Sarasota, Florida (PRWEB) November 08, 2012
Solid building blocks are in place for a healthy home market for the longer term, Sarasota Bay Real Estate said in a recent interview. The full service realty firm notes that despite the adverse effects of super hurricane Sandy, analysts at the Associated General Contractors of America (AGC) are sticking to their earlier projections that private construction activities will continue their upward trend. The AGC reported recently that construction spending this September reached a three-year high. Builders were estimated to have spent $852 billion for the month. Further analysis of federal statistics showed that higher construction spending on private non-residential projects, houses, and apartments compensated for the continuing slack in public construction.
In the Sarasota real estate market, Sarasota Bay Real Estate said, this uptick in private construction manifests in the new homes rising in the New Haddington neighborhood of Country Club East community of Lakewood Ranch. Next year, forty-five new townhomes on the drawing boards of Jebco Ventures for its property along downtown Ringling Blvd. are also expected to be constructed. The pace of construction activity is even greater in nearby Venice where the master-planned Grand Palm project of Neal Communities is now taking its initial shape as it aims for 1,999 new homes over a span of several years.
Sarasota Bay Real Estate is likewise bullish on the long-term impact of the move to revive the Long Bar Pointe property development project in southwest Manatee. This project covers about 525 acres along nearly three miles of the coastline of Sarasota Bay. This project was regarded as the most ambitious real estate venture in the region before it was shelved following the property meltdown as a result of the Great Recession.
In addition to declining interest rates, impetus for a sustained long-term market recovery is provided by several financial mechanisms to assist distressed homeowners, Sarasota Bay Real Estate said. Home loans backed by the Federal Housing Administration (FHA) are among these financial tools that really provides some boost to the real estate market, according to SBRE. Even those who have had foreclosures can re-engage the home market relatively quicker.
The Southwest Florida property broker noted that the FHA will typically approve loans three years after a foreclosure provided that a borrower (who has had a foreclosure) re-established good credit and regained the capacity to meet mortgage payments. The re-emergence of these types of home buyers is evident in statistics released recently by Wells Fargo which had FHA-backed to the tune of over $73 billion in the 2012 first semester. This represents a hefty 55 percent increase from the $47 billion FHA loans at Wells Fargo in the 2011 period.
Sarasota Bay Real Estate, which has a deep pool of professional agents and brokers, cautioned though that going for an FHA loan can be time-consuming, and it will require the assistance of expert Realtors. The realty firm emphasized that bidding wars among buyers are now common with the recent resurgence of the Sarasota real estate market. Those with cash for home purchase definitely have a great advantage, Sarasota Bay Real Estate concluded.
About Sarasota Bay Real Estate
Sarasota Bay Real Estate is a full service real estate brokerage serving Manatee, Charlotte and Sarasota County in Florida. Sarasota Bay Real Estate is owned by two partners, Christina Miller and Roy Hunter. Mr. Hunter is a real estate marketing professional who previously owned an international marketing company is Brisbane, Australia. Mr. Hunter is known for his compelling marketing products and legendary Sarasota real estate websites that currently receive well over a thousand visitors every day.