Sarasota Real Estate News

The investors are back!!  A total of 38 homes sold during the past 30 days on Siesta Key and 70 percent were cash buyers.  I'm also happy to report that Michael Saunders and Company sold more homes on Siesta Key Beach last month than any other real estate brokerage firm and here are some MORE interesting facts:

• Siesta Dunes:  two condos sold, average price $797k.  This well-managed all-inclusive resort is gulf side, pet friendly, with a beach deck and pavilion, beach chairs, heated pools and spas, and handles weekly rentals.  
• Whispering Sands: three sold in this over-55 gulf-side community; but this is not for you if you are under the age of 55, have a pet, or looking for rental income.  I like Whispering Sands because the condos are on the beach and within walking distance of the restaurants in the Village.  And I'm over 55 :-))
• Interestingly, on Siesta Key, five of the single family homes sold were newer.  Investors previously purchased older one-story, small beach cottages built in the 1950’s, ‘60’s and ’70, knocked them down, and built new homes over 4,000 square feet.  Idea is to buy small a home for $200 per square foot, rebuild a large home, and sell it for over $500 per square foot.   Doing the math:  $200 x 2500 sf = $500k to purchase.  $500 x 4,000 sf = $2 million when sold. 

• One of our agents sold 4509 Banan Place for $565k also on Siesta.  Built in 1962 with 1,920 square feet, it generated $40,000 in rental income per year--with no homeowners’ association fees that can cost $7,000 per year out of pocket.  I have been in this home and it has been updated to please rental guests, but I’m betting that in five years, the new owner will tear it down and rebuild a mansion.  In the meantime, the owner has made $200,000 in rental income (less rental management fees of 15%), and saved $35,000 in monthly condo fees since it is a single family home and not a condo.  That’s enough profit to get started building the next beach mansion that will be sold for $4 million or more.  Make you want to call a couple of friends and get started investing in Siesta Key real estate?  I can tell you that many of the homeowners who bought their little Florida beach cottages are not happy about the way this is changing their cozy neighborhoods...but having said that, I'm here to help you find your little investment cottage!

Linda’s List!  My picks for the week are in north Sarasota:  

1. MLS A4177664 – 4864 Marsh Field Road, 3BR 2BA pool home 2,050 sq ft, in the Meadows neighborhood; updated; community has three 18-hole golf courses.  $349.9k
2. MLS A4175331 – Luxury Home:  7316 Barclay Court, 5 BR, 5/1bath in University Park Country Club.  250 feet of lake and golf course view; detached guest suite, ½ to 1 acre, exceptionally landscaped; $1,250k.
3. A4177516 - 800 N. Tamiami Trail, Alinari, 1BR 1BA, 1,070 sq ft Sarasota Bay view for $389k.  Highway 41 north of Fruitville.

To see photos and for more information, go to my website: LindaHrealtor.com and enter the MLS number beginning with A in the home search field.  Have a great weekend, please don’t text and drive, and remember I’m here to assist you with your Sarasota real estate needs. If you are interested in seeing any of the properties on this week’s list, I’m happy to be your Realtor!

Most sincerely yours,

Linda Holley, Realtor, GRI  941-914-4914
p.s. The biggest compliment you can give me is a referral!