As I sit here writing this, I can’t tell you if the federal government will shut down this weekend. But I know for sure Congress can only avoid such a fate by reaching a deal by the end of the day. Congressional leaders act as if this date snuck up out of nowhere, but it has been on calendars a very long time.

Welcome to government on the brink, where the important goal of the day is not meeting responsibilities in a timely fashion but making sure your side looks like a winner and the other like a loser.

But who looks good right now? Unfortunately, that seems an entirely subjective question most likely determined by who people think was right to begin with. Republicans will blame President Joe Biden, painting him as a Nero-type figure unwilling to work with a Republican-led House and risk giving any ground. Democrats will blame Speaker Kevin McCarthy, who somehow looks like both a feckless ruler unable to control his Republican caucus and a recalcitrant partisan determined to send a product the Democrat-controlled Senate and White House will reject anyway.

If anyone looks halfway good in this whole thing, it’s a Senate, split nearly down the middle between parties but which still passed a budget resolution on a 77-19 vote. Florida’s Republican senators split on the matter with Marco Rubio crossing the aisle to vote yes and Rick Scott voting no.

It’s worth noting Scott faces re-election next year. Not that political calculations would enter the statesman’s minds, but it’s notable the person most imminently facing a vote would rather reject a deal and keep his base happy than support a clear path forward. But then between his demand for more disaster relief and the fact the bill passed anyway, Scott has a number of defenses insulating his vote.

What of this area’s representatives in the House? Well, the House did take a vote on a potential deal Friday, but the idea any plan could pass the full House right now feels unlikely.

Still, Reps. Vern Buchanan and Greg Steube, both Republicans, at least voted Friday to advance a budget deal to the House floor.

A number of other appropriations bills also played out this week, and both cast no votes at points. Neither supported a bill that would provide funding for the war in Ukraine. While the bill passed, it failed to win over most House Republicans, or a majority of the majority, and McCarthy will run afoul of conference rules if he pushes the bill farther.

Both local representatives did support an agriculture appropriations bill, but a vote on that failed because a number of pro-choice Republicans voted against it thanks to provisions limiting access to the abortion pill Mifepristone.

All this paints a bleak picture for what some hard-right Republicans say they want, which is for Congress to take up and pass every appropriations bill individually rather than passing a contributing resolution to keep the government up and running even short-term. That almost certainly won’t happen before Sunday morning.

Honestly, as much as all parties want to make sure blame rests elsewhere, there seems to be enough to go around. Some may land on Biden as he seeks re-election next year. But then Scott, Buchanan and Steube will all be on the ballot as well. None seem in great danger of losing right now. But if Congress can’t get its act together, all can at the very least expect to hear a great deal of anger from constituents next fall.   

­Jacob Ogles is contributing senior editor of SRQ MEDIA. 

Photo courtesy Pixabay.

Local inventory of properties for sale remains well below buyer demand. The Sarasota Real Estate Market is still well in the “seller’s market” territory. In fact, total existing properties for sale remain at historical lows in all price categories. Current months of inventory for sale (the measure we use to determine how long it would take to sell available inventory) is just 3.2 months. A balanced market is considered one with at least 6 months of inventory, which we last saw between December 2018-March 2019.

The frenzy in the real estate over the last few years is still fresh in our minds, but the slowed market is not cause for alarm. When comparing to the last “normal” years of 2017, 2018 and 2019, the luxury sector is outperforming those years quite measurably. Current inventory of properties over $1 million is about 6.3 months, but as shown in the chart here, is well below historical norms. Also notable is the comparison of sales and days on market when looking at previous more typical years.

As evidenced by the diminished days between listing and contract, higher pace of closings, and considerable fall in months of inventory in the luxury market, it is clear there are still plenty of buyers. Prices in the tier over $1 million also continues to look strong with an average sale price in 2023 of $2,011,000 year-to-date, just 7% under the same period in 2022 and 7% higher than 2019. The average number of million-dollar-plus sales year-to-date are 125 per month. With such a small number of transactions in that price tier, even just a few ultra-high-priced properties can shift the data.

For example, there have been no major condominium projects finished in 2023. However, before the end of the year both Bayso with 149 residences and potentially also the Demarcay with 39 units are expected to be ready for occupancy. So, while million-dollar condo sales fell 30% from last July, the volume generated from these large projects by year-end should bring it back into line with prior years. Right now, luxury condo transactions are dependent on resale inventory.

The continuing existing housing deficit is fueling new home construction and sales. Last month’s report from the Census Bureau notes that new home sales are up 31.5% over last year with 7.3 months of supply. Home builder sentiment is high, with announcements of new developments in the Sarasota-Manatee region regularly making headlines.

Existing homes are still very much in demand. As a would-be seller, you can be guaranteed a new listing will gain a lot of attention from the many buyers waiting for the next great property to come to market.

As we near the busy fall selling season, those considering bringing their property to market need to begin the process of finding a seasoned real estate professional, have them give you an assessment of potential pricing and improvements to consider prior to listing, as this can take several months to accomplish. Please reach out if you are considering selling your home – it would be my pleasure to meet with you to discuss your goals.

Michael Moulton is a Realtor with Michael Saunders and Company. 

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