Team Dunn’s Siesta Key gulf-side listing in Excelsior Bay has new carpet and new furniture—and the furniture stays (6266 Midnight Pass Road, Unit 404). The beach and gulf-side pool are just a few steps away, and what a fabulous gulf view from the lanai! New pictures are coming (See below photo of Excelsior Bay gulf-side pool). 5302 Cape Leyte in Siesta Isles sold for $580,000, or $352 per sq ft. Comps in this subdivision sold for $343 per sq ft, so we were pleased with this great cash offer. When I was new to real estate in Atlanta, Rick Brinkman, VP of Harry Norman, Realtors in Atlanta, told his new agents that one of the most rewarding benefits of selling real estate would be the friends we make in this business. He was correct. It was truly a pleasure working with this lovely couple. This house was under contract in 74 days, which is average for Siesta Isles. The Sellers did everything right: the kitchen was updated, the roof and HVAC were newer, flooring and paint looked great, and it was in tip-top condition. They also listened. We asked them to get it appraised--and they did. After 30 days, we asked them to reduce the price--and they did. We asked them to give us a list of furniture and furnishings that would stay--and they graciously took the time to do this. We were all frustrated when a couple of lowball offers came in, but we waited for the right offer—and it came! Siesta Isles is a short walk or bike ride to Siesta Key public beach and there are a variety of single family homes on the market today, some of which are on the canal.
Siesta Beach - Excelsior condo under contract! 6266 Midnight Pass, Unit 403, is being sold “As-Is” with no contingencies to a cash buyer, $50,000 below market price. Like many investors, the Buyers put this under contract with their Realtor and THEN flew down to see it. I saw it for the first time on our Michael Saunders & Company tour, called the Buyers and told them what they needed to offer and they should move quickly to get it under contract, and next please book their tickets. And they listened! I knew it was priced to sell and it would not last with the ocean view and updated kitchen, under $800k. The Seller was in the process of negotiating another offer when we came in immediately with a deal they could not refuse. I later learned that the other agent negotiating with the other Buyer works in my office--and he is one of Siesta Key’s top Realtors….Ai-Yi-Yi! However, this is an example of a Buyer overthinking a Seller’s counteroffer; I always tell Buyers not to play around with the last $5,000, and risk losing the property, it’s just not worth it.
If you did not know, Sarasota and Siesta Key had a tornado in January 2016. Excelsior and Crystal Sands on Siesta beach were hit, and nothing sold while the repairs were under way. All repairs at Excelsior were completed expeditiously, and properties are selling once again; but it’s a different story next door in Crystal Sands. Their insurance company questioned liability, so the owners had a fight on their hands. I just don’t understand…a tornado is an “act of God,” right? Last I heard, the insurance may or may not pay for the repairs, and owners could be assessed $18,000 - $24,000 each for balcony repairs, and there may be additional work to be done on the concrete. The homeowner’s association borrowed the money for the repairs and the work is now under way.
Tornado damage in Excelsior was handled with no assessments. In Unit #403, the windows that were broken by the tornado were replaced by the association, and that included the sliding glass door off the lanai. However, the Buyers’ home inspection in #403 this week revealed that the laminate flooring was buckling in front of the sliding glass doors and the Seller agreed to replace the damaged wood; but then I began to wonder what caused the buckling. I remembered that a Buyer and I worked through this issue when I sold a waterfront property in Grand Bay on Longboat Key a few months ago, and Mark Smith from Window Panes came out and offered a free assessment. He poured water in the door track, and the water did not leak into the Grand Bay condo, so the door track was not leaking inside the unit.
Thursday, I called Mark Smith once again and asked him for another free assessment – this time for the Excelsior #403 sliding glass door and…the water leaked from both sides of the door track—outside to the lanai and inside onto the floor. Fortunately, the property manager was there and he saw that the bad calking job on the lanai was allowing the water back into the condo and preventing it from draining to the outside. This issue will be fixed by the homeowner’s association before the Buyers take possession next month. Yes, this was an As-Is deal and the Seller did not have to take care of the floor repair, but they agreed to. I am very impressed with the property management, on-site rental manager, and the homeowner’s association at Excelsior Bay. It is my understanding that the unit next door, #404, did not have broken glass or windows replaced, but anytime a Buyer puts in an offer in on a waterfront property, I recommend that they test the sliding glass door track for leaking – because we do have some strong storms in Sarasota and leaks can lead to mold.
Things Buyers must not overlook when buying a resale: Roofs, HVAC, old pipes, and leaking windows and sliding glass doors. Concrete block homes built in the 1950’s and 1960’s can be purchased at a good price here in Sarasota, but unless the roof, HVAC, and pipes have been replaced, beware: these are big ticket items. Should you have the septic system checked and plumbing lines scoped in older homes? Absolutely! Buyers need to know about the potential of upcoming repairs and that may affect the amount they are willing to offer for the property. I like to use Addendum L (Right to Inspect and Right to Cancel) to the Florida FR/BAR contract, because if the age of the roof, plumbing, and HVAC are of concern, this Addendum gives Buyers the right to cancel. Without Addendum L, a Buyer can terminate the contract for repair issues only if there are items that are not in “Working Condition,” which is defined as “operating in the manner in which the item was designed to operate.” In other words, if the HVAC is 35 years old/rusty and dusty, but it’s still cooling the property, the Buyer does not have the right to cancel unless Addendum L is part of the contract.
Realtors know to remind Buyers of future repairs that can affect the value of a home…and we can refer you to excellent companies who can inspect and re-inspect during due diligence until the Buyer is satisfied that they have all the facts to proceed with the sale. But if you try to purchase a home that is advertised “For Sale by Owner,” and you are not using a Realtor to remind you of these things, it could cost you big bucks down the road. Like my accountant says, “Pay me now or pay me later.”
Linda’s List – offered by Michael Saunders and Team Dunn:
Excelsior Bay, 6266 Midnight Pass Road, #404, 2BR 2BA, 1,253 sq ft, washer/dryer, $749,000. Gulf view, two heated pools, fishing pier, fitness center, tennis courts. A4189950.
Siesta Towers, 4822 Ocean Blvd, 2BR 2BA, 1440 sq ft, eleventh floor, price to be determined. Gulf and Big Pass view of Sarasota Bay, extensive remodel equivalent to new construction.
Longboat Key – Listed by Michael Saunders & Company:
1770 Ben Franklin Drive, #104, Lido Harbour Towers, 1BR 1BA, $395,000 A4192418.
411 Pheasant Drive, Bird Key, 5BR 4-1/2 BA $2,250,000. A4190335 (See Photo).
1750 Ben Franklin Drive #5G, Key Towers South, 2BR 2BA, $580,000. A4192160 (See Photo).
Go to LindaHrealtor.com and enter the MLS number that begins with “A” to see more information about these properties.
Thanks for reading my blog! A total of 13,386 people have read my blog the past 30 days according to Google Analytics, and if it’s on the internet, it must be true, right? Please don’t text and drive, and call me at 941-914-4914 if I can assist you with your Sarasota, Siesta Key, Longboat Key, and Venice real estate needs. Ready to sell? I have worldwide connections to the very best Realtors, and I also do business by referral. Let me find the best agent in your city to assist you with your real estate needs!
Most sincerely yours,
Linda Holley. Realtor, GRI, Michael Saunders & Company
411 Pheasant Drive, Bird Key1750 Ben Franklin Dr. #5G, Key Towers South
Team Dunn is very busy on Siesta Key in Sarasota, Florida! We are closing on our single-family home at 5302 Cape Leyte in Siesta Isles on Thursday, and this transaction has been literally seamless with a cash Buyer. Both parties were wonderful to work with, and I met the Buyers at one of my Open Houses at the property! The Sellers are Canadians, so IRS requires a 15% withhold of potential income tax from their proceeds under the FIRPTA laws. The Buyers are also Canadians and this is their second investment property on Siesta Key.
Our beachfront listing in Excelsior Bay, (6266 Midnight Pass Road, Unit 404) will have new carpet, new furniture and new pics next week of the updates; see below for the photo of the magnificent gulf view from the lanai. This is the perfect place to watch our fabulous gulf sunsets either from the beach--which is only a few steps away--or from your own private lanai! 2BR 2BA 1,263 sq ft, split bedroom plan, washer/dryer, garage with extra storage, listed for $749,000. Excelsior Bay is a “gulf-to-bay,” community boasting of two heated pools with sundecks, fishing pier on the bay, clubhouse, fitness center, on-site rental office, and tennis courts. It’s also pet-friendly for small pets. Two-week minimum rentals and the weekly rental rates are: Low season: $1,090, Mid-Season: $1,450, High Season: $1,990 which means that during Jan-Mar alone, it has the potential of bringing in $24,000. To see the “before” pictures, go to my website, LindaHrealtor.com and enter this MLS number in the Home Search bar: A4189950
Perhaps you prefer the north end of Siesta Key and walking to the Village shops and boutique restaurants? Coming soon in Siesta Towers, 4822 Ocean Blvd, 2BR 2BA, 1440 sq ft, eleventh floor, price to be determined. Gulf and Big Pass view of Sarasota Bay, extensive remodel equivalent to new construction. 24-hour exercise room, two heated pools, two new fishing piers, bicycle storage room. Rental policy: 3-month minimum, two times a year.
MSC Mortgage now has jumbo loans competitively priced at 30-Year Fixed or 7/1 Jumbo ARM; they also have in-house condo approval. A jumbo loan is above the Fannie Mae, Freddie Mac limits of $625,500, and MSC Mortgage can lend up to $3 million with this program. Two weeks ago, my blog was about the Zillow’s “Zestimate” which is an online estimate of a home’s market value. It’s important to understand that the most accurate methods to determine home values are a Realtor’s Comparative Market Analysis (CMA) and an appraisal. Well, now there’s something new in the home valuation business. This month, a national lender is offering a home valuation tool to calculate the equity in homes and suggest when and how the homeowners can tap into it. They compare their home value estimate, from public records, to the amount of equity and they let Sellers know when it’s a good time to use their Home Lines of Equity (HELOC). This company advertises that they are the nation’s leading online loan marketplace connecting consumers with multiple lenders who compete for their business.
I also refer my customers to mortgage professionals—but only those who have a proven track record of delivering results to my customers—professionals I know from my past real estate Transactions. Not all lenders bring us the money at closing in a timely manner, so please remember that, and call me or your Realtor for a referral to a mortgage professional they know and have worked with previously.
Thanks for reading my blog, please don’t text and drive, and call me at 941-914-4914 if I can assist you with your Sarasota, Siesta Key, and Venice real estate needs.
Linda Holley. Realtor, GRI, Michael Saunders & CompanyExcelsior Bay, 6266 Midnight Pass Road, Unit 404, on Siesta Key
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