Sarasota Real Estate News

(Continued with Photos Below)

Summertime is here and so are the visitors to the Florida gulf coast.  As of 10:00 a.m. today, there was plenty of room on the beach.  As I walked on the mat towards my car, I heard someone say, "How could a person not smile when they come here?"  Children attending Sarasota County Park and Recreation's summer camp were sand sculpting castles and other creations.   

Last weekend, my granddaughter graduated from Riverview High School, one of three top-rated high schools in the area.  There were family activities planned for five days and family came from New York to South Carolina.  A friend and I decided to duck out a couple of days and explore downtown Tampa.  We actually met another Sarasota family at the hotel who also came to Tampa for a weekend getaway.  I was amazed at how much fun I had been missing by not understanding that Tampa is a bedroom community of Sarasota, not vise-versa.

We stayed at the Sheraton Riverwalk hotel--the heartbeat of downtown Tampa, with amazing amenities and large pool that overlooks the Riverwalk and the fresh-water Hillsborough River.  From our balcony, we watched pontoons, boats, kayaks, walkers, and joggers out enjoying the Riverwalk.  We caught a Uber to the Margarita Festival, enjoying a variety of drinks and the best handmade beef empanadas. 

The Pirate Water Taxi is an inexpensive and easy way to see the many amenities around the Tampa Riverwalk.  It is $30 per person but there is a senior discount.  Coolest thing about this is that your one-day ticket can get you off and on at the various stops.  We caught the taxi at about 6:30 p.m., and enjoyed the sunset, cooler temperature, a nice breeze coming off the water, and the Tampa skyline at night.  There are 18 stops on the water taxi from the Convention Center, Tampa General Hospital, Sheraton/Hilton, Tampa Museum of Art, Glazer's Children Museum, Straz Performing Arts Center, Ulele's Restaurant, and Rick's on the River Bar and Restaurant--just to name a few!  Now we know that we could have taken the water taxi to the Margarita Festival which was at Julian B. Lane Park. 

Don't want to spend the night in Tampa?  There is public parking 3 blocks from the Sheraton, so certainly this would be a fun day trip.

Sarasota's Bayfront 2020 project will offer similar venues as Tampa's Riverwalk.  The Sarasota City Commissioners have embraced the project and the best of Sarasota is yet to come.  In in the meantime...check out Tampa's Riverwalk.  We all know that other parts of Florida--even Tampa--falls short of our Siesta Key Beach, THE #1 Beach in the USA.   I'm at 941-914-4914 if I can help you with your Sarasota, Siesta Key, and Venice, Florida real estate questions and needs.

Most sincerely yours,

Linda Holley, Realtor, GRI   WWW.LindaHrealtor.com and LindaHrealtor.com/blog

Siesta Key Young Sun Bunnies

Posted by Linda Holley on May 31st, 2019 2:14 PM

Linda’s List!  This week, there are three must-see properties on my list.  The first is my Open House today at 5302 Cape Leyte Drive on Siesta Key, Sarasota, Florida 34242 from 1:00 until 4:00 p.m.  $639,000. Photos are on my website www.LindaHrealtor.com.   Single family home is centrally located between Siesta public beach (rated the number one beach in the USA) and the Village, in the heart of Siesta Isles.  This 2-bedroom plus den or home office has an open floor plan and a beautiful view all the way from the front door to the back yard--a tropical dream with 22 mature palm trees on nearly one-third of an acre.   Den or home office also serves as a guest room with a sleeper sofa.   This home boasts of a garage and large, east-facing front patio to enjoy the morning sun and west-facing eat-in kitchen, den or home office overlooking a covered screened lanai with two concrete decks for beautiful, relaxing sunset views, and perfect place to entertain.  Plenty of room for a pool or addition.  Other features:  large walk-in closet in the master bedroom and many updates to include wood cabinetry in the kitchen, hurricane windows, new hurricane garage door, and a newer AC.   Very warm with welcoming plenty of storage space to keep your household items and tools organized.  VERY CLEAN and turnkey furnished – a must-see!  Deed restrictions make Siesta Isles a very appealing location to call home.   CORRECTION MY LAST BLOG:  The porch/back lanai is screened, not glass, and this single family home has hurricane windows.  MLS A4180498

1753 Dawn Street, 2BR condo, walk to Crescent beach on Siesta, beautifully updated, $210,000. Furniture optional.   MLS A4180000 Listed by Michael Saunders & Company

554 Dove Pointe, Oaks Golf and Country Club in Osprey, FL, 3,509 sq ft pool home, listed for $979,000.  4BR plus den, spacious kitchen, quality finishes, expansive outdoor living area.  MLS A4179513 Listed by Michael Saunders and Company.

Please go to my website:  www.LindaHrealtor.com and search for these properties by entering the MLS number in the home search field.

VA Loans!  Did you know…?

I can help military members and veterans find their new home, negotiate a deal, and refer them to lenders who know how to process these loans?

- 75 percent of military families say that owning a home is one of the most important things to them when they return home from service.

- Most military members and veterans do not quality for conventional loans due to the down payment requirement. 

- VA loans have lower closing costs, lower interest rates, and flexible underwriting. 

- Members serving in the Reserves or National Guard are eligible for VA loans after 6 years of duty.

- They may borrow up to $417,000 without a down payment in most parts of the country.

- They can use their VA loans multiple times and they can have multiple VA loans at the same time depending on the amount of the entitlement used in the first home. 

- There are no pre-payment penalties.

- It’s important to connect with a lender who understands the different rules and how they are applied--and to work with a realtor who knows what closing costs the veteran may and may not pay.  That’s important when negotiating the best deal with Sellers!

- The VA backed 630,000 loans in 2013, up 370 percent from 2007!!  That is simply awesome!

- The VA Centers in Sarasota are looking for volunteers so if you have a few hours a week to spare, this is a very worthwhile way to give back to our veterans.

Have an awesome week and do call me at 941-914-4914 if I can assist you with home buying or selling in Sarasota, Palmer Ranch, Siesta, or Venice, Florida.   Need a good realtor outside of this area?  I’ll connect you with the best through our Relocation Department.

Most sincerely yours,

Linda Holley, Realtor, GRI

Posted by Linda Holley on March 19th, 2017 9:14 AM
Tomorrow, I'll be doing an Open House from 1-4 p.m., on Siesta Key at 464 Island Circle, Sarasota, FL 34242.  This 2 bedroom, 2 bath home is 1,230 square feet and is listed for $699,000; an excellent monthly rental, this canal cottage has a private boat dock. It's a short walk to Siesta's public beach and Siesta Village with great restaurants and shopping.  Sarasota Beach subdivision has 519 single family homes, and according to the neighborhood statistics, most of the residents are age 65-69, with an average income of $100-$125k per year.  

The real estate market for this area is excellent, and more homes sell in the spring than the rest of the year.  Today there are 12 single family homes on the market from $639,000 to $1,750,000, and 14 have sold the past 12 months.  Average list price for the homes on the market today is $441 per square foot but the average sold price was $380 per sq ft, so that may indicate that the Sellers may not be motivated to sell.  They are in no hurry, living across the street from the beach or maybe the Sellers are not realistic in what they think their home is worth.  That happens!

Most of the homes have private pools, and half of them were built after 2000, which means that they must meet FEMA guidelines since they are in a flood zone.  The older homes (built in the 1950's/priced from $500-900K) can take 10 months or longer to sell, but the newer homes (priced from $900k to $1 million) sell in just 2-3 months in the Sarasota Beach subdivision.  A few years ago, we had mostly cash buyers, but that has changed and more than 2/3 of the homes sold the past year were financed.  

Happy to answer any questions you may have about Sarasota real estate.  Go to my website: www.PalmerRanchLindaHolley.com and search for 464 Island Circle by entering A4150739 on my home page.

Most sincerely yours,

Linda Holley
Posted by Linda Holley on October 1st, 2016 11:15 PM
Good morning and enjoy your Labor Day weekend!   It's been an interesting week with Hurricane Hermine, but this afternoon, I'll be out  showing waterfront property to prospective investors.  This blog will give you helpful information about buying or selling waterfront homes.  

Hurricane Hermine was much kinder to Sarasota than northern counties on the Florida gulf.  The Herald Tribune today listed the three-day rain fall totals, the highest being the Sarasota International Airport at 10", Siesta Key and South Sarasota 7".  Coastal Manatee County (including Holmes Beach, Anna Maria Island, and Bradenton Beach) have experienced flooding since Wednesday causing school and business closures. Those areas received about 9" of water.   In Sarasota, we had flooding around Bee Ridge and Highway 41 Thursday, which is a common occurrence here with tropical storms, and I had a few tree limbs down in my neighborhood but nothing major.

Buyers and Sellers:  what do you need to know about waterfront property?  

  1. Was the existing structure built after January 1, 1975? [Note: If so, special flood plain management regulations may apply.]
  2. Is the property located in a Federal Emergency Management Agency (“FEMA”) special hazard zone (Zone A or Zone V)?
  3. What is the currently required Base Flood Elevation (“BFE”)?
Attorney David Levin with the law firm of Icard Merrill in Sarasota has lead rountable discussions with Realtors.  Mr. Levin cautions Realtors about trying to answer questions about elevation and environmental issues, and he says that not all attorneys and title companies understand these issues.   

Selling your waterfront home?  Hire a surveyor and get questions answered up front such as:  Can the Buyer add to the structure?  expand? renovate? add a boat dock or swimming pool?   Buying a waterfront home?  If the Seller does not have a current elevation certificate, you need to hire a surveyor and get this done within your due diligence period.  Know that this will cost several hundred dollars in addition to your other inspections.  

Storm surge is caused by winds plowing through causing a bulge of water on the beach and land that pushes into properties.  Storm surge eats away the land around older houses built at ground level and the structure can collapse!   In older construction, concrete was poured on the sand as footers, but this is eaten away over time, and the house will collapse.  Structures built with piles but without the property depth penetration will collapse, meaning that the piles must be driven deep enough.  

FEMA regulations are part of Sarasota's local building code, but this is optional and not required.  It would be interesting to know how many of Florida's northern counties include FEMA regulations in their building codes.

Base Flood Elevation (BFE) is FEMA's prediction of vulnerability - how high the water would be in a Category 3 hurricane, and FEMA puts this information on maps.   We are concerned about Zones A and V and properties in these zones require flood insurance if there is a mortgage.  A surveyor determines if the property is higher than the BFE; if not, there are legal ramifications that must be sorted through by an environmental attorney.  

Buyers must understand if the property they are trying to buy is "conforming or non-conforming," which means that it is or is not in accordance with FEMA guidelines.  Is it legally conforming or non-conforming?  Not for Realtors to give an opinion!   Buyers may be looking at an elevated home that appears to be above the BFE, but if the Seller has made improvements on the ground floor, (such as adding a bathroom) THAT is a problem, because it was probably done without a permit and the County may require that the property be returned to the original condition.  I actually showed a $million home on Siesta like that a few weeks after I attended Attorney David Levin's rountable discussion and I could not believe that the Listing Agent was present telling the Buyers I was working with that the property was legal and conforming and we could see it was not!  The Seller built an office and bathroom about six feet above the foundation in the garage after the original construction!  These are situations where Realtors are sued for misrepresentation.  

I understand that the FEMA maps for Sarasota County are being revised and will be released this fall.  

Visit my home page at www.PalmerRanchLindaHolley.com to search for Sarasota homes or for tips about buying and selling your home.   I'm here to answer any questions you may have about Sarasota real estate.  Again, enjoy your Labor Day weekend and please be safe!  

Most sincerely yours,

Linda
p.s. Please don't text and drive


Posted by Linda Holley on September 3rd, 2016 9:48 AM
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


Posted by Linda Holley on August 9th, 2016 1:52 PM
3,343 people read my blog in the past 30 days.  THANK YOU!   Did you watch the debate this week and hear Hillary discuss Dodd-Frank and the Consumer Financial Protection Bureau?  Here's what she was talking about:  Due to predatory lending practices a few years ago, the Dodd-Frank Act was enacted to provide better oversight of financial institutions.  As of October 3, 2015, lenders must disclose the terms of the loan to Buyers within 3 days after loan application. The estimated loan costs can not be exceeded by ten percent.  This morning, I created the ABC's of what Buyers and Sellers need to know about the new rules from information in training sessions I have attended as well as government websites.  

ABC's of What Buyers and Sellers need to know about the Dodd-Frank Act and the Consumer Financial Protection Bureau:  

Always use an experienced mortgage lender;  if you don't know a good lender in Sarasota, call me.  Loan officers with Michael Saunders & Company Mortgage are knowledgeable and you get answers right away.
Back-to-Back closings are tricky and problems in the sale of one home can delay closing on the home Seller is buying.  
Communication early in the loan process is key.
Disclosures:    Know terms of your mortgage and  "cash to close" the deal. 
Email is the fastest way to receive documents from your lender .  
Florida real estate contracts changed this month.
Get your closing agent all information at least 10-12 days prior to closing.
Holidays (Federal) and Sundays are exempt from the #days to meet deadlines.
Intent is to insure that mortgage lenders' estimates balance with the final numbers.
Just do it...get your paperwork in on time.
"Know Before you Owe."
Linda Holley, Sarasota Realtor, uses the Law Office of Icard Merrill for closings.
Most comprehensive financial regulatory reform since the Great Depression.
New information reported by lenders identifies discriminatory practices.
Other federal agencies were created..Consumer Financial Protection Bureau (CFPB).
Penalties and fines apply to lenders who violate the new practices.
Qualitative and quantitative methods used to develop the new required disclosures.
Required Disclosures protect consumers.
Submit complaints against lenders online:  https://help.consumerfinance.gov/app/mortgage/ask.
Timeliness is critical to prevent delayed closings.
Understanding financial transactions for mortgages, credit cards, student loans.
Vision includes protection of older Americans against financial exploitation and all Americans against discrimination.
Whistleblowers  contact  whistleblower@consumerfinance.gov

   And LAST BUT NOT LEAST...
XYZ    Your Realtors--FOR BOTH Buyers and Sellers--need to monitor deadlines if there is a mortgage involved in the transaction.

Thank you for reading my blogs!  According to the statistics on my website, 3,343 people have read my blog in the past 30 days.  Most popular features of my website are my Blog, About Linda, Code of Ethics, New Construction, Home Page, For Buyers, and Vendors and Friends.

The past few weeks, I found properties listed and overpriced in 2014, and these properties are still on the market today.  Realtors will take a listing--just to get the listing--even if the Seller wants a price that is unrealistic.  I'm sad for the Sellers who had high expectations when they listed their home, and sad for the Realtors who probably presented the Sellers with a market analysis of what the home will sell for, but the Seller chose to work with a Realtor who said they could get them a price $150,000 or higher than the market allows.  Sellers, don't expect to sell your home for $599,000 when the market says your home is worth $450,000 or less.  Michael Saunders tells her agents that we are not in a bubble--we are in a market that is correcting itself, and it will level off in 2016.  It's our job to educate Sellers!  Don't expect to sell your home at prices we saw ten years ago.  If you are still kicking yourself because you did not sell and make a profit in 2006 during the bubble, you are not alone; many of us Realtors did the same thing!  Maybe you waited years to sell your home thinking prices would come back to 2006, and they will eventually, but not anytime soon.  

See my website: www.PalmerRanchLindaHolley.com to find homes on the market in Sarasota...and have a great weekend!

Most sincerely yours,

Linda Holley, Realtor, GRI
941-914-4914

Posted by Linda Holley on October 17th, 2015 11:35 AM

Comparing real estate sales for April 2015 to the same month last year....

A total of 56 properties sold on Siesta Beach in April 2014 and in April 2015, a total of 53 sold,  so we did not realize an increase in the number of homes sold. 

Since most Buyers I meet are looking for two bedroom, two bath units, here are the statistics:  The average price increased from $349,000 to $370,000.  Looking at price per square foot, the best values were in Vista Hermosa, Anchorage, Peppertree Bay, and Turtle Bay Section 3.   Properties are staying on the market fewer days in Siesta Harbor.  None of these communities mentioned are pet-friendly, and they are not weekly rentals.

If you are looking for a property under $200,000, then consider one bedroom properties on Siesta or go farther south into Osprey, Nokomis, or Venice.

Let me know if you would like more information about real estate on Siesta Beach, Palmer Ranch, or Sarasota.

Linda Holley

Posted by Linda Holley on May 7th, 2015 4:28 PM

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