Real Estate Matters

The real estate community has been put on notice that 2009 is probably going to be one of the most challenging years in the real estate industry history. These challenges will touch every industry participant and practitioner. While the National Association of Realtors is supporting efforts to address the current crisis in the financial and secondary markets, local real estate associations need to be formulating programs and services for their members in order to support them through the challenges of 2009.

Much more is needed than” hunkering down" by local real estate associations during this crisis. Local real estate associations need to initiate programs and services in order to support their members in these changing times. The real estate institution in America controls impressive levels of financial, intellectual and human resources. It needs to play a critical and constructive role in the business and professional lives of its members during 2009.

That is just what the Sarasota Association of Realtors (SAR) leadership is doing. Last week, the 2009 leadership team of SAR met in Naples for two full days of strategic planning sessions. Discussions included programs, services, communication, members’ benefits and area marketing as an international destination as well as other member benefits. When the market returns to sustainable levels, projected to be later in 2009, association members are going to be asking what their association did to help them through the crisis. The agenda at the conference was designed to discover, develop and design programs and services that will meet the challenges of the day.

Local real estate though continues to show signs of optimism. Overall sales in Sarasota stood at 440 in August, only slightly lower than in July. Sales in August were actually higher than in August 2007, when only 430 overall homes and condos were sold. The Sarasota market is actually holding its value better than statewide and national downward trends. Condominium prices in Sarasota saw resurgence in price to $295,000 from July’s $252,500. “The national financial crisis has obviously dominated the news this month, but fortunately our market appears to be weathering yet another storm very well,” said Helen Sosso, 2008 SAR President. The current local market, despite the negativity in the national news, continues to demonstrate statistically that we have a great selection of more affordably priced housing for buyers to visit and purchase.

Cheers,

Bill Geller, CIPS