Sarasota Real Estate News

Tomorrow, I am holding an Open House at 7434 Botanica Parkway in Palmer Ranch, Sarasota, FL, from 1-4 p.m. This blog compares the Botanica subdivision to new home communities in Palmer Ranch. 

Botanica has 168 French-country condominiums in a totally maintenance-free, gated community.   Built in the early 2000’s on 28 acres of wetlands with sparkling fountains and natural preserves, it is lushly landscaped year around.  A beautiful resort-style, 4,000 square foot clubhouse beckons to an active community with a well-equipped fitness center, library, catering kitchen, conference room, and two heated pools with paver patios and gas grills.  It’s a short drive to Siesta Key beaches, great shopping, Legacy bike trail, and restaurants. 

Here are the homes for sale in Botanica and to see the photos, go to my home page http://www.LindaHrealtor.com and enter the MLS number beginning with an “A” in the home search box. 

You can still buy a home in Botanica today for under $200k per square foot. 

My Open House tomorrow - A4174790, 7434 Botanica Parkway

Priced to sell, Cypress model 2BR 2.5 BA plus den, ground floor, 1-car garage with private entry to the home, preserve view, new carpet and tile, 1,621 sq ft, $299k or $184/sq ft.  

A4168773, 5208 Parisienne Place

Wisteria model 3 BR 2.5 BA 2-car garage, elevator, wood flooring, lake and preserve view, 2,288 sq ft, $495k or $216/sq ft.

A4168609, 5261 Bouchard Circle

Wisteria model 3 BR 2.5 BA 2-car garage, elevator, lake view, hardwoods, glass-front cabinets, 2,288 sq ft, $475k or $207/sq ft

A4171674, 5242 Parisienne Place

Wisteria model 3BR 2.5 baths, 2-car garage, elevator, lake view, end of cul-de-sac, lake view, 2,288 sq ft, $470k. or $205/sq ft

A4170584, 5278 Descanso Court

Sandalwood model 3BR 2 BA 1-car garage, elevator, lake and pool views, ceramic tile and wood flooring, 1,969 sq ft  $374k or $190 sq ft

A4174376, 5233 Parisienne Place

Sandalwood model 3BR 2BA 1-car garage, shaft for elevator, lake view, updated, carpet and tile 1,969 sq ft, $359k or $182/sq ft

I think that the homes in Botanica are a much better value than the new homes in Palmer Ranch today.  Across Sarasota, new home sales are great, and over the past six months, 39 new homes have sold in Palmer Ranch. (I sold one in Arbor Lakes in December and another the end of 2015.)   Since I know the Botanica community and have visited all of the new home communities, I can see the advantages of buying into an established community vs. new construction.  

Botanica is a place that you really need to visit to appreciate.  From the moment you pull up to the iron gates, you know you have arrived at a very special place.  It’s a condominium community, so the owners do not have to worry about maintenance, not even for the roofs.  The homeowners association is financially solvent and well managed, so owners are not paying out-of-pocket for routine maintenance and repairs, even down to the walls and roofs, and that is very important. Landscapers and gardeners are continuously working hard on the property to keep it in pristine condition.  

New Homes:

Here is a summary of the new homes that have sold in Palmer Ranch the past six months.   Caution!  If you purchase a new single family home, you may get a roof warranty and you may not--I'm guessing you won't-- but be assured that you will absorb the cost of maintenance, repair and replacement. 

Arbor Lakes – 6 single family homes sold, most Buyers obtained conventional financing.  
Average 2,055-3039 square feet, sold for $365k (three bedroom) - $472k (four bedroom) or $156-$178 per sq ft.

Cobblestone – 9 single family homes sold; conventional and cash Buyers. Size: 1,963-2,300 sq ft, average sold price of $462k for a two bedroom or $529k for a three bedroom, or $230 per sq ft.

Hammock Preserve – 1 villa sold, cash BuyerSize 1,542 square foot, 2 bedroom, $334k, $217 per sq ft

Palmer Oaks – 7 condominiums sold, equal amount of new conventional and cash Buyers; Size: 1,407 to 1,600 sq ft, from $257k (two bedroom) - $280K (three bedroom), $175 per sq ft

Sandhill Preserves – 16 single family homes sold, mostly to cash Buyers; Size: 1,861 to 2,200 sq ft, $410k (two bedroom) to low $500’s (3 bedroom), $232 per sq ft.

So in conclusion, Sandhill Preserve attracts cash buyers who are willing to pay more per square foot than homes in Arbor Lakes.  My sales in Arbor Lakes were to families with both spouses employed full-time, 2 children, and the area was chosen because it is in the Riverview High School district.    Palmer Oaks is a condo community that is smaller and less expensive than the new villas going up at Hammock Preserve.    

Getting into a community like beautiful Botanica for under $200 per square foot is a great buy if you are looking for a smaller gated community with less noise, fewer people, privacy, great landscaping and views, and totally maintenance free.   

Do you need a realtor for new construction?  Yes and that's because when you walk into the new home sales office without your own Realtor, the on-site agent looks out for his or her boss (the developer) and not you!  So ask me or your own Realtor to be on your side to help you negotiate, keep up with the deadlines, and we can refer you to the right companies for lending, inspections, and legal review of your contract. 

Call me at 941-914-4914 if you have real estate questions, and do visit my home page http://www.LindaHrealtor.com for more information about me/home buying/selling tips or http://www.LindaHrealtor.com/blog to see my previous blog posts.  To subscribe to this blog, please email me at LindaHrealtor@gmail.com.

Most sincerely yours,

Linda Holley
Realtor, Michael Saunders & Company
Siesta Key, Sarasota, FL    

"Sarasota Lauded as Third-Best Small City for Retirement," July 14, 2015, Herald-Tribune article, NerdWallet Accolade Report.  Sarasota is #3 behind Fort Lee, NJ and Bethel Park, PA, based on home prices, health care providers, location within the state, taxes on Social Security benefits, median household income growth, unemployment, and access to public transportation.  

Michael Saunders & Company consistently holds the market share of home sales in Sarasota in all price points.  

New Homes in Sarasota:  There are currently 169 new homes listed in MLS and 226 new homes sold the past six months in Sarasota, so new homes are HOT!  Yesterday, I toured new homes, and communities are popping up almost anywhere a developer can get land.   John Cannon custom homes are being built east of Lakewood Ranch ten miles out for $1 million+ (The Concession, golf community built on an acre) and another D.R. Horton community is going up off Bee Ridge Road east of I-75 starting at $535k (Vilano) built on 1/4 to 1/3 of an acre.  

Best Selling New Homes in 2015, based on the most homes sold, pricing from the least expensive on the market today and quarterly owner dues/assessments:    

Palmer Reserve - A Ryland Homes community, single family homes, Fruitville Rd east of I-75, $329,000, $312/quarterly dues
Woodbrook - Neal Communities, single family, University Blvd/Lockwood Ridge west of I-75, $234,000/$354 qtr dues
Arbor Lakes, A Taylor Morrison community, single family, Palmer Ranch, $370,000/$398 qtr dues
Sandhill Preserves, A Divosta community, single family Palmer Ranch, $350,000/$750 qtr
Cobblestone, A Taylor Morrison community, mixed use, Palmer Ranch, $337,000/$817 qtr dues
Esplanade, A Taylor Morrison community, mixed use, near Siesta Key, $459,000/$970 qtr dues

In the analysis of quarterly dues, some of the fees may cover only a playground or a park, while other community amenities include a fitness center, resort style clubhouse, heated pool(s), cable, internet, water, trash pickup, building insurance, pest control, and a dog park.   

Palmer Ranch is a very popular area for people relocating to Sarasota due to the close proximity to Siesta Beach and Nokomis Beach, and Buyers get a "bigger bang for their buck" compared to Siesta properties that are generally smaller and built in the 70's.  Siesta Key and Nokomis Beaches are only 15 minutes away from Palmer Ranch.  Of course, it's all about location, so the Neal community and Ryland homes listed above are popular from a price perspective, not distance to Siesta or Nokomis beaches.

This Sunday and next I'll be in Palmer Ranch, Botanica subdivision, holding an open house at 7408 Botanica Parkway, a 3 BR 2 BA Sandalwood model. almost 2,000 sq ft, listed for $310,000, 1 car garage, second floor (no elevator) with view of the preserve, and next week I'll be at 7467 Botanica Parkway, 1,600 sq ft, ground floor condo, garage, with a full lake view from the screened lanai., a 2 BR 2 BA with den listed for $289,000.  The beauty of Botanica condominiums is that this community is TOTALLY maintenance free, which includes basic cable, water, sewer, roof/building exterior maintenance, roof repair and replacement, mowing, trimming, landscaping, and the structure is insured by the homeowners association.  A gated community, owners are responsible for only the paint on their walls, personal property, and utilities.  The Association is responsible for the sheet rock, building, electrical, plumbing; the quarterly dues are $1,600-$1,700.

Mira Lago is a fast-selling established gated community in Palmer Ranch that is also TOTALLY maintenance free.

Two important points to remember:  I recommend that (1) you have your own Realtor with you when you enter a new home sales office or Open House and (2) that you have your contract reviewed by a Florida attorney.   To be on the safe side, I recommend that Buyers pay the Title Insurance because they receive free legal representation through the entire buying process.  I use the Law Firm of Icard Merrill in Sarasota, (Attorneys Steve Greenberg and Natalie Greenberg) for my closings and my closings have been seamless and trouble-free with happy Buyers.  Attorney Greenberg and his daughter Natalie are very thorough, they have resolved some important issues for Buyers, and kept one deal together for me.  Here's what happened...we noticed an active termite infestation with an "As-Is" contract after our inspection period expired.  So we made the Seller pay to have this million dollar home tented, treated, and warranty the work.  The Seller tried to wiggle out of paying the bill at closing...Not!  I did my research and found that the home was treated for termites after the home was put on the market, but the Seller did not update the Seller's Disclosure statement to reflect the live termite infestation and treatment, which is illegal.    Another situation was when Buyers for a Short Sale property wanted to terminate their contract and we did so for good reason within the allowed time.  Although we had many inquiries from the bank's Title Company, they finally backed away because we were within the legal requirements and contract provisions.  These are only two good examples of why I believe that Buyers need legal representation throughout the entire buying process--and in a new home, it's even more important from my own personal experience!  There are property surveys to review, and what if the Seller/developer is in default of the contract?  A realtor can't and shouldn't try to provide legal advice, but what if your gut instinct tells you things are not looking just right and perhaps you need to terminate the contract and get your deposit back?  You could be risking tens of thousands of dollars!   You use an attorney if you need a will or a divorce, so I believe you should also use an attorney when you spend a quarter million to a million plus dollars on a home.

Whether you are looking for a condo on Siesta Beach or Palmer Ranch, or a single family home anywhere in Sarasota, I'm here to assist.

Have a GREAT weekend!

Most sincerely yours,

Linda