Short sales – which occur when a lender agrees to a home sale for less than what’s owed – were up 33 percent in January year-over-year, and preliminary February numbers also look strong, according to market researcher RealtyTrac.

Its data underscore lenders’ increased willingness to do short sales, which tend to harm neighborhoods less than foreclosures. Homeowners also may regain eligibility for a new mortgage sooner than those who go through foreclosure.

More short sales “is mostly a good thing,” says Ira Rheingold, of the National Association of Consumer Advocates. One concern is that homeowners may have to short sell after being denied loan modifications that would have enabled them to stay in homes, he says.

RealtyTrac says foreclosure sales, which occur after a bank has repossessed a property, still outnumber short sales nationwide but the gap is closing.

Earlier this week, Bloomberg News reported that data from mortgage tracker Lender Processing Services show short sales surpassed foreclosures in January for the first time.

RealtyTrac’s data show that occurred in key states at the forefront of the housing downturn, including California, Arizona, Florida and nine others.

Lenders are pricing short sales more aggressively, RealtyTrac adds. In January, the average short sale price was 10 percent lower than a year earlier, exceeding the drop in U.S. home prices.

Some mortgage servicers started pursuing short sales more aggressively months ago. Bank of America says it did 107,000 short sales last year, up from 92,000 in 2010 and double the 2009 volume.
New measures are also likely to boost short sales.

Freddie Mac and Fannie Mae, which own or guarantee 60 percent of home loans, will soon require lenders to decide short sale offers within 60 days. Realtors have complained that short sale offers often linger. The recent $25 billion mortgage settlement also encourages short sales.

New rules have slowed foreclosures in many states, increasing short sales, says Florida foreclosure defense attorney Roy Oppenheim.

More From Bradenton Real Estate

• Sarasota – one of the most undervalued U.S. Cities
• Bradenton/Sarasota among the top 3 destinations of foreign home buyers
• Bank of America short sale change

Bradenton Real Estate Recommends

• Greenest Forms of Transportation  (U.S. Green Technology)
• $229,000 :: 2561 N Yellow Flower Trail, Tucson AZ, 85715  (Blass Homes – Tucson Real Estate for Sale)

Ask Bradenton Real Estate To Recommend Your Posts

BRADENTON – ORLANDO, Fla. – April 9, 2012 – “Finally the big bank has listened to our comments and is taking action”, says Axel Weiss, the Broker of Sea to Sky Realty. Bank of America is set to roll out a new short sale process and documents designed to reduce the approval process to 20 days! The changes are so brought that the Equator online platform where Bank of America short sales are handled will be down for 10-12 hours during the overnight hours starting Friday, April 13.

On April 14, Bank of America’s short sale process will change as follows:

Five documents will be required for short sales initiated with an offer:

• Purchase Contract including Buyer’s Acknowledgment and Disclosure

• HUD-1

• IRS Form 4506-T

• Bank of America Short Sale Addendum

• Bank of America Third-Party Authorization Form

“All email communications between Bank of America and the sales associate will behandled exclusivly in Equator.”

Potential buyers should pay attention, as when an associate leaves his company their offer could end in limbo. The same might happen if they are currently in the sellers position. If you are planning to buy or sell a short sale, please read this:

“It’s best to deal with a Broker directly than through a herd of more or less educated sale’s people.” We see it a lot, people are selecting their hair dresser by constant education, whereas their representation when selling or buying their most valuable asset, their home, is selected by having the kids in the same Kindergarten or just because somebody knocked on their door. Successful Real Estate consultants are dedicated professionals, not part time adventurers. They rarely knock on doors. Check their background, the public records, somebody being in foreclosure himself might not be the ideal financial advisor.

Professionalism is the most important factor to succeed in Real Estate.

Axel Weiss, MBA, Broker
Sea to Sky Realty
The Short Sale and REO Company
Bradenton, FL 34205
(941) 866 1666

http://www.bradentonbroker.com/contact

More From Bradenton Real Estate

• West Bradenton Condo, Shorewalk, 2 BR, 2 BA
• Sarasota – one of the most undervalued U.S. Cities
• Bradenton/Sarasota among the top 3 destinations of foreign home buyers

Bradenton Real Estate Recommends

• $249,000 :: 2740 N Tomahawk Trail, Tucson AZ, 85749  (Blass Homes – Tucson Real Estate for Sale)
• $229,000 :: 2561 N Yellow Flower Trail, Tucson AZ, 85715  (Blass Homes – Tucson Real Estate for Sale)

Ask Bradenton Real Estate To Recommend Your Posts

The unit is tiled throughout. Washer and dryer are in the unit.

The unit is located in Shorewalk, a resort style community with features like 2 heated swimming pools, 2 jacuzzis, tennis courts, a basketball court, playground, and shuffleboards. There is also a clubhouse which offers table tennis, a billiard room, BBQ grills, Bocci Ball and a large screen TV.

The unit can be rented nightly, weekly or monthy!

Free wireless internet access in unit!

Heated Community Pool 1

◄ Back

Next ►

Picture 1 of 15

____________________________

Rental Rates (standard rates)

February – April
$945/week
$2,800/month

May – December 14th
$595/week
$1,750/month

Dec 15th – January
$795/week
$2,400/month

____________________________

Cleaning $100

Tax 11.5 %

Securtiy Deposit $300

____________________________

More From Bradenton Real Estate

• Vacation Home in West Bradenton, 2BR/2.5 BA or 1BR/1BA
• Bradenton Condo, El Conquistador, 2BR, 2BA
• Historic Pool Home in West Bradenton

Bradenton Real Estate Recommends

• $249,000 :: 2740 N Tomahawk Trail, Tucson AZ, 85749  (Blass Homes – Tucson Real Estate for Sale)
• $229,000 :: 2561 N Yellow Flower Trail, Tucson AZ, 85715  (Blass Homes – Tucson Real Estate for Sale)

Ask Bradenton Real Estate To Recommend Your Posts

319 64th St # 8b, Holmes Beach, FL 34217 (MLS # M5827438)

View Virtual Tour

WELCOME TO ISLAND WALK, Beautiful townhouse with 3 bedrooms, 2 1/2 bathrooms. CENTRALLY LOCATED ON BEAUTIFUL ANNA MARIA ISLAND, JUST A SHORT 2 ? block WALK TO THE BEACH. THIS HOME LOOKS AND FEELS LIKE NEW. CUSTOM CRAFT MADE CABINETS THROUGHOUT. LARGE MASTER SUITE ON FIRST FLOOR OF LIVING, double sink, and separate shower and soaking tub, walk-in closet. Sunny and bright southern exposure, sparkling pool, everyone has access to our beaches and it is a short walk! Screened lanai at the ground level, open and inviting lanai off the living area for dinning & watching sunsets, large living area open to beautiful kitchen, you will enjoy ceramic and carpet floors for easy care. Staircases have wood & decorative accents adding textures to this lovely home. WHERE'S THE BEACH? Quality throughout. 10' high ceilings + 8' doors + granite & Corian counters + Great room floor plan + GE Profile appliances. Secured entry gate, 2 car garage, Metal roof, paver driveway, fenced yard.. Private pool! Pets & weekly rentals OK. Superb Value -Buy Now!

Property Type(s): Residential / All, Residential / Condo

Price History

Schools

Additional Details

Features

Location

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Listed with ISLAND REAL ESTATE-ANNA MARIA

(view all details for MLS #M5827438)

More From Bradenton Real Estate

• Vacation Home in West Bradenton, 2BR/2.5 BA or 1BR/1BA
• Anna Maria Island Townhouse – $429,000
• 1940´s Riverview Cottage – $725,000

Bradenton Real Estate Recommends

• $249,000 :: 2740 N Tomahawk Trail, Tucson AZ, 85749  (Blass Homes – Tucson Real Estate for Sale)
• $229,000 :: 2561 N Yellow Flower Trail, Tucson AZ, 85715  (Blass Homes – Tucson Real Estate for Sale)

Ask Bradenton Real Estate To Recommend Your Posts

NAR’s 2012 Investment and Vacation Home Buyers Survey, covering existing- and new-home transactions in 2011, shows investment-home sales surged 64.5 percent to 1.23 million last year from 749,000 in 2010. Vacation-home sales rose 7.0 percent to 502,000 in 2011 from 469,000 in 2010. Owner-occupied purchases fell 15.5 percent to 2.78 million.

Vacation-home sales accounted for 11 percent of all transactions last year, up from 10 percent in 2010, while the portion of investment sales jumped to 27 percent in 2011 from 17 percent in 2010.

All-cash purchases have become fairly common in the investment- and vacation-home market during recent years: 49 percent of investment buyers paid cash in 2011, as did 42 percent of vacation-home buyers. Half of all investment home purchases in 2011 were distressed homes, as were 39 percent of vacation homes.

The median investment-home price was $100,000 in 2011, up 6.4 percent from $94,000 in 2010, while the median vacation-home price was $121,300, down 19.1 percent from $150,000 in 2010.

Investment-home buyers in 2011 had a median age of 50, earned $86,100 and bought a home that was relatively close to their primary residence – a median distance of 25 miles, although 30 percent were more than 100 miles away.

The typical vacation-home buyer was 50 years old, had a median household income of $88,600 and purchased a property that was a median distance of 305 miles from the primary residence; 35 percent of vacation homes were within 100 miles and 37 percent were more than 500 miles. Buyers plan to own their recreational property for a median of 10 years.

Lifestyle factors have consistently been the primary motivation for vacation-home buyers, while the desire for rental income drives investment purchases. Vacation homes purchased last year were more likely to be in suburban or rural areas; investment homes were concentrated in suburban locations.

Eighty-two percent of vacation-home buyers said the primary reason for buying was to use the property themselves for vacations, or as a family retreat. Thirty percent plan to use the property as a primary residence in the future, and only 22 percent plan to rent to others.

Half of investment buyers said they purchased primarily to generate rental income, and 34 percent wanted to diversify their investments or saw a good investment opportunity.

Sixteen percent of vacation buyers and 14 percent of investment buyers purchased the property for a family member, friend or relative to use. In many cases the home is intended for a son or daughter to use while attending school.

Forty-two percent of vacation homes purchased last year were in the South, 30 percent in the West, 15 percent in the Northeast and 12 percent in the Midwest; 1 percent were located outside of the U.S.

Forty-four percent of investment properties were in the South, 23 percent in the West, 17 percent in the Midwest and 15 percent in the Northeast.

Eight out of 10 second-home buyers said it was a good time to buy. Nearly half of investment buyers said they were likely to purchase another property within two years, as did one-third of vacation-home buyers.

NAR’s analysis of U.S. Census Bureau data shows there are 8.0 million vacation homes and 42.8 million investment units in the U.S., compared with 75.3 million owner-occupied homes.

With investors so integral to our market, make sure to list your property with a Real Estate Company, that understands to market your property to out of state and international buyers, as well as local buyers. If you are interested in selling contact us to take advantage of our international connections.

More From Bradenton Real Estate

• Vacation Home in West Bradenton, 2BR/2.5 BA or 1BR/1BA
• Fla. ranked first in 2011 home sales to Canada
• Foreclosures made up 20 pct. of home sales in 3Q

Bradenton Real Estate Recommends

• $249,000 :: 2740 N Tomahawk Trail, Tucson AZ, 85749  (Blass Homes – Tucson Real Estate for Sale)
• $229,000 :: 2561 N Yellow Flower Trail, Tucson AZ, 85715  (Blass Homes – Tucson Real Estate for Sale)

Ask Bradenton Real Estate To Recommend Your Posts

The unit is completely updated with new kitchen and bathrooms.

The master bedroom has a king size bed, the 2nd bedroom has a queen bed.

The living room as well as both bedrooms have sliding glass doors that open to the sreened in lanai.

Unit is located just a few steps to the community pool.

Conveniently located to all area beaches, attractions, shopping, restaurants, museums, recreational activities, airports, and easy access to I-75 and US41.

Wireless high speed internet included!

Living Room

◄ Back

Next ►

Picture 1 of 12

Rental Rates

Available starting June 24th, 2012

OFF SEASON: May – December 2012
$600/week
Minimum Stay 2 weeks

SEASON: January – April 2013
$1,950/month
Minimum Stay 1 month

Ask about discounts for longer stays.

Cleaning $100
Application Fee $100
Tax 11.5 %

Securtiy Deposit $300

Availability

Check availability: http://www.homeaway.com/vacation-rental/p986299

More From Bradenton Real Estate

• Vacation Home in West Bradenton, 2BR/2.5 BA or 1BR/1BA
• West Bradenton Condo, Shorewalk, 2 BR, 2 BA
• Historic Pool Home in West Bradenton

Bradenton Real Estate Recommends

• $229,000 :: 2561 N Yellow Flower Trail, Tucson AZ, 85715  (Blass Homes – Tucson Real Estate for Sale)
• $209,900 :: 2516 N Yellow Flower Trail, Tucson AZ, 85715  (Blass Homes – Tucson Real Estate for Sale)

Ask Bradenton Real Estate To Recommend Your Posts

According to the National Association of Realtors® (NAR) 2011 Profile of International Buying Activity, Florida and Arizona are top choices because of their favorable winter climate. In fact, 58 percent of all international sales in 2011 came from just four states: Florida at 31 percent, followed by California at a distant 12 percent, Texas accounted for nine percent and Arizona at six percent.

Even for international buyers it’s location, location, location. Forty-three percent of those surveyed report a favorable location the most important factor when choosing where to purchase. That was followed by 27 percent who stated their top reason to buy in the U.S. was that they view U.S. real estate as a profitable investment.

Canadians specifically purchase due to a perceived positive return on their investment. They also showed a strong desire for a lakefront recreational location. In fact, eight percent of Florida re-sales were to Canadians in 2010. Similar culture, closeness to their native homeland and lack of a communication barrier are also factors steering Canadians to the lower 48 U.S. states.

The NAR profile also showed that in the 12-month-period ending March of 2011, Canadians accounted for 23 percent of all foreign buyers – the largest of any country. In a 2010 article, Canada’s largest daily newspaper The Globe and Mail reported that a vast majority of Canadians were paying cash for their purchase.

With international buyers so integral to our market, make sure to list your property with a true international Real Estate Company to achieve the best result. If you are interested in selling contact us to take advantage of our international connections.

More From Bradenton Real Estate

• Bradenton recognized in ‘Where to Retire’ magazine
• Historic Pool Home in West Bradenton
• Investment, vacation home sales up in 2011

Bradenton Real Estate Recommends

• $229,000 :: 2561 N Yellow Flower Trail, Tucson AZ, 85715  (Blass Homes – Tucson Real Estate for Sale)
• $249,000 :: 2740 N Tomahawk Trail, Tucson AZ, 85749  (Blass Homes – Tucson Real Estate for Sale)

Ask Bradenton Real Estate To Recommend Your Posts

Here is what made Sarasota No. 1:

Sarasota, Florida Our top pick on Florida’s Gulf Coast has so many things going for it. The economics are very attractive: median home prices well below the national average, no income tax, low property taxes. Culturally it has unbelievable resources for a small city of this size, thanks to the largesse of the Ringling Brothers, who had their winter headquarters here. The downtown is exciting and so is the nearby St. Armond’s Circle shopping area across the causeway on the barrier island. Siesta Key and Longboat Key are nearby.

The following criteria have been used:
- Wow Factor
- College town
- Large # of active adult communities
- Adult education/Cultural opportunities
- Healthcare options
- Employment opportunities
- Income tax for retirees
- Property tax
- Climate
- Cost of housing
- Crime -Walkability/Attractiveness of downtown

The top cities in the nation for retirement, according to TopRetirements.com and MarketWatch:
1. Sarasota, FL
2. San Antonio, Texas
3. Naples, FL
4. Tucson, Ariz.
5. Asheville, N.C.
6. Beaufort, S.C.
7. St. Augustine, FL
8. Fort Myers, FL
9. Venice, FL
10. Prescott, Ariz.

If you are interested in buying or selling a home in the Bradenton/Sarasota area, please contact Sea to Sky Realty, the INTERNATIONAL Bradenton / Sarasota Real Estate Company.

More From Bradenton Real Estate

• Bradenton/Sarasota among the top 3 destinations of foreign home buyers
• Bradenton recognized in ‘Where to Retire’ magazine
• Bradenton & Sarasota: A great place to start a business!

Bradenton Real Estate Recommends

• $229,000 :: 2561 N Yellow Flower Trail, Tucson AZ, 85715  (Blass Homes – Tucson Real Estate for Sale)
• $209,900 :: 2516 N Yellow Flower Trail, Tucson AZ, 85715  (Blass Homes – Tucson Real Estate for Sale)

Ask Bradenton Real Estate To Recommend Your Posts

Bradenton – There is a broad discussion about the rental situation in Manatee County. As much as we respect the needs of the community, the current economic situation just forces more 2nd home owners to rent their property to vacationers espcially during spring season. Imposing rental restrictions also drastically reduces property values, especially in tough economic times like now. With rental restrictions in place, owners of 2nd homes do not have the opportunity to generate income, or to generate less income than they could. This leaves less potential buyers interested in a property, leading to a lower value when it comes to a sale. Furthermore it should be in the best interest of the community when owners are able to pay taxes and association dues.

Legally there are 2 ways (rental) restrictions could be imposed:

1.) Either by the County ordinance / land use code or
2.) Through the Homeowners Association by adopting rules and regulations (with the majority of homeowners).

Lately we were involved in the sale of a single family home, located in the Perico Isle neighborhood in unincorporated Manatee County.

There is no 30 day minimum rental restriction in Manatee County. Period!

As the out of state buyer just wanted to have the freedom to decide if to rent the property, the management company of Perico Isle Homeowner Association Argus Property Management was asked to inform about rental restrictions. Unwilling or unable to provide a written statement, we received a call left on our voicemail:

The employee of Argus Management attested, “Perico Isle does not have a rental restriction in their rules and regulation, just the newly adopted County Restriction of 30 days minimum would apply.”

We thought, something must be wrong here. Because, we requested a written statement from Manatee County after taking the listing on 12/12/2011 and their response was:

This topic (rental restrictions in Manatee County) was addressed by our County Attorney’s Office in 2010 and it was stated that currently The Land Development Code does not regulate transient rentals of a single family residential home that is rented weekly or bi-weekly.  If we can be of further assistance, please feel free to contact us.

Upon further research we found out, that even members of the board of directors of the Perico Isle Homeowner Association provided misleading and incorrect information, saying ”there was a 30 day minimum rental restriction set by the County and this will be enforced.” Another officer claimed that restrictions even exist in the rules and regulation set by the HOA and “code enforcement would be called if violated.” What the officer probably missed: County Code Enforcement does not care about HOA rules. And he did not read the rules and regulations as there is no such current restriction as there is no County restriction.

Now the story begins to seed roots for a potential disaster:

Today we received a letter by the management company Argus Property Management, Inc. stating:

The president and vice president of Perico Isles Homeowners Association are available to interview Mr. & Mrs. Doe anytime after 1:00 pm. on …. Please let me know what time works for them. I understand that Mr.& Mr. Doe plan to rent their home on a weekly basis. Please let them know that the association will be finalizing a rule prohibiting rentals of less than 30 days within the next few weeks, and that this will be covered in the interview.

Linda Z. Chapman Community Association Manager
Argus Property Management, Inc.

Arbitrary and capricious?

$3,000 tab for each homeowner in Tampa

More From Bradenton Real Estate

• Sarasota – one of the most undervalued U.S. Cities
• Bradenton/Sarasota among the top 3 destinations of foreign home buyers
• The Home Selling Process

Bradenton Real Estate Recommends

• Eco-Lifestyle Pick of the Week: Pomegranate Oil Eco Skincare  (U.S. Green Technology)
• Greenest Forms of Transportation  (U.S. Green Technology)

Ask Bradenton Real Estate To Recommend Your Posts

“Pending home sales in Sarasota and Manatee opened the year on a surge, an indication the area is poised for a robust spring season.

Recent inventory reductions also have helped slowly restore prices across Southwest Florida.

Manatee Realtors sold 257 existing single-family homes in January, a 28 percent drop from December and a modest 3 percent slide from the same time last year, according to the association.

The number of properties under contract, however, climbed to their highest level during the past 12 months to reach 543 in January. That includes a 53 percent spike from December alone.

Median prices in Manatee also rebounded to $165,000, a 6 percent jump from a year ago. The median is the midpoint; half the homes sold for more, half for less.

In Sarasota, the housing market closely followed that same trend.

The county’s 365 existing single-family homes sold last month fell drastically from the 471 reported in December. January’s total also represents a 5 percent dip from last year, records show.

But like Manatee, total pending sales increased 38 percent during the month, a sign activity will gain strength through spring   generally the busiest time of the year for out-of-state buyers.

Median prices in Sarasota also rose 17 percent over the year to reach $162,000 in January, according to the Manatee Association of Realtors.

For the first time in January, the state association stopped tracking local market trends, which will leave inconsistencies compared to previous housing market reports.

“To see that dip in January is to be expected, but the strength in the pending numbers is really encouraging,” said Peter Crowley, broker and co-owner of the Re/Max Alliance Group in Bradenton. “These numbers tell us we can anticipate a similar pace to last year, if not better.”

Although reports of mortgage defaults and looming threats of foreclosure remain escalated   an indicator often referred to as shadow inventory   the proliferation of short sales has helped clog the steady stream of foreclosures flooding the market over the last three years.

As those bank-owned inventories shrink, prices will build, slowly opening the door to the more traditional buyer-to-seller transactions, experts say.

Most Realtors expect that progress to continue through year, but stop well short of the artificial values from 2004 to 2006, which likely will never return.

Recent national recognition has helped. The Sarasota-Bradenton market was ranked No. 5 this month on CNBC’s top 10 turnaround towns.

“Potential buyers have been hearing a lot of positives about the market, and now they’re willing to step in and do something,” said Marcus Vanzant, owner-broker of Marcus & Co. Realty in Bradenton.

In Florida, 12,044 existing-single family homes changed hands in January, down 7 percent from the previous month and 6 percent compared to the year-ago figure, according to data released Friday by Florida Realtors.

The median sales price climbed 5.3 percent from last year to $129,000.

Across the country, sales of previously occupied homes rose in January to the highest pace since May 2010, with a seasonally adjusted annual rate of 4.57 million in January, according to the National Association of Realtors.

The national median existing-home price for all housing types was $154,700 last month, down 2 percent from January 2011.

“The recent improvement is a definite sign 2012 promises to be a strong year,” NAR spokesman Walter Molony said. “With that will be a strong stabilization of prices and maybe some modest increases.””

More From Bradenton Real Estate

• Florida’s housing sales activity higher as 2011 ends
• Luxury Sarasota Home Sales Dec 2011
• Investment, vacation home sales up in 2011

Bradenton Real Estate Recommends

• $249,000 :: 2740 N Tomahawk Trail, Tucson AZ, 85749  (Blass Homes – Tucson Real Estate for Sale)
• $229,000 :: 2561 N Yellow Flower Trail, Tucson AZ, 85715  (Blass Homes – Tucson Real Estate for Sale)

Ask Bradenton Real Estate To Recommend Your Posts