Road ~ $3,800,000 ~ Closed Transaction

2509 Casey Key Road ~ $4,395,000 ~ Pending Transaction

2613 Casey Key Road ~ $5,500,000 ~ Closed Transaction

2635 Casey Key Road ~ $6,900,000 ~ Closed Transaction

3206 Casey Key Road ~ $2,200,000 ~ Closed Transaction

3858 Casey Key Road ~ $1,999,000 ~ Pending Transaction

Sales Summary 2007:

4227 Boca Pointe Drive ~ $1,037,500 ~ Closed Transaction

4177 Escondito Circle ~ $715, 850 ~ Closed Transaction

4225 Escondito Circle ~ $775,000 ~ Pending Transaction

7812 Estancia Way ~ $850,000 ~ Pending Transaction

4601 Las Brisas Lane ~ $305,000 ~ Closed Transaction

4284 Las Palmas Way ~ $1,000,000 ~ Closed Transaction

7357 Regina Royale ~ $407,000 ~ Closed Transaction

7223 Villa D’Este Drive ~ 725,000 ~ Closed Transaction

7243 Villa D’Este Drive ~ $489,000 ~ Pending Transaction

7287 Villa D’Este Drive ~ $622,000 ~ Closed Transaction

7367 Villa D’Este Drive ~ $500,000~ Closed Transaction

Sales Summary 2007:

361 MacEwen Drive ~ $962,500 ~ Closed Transaction

370 MacEwen Drive ~ $777,000 ~ Closed Transaction

410 MacEwen Drive ~ $955,000 ~ Closed Transaction

417 MacEwen Drive ~ $1,175,000 ~ Closed Transaction

453 MacEwen Drive ~ $1,007,000 ~ Closed Transaction

530 MacEwen Drive ~ $1,145,000 ~ Closed Transaction

648 MacEwen Drive ~ $1,065,000 ~ Closed Transaction

731 MacEwen Drive ~ 750,000 ~ Closed Transaction

842 MacEwen Drive ~ $1,425,000 ~ Closed Transaction

862 MacEwen Drive ~ $900,000 ~ Closed Transaction

892 MacEwen Drive ~ $840,000 ~ Closed Transaction

894 MacEwen Drive ~ $675,000 ~ Closed Transaction

 903 MacEwen Drive ~ $739,000 ~ Pending Transaction

919 MacEwen Drive ~ $425,000 ~ Pending Transaction

72 Bayhead Lane ~ $555,000 ~ Closed Transaction

124 Bishopscourt Road~ $540,000 ~ Closed Transaction

464 Blue Garden Lane ~ $900,00 ~ Closed Transaction

665 Eagle Watch Lane ~ $520,000 ~ Closed Transaction

628 Fernwalk Lane ~ $830,000 ~ Closed Transaction

658 Fernwalk Lane ~ 949,000 ~ Closed Transaction

120 Osprey Point Drive ~ $5,300,000 ~ Closed Transaction

120 Osprey Point Drive ~ $6,077,500 ~ Closed Transaction

201 Osprey Point Drive ~ $1,500,000 ~ Closed Transaction

260 Osprey Point Drive ~ $1,575,000 ~ Closed Transaction

282 Osprey Point Drive ~ $1,200,000 ~ Closed Tranasction

229 Saint James Park ~ $990,000 ~ Pending Transaction

282 Shell Midden Court ~ $1,130,000 ~ Closed Transaction

33 Sugar Mill Drive ~ $650,000 ~ Closed Transaction

88 Sugar Mill Drive ~ $237,500 ~ Closed Transaction

669 Trenton Way ~ $1,300,000 ~ Closed Transaction

671 Trenton Way ~ $540,000 ~ Closed Transaction

287 Turquoise Lane ~ $435,000 ~ Closed Transaction

385 North Point Road #602 ~ $545,000 ~ Closed Transaction

393 North Point Road #702 ~ $650,000 ~ Closed Transaction

401 North Point Road #601 ~ $765,000 ~ Closed Transaction

3603 North Point Road #702 ~ $850,000 ~ Closed Transaction

3621 North Point Road #401 ~ $434,000 ~ Closed Transaction

3621 North Point Road #403 ~ $555,000 ~ Closed Transaction

3621 North Point Road #701 ~ $872,000 ~ Closed Transaction

In a discussion with one of my British clients recently, he summarized it by saying that properties in Florida are “half-priced”.  He was referring to the roughly 2 to 1 exchange rate between the US Dollar and the British Pound but he said that is exactly how people look at it.  The exchange rate plus the general lack of availability of comparatively beautiful properties are both factors.

We have also been working with a real estate broker in the Czech Republic who is actively seeking investment properties for their clients in Florida.  The Czech Crown is strategically linked to the Euro and currently trades at about 20 CZK to 1 US Dollar.  When we lived in the Czech Republic (from 1996 to 2003) we had an average exchange rate of over 30 CZK to 1 US Dollar.  We could not afford to live there today!

I also worked with a Russian gentleman recently who was interested in purchasing a condominium in downtown Sarasota.  My Russian is not so great but having spent eight years in Central and Eastern Europe and getting to know my way around the issues helped us to overcome any slight communication set backs.

Another client recently asked us what we thought about the potential to sell their home to a Russian national.   My answer is that there is increasing demand from Russia.  Their question prompted me to write a separate article about the contrast in the process of buying real estate in Russia vs.Florida.

There is no doubt that the number of international buyers is growing.  I think we can also bet on an ever increasing number of these buyers from Central and Eastern Europe and in particular Russia.

Can Russian Nationals legally purchase property in Florida?   

The answer is yes – there are no restrictions on foreign nationals purchasing real estate in Florida.  Of course there are a number of visa issues which need to be considered depending on a purchaser’s objectives.

What are some differences in the process of buying property in the USA vs. Russia? 

Lending 

One significant difference is the ability to borrow money to purchase a property.  In Russia most personal residences are acquired with cash.  In the USA, it is probably the opposite – most buyers would incorporate some lending in most purchases.

Realtors 

In most places in Florida, there is a central database of properties for sale, which is accessible by all realtors.  In addition, in most cases real estate professionals who are marketing properties agree to share their compensation with other professionals should they bring a buyer.

In Russia, most properties are marketed by specific agencies who maintain their own personal database of properties.  Consistent with this approach, it is also less likely that an agent would share their compensation with another agent who brings a buyer.  The result is that buyer’s agents would generally make compensation arrangements with their buyers directly.

Title 

In most cases in Florida, the process of ensuring ownership and legal title to a property is relatively straight forward.  The use of title insurance is standard.  Title insurance is an insurance policy regarding title for the benefit of the buyer. As a consequence, the cost of title insurance is generally a transaction cost related to most sales in Florida.

As far as I am aware, there is no title insurance concept used in Russia.  In fact, confirming title can be an arduous task which takes time.

Costs 

We have already identified that title insurance is most likely an additional cost of acquiring a property in the USA (but would not be applicable in Russia).  Whether the buyer or the seller pays for the insurance policy will depend on the contract and the terms negotiated between the parties.

We also have certain types of taxes or stamps which must be purchased related to the sale of a property in Florida. These stamps are referred to as documentary stamps on the deed (the deed is the official legal document transferring title).  The cost of these documentary stamps is $.70 per $100 of purchase price.

One thing that does not cost much in Florida is the notarization of documents.  In Russia, this fee can be as much as 1.5% of the purchase price of the property.  In Florida, if you have to pay the notary at all, it is a nominal fee.

Yearly property taxes can also be much more significant in Florida vs. Russia.  As a rule of thumb in the greater Sarasota area, we use 1.5% or 1.6% of the purchase price as an estimate of yearly taxes.

Property insurance is also something that is readily available and in most cases recommended in Florida.

There are also additional taxes and/or stamps related to a transaction should the purchaser be borrowing funds to acquire the property.  Documentary stamps on a mortgage run $.35 per $100 of mortgage and the intangibles tax is $.002 of the mortgage amount.

In conclusion.

In summary, there is no doubt that the number of international buyers is growing.  I think we can also bet on an ever increasing number of these buyers from Central and Eastern Europe and in particular Russia.

So when you are at the beach the next time, listen to the different languages being spoken around you.  One of them may be Russian.

In my opinion, it depends on if you are looking at it from a macro or a micro perspective.  If you look at the overall picture for single family homes it appears inventory levels have stabilized and we may even be moving in the right direction now on a macro level.   However, on the micro level it really boils down to a community by community question.  Most communities have a very good selection of properties available and hence there is serious competition for buyers and hence downward pressure on prices.  However, there are a few communities out there with little to choose from.  This will tend to keep prices stable.

The condominium market may not be quite as far along.  There are still a number of condominium projects being completed which is generally pushing inventories up.  However, there are still shortages on a micro basis.  It just depends on the location and community.

The reality of the market is that it is still tough overall.  The positive side of things is that most of the buyers that are out there seem to be serious.  The same for sellers - this is not the time for timid Sellers who are not flexible and willing to listen to offers.

The most important thing to realize is that the glass is half-full and in the end the market is what you make of it.

Now is the opportune time to take advantage of what is available in The Oaks.  You may not have this type of selection ever again.

Here is a snapshot of real estate activity as of June 2007.  As always, we are glad to discuss this information in more detail.

There are currently 80 residential properties listed for sale in The Oaks (including both single family residences and condominiums).

Sales year to date include:

842 MacEwen Drive ~ $1,685,000 ~ Pending Transaction

417 MacEwen Drive ~ $1,295,000 ~ Pending Transaction

370 MacEwen Drive ~ $949,000 ~ Pending Transaction

33 Sugar Mill Drive ~ $650,000 ~ Pending Transaction 

72 Bayhead Lane ~ $575,000 ~ Pending Transaction

628 Fernwalk Lane ~ $890,000 ~ Pending Transaction

120 Osprey Point Drive ~ $5,300,000 ~ Closed Transaction

260 Osprey Point Drive ~ $1,575,000 ~ Closed Transaction

201 Osprey Point Drive ~ $1,500,000 ~ Closed Transaction

669 Trenton Way ~ $1,300,000 ~ Closed Transaction

453 MacEwen Drive ~ $1,007,000 ~ Closed Transaction

648 MacEwen Drive ~ $1,065,000 ~ Closed Transaction

361 MacEwen Drive ~ $962,500 ~ Closed Transaction

410 MacEwen Drive ~ $955,000 ~ Closed Transaction

862 MacEwen Drive ~ $900,000 ~ Closed Transaction

892 MacEwen Drive ~ $840,000 ~ Closed Transaction

731 N. MacEwen Drive ~ $750,000 ~ Closed Transaction

894 MacEwen Drive ~ $675,000 ~ Closed Transaction

287 Turquoise Lane ~ $435,000 ~ Closed Transaction

3621 North Point Road #403 ~ $575,000 ~ Pending Transaction

3621 North Point Road #701 ~ $872,500 ~ Closed Transaction

3603 North Point Road #702 ~ $850,000 ~ Closed Transaction

401 North Point Road #601 ~ $765,000 ~ Closed Transaction

393 North Point Road #702 ~ $650,000 ~ Closed Transaction

385 North Point Road #602 ~ $545,000 ~ Closed Transaction

This information comes from the Sarasota Association of Realtors MLS Service.

It is also exciting to see an increase in junior golfers on the Club Course.  It has provided me with the incentive to get our boys out on the course again even if we have to brave the heat.  Unfortunately, one of these days they will be showing me how it is done.

Here is a snapshot of real estate activity as of June 2007.  As always, we are glad to discuss the information in more detail.

There are currently 38 residential properties listed for sale in Prestancia (including both homes and condominiums).

Sales year to date include:

4284 Las Palmas Way ~ $1,000,000 ~ Closed Transaction

4227 Boca Pointe Drive ~ $1,037,500 ~ Closed Transaction

7812 Estancia Way ~ $850,000 ~ Closed Transaction

4177 Escondito Circle ~ $715,850 ~ Closed Transaction

7287 Villa D Este Drive ~ $622,000 ~ Closed Transaction

7367 Villa D Este Drive ~ $500,000 ~ Closed Transaction

7357 Regina Royale ~ $407,000 ~ Closed Transaction

This information comes from the Sarasota Association of Realtors MLS Service.

Year to date, we have seen roughly ten residential sales on Casey Key.  This is a testimony to what the island has to offer and it’s unique status among the barrier islands.  Even after an exhaustive search up and down the coast of Florida, you will rarely find Gulf to Bay properties or Gulf to Bay access, as is the standard on Casey Key. 

Whether it is out of shear enjoyment or a long term investment position (or as in most cases a combination of the two), now may be the best time to take advantage of everything Casey Key has to offer.

Here is a snapshot of real estate activity as of June 2007.  As always, we are glad to discuss this information in more detail.

There are currently 48 residential properties listed for sale on Casey Key.

Sales year to date include:

435 N. Casey Key Road ~ $2,475,000 ~ Contract Pending

1716 Casey Key Road ~ $4,285,000 ~ Contract Pending

2635 Casey Key Road ~ $6,900,000 ~ Closed Transaction

2613 Casey Key Road ~ $5,500,000 ~ Closed Transaction

937 Casey Key Road ~ $3,156,500 ~ Closed Transaction

814 N. Casey Key Road ~ $4,100,000 ~ Closed Transaction

421 Casey Key Road ~ $2,375,000 ~ Closed Transaction

3206 Casey Key Road ~ $2,200,000 ~ Closed Transaction

511 N. Casey Key Road ~ $2,150,000 ~ Closed Transaction

24 N. Casey Key Road ~ $2,200,000 ~ Closed Transaction

This information comes from the Sarasota Association of Realtors MLS Service.