Sarasota Real Estate News

Happy Easter!  Good morning and thank you for reading my blog, which provides helpful information about Easter Sunrise Services tomorrow, April 16, 2017, events coming up on Siesta Key, what you need to know about flood insurance, Linda’s List of favorite homes on the market today in Sarasota, and what you need to know about luxury homes across the globe.  If you have not subscribed to my blog, just email me at LindaHrealtor@gmail.com. 

Easter Sunrise Services!

April 16, 2017: Easter Sunrise Services – 6:30 – 7:30 a.m., Siesta Key Beach near the pavilion.  Bring a beach chair or blanket.  Hosted by Pine Shores Presbyterian Church, Sarasota, FL.

6:30 Bayfront Park/Marina south of Marina Jack’s downtown beside O’Leary’s Grill, 5 Bayfront Drive, Sarasota, FL.  Bring beach chair or blanket.

Siesta Beach Upcoming Events:  www.escape-to-sarasota.com/siesta-key-activities. 

April 22-23, 2017:  Siesta Key Volley America Spalding King of the Beach Big Shot Volleyball Tournament featuring 25 nets, open men, women, juniors, and collegiate levels.  Saturday 8:00 a.m. – 6:00 p.m., Sunday starts at 9 a.m.  Siesta Key Beach volley ball area.  Beach Road, Siesta Key.

April 29-30, 2017 – 39^th Annual Siesta Fiesta.  Outdoor, open air street party and arts and crafts fair is held in Siesta Village on Siesta Key just off Sarasota, 10 a.m. – 5 p.m. both days.  Siesta Key Beach.

Linda’s List:

5302 Cape Leyte Drive, Siesta Key Beach, Sarasota, FL  34242 walk to the beach, bike to Siesta Village from this beautifully well-maintained 2 bedrooms 2 bath, den/office single family home.  Room for pool, circle driveway; open floor plan over 1,649 sq ft under air, many updates, turnkey furnished, garage, fantastic back yard with 22 mature palm trees, perfect for entertaining and enjoying sunsets on the gulf.  1/3 of an acre.  $619,000. 

901 Beach Road Unit, La Siesta condominiums, Sarasota, FL  34242 across from Siesta Key Beach, full gulf view 2 bedrooms 2 bath, 940 sq ft under air, furnished, annual rental income $25-30K, priced at $450,000.

1525 Eastbrook Drive, Kentwood Estates, Sarasota, FL 34231 4 bedrooms, 3.5 baths, .45 acre, 4,218 total square feet, travertine and bamboo flooring, deck with pool overlooking lake, chef’s kitchen, impact windows and new roof.  Convenient to Siesta Beach, downtown Sarasota, and Venice.  $1,175,000.

7833 Holiday Drive, Sarasota, FL 34231, 3 BR 3BA “West of the Trail” pool home with 3,601 total square feet.  Over half an acre and one block from the Bay. 

FLOOD INSURANCE FACTS:  56% of people think they have flood insurance…maybe not!

• Buyers may purchase flood insurance only through an insurance agent, not from the National Flood Insurance Program (NFIP).
• Rates do not differ from company to company or agent to agent.
• Rates depend on several factors, including whether the building is residential or commercial, when it was constructed, and the elevation of the property as compared to the base flood elevation.
• A property’s location on the NFIP flood map may determine whether a lender requires coverage.
• Buyers may purchase a policy, regardless of where their home is, since flood damage can occur in moderate and low-risk zones.
• The contents of a home are not typically covered by flood insurance.
• In most cases, there’s a 30-day waiting period from the date of purchase until the policy goes into effect.
• In some instances, a buyer will be able to assume the sellers’ flood insurance policy.

 Real Estate Trends in Sarasota County:

The end of March, there were 5,135 homes on the market in Sarasota County, 1,684 new listings, 1,223 sold, and 1,472 pending (under contract).  The average sold price was $340,000; March 2015: $334,000; March 2014: $283,000, so the Sarasota real estate market shows strong gains the past two years. 

Michael Saunders has just returned from London where she attended the Luxury Global Affiliation Conference.  Christies International is the global authority in marketing luxury homes, with more than 1,200 offices, 32,000 agents in 45 countries and sales volume of approximately $118 billion.   Christies outperforms their competition according  to recent statistics.  Want to see some luxury home inventory across the globe?  Go to ChristiesRealEstate.com.   Michael says that “the gap” exists globally in luxury homes – the gap being the difference between Sellers’ expectations vs. what the Buyers are willing to pay.  Closing the gap will happen when Sellers agree to price their properties more realistically; currently, the global market is flat for luxury homes.  $2.2 million is the average starting price for luxury homes globally, and Sarasota’s luxury market is above this! 

The Landings:   Michael Saunders agents toured homes in central Sarasota last Tuesday and there were many homes in The Landings that we saw.   This is a beautiful community located south of downtown Sarasota in the desirable “west of the trail” location.  For those of you who don’t know this phrase, this location is west of Tamiami Trail, close to the gulf, and many homes are on the Intercoastal Waterway.  This is a deed-restricted/gated community with large estate homes, townhomes, luxury condos, and villas.  This community is designed to showcase premium lake, Intercoastal views and the beauty of nature.  The Landings is a very active community with families, professionals, retirees, and seasonal residents.  Activities include Trivia, yoga, bridge, cardio tennis, jazzercize, Zumba, water color painting, water aerobics, Mah Jong, and Tai Chi.  Two of my favorite homes on tour were: 5408 Eagles Point Circle, 2BR 2BA condo for $399,000; 4967 Kestral Park Way N., beautifully remodeled for $449,500.  1610 Starling Drive is a 2BR 2BA villa with a large master suite for $295,000.   www.TheLandingsofSarasota.com.

Backup Offers:  Are you a Buyer with a contract to purchase a home and in the process of negotiating repairs with the Seller?  Caution!  The Seller may have a higher backup offer and could be looking for a way to get out of your contract.  Last week, I closed on a luxury condo in Grand Bay, Longboat Key, with a backup contract and this week, I have another Buyer who has put in a backup contract on a Siesta property.  Most realtors don’t bother to put in backups, but it is working for me!

 HAPPY EASTER, EVERYONE and please don’t text and drive!

Most sincerely yours,

 

Linda Holley, Realtor, GRI
Sarasota, Florida 941-914-4914
www.LindaHrealtor.com
Email: LindaHrealtor@gmail.com

 

 

 

 

 

 

 

Good morning!

Today I want to talk about buying beach properties and Seller's Disclosures.

Real Estate Investors use "Cap Rate" analysis which is a percentage of the rental income divided by the purchase price.  Use that percentage to compare properties and optimize your investment.  

Please visit me at my Open House today on Siesta Key at the gulf-side Excelsior Beach to Bay, 6266 Midnight Pass Road #404, Sarasota, from 1-4 p.m..  This 2 BR  2BA condo is 1263 sq ft and listed at $799,000.  Concrete construction, Excelsior is one of the newer communities on Siesta Beach, built in 1980.  It is pet friendly, and has a two-week minimum rental policy.  This condo was purchased in 2002 for $480,000.  Excelsior Beach to Bay has private beach access, washers and dryers, fishing pier, fitness center, and the fees are just over $600 per month, which is normal for Siesta, and includes grounds maintenance, insurance for the building (even flood), and amenities.  Unit 404 is top floor, which has the best views.

Where to look for Siesta rentals properties:  

Crescent Arms 
Crescent Royale
Crystal Sands
El  Presidente
Excelsior Beach to Bay
Harbor Towers
House of the Sun
Jamaica Royale
Our House at the Beach
Palm Bay Club
Sarasota Surf and Racquet
Seashell
Siesta Dunes
Sunset Royale
Tivoli by the Sea

According to MLS, here's the actual annual rental income on some of these properties*:

Aloha Kai $68,000
El Presidente $50,000
Sea Shell $42,000
Horizons West $40,000
Crescent Royale $25,000-$50,000* 
Siesta Beach House $35,000

* Most management companies are happy to provide rental history to Realtors upon request; however, it gets a little "dicey" if owners self-rent and the management company may not be involved - but ALWAYS get as much history as the Seller/Listing Agent will provide.  You may need to put a provision in the contract for the Seller to provide the actual rental history to match MLS for the past three years.

To Disclose or not to Disclose?

In the August 2016 Sarasota/Manatee Realtor magazine, there is an article on disclosure.  Sellers are not required to fill out a Sellers Disclosure Form, however, they (and the Realtors) are required to disclose anything that will affect the value of the property.  If a defect has been fixed, Seller is not required to disclose - even Chinese drywall does not need to be disclosed if the problem has been remedied.  However, the better answer is to disclose what was done and provide the contractor's receipts to the Buyer.  The As-Is Contract is not a waiver for the disclosure requirement.  The purpose of the As-Is Contract is to reflect an agreement between the Buyer and Seller that the Seller is not obligated to repair any unknown defects or property condition discovered during the Buyer's inspection.  Any preexisting conditions the Seller knew about is still subject to the mandatory disclosure.

If Realtors know about issues related to the property and they don't disclose to the Buyer, they can be sued.   So for Sellers and Realtors, the three most important words in real estate are "disclose, disclose, disclose."

I have friends who rent a home from a local investor and he did not spend the money for the necessary inspections before he bought one home.  He charges $1,200-$1,300 monthly rent for properties that are about 40 years old, and the one I know about has plumbing and roof issues that he refuses to fix.   Tenants are subjected to sewer lines that are broken beneath the house that back up often, pin hole leaks, roof leaks, and even mold.  His attitude is, "Move if you don't like it."   Sarasota County says they are not interested in the things they can't see, so my friends are stuck with sinks and tubs that don't drain and sewage that backs up about once a month into the laundry room and bath tubs.  The investor/landlord has owned this home about a year and it's an example of the Seller who did not disclose the defects, but the investor should have spent the extra money on inspections and follow-on inspections until he was sure that this was a good investment during his 15 day due diligence.

Have a great day and stop by and see me at Excelsior Beach to Bay, 6266 Midnight Pass Road #404 today.  Go to my home page at   www.PalmerRanchLindaHolley.com and enter this number in the property search bar A4159484  to see the photos.

Always here to help you with your real estate needs.

Most sincerely yours,

Linda
941-914-4914