February 11th, 2017 9:45 AM by Linda Holley
Good morning, and thank for reading my blog on Sarasota Real Estate.
Within the gated community of the Longboat Key Club is Bay Isles with several separate neighborhoods boasting of single family homes and condos. Bay Isles is known for its lush tropical landscaping, nature trails and marina. The Longboat Key Club’s Harborside golf course is very challenging, and Bay Isles residents are minutes away from shopping and restaurants at St Armands Circle, the Longboat Key Club, and the private Bay Isles Beach Club.
I am showing four properties today in Grand Bay in Bay Isles; from a Realtors’ perspective, this is a hard sell because there are eight on the market from $600k to $1 million but only two have sold the past six months. Built in 1995, Grand Bay is one of the newer developments on Longboat Key—and one of the selling points is that large dogs are welcome. Since there are no public schools on Longboat Key, this is the perfect retreat for retirees. My pick is MLS # A4154143, 3080 Grand Bay Blvd, #515, listed by Michael Saunders and Company. It’s a 2BR 2BA unit southwest facing first floor unit, priced to sell at $639k with panoramic bay views. The only drawback to buying at Grand Bay is that the maintenance fees are over $1,200 per month. Call me at 941-914-4914 and I’ll make an appointment for you to see and to view photos, please go to my website: http://www.LindaHrealtor.com and enter the MLS number in the home search field.
I’ll also be showing a downtown condo at 660 Golden Gate Point, two bedrooms, two bath, 1,366 square feet, with spectacular views of Sarasota Bay and the marina. This property is offered by Michael Saunders and Company, price just reduced to $649k, and it’s newly remodeled. This is a wonderful location within walking distance of Saint Armands Circle, Van Wezel performing arts, art galleries, and all of the amenities of downtown Sarasota. To see the photos, go to my website and enter this MLS number: A4166024.
Siesta Key Real Estate Update: Since June, I have been working with a very special young family from Florida’s east coast looking for their gulf-front condo; they have decided to purchase at Peppertree on Siesta Key. This condominium community is a favorite on Siesta Beach because it is maintenance free--and very well maintained--with underground parking, elevators, and 24-hour security. Peppertree has both bay and gulf access, and it qualifies for conventional financing (20% down) with at least one lender that we found. Looking for a fix-it-upper on Siesta? Michael Saunders and Company is offering 1125 Peppertree Drive, #207, listed for $359k. It needs updating but it is gulf side…contact me and I’ll get you more information.
The second choice of this Siesta buyer was Midnight Cove II, 1900 Midnight Cove II Place, on the bay. This unit listed at $489k has fabulous views of the Intercoastal Waterway. Although there is deeded beach access and boat docks, this unit was a seven- minute walk from the front door to the ocean, crossing Midnight Pass Road, and it does not qualify for conventional financing with the lenders we contacted. The rental history was $15k annually but could be more if the kitchen were updated, according to the Listing Agent.
As we worked with the different lenders to find conventional financing for Siesta condos the past week, we found that each mortgage lender familiar with financing beach condos has different programs. While one lender will finance a property at 80 percent, another will finance the same unit at 70 percent. One thing that can affect the type of financing for beach condos is whether or not there is an on-site rental office and if the homeowners’ association receives a portion of the rental proceeds. Most Buyers of beach properties are looking for rental income to offset their expenses; we were very disappointed to learn that Gulf and Bay Bayside falls into that category, so financing is more difficult. Bay Tree Club on Siesta has received 80 percent financing with two lenders, but the sand on Turtle Beach on South Siesta Key is not the soft, white powder that you will find at Siesta’s public beach and Crescent Beach. Castel del Mare is approved for conventional financing with two lenders that I use, but that community is not on Siesta and is about a 10 minute walk to Crescent Beach.
One of the reasons I love working for Michael Saunders & Company is the great support I receive from my broker and the entire Michael Saunders & Company team. Yesterday, we received “Frequently Used Contract Clauses,” that we can use when working with residential contracts:
Makes me smile to think that when I went to real estate school MANY years ago, I did not like the contracts chapter, so I did not study it! What was I thinking?? This is the Realtors’ bread and butter and Realtors best get it right the first time or spend a lot of time in litigation. (I still passed the test with an “A” the first time. J In Florida, I hear we are changing the residential real estate contract form again. I’m not a lawyer and Realtors are warned NOT to try to interpret contracts so that’s why I use the Law Firm of Icard Merrill in Sarasota to review my contracts and close my deals.
Here to serve you in Sarasota real estate - have a great weekend and please don't text and drive.
Most sincerely yours,
Linda Holley
Realtor, GRI 941-914-4914
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