Sarasota Real Estate News

THANK YOU!  In the past 30 days, 8,296 people have read my blog, which is about my personal experiences in Sarasota real estate the past week. Most of the Buyers I see live out of town and here's what appeals to them about living on Florida's gulf coast.  

1.  Lifestyle:

    - Canal homes and condos are very affordable in South Sarasota, Nokomis and Osprey; favorites: South Bay and Sorrento South.  

    - Single family homes and condos within 10 minutes of Siesta Key Beach; favorites: Gulf Gate single family homes and Castel del Mare condos.  

    - Beach condos with rental income and deeded beach access.  Favorites: La Siesta, Peppertree, and Gulf and Bay.  

2.  Schools:  Two families with school-age children have relocated to Sarasota/Venice and have purchased new 4 BR homes, and a third family is on their way!   Schools of choice:  Riverview High School in Sarasota, Venice High School in Venice, and Pine View School in Osprey--a public school for gifted students.  In Sarasota, a new home in Arbor Lakes by Taylor Morrison was selected; in Venice - new homes in Caribbean Village built by D.R. Horton and Island Walk built by Divosta are the Buyers' choices.

I LOVE Buyers who purchase new homes and choose to work with me as the Selling Agent so we can go through this process together.  It's very personal to me because I was stung purchasing new construction out of state before I became a Realtor and learned the duties Realtors owe to their clients/customers--the first of which is honesty.  It makes me smile when a Buyer thanks me for my honesty. 

This week, I have received MLS notifications about price reductions, and no, I don't think that the economy is falling apart.  It's because the listing was overpriced to begin with and there are some real estate brokerages and their agents who typically overprice a home just to get the listing--this is so unfair to the Seller!  Michael Saunders and Company does not have that reputation in Sarasota!  Problem is that the most visibility a listing will get is the first week on the market, so overpricing a home means that it will stay on the market much too long, and when you lose the interest of a qualified Buyer, they are long gone....

My picks of the week:  Go to my home page http://www.LindaHrealtor.com and enter the MLS number to see photos.

1.  Luxury home:  7152 Point of Rocks Circle, $5,249,000.  MLS A4175408  
Six bedrooms, 4-1/2 baths, total square feet 6,338.  I know the Sellers and yes, I'd love to sell this one, even though it is not listed with my brokerage.

2.  Canal homes*:  1806 Caribbean Dr. MLS A4173966  3BR 2BA $450k; boat ramp
7833 Holiday Dr., MLS A4171370  3BR 2BA for $515k* (both on Tuesday tour)

3.  Gulf Gate*:  
2857 Gulf Gate Dr., MLS A4174722 2BR 2BA completed updated for $275k (on tour)

* These three homes will be on the Michael Saunders & Company tour Tuesday from 10 a.m. until noon.  If you stop in, please say that Linda Holley sent you!  :-)  

4.  Siesta Key:
1080 West Peppertree MLS U7801858, 2BR 2BA gulf side, renovated for $450k.  Peppertree is a fabulously maintained, upscale condominium community on the gulf and the bay.  Monthly dues are $573, built in 1974, and the rental policy is 1 month minimum, 4 times a year.  There is an on-site management office, underground parking, elevators, security, and a clubhouse that overlooks the beach!  I can help you as a Selling Agent, but this is not listed with my brokerage.

SO YOU THINK YOU WANT TO SELL?  Please pressure wash the front of your home, your lanai, clean your pool, and have your HVAC cleaned and serviced.  If you can, put in new granite counter tops. at least in the kitchen, and leave your furniture. Laminate flooring, while it looks new, also looks cheap, so for new flooring, I recommend tile and there are many fine choices, some of which resemble wood.   Most of the Buyers in Sarasota I see today are "snowbirds" here for the winter and they don't want to try to furnish a condo that will be used for rentals or their own seasonal use.  Clean out your closets so the Buyers can see how much room there is for their own things.  If you have a purse or shoe fetish, pack your 200 items away--get a storage facility for the things you don't need, Buyers are distracted and amused at these things when they open the closets, and they won't take the sale of your home seriously.   If you must take your furniture, stage it with at least a few pieces so Buyers can visualize how the space is used.  Replacing the kitchen appliances with stainless is always a good idea, and I recommend getting your home under warranty with American Home Shield--that is always a good selling point.  PLEASE DON'T TRY TO PAINT YOUR CABINETS...and If in doubt about the price and comps, get an appraisal and also a home inspection.  If you are working with Linda Holley, I'll reimburse you at closing.

Have an awesome day and please don't text and drive.

Most sincerely yours,

Linda Holley
Realtor, GRI
941-914-4914

Please copy/paste this URL to your browser to see this wonderful article about Darla, former Chairman, Florida Real Estate Commission (FREC).
http://www.michaelsaunders.com/blog/tably/a-furst-look-darla-furst-and-the-florida-real-estate-commission/

Here to help you with your Sarasota real estate needs.
Linda Holley, Sarasota Realtor, 941-914-4914

For the past two years, I have worked for Michael Saunders & Company in Palmer Ranch, Sarasota, Florida, for Managing Broker Darla Furst.  Her tenure has just ended as Chairman of the Florida Real Estate Commission (FREC).  What an awesome real estate professional, an indication of the expertise and leadership within our great company.  Take a look at this article about Darla, who is also known as "Judge Judy," on FREC.  

Here to help you with your Sarasota real estate needs.
Linda Holley, Sarasota Realtor, 941-914-4914

UK Buyers:  Florida salutes our buyers from the United Kingdom!   Our state is a major destination for 39% of the UK buyers, followed by California at 15%.  It's about location...Florida happens to be closer and less expensive to travel here from the UK!  

Housing Forecast:  Approximately 40,000 new homes were built across the country this year, and an additional 60,000 are expected to be built in 2017. You do need your own personal realtor with you when you buy a new home, and if you are my customer and buy a new home without me, I can't help you, you are at the mercy of the developer and builder.  I know the individual communities from Bradenton to Venice, and can help you select the area based on your wants, needs, and preferred lifestyle.  You can spend two weeks driving around with your GPS finding the new home communities, or we can see them all in a day.  I'll be sure to let you know which builders are famous for tacking on additional costs for things that some builders consider standard, such as granite and wood cabinets, and what is included in your maintenance fees.  Plus I know where the best schools are!

My nightmare - In 2004, before I was a realtor, I bought two investment properties in Taos Ski Valley, New Mexico, that were under construction - just three hours north of my home in Albuquerque.  This was before I became a realtor, and simply did not know what I did not know.  These properties were over a year late being finished, and right off the bat, I lost money in a failed 1031 exchange, plus the properties were filled with defects and code violations.  Had I known what I was doing, I would have gone to visit the site with a real estate agent from a different brokerage in Taos, such as Prudential or Century 21, and either of these brokers would have helped me terminate my contract and get my deposit back; sadly, everyone but the out-of-state Buyers knew that there was trouble ahead.  This project was a joke around town during construction!!  The developer ran out of money, the contractors and his subcontractors funded the project, the project manager was fired (which was the right thing to do), and we the owners acquired mechanics liens about a month after we closed!   After closing and a few months later...In the middle of the winter, and ski season...our water pipes were known to freeze and break, totally ruining the contents of our new ski condos.  I was asleep one night, and the building caught on fire because ice and snow from an adjacent building roof fell on our unprotected gas meter and ignited.  I'm lucky to be alive today to talk about this.  

The project, Wheeler Peak Condominiums, was a joke, but no one, especially the realtors who helped us sign our contracts, would tell the 24 Buyers.  After several law suits, the homeowners association was awarded over half a million dollars for the repairs (just three years after construction), but it was not enough.   If you are an investor, try to sell your property that has been seriously stigmatized around town.  

As I contacted the local real estate and construction professionals in Taos to get ready for my own law suit, which was against the contractors AND the realtors, I quickly learned that our realtor worked for the Seller and not us, although by their actions they led us to believe we were fully represented and that they "had our backs."    So call me (941-914-4914) if you want someone to look out for your best interests in Sarasota new homes.  That is New Mexico 10 years ago...onward to Florida!

Your 2016 property values are posted online at the Sarasota County Property Appraiser's website.  http://www.sc-pa.com/   On August 22, 2016, TRIM notices (taxable value)  will be mailed.  You have 25 days after August 22 to file an appeal.  Please look over your TRIM notice and if you feel that the value is too high, go ahead and file your appeal.  If your home has been on the market and has not sold, you have a good argument, and Bill Furst, the Sarasota Property Appraiser, (whose first career was in real estate), will determine if your Fair Market Value needs to be reduced.  

Wow! If things are not confusing enough with technology, the Florida real estate contracts are vague in the financing clauses.  Always use the Appraisal Addendum if you are planning to financing your home, because the language in the addendum can protect you run into problems with the appraised value of the home you are buying.

That's all for today!  Have an awesome weekend and let me hear from you if I can assist you in your Sarasota real estate needs.

Most sincerely yours,

Linda

Below shows home sales statistics over the past year for resale and new construction on Siesta Beach (zip code 34242) , in Gulf Gate (34231) , and Palmer Ranch (34238), average sold prices:

July 2015 July 2016
Resale
Siesta Key Beach $497k $543k
Gulf Gate $260k $255k
Palmer Ranch $336k $346k

New Construction
Palmer Ranch $530k $552k

Most of the Siesta Beach condos were built in the 1960-1970's, and the newest are:
Gulf and Bay Club Bayside  built in 1988
Our House at the Beach  1981
Siesta Dunes   1979
Midnight Cove 1979

When you searching for beach condos on Midnight Pass, keep in mind that the street addresses ending in an even number are on the gulf.  

Buyers are still finding 2BR 2BA Siesta investment properties with rental income of $30,000 minimum at a price under $500k.  You need to know that the percentage of units that are owner-occupied vs. rentals can affect financing if you are planning to get a mortgage.  I can refer you to a lender who knows the "ins and outs" of financing beach properties.

In Palmer Ranch, my favorite Botanica community has maintenance-free condos from the high $200's.  Maintenance-free in Botanica means that everything outside is included in the maintenance fees, even the roofs!

Have an awesome week and don't hesitate to call me at 941-914-4914 if I can answer any Sarasota real estate questions for you.

Most sincerely yours,

Linda Holley
Realtor, GRI
Michael Saunders & Company

Top Ten Deadly Mistakes Home Buyers Make * 

1.  Making an offer on a home without mortgage preapproval (not knowing your limits).
2.  Not having a home inspection (Trying to save money today can cost you tomorrow).
3.  Limiting your search to open houses, ads or the internet (best source is a Realtor because many homes on the internet have already been sold).
4.  Choosing a real estate agent who is not committed to forming a strong business relationship with you. (Find a professional dedicated to serving your needs.  I have the GRI professional designation, earned by only 8 percent of Realtors - GRI: Graduate of the Real Estate Institute)
5.  Thinking that there is only one perfect house out there. (This is a process of elimination not selection--new properties are on the market each day - become well informed of the inventory.  Have you looked at new construction lately?)
6.  Not considering long-term needs-- (Will the home suit your needs 3-5 years from now?).
7.  Not examining insurance issues (Is it in a flood zone? Find a good insurance agent).
8.  Not buying a home protection plan (Covers basic repairs the first year).
9.  Not knowing total costs involved (closing costs - get an estimate early).
10.  Not following through on your due diligence (crime rates, schools, power lines, neighbors, environmental conditions).

*Brian Buffini & Company, 2006

Enjoy your week, and remember I'm here to help you as you relocate to Sarasota or sell your Sarasota home.  Please see my website: http://www.PalmerRanchLindaHolley.com and my testimonials for comments by recent customers.  

Whether you are looking for a Siesta condo, Palmer Ranch condo, villa or single family home, I'm here to help.  Many families relocate here for the Sarasota County Schools, and we have some of the best!  

Most sincerely yours,
Linda Holley, Realtor (GRI)

Dear Mr. Seller:

I brought you saavy cash Buyers for your home and prepared a contract with standard Florida contract addendums to protect these Buyers by giving them time to get an appraisal  and researching flood insurance.  You struck through these two addendum forms in your counteroffer, but the Buyers went along with that.   You asked both the Listing Agent and Selling Agent (me) to reduce our commissions by 1%, and both realtors agreed to credit you approximately $10,000 each at closing.  

The bank's "Proof of Funds" for this cash transaction was not worded to your liking, so in good faith, Buyers offered to put up a 50% deposit, ten times higher than the 5% recommended.
 
Your listing stated that your home was fully furnished but you wanted to keep the master bedroom set, living room, family room, and guest room furniture.  The very kind Buyers went along with this, too, because they loved the home and wanted to work with you.

However....within days of coming under contract...

I learned that you had dropped your termite protection four months ago, and the baiting stations were removed.  

Your Listing Agent said that all three air conditioners had been recently replaced; however, only one was.

The final straw!  The Buyers' inspector found several leaks in the roof and several windows were rotting out--plus other problems that were not disclosed in your Sellers Disclosure.  The Disclosure form you filled out and signed in December 2014 failed to identify the flood zone that the property is in, the roof leaks, and the damaged windows.  Failing to tell the truth in the Sellers Disclosure was the final straw for these Buyers.     

Buyers terminated the contract yesterday because they felt that you have not dealt with them in good faith.  

You purchased the home several years ago while the market was "hot," hoping for a high price on your luxury home, hundreds of thousands in excess of the local comps.  The property has been on the market almost 1,000 days.   

Better luck with your next deal and happy I won't be seeing you in court with these Buyers.

Most sincerely yours,
Linda Holley, Realtor, GRI
www.PalmerRanchLindaHolley.com

P.S. Buyers and Sellers Beware!  If you are thinking about selling your home, please take the Seller's Disclosure requirement seriously...it's the law and legal battles are expensive!

Good morning, and thanks for reading my blog.  Please see www.PalmerRanchLindaHolley.com for many home-buying tips and information on new construction.    

Many of my customers are looking for maintenance-free communities in Palmer Ranch.  Some quarterly maintenance fees are low because the owners are responsible for repairing and replacing their roofs--and that can cost $30,000+.   My accountant has a favorite saying, "Pay me now or pay me later."  One of my favorite developments in Palmer Ranch was built in 1996 and quarterly fees are $844, but that includes only grounds maintenance without roof.  All of the homes sold the past six months have the original roofs (from the Seller's Disclosure posted on MLS) and of course, with the rain we have had in Sarasota, many homeowners are dealing with leaks.  At some point a homeowner decides to repair/replace...or sell and stick the new owners with the roof replacement, which may be right around the corner!  Buyers beware!

If you go to a new maintenance-free community, first of all, let me go with you!  We will discuss how long the roof is guaranteed, and I will be sure an attorney looks over the contract and we'll be with you if things are not looking just right during the buying process.  All developers and contractors are not reputable, and if you don't believe me, just check out my website and the button "About Linda"  and my first testimonial from my Expert Witness in a legal battle.   If you buy an older "maintenance free" property, I urge you to consider the cost of roof replacement.  The comps may or may not include sales where the owners replaced the roofs.  The good news for the owners is that they have enjoyed years of the lowest fees in the area without the Homeowners Association budgeting for roof replacement.  The bad news for buyers is that they will pay the cost to repair/replace roofs in the next few years.  Depending on your lifestyle and future plans, new construction makes a lot of sense!  You can pay $370,000 for an old home in Sarasota--with or without the upgrades--or a new home in Palmer Ranch with standard upgrades (granite and stainless steel appliances).  Thinking about security?  Some older maintenance-free communities have a gate with a code for entry--that every pizza delivery man and landscaping company has--and some have a guard gate with an individual to deal with before getting in.  While the listing says "security," there is a big difference.  It's true, I am still using a gate code for a "gated community" that I used to hold open houses there two years ago.  

Each day there are more new homes being built in Sarasota--Palmer Ranch, east of I-75, and also near University Town Center Mall...I'd love to take you to see them!

Most sincerely yours,
Linda Holley, Realtor, GRI
Sarasota, FL

I have updated my website PalmerRanchLindaHolley.com with great recipes and other helpful information!

Look out!  The Millennials and Baby Boomers are coming--buying homes in Sarasota in historic proportions--explaining the inventory shortage. 

Statistics for Palmer Ranch Homes Sold, June 2015.  82 sold, up from 68 last June.  So this was our best month this year, the average price of homes sold for $345,000. I have compiled a list of the communities with the least expensive home that sold in June.  

Bella Villino from $122,000 (condo)

Botanica from $282,000 (condo)

The Hamptons from $390,000 (single family)

The Isles from $257,000 (villa)

Mira Lago from $405,000 (single family)

Pinestone from $185,000 (condo)

Prestancia from $260,000 (condo)

Sandhill Preserve from $480,000 (single family)

Silver Oak from $679,000 (single family)

Serenade from $95,000 (condo)

Stoneybrook from $175,000 (condo)

Turtle Rock from $381,000 (single family)

VillageWalk from $270,000 (single family)

Villas at Deer Creek from $380,000 (single family)

Wellington Chase from $305,000 (single family)

Linda