Sarasota Real Estate News

"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