Longboat Key luxury awaits you! New Listing

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Longboat Key luxury awaits you! Don’t miss the opportunity to make this your dream home in one of the most sought after neighborhoods on  Longboat Key! Southern exposure fills this 3 bedroom 2 car garage residence with generous amounts of light. Just off the intra-coastal waterways, no bridges to Sarasota Bay within minutes to the Gulf of Mexico! The Barrel Tiled roof and circular driveway makes for a grand entrance. But beware! As soon as you move in, all of your relatives  will soon be making a visit! You will fall in love with the large open entryway as well as the front doors in the dining room leading out to the covered porch area.  Updated tile and shower doors as well as double sinks in the master bathroom with an over sized closet.  This is the perfect place for entertaining! Just fire up the grill around the over sized screened pool and patio area.  This home also boasts a walk around dock right in your backyard with a fishing station for a fun filled day fishing. Country Club Shores also has Deeded Beach access as well as a short distance to the fine dining and shopping area of St Armand’s Circle

 

 

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For more information or to schedule a showing call the C & G International Realty Team today! 941-556-5030 

7 Housing Trends for 2013

 

As 2013 comes to a close and real estate experts predict where the housing market is headed in 2014, a look back reveals several trends.

“In 2012 we saw the housing market recover and, going into 2013, we expected continuing recovery,” said Lawrence Yun, chief economist of the National Association of REALTORS®. “Instead, the recovery accelerated a lot faster than we anticipated, which was great for sellers and for the 75 million homeowners who saw their home values appreciate.”

1. Housing Prices Rose Faster Than Expected

The national median listing price was $179,900 in January 2012 and rose to $180,000 by December 2012, according to realtor.com® research. The pace of price appreciation accelerated quickly over the year to reach a median list price of $199,500 by September 2013.

2. Mortgage Rates Rose but Remained Low

“We expected mortgage rates to rise in 2013, and they started to increase in the late spring, but they’re still very affordable when you look at rates on a historical basis,” Yun said. “They just aren’t at the super-low point we saw earlier.” According to Freddie Mac, 30-year fixed-rate loans were as low as 3.45 percent in December 2012 and rose to 4.49 in September 2013. Barry Habib, co-owner and chief market strategist for Residential Finance Corp., said mortgage rates are likely to stay low and perhaps even drop between now and March 2014.

Housing Trends - Mortgage Rates

3. Bidding Wars Returned

The combination of rising prices, low mortgage rates and low inventory led to a sense of urgency among buyers and the return of bidding wars, said Don Frommeyer, president of the National Association of Mortgage Brokers. According to realtor.com® research, inventory in 2012 reached a high of 2,083,710 homes on the market, then steadily declined to a low of 1,583,497 homes in February 2013. At the end of September 2013, 2,210,000 homes were for sale, approximately a five-month supply.

Housing Trends - All Cash Buyers

4. Housing Affordability Remained High

“Housing affordability has come down a little this year because of double-digit home value appreciation and the fact that income isn’t rising in comparable amounts,” Yun said. “Rising mortgage rates, even though they’re still low, also have an impact. While affordability right now is at a five-year low, it’s still the fifth highest for the past 30 years.”

5. All-Cash Buyers Continued to Be a Strong Market Segment

Yun said a continuing surprise is that about one-third of all home purchases were made with cash, a market share that has been consistent for the past three years. While some of these cash buyers are from overseas and some are institutional investors, others are “mom and pop” investors who have had trouble getting financing. “Even some owner-occupant buyers are cash buyers because of the excessively tight underwriting standards for loans,” Yun said. “Some people are getting help from relatives to buy, and then they plan to take out a home equity loan later to repay them.”

6. Mobile Apps Accelerated Connections Between Buyers, Sellers and REALTORS®

Nearly every REALTOR® and brokerage in the country introduced a mobile app this year to make it easier for buyers and sellers to access information from their smartphones and tablets, including realtor.com®. “Everyone realizes that it’s inconvenient to be tied to a desktop when you’re looking for housing-market information and homes,” Yun said. A recent study by Google and the National Association of REALTORS® found that 68 percent of homebuyers used a mobile app during their home search and 89 percent used a mobile search engine at the onset of the home-buying process and throughout their research

7. Rising Rents and Pent-Up Demand Pulled More First-Time Buyers Into the Market

“Right now we’re seeing replenishment of renters who want to buy homes,” Habib said. “At the peak in 2002, nearly 70 percent of people owned homes and 30 percent were renters; now 65 percent of people are homeowners and 35 percent rent. Not only are rents rising faster than home prices in many markets, but there’s pent-up demand from people who don’t want to live at home with their parents and who want to buy a home.”

Southgate Mall renovations begin!

sarasota real estate

Westfield Group’s Southgate Mall has begun renovations that will transform the indoor mall into an outdoor shopping and nightlife destination.

The Australian-based mall developer announced the mall’s plans for redevelopment  in May at the International Council of Shopping Centers Recon Convention in Las Vegas. The mall will add 46,000 square feet of new space to the existing property. Construction was supposed to begin by the end of the year, though plans have been pushed back.

Westfield’s plans for Southgate Mall comes after an announcement by its premiere anchor Saks Fifth Avenue — and possibly others — to leave the Sarasota mall in favor of a new, $315 million enclosed retail hub being developed at Interstate 75 and University Parkway by a joint venture between Taubman Centers Inc. and Manatee County’s Benderson Development Co.

Last year, a New York-based real estate firm O’Connor Capital Partners bought 49.9 percent interest in six of Westfield’s Florida malls in March, a deal that included both Sarasota properties.

The first phase of the multimillion dollar investment at Southgate Mall includes the installation of new travertine tile, upgraded furnishings, fixtures, outdoor landscaping and color scheme, according to a statement by Westfield Group.

This initial phase will also feature refurbished shopper amenities, a new interior trellis system, fountains and new lighting.

“It’s Westfield’s philospohy to continually invest and reinvest in our properties,” said Sam Davidson, district marketing director of Florida for Westfield. “The plan for Westfield Southgate is the perfect model of that commitment. We’re taking a very strong shopping center and adding new elements and energy to enhance its appeal for gulf coast residents, the many domestic and international vistiors as well as for our retail partners that cater to these shoppers.”

The mall’s name will also change, from Southgate Mall to Westfield Siesta Key. Westfield officials claim that “retailer interest in the project remains very high.” The next phases of renovation will include bringing in new chain stores and rebranding the shopping center. Those additions will be announced next year.

Article courtesy of: heraldtribune.com

5 new restaurants planned at new Sarasota mall

 

The developers of the Mall at University Town Center made five new restaurant openings official on Monday for the $315 million project scheduled to open in October 2014.

Though the chain brands had been previously reported on by the Herald-Tribune, Manatee County’s Benderson Development Co. and Taubman Centers Inc. announced the following restaurants for the 880,000-square-foot mall rapidly being built on University Parkway near Interstate 75:

• Brio Tuscan Grille, “northern Italian cuisine made from the finest and freshest ingredients in a Tuscan villa atmosphere.”

• The Capital Grille, “dry-aged steaks, fresh seafood, award-winning wine list and personalized, professional service.”

• The Cheesecake Factory, “full-service restaurant known for its extensive menu, generous portions and legendary desserts.”

• Kona Grill, “modern American favorites, award-winning sushi and seasonally inspired menus in a casually elegant atmosphere.”

• Seasons 52, “a fresh grill and wine bar, featuring natural cooking techniques, the freshest ingredients at the peak of ripeness and an award-winning international wine list.”

All five chains are new to Sarasota and Manatee counties. That polished, upscale chains are coming here bodes well for the region, said Darren Tristano, executive vice president of Technomic, a food consultant firm in Chicago.

“This year has been harder than most restaurant operators expected so even successful brands are cautious to expand,” Tristano said. “This mix of brands shows that Sarasota is a market that can support it. Restaurants have struggled to find good expansion locations, but they are smarter about where they do open.”

For example, the Cheesecake Factory, known for its expansive menu offerings and decadent cheesecake desserts, typically builds elaborate 10,000- to 12,000-square-foot restaurants. But in recent years, the chain has scaled back its restaurant footprints — to 8,000 square feet to 10,000 square feet — as it entered more suburban markets and connected “dots” geographically between restaurants.

“This grouping of restaurants, with retail and entertainment in the mix, creates a destination which consumers feel is worth driving to,” Tristano said. “The developers that take the ‘create it and they will come’ attitude have been successful in the past, if they find the right mix of retail, restaurants and entertainment to compliment one another.”

High-end stores

According to a recent site plan obtained by the Herald-Tribune, the mall also will play host to a bevy of new high-end stores, including Gucci, Tiffany’s & Co., Armani and several dozen others that have tentatively committed to the property.

Other new stores scheduled to debut at the mall, according to the site plan, include Anthropologie, Michael Kors, Kate Spade, Sony and Salvatore Ferragamo.

Those are names that often find homes in high-end centers like the Mall at Millenia in Orlando and International Plaza in Tampa, two other Taubman properties in Florida. All five chains have restaurants at other Taubman Center malls across the country.

H&M — which stands for Hennes & Mauritz — also is slated to open its first store in the Sarasota-Bradenton market at the Mall at University Town Center. The Swedish retailer sells trendy, fashionable apparel and accessories for young men and women.

The mall’s three confirmed anchors are Saks Fifth Avenue, Macy’s and Dillard’s.

When plans to build the mall stalled during the height of the Great Recession, high-end anchors Nordstrom and Neiman Marcus dropped from the roster.

But with brands like Tiffany’s and designer fashions from Salvatore Ferragamo, the mall will compare favorably with other luxury properties across the state.

It also will be the only upscale mall between International Plaza in Tampa and Waterside Shops in Naples, and the only enclosed one between Tampa and Miami.

The Mall at University Town Center is only the second new mall in any phase of construction in the U.S. since 2012. The other, City Creek Center in Salt Lake City, opened in March 2012.

EARLIER: The developers of the Mall at University Town Center made five new restaurant openings official on Monday for the $315 million project scheduled to open in October 2014.

Though most of the names already had leaked out, Manatee County’s Benderson Development Co. and Taubman Centers Inc. announced the following restaurants for the 880,000-square-foot mall rapidly being built on University Parkway near Interstate 75:

• Brio Tuscan Grille, “serving authentic, northern Italian cuisine made from the finest and freshest ingredients in a Tuscan villa atmosphere.”

• The Capital Grille, “a fine-dining establishment renowned for its dry-aged steaks, fresh seafood, award-winning wine list and personalized, professional service.”

• The Cheesecake Factory, “a popular full-service restaurant known for its extensive menu, generous portions and legendary desserts.”

• Kona Grill, “offering modern American favorites, award-winning sushi and seasonally inspired menus in a casually elegant atmosphere.”

• Seasons 52, “a fresh grill and wine bar, featuring natural cooking techniques, the freshest ingredients at the peak of ripeness and an award-winning international wine list.”

All five chains are new to Sarasota and Manatee counties.

According to a recent site plan obtained by the Herald-Tribune, the mall also will play host to a bevy of new high-end stores, including Gucci, Tiffany’s & Co., Armani and several dozen others that have tentatively committed to the property.

Other new stores scheduled to debut at the mall, according to the site plan, include Anthropologie, Michael Kors, Kate Spade, Sony and Salvatore Ferragamo.

Those are names that often find homes in high-end centers like the Mall at Millenia in Orlando and International Plaza in Tampa, two other Taubman properties in Florida.

H&M — which stands for Hennes & Mauritz — also is slated to open its first store in the Sarasota-Bradenton market at the Mall at University Town Center. The Swedish retailer sells trendy, fashionable apparel and accessories for young men and women.

The mall’s three confirmed anchors are Saks Fifth Avenue, Macy’s and Dillard’s.

When plans to build the mall stalled during the height of the Great Recession, high-end anchors Nordstrom and Neiman Marcus dropped from the roster.

But with brands like Tiffany’s and designer fashions from Salvatore Ferragamo, the mall will compare favorably with other luxury properties across the state.

It also will be the only upscale mall between International Plaza in Tampa and Waterside Shops in Naples, and the only enclosed one between Tampa and Miami.

The Mall at University Town Center is only the second new mall in any phase of construction in the U.S. since 2012. The other, City Creek Center in Salt Lake City, opened in March 2012.

 

Article Courtesy of: www.heraldtribune.com

 

The C & G International Team is one of the top Real Estate Teams at Keller Williams Lakewood Ranch. Call us now for any of your real estate needs! 941-556-5030 or 941-266-3872.

 

Angela Cegnar ~ Marty Garcia ~ Nancy Curtis ~ Theresa Shelley

Average rate on 30-year mortgage at 4.22%

 

 

 

 

 

 

WASHINGTON (AP) – Nov. 22, 2013 – Average U.S. rates on fixed mortgages declined this week after two weeks of increases, keeping home buying affordable.

Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan fell to 4.22 percent from to 4.35 percent last week. The average on the 15-year fixed mortgage dipped to 3.27 percent from 3.35 percent.

Rates had spiked over the summer and reached a two-year high in July on speculation that the Federal Reserve would slow its bond purchases later this year. But the Fed held off in September and now appears poised to wait at least a few more months to see how the economy performs. The bond purchases are intended to keep long-term interest rates low.

Mortgage rates tend to follow the yield on the 10-year Treasury note. They have stabilized since September and remain low by historical standards.

Still, mortgage rates are nearly a full percentage point higher than in the spring. The uptick has contributed to a slowdown in home sales. The National Association of Realtors said sales of existing homes fell 3.2 percent in October, the second straight monthly decline.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country on Monday through Wednesday each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

The average fee for a 30-year mortgage was unchanged at 0.7 point. The fee for a 15-year loan also was steady at 0.7 point.

The average rate on a one-year adjustable-rate mortgage held at 2.61 percent. The fee was unchanged at 0.4 point.

The average rate on a five-year adjustable mortgage fell to 2.95 percent from 3.01 percent. The fee rose to 0.5 point from 0.4 point.

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Trends: The top issues that will impact real estate

 

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According to an industry expert at the “Top 10 Issues Affecting Real Estate” session at the 2013 National Association of Realtors® (NAR) Conference and Expo, interest rates will rise and capitalization rates will too. Those two issues topped the list of upcoming changes that will impact the real estate industry.

Scott Muldavin, president of The Muldavin Company Inc., a consulting firm in San Rafael, Calif., shared his insights into the top issues that could potentially impact homeowners, real estate markets and the industry in the coming years.

According to Muldavin, historically low interest rates have driven the economy and real estate markets in recent years; but as rates start to rise, it could raise capitalization rates – the ratio between the income produced by an asset and its cost – which could create anxiety among real estate investors.

“Interest rates are going to rise significantly, so my advice is to be careful about your investments today and lock in those low rates if you can,” said Muldavin.

Healthcare is also an important issue with real estate implications. As the U.S. population ages, demand for senior housing with go up. That will change the configuration and size of available housing, and it will increase the need for medical care, which will create a demand for expansion among medical facilities.

Muldavin said there’s been a capital market resurgence, which is good news for residential and commercial real estate. In commercial markets, transaction volume is up, credit is available, underwriting has loosened and a full range of debt options has returned. For residential markets, underwriting remains tougher, but rates are near historic lows currently and affordability remains high.

Future housing demand from echo boomers, the 80 million Americans born between 1982 and 1995, will also impact real estate markets.

“We are the only developed country that has had an echo boom, and that’s a positive thing if the country can react and respond to it,” said Muldavin.

Echo boomers often prefer a more flexible and active urban lifestyle. They rely heavily on mass transit, and are often willing to trade home size for location. However, Muldavin said that the suburbs are fighting back with better mass transit, new bike paths and repurposed properties to attract more future buyers.

Climate change and more extreme weather patterns will also have an impact on coastal homes and many other properties across the country. Muldavin cited the impact of recent storms like Hurricanes Katrina and Sandy, and how property owners in these markets are now dealing with changes in code and zoning standards, and they’re paying significantly higher insurance premiums.

As always, unknown events can also impact the real estate market, and they can sometimes do it quickly – like major global events, such as acts of terrorism, war, global debt crisis and financial and economic downturns. “The risk of future events is high, and while it’s always hard to anticipate these risks, they need to be considered because their impact is often great,” said Muldavin.

Increased natural gas and oil production in the U.S., which has an impact on the economy and environment, is another issue with real estate implications. Muldavin said there’s been an increase in fracking and oil and natural gas production in recent years, and while this is creating greater employment opportunities and reducing U.S. dependence on foreign oil, it’s also contributing to climate change, environmental degradation and contamination.

Muldavin also cited globalization as a trend to watch. While that benefits many U.S. markets, it also puts real estate at risk for foreign investment losses since the real estate market becomes more tied to the economies of other countries.

Another issue to watch: how new technology will impact office spaces. Muldavin said many corporations are already creating work-from-home policies and other mobility solutions that allow individuals to work when and where they want. That change could significantly reduce office space requirements.

“Many people are replacing physical items with electronics and free or virtual products, such as e-books and smartphones enabled with cameras, GPS and flashlights,” he said. “This means businesses will continue to require less retail space, so I believe the trend in the future will be for fewer and smaller stores.”

For real estate, Muldavin said the impact of the Internet on bricks-and-mortar retail stores is a growing issue. He said retail demand is down across the country due to an increase in Internet sales, which are expected to rise from the current 6.5 percent to nearly 15 percent by 2020.

Manatee Realtor defines purpose of Women’s Resource Center

Manatee Realtor defines purpose of Women’s Resource Center

We couldn’t be more proud of our Team Leader Angie Cegnar, as the guest speaker yesterday sharing her story on domestic violence to more than 250 people who attended the Women’s Resource Center’s Founders Impact Luncheon. Such a strong and inspirational woman! Read her story here on the front page of the Bradenton Herald!

Also wishing you a very HAPPY BIRTHDAY ANGIE!!!!!!