August 9th, 2019 12:53 PM by Linda Holley
Today's blog is about cash transactions in real estate; window replacement, and two lovely properties on the market today in Sarasota: Alinari condo community downtown (I'll be there Sunday 1-4) and a single-family home in south Sarasota, in the Oakleaf subdivision built by Todd Johnson. Both homes are listed by Michael Saunders & Co.
At Tuesday's sales meeting, our MSC Mortgage rep discussed what we are seeing today when Buyers choose to pay cash for their homes. Pay attention folks.... mortgages are not volatile, but the stock market IS if we have learned nothing else this week. Cash does not always play well today in real estate transactions, and it will likely be that way for the next year. People are liquidating their stock to purchase a home--and that's ok, but some use their statement on account as proof of funds to show the Seller that they have the means to purchase the home. At the time of contract, there was enough to buy that particular home, but it may be different 60 days out. Buyers can walk away from cash deals if their money is tied to the stock market. They will walk away from a $50,000 cash deposit before they lose more money, and they could have lost $200K or more in the stock market from the time they signed their purchase agreement. Buyers can't delay the closing due to the stock market. They should run the numbers and prepare their cash - move it from stocks to their checking accounts soon after they are under contract.
Window replacement: I had lunch with some friends this week and they told me that they are getting hurricane impact windows installed and the company doing the work was the only licensed window contractor in the area. That sounded pretty fishy, so I did some research and that is just not true. Additionally, this company has a lousy reputation with the Better Business Bureau, and they have been in business only a year and a half and operate in a town an hour from here. To make matters worse, they are not a licensed contractor.
Homeowners need to be very cautious of window replacement companies that may not be licensed professionals. Sarasota County recognizes that this is a problem and they are busting some of these scammers. Fortunately, my friends paid their deposit with a credit card and their bank is reversing out the $33,000 transaction. If you have questions about windows in general, call Mark Smith with Window Panes, 941-465-7813. For hurricane impact windows, call Sarasota Glass and Mirror 941-921-4633, a licensed contractor. Why is that important? Because contractors are required pull permits for window installation, and only licensed contractors can pull permits. The County approves the permit and then comes out and inspects the work before the permit can be closed.
OPEN HOUSE SUNDAY! I'll be at 800 N. Tamiami Trail, #311, in downtown Sarasota, Sunday from 1-4 p.m. Alinari is a very amenity-rich community across from the Van Wezel Performing Arts Center. This 2 bedroom, 2 bath condo has been lightly used and has tropical views. The pool is the largest in any downtown Sarasota condo community, and there are several meeting rooms, fitness center—and a wine cellar!
4721 Old Stone Road in Oakleaf subdivision is a four-bedroom 2 bath Todd Johnson home listed for $400k. It features wood-scraped maple flooring and a screened and glassed Florida room.
I'd like to post photos but my computer is not cooperating today!
Condominiums in downtown Sarasota are smoking hot, and so are Todd Johnson homes in this area. I'm here to answer any questions you may have about Sarasota real estate. Remember, be careful of cash transactions when buying real estate - and do your homework before choosing a company to install new windows.
Linda Holley, Realtor, GRI, 941-914-4914
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