Sarasota Real Estate News

Point #1--Today's market is a correction from the recession--we are not in another bubble.  Prices will level out in 2016, according to Michael Saunders and other real estate experts.  Unrealistic Sellers believe that the home they bought in 2006 is worth what they paid; it's not...and to make matters worse, they probably have not updated their kitchens and baths, so that's why so many homes are overpriced in today's market.  Sadly, their realtors have agreed to list the home above what Buyers are willing to pay. 

Point #2--BUYERS BEWARE!   MLS listings show both Square Feet Heated and Total Square Feet.  If you see that these numbers are the same, visit the property and you may see that the lanai has been enclosed, but look for AC vents.  If there are none, then the Seller cannot claim the lanai square feet as heated/under AC.   Seasoned Buyers compare properties by the List Price per Square Foot, and shop for the lowest price/sq foot.  For example, a home listed at $100,000 with 700 square foot is priced at $142 per sq ft.  That same home with a 200 foot lanai under AC is $111 per sq ft ($100,000/900).  So if the lanai does not have AC ducts, Seller can't claim the additional square footage.  Just saw a property like that last week and the realtor said it was ok because the Seller bought a bigger AC and keeps the doors open leading to the lanai.  Noooo...that's not what the Sarasota County Property Appraiser says.  If a lanai is enclosed under AC, the tax records should be updated so the owner is properly assessed.  This property has been on the market a very long time, awaiting the right buyer, one who has cash and does not get an appraisal.  Even if you are a cash buyer, always get an appraisal because spending $350 can save you tens of thousands of dollars.  

Point #3--Did your Realtor refuse to put in an offer because he/she thought it was too low?  That's not smart, find another realtor.   A Buyer I recently met said that happened to her a few years ago and she noticed one day that the yard sign was down at the home she really wanted; she knocked on the door, offered to buy the property from the Seller, and did just that.    I always put in contracts or at least an email with a "Letter of Intent" to buy, but I would never refuse to negotiate a deal for a Buyer.  

Point #4--Buyers on Siesta Key looking for homes over 3,500 square feet want to have water access.  It's all about lifestyle, so land-locked luxury homes over $1 million are not selling today on Siesta.  Sellers and their agents don't get that.  Why would anyone pay $1.2 million for a 4,000 sq foot home that is 20 years old, needs to be updated, has been vacant 3 years, then walk half a mile to the beach, and there's no place for their boat or water access?  Remember, the value of a home is what the customer is willing to pay.  

Point #5--Garden of the Heart Yoga Center is offering free yoga to veterans and their families, created for veterans with depression, PTSD, and combat stress.  Contact Harriet@GardenoftheHeartYoga.com  

 

Point #6--Don't forget to check out my website www.PalmerRanchLindaHolley.com to search for homes, get some good recipes, and find local contacts from pet sitters to electricians, and more about me.  Thanks for reading my blog!  Linda Holley, Sarasota Realtor, GRI  941-914-4914