Fort Lauderdale Real Estate Blog

Like John, I get contacted daily by prospects looking to buy real estate in Florida.  John works the Fort Lauderdale real estate market, while I work the Sarasota real estate market, but I am sure the same misconceptions exist in both areas.  There are many misconceptions about Florida real estate but two stand out - nothing is selling in Florida and you can steal property here.

1)    Nothing is selling in Florida

This is far from the truth.  Like Sarasota, other areas of Florida are selling well.  As prices have declined from the highs of 2005, buyers are leaving the sidelines and jumping in the pool.  While still higher than normal, inventory levels have been dropping and properties have been selling. According to the Sarasota MLS, so far this year there have been 4,903 sales and there are another 2,204 properties under contract. This same time last year there were just over 4,200 properties closed.

(Added by John Sabia)
Fort Lauderdale real estate market has also improved significantly.

So far this year, according to the Fort Lauderdale MLS, there have been a total of 2,336 sales for both single family and condominium/townhomes in the greater Fort Lauderdale area;  including Oakland Park, Lauderdale By the Sea, Sea Ranch Lakes and Wilton Manors.

Total single family and condominium sales for same period in 2008 were 1,776.

Presently, there are a total of 836 properties pending a sale.

(continue with Marc)
I don’t want to paint the picture that Florida is out of the woods because it is not. Overall, we still have too many properties for sale and there is a downward pressure on price. There also is the possibility of more foreclosures which will have to be absorbed as well. However, there are properties selling and a properly priced home or condo for sale will get action.

2)    You can steal property in Florida

This misconception has some validity to it.  There are properties selling in Florida for half or more of what they used to sell for.  For example, I just saw a home sell recently for $680,000 that sold back in 2005 for $1,350,000.  Compared to where prices were in 2005 buyers can steal property in Florida.

However, there is still the misconception that you can expect to get 25%-50% off the list price of a properly priced property.  That is not true.  In Sarasota, on average, single family homes are selling for 93% of list price and condominiums are selling for 91% of the list price. This goes to show that a home priced stands a good chance of selling within 5-10% of the list price.  So many buyers are under the impression that you can get another 25%-50% discount from the list price.  Of course, there is the rare occurrence that it does happen but usually it just means the seller sold the property for around market value or what it would appraise for anyway.

Often times, the seller has an unrealistic price tag on the property.  In this case the seller needs time to realize that.  A buyer can be right about the homes value and make a realistic offer only to be turned down by the seller and his impractical views.  Not much can be done about this until the seller wises up and lowers price or takes property off the market.  It is a fairly common occurrence.

If you wanted to relocate to Florida or own a vacation home here I do believe this is a good time to start your search. This is a great time to purchase a property for you to own and enjoy for many years.

Marc Rasmussen
Sarasota Homes For Sale

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MLS is an acronym for multiple listing service. Wikipedia describes it as a suite of services that (1) enables brokers to establish contractual offers of compensation (among brokers); (2) facilitates cooperation with other broker participants; (3) accumulates and disseminates information to enable appraisals; (4) is a facility for the orderly correlation and dissemination of listing information to better serve broker’s clients, customers and the public.In layman’s terms the MLS is a central database that participating real estate brokers and agents use to share information about properties. Realtors primarily use it in their day to day operation to find properties for buyers and to help sellers arrive at a value for their properties based on sold and unsold like kind properties.

The MLS system is also the most important marketing tool that a Realtor or Broker can have. Participating members of the multiple listing system list their inventory of properties for sale in the database as a way to market them to other members who may have a potential buyer. These Realtors can sell other Realtors listing in return for compensation. If you are looking to sell your home make sure you choose a Realtor who can list your home in the MLS database. Essentially, your home will be accessible to thousands of Realtors and their potential buyers.

Other important facts about the MLS:

•    There is no national single MLS.
•    Local Realtor Associations oversee the MLS system.
•    MLS is trademarked term owned by Major League Soccer
•    Most MLS’s do not have an access for the general public
•    IDX is known as internet data exchange.  This allows a portion of MLS data to be displayed on Realtor websites. When you see “Search MLS” on a Realtors website most of the time you are not accessing the real MLS system.
•    Realtors have to pay money to join a local Realtor association in order to access the MLS system.

Marc Rasmussen
Realtor in Sarasota, Florida
Sarasota MLS

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I recently visited several Ritz Carlton residences for sale in Fort Lauderdale and expectations were unquestionably met.  From the moment you arrive, you are greeted with unsurpassed service that one expects when visiting the Ritz Carlton.

Attention to detail is a signature mark and the residences more than exceeded my vision of opulent ocean front living while maintaining a valued sense of privacy.

Just some of the outstanding amenities at the Ritz Carlton residences include 24-hour concierge and room service, a 600 seat banquet hall, beach access via a private overpass from pool area, a 17,000 square feet world class Spa and Fitness Center and casual and elegant dining.

In addition, residents enjoy panoramic views of the Atlantic Ocean,  coastline, Intracoastal and Downtown Fort Lauderdale.

Pricing for Fort Lauderdale Ritz Carlton Condos start at just under $2 Million for 2,400 square feet and increase up to 15 Million for a 2-story penthouse with approximately 10,000 square feet of living area and about the same square feet of terraces.

For more information, contact John Sabia at 954-850-2397.

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*Photos are samples taken from several condos at Ritz Carlton Residences and do not reflect the design and decoration of every condo.  Prices subject to change.

Ritz Carlton Sarasota Florida

Need a weekend away or a change of scenery? I live on the west coast of Florida in Sarasota but periodically get away to the east coast for little rest and relaxation.  If you need a break from life to recharge your batteries take a look at Longboat Key off the coast of Sarasota, Florida. It is about a three and a half hour drive from Ft. Lauderdale.Longboat Key is an 11 mile long barrier island that is surrounded by the aqua blue waters of the Gulf of Mexico and Sarasota bay. Need some peace and quiet? This is a great place to find it. The beaches are not very busy and there isn’t a large public beach access on Longboat Key. You almost have the whole beach to yourself.

Need a little activity? Take a 5 minute drive to Lido Key and hit St. Armands Circle? There are some fun outdoor restaurants, shopping, ice cream shops, bars and other entertainment. You can also drive over into downtown Sarasota to catch a play, see a movie, do some shopping on Palm Avenue in the art galleries, grab a meal, or just window shop in some of the charming stores on Main Street. Longboat Key and Sarasota really is a spectacular place to visit for a long weekend to get away from the hustle and bustle of everyday life.

If you are coming for the weekend you can stay at the The Longboat Key Club, Colony Beach Resort, or the Hilton on Longboat Key. All three resorts are on the beach and allow guest to be within steps of the sand and water. The Longboat Key Club is a resort that offers world class golf and tennis facilities.

Thinking of a second home? I’ve sold beachfront condos to residents of the east coast of Florida because they wanted a weekend getaway. It is nice to hop in the car and be in a similar but different world within ust over 3 hours. Far enough to escape but not so far that you will never use it. If you are considering a second home or to relocate, please visit my Longboat Key real estate page to view a multitude of properties to fit any budget.

A Realtor friend of mine in Sarasota has recently faced an aggressive legal battle launched at him by the Sarasota Association of Realtors®, (SAR) of which he is an active member, because of the use of “mls” in his website address.

The use of “area mls” in a Realtor’s website address was widely recommended in a 2002 article written by “Mr Internet” in a publication by the National Association of Realtor’s® (NAR).

Marc Rasmussen, a Sarasota Real Estate Agent, purchased his website address “thesarasotamls” back in 2003 based largely on the advice he read in the article and when marketing real estate on the internet was in it’s infancy.

Mark continued to spend numerous hours and thousands of dollars over the next 5 years creating and improving what had become the number 1 Sarasota Real Estate website and was rewarded for his efforts by achieving high rankings in the internet search engines.

A recent change in Article 12 of the National Association of Realtors® Code of Ethics, now allows local Realtor® Associations at their sole discretion to determine if their members are permitted to use the term “mls” regardless of how long they have used it and especially with disregard to the recommendation featured in the Mr Internet article.

It should be pointed out that “mls” is not a trademark of any Realtor® Association, instead the trademark for Major League Soccer (MLS). The public has also come to know mls as a common everyday term for real estate property listings.

However, it was prior to this change in the ethics code that the Sarasota Association of Realtors® decided to take legal action against Marc, apparently in an effort to shut his website down. A website that was highly respected for doing what a real estate website should do, provide consumers with real estate information and real estate property listings.

Morgan Carey, the web designer for Marc explains in detail in his blog post Help us Fight the Sarasota Association of Realtors® , the legal action which began with an ethics complaint against Marc filed by SAR (Sarasota Association of Realtors®) for which Marc was cleared of any wrong doing.

This is where I and many others believe SAR® went too far crossing the line. The Association, rather then accept this ruling, continued action against Marc outside the scope of an ethics complaint, in a legal maneuver, brought their argument to the Internet Corporation for Unassigned Names and Numbers (ICANN) - which as you will read below, has nothing to do with ethics.

ICANN mission statement

In a split decision, ICANN ruled in favor of the Sarasota Association of Realtors®.

Marc has filed a lawsuit in Federal court against the Sarasota Association of Realtors® to allow him to maintain control over the old website address (domain name thesarasotamls.com). Marc has already redirected the old address to his new website address.

By allowing Marc to maintain control over the old domain and through the redirect to his new website will preserve the past 5 years of hard work and maintain the authority Marc’s old site had gained and avoid Marc having to start all over again.

There has been an enormous outpouring of support for Marc from fellow Realtors® across the country and a barrage of protests against the Sarasota Association of Realtors® has now put this issue into the lime light. They have an opportunity to do the right thing, bring this to a close and allow Marc to remain in control of the old domain.

If they continue to force Marc to surrender the website address to SAR®, than in my opinion, as shared by many others, this was never about ethics, nor an action to protect the consumer. Rather a contemptuous action far more rooted in taking down a Realtor’s® website possibly because of jealousy or envy.

Read the linked articles, and you decide.

• Inman News - MLS Name Dispute Lands in Court
• Paul Francis - Sarasota Association of Realtors - Who Does it Really Hurt?
• Eric Blackwell - SAR: The Real Cybersquat
• Cal Carter - The SAR Pokie
• Ryan Ward - Sarasota Association Slaps one of Their Own
• Charles Richey - Don’t Cross the SAR
• Judy Orr - Sarsota MLS attacks Its Own Member
  
• Joe Lane - TheSarasotaMLS is gone - Maybe Your Next
• Knox - TheSarasotaMLS
  
• Herald Tribune, Sarasota - Man Fights Realtors Over A Web Address
• Wanna Network - Unite Against The Sarasota MLS Board
• Cal Carter - Sarasota Association of Realtors® Throught It’s MLS Takes Down It’s Own Member ……. featuring a listing of all related blog posts

To list your article here, email me or post in comments.

To voice your support for Marc, contact the Sarasota Association of Realtors®

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