Venice Bits

The buyers are back in town and there is lots of good news!   

Total units sold in October, 2008 was 62 for a grand total of $12,442,379.  This year for October there was a total  of 90 units sold with a grand total of $14,651,800 in sales.  The median price in 2008 was $143,500 as compared to $136,700 for this year.  The average price in 2008 was $200,684 and in 2009,  $152,623.  Cash remains king with 57 sales in 2009, compared to 34 in in 2008.  Conventional financing remained the same  for both months with 19 units.  FHA increased to 10 units versus 6 in 2008.  1 VA financed in 2009.  

On the  government front the homebuyer credit continues.  Hooray!!! This should continue the upward sales trend.    The Senate has tentatively agreed to extend the existing $8,000 tax credit for first-time home buyers and also offer a new $6,500 credit for existing homeowners who have resided in their current residence for a consecutive 5 year period during the last 8 years.  You must be under contract by April 30, 2010 and close before July 1st. 

Congress passed a congressional resolution that would extend the current higher Fannie Mae, Freddie Mac, and FHA loan limit through 2010.  It extends Fannie and Freddie at 125 % of local median home sales prices, up to a maximum of $729,750 in high-cost areas.  The floor for FHA is $271,050, the floor for Fannie Mae and Freddie Mac conforming loan limits is $417,000.

What's happening in Venice?    The Art Fest runs Nov. 7-8th  on Venice Avenue downtown.    The Holiday Parade is Nov. 28th 7-9 p.m. downtown Venice Ave.  Beginning Nov. 21 through mid Dec. visit Historic Spanish Point for the The Heritage Holidays living history.  Contact (941) 966-5214 for further info. for Spanish Point   Have a grateful and wonderful Thanksgiving, Alice