Hello and thank you for reading my blog! Have a safe and happy Labor Day weekend! I'll be spending the weekend in Savannah, Georgia, so you'll hear from me when I return.
Looking for a new home in Sarasota? There are currently 10 new single family homes on the market on Siesta Key in Sarasota, Florida. I’ll be at 5332 Shadowlawn Drive when it is finished in a few weeks doing open houses (see Linda’s List below). Here's some good information for you! How do you check out a real estate developer? If you are looking at new homes in a subdivision, the developers I know in Sarasota are well established and have a pretty good reputation (Taylor Morrison, D.R. Horton, Neal). What if a Buyer finds a home under construction built by a custom builder ?
If you have followed my blog posts, you know that before I became a Realtor, I purchased two new ski condos in 2004 during the preconstruction phase. Because the quality of construction was so poor, homeowners battled contractors in court for years over defects and code violations. The Homeowners Association was awarded $450,000 for defects and it was not enough. Today, I know more about pouring concrete, stucco, plumbing lines and water pipes than I ever imagined – because no one knew what they were doing when these ski condos went up.
Buyers should have done their homework about the developer and landowner, but we did not know how! We assumed that our Realtors (who worked for a national real estate brokerage firm) had done their research and that they would keep us informed. The project was over a late being completed, and our Realtors told us about price increases and weather and equipment delays, which were acceptable by the terms of the contract.
So today, in just 10 minutes, I learned about the owner and developer of 5332 Shadowlawn Drive: Dockside Homes, LLC, an entity formed in 2010, purchased this property last year for $665,000. The developer is Allegra Homes – we know that from the MLS listing. Today, I called the Manatee Sarasota Building Industry Association, and the Administrative Officer told me that the developer has been an active member for many years, has never been behind in his dues, and was on the Association’s Board of Directors. He comes highly recommended.
I could have also gone to the website for the Association, www.ms-bia.org, and located Allegra Homes under the Member Directory tab, which includes the Allegra website. I found an abundance of information about him and his background. The developer, Rob Allegra, is a civil engineer (that’s a VERY good thing), and has been involved in developing four major subdivisions in Sarasota and Venice. These are the things that potential Buyers for 5332 Shadowlawn Drive--or the buyer for any new home--needs to know.
If I had known this in 2004 when I signed the Purchase Agreements for two ski condos, here’s what I would have found out: The owner formed an LLC in that state several months before, and his main office was out of state. He was not a member of the Building Industry Association in his home state or the state where he was building the ski condos. Red flags! I would have contacted him for references, and would have learned that his background was in banking and not property development. Searching the archives of his local newspaper, I would have read that some residents in his town had ongoing disputes about his projects. His project manager for the ski condos, who was represented in the sales brochure as having 20 years as a commercial real estate developer in a high alpine environment, was a convicted felon and had never built anything at 10,500 feet in elevation. His family owned 1,000 acres of land in the Ski Valley, and they sold a few acres to this developer; somehow in that deal, their son became the construction manager. He had built a metal storage facility in the farming community where the family lived 3 hours away, but that was the extent of his construction experience. My book, Motion to Intervene, will be out later this fall, and it shares more about this project. It has a checklist for homebuyers of things to find out before signing an agreement to purchase a home. The cool thing about this for me, was that the construction manager was from the same hometown where my father grew up, so getting all of the scoop on him was easy! I have a big, wonderful family who filled me in on the real story.
Linda’s List.
Team Dunn: Siesta Key - Excelsior Bay, 6266 Midnight Pass Road, Unit 404, new carpet and new furniture, $749,000. Gulf front with ocean-side pool and grills, 2BR 2BA 1,263 sq ft, High Season rent: $1,990 per week. Photos below and listing can be accessed through LindaHrealtor.com and enter A4189950 in the Home Search bar: Team Dunn: Siesta Key - Siesta Towers, 4822 Ocean Blvd, 2BR 2BA, Unit 11D, 1440 sq ft, eleventh floor, $879,900. Complete remodel, 2 master suites, 11th floor views of Gulf and Big Pass view of Sarasota Bay. Short walk to the beach, Siesta Key Village shops and restaurants. Photos below and at LindaHrealtor.com, and enter A4194781 in the Home Search bar.
Team Dunn: Coming soon! Palmer Ranch, Turtle Rock, Savannah, 3 BR with den, 2.5 bath, no pool, $359,900.
Listed by Michael Saunders & Company in Siesta Isles: 5332 Shadowlawn Drive, 4,085 sq ft, on the bend of Grand Canal, $2,197,500; deep water to Sarasota Bay and Gulf of Mexico, 3-car garage, upstairs game room; Go to LindaHrealtor.com and enter A4157847 in the home search field. Thank you 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. Over 13,000 people read my blog last week, THANK YOU!
Most sincerely yours,
Linda Holley. Realtor, GRI, Michael Saunders & Company
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!
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
Linda’s List:
5302 Cape Leyte Drive, Siesta Key Beach, a Siesta Isles tropical gem and the place to make memories of your family reunions and neighborhood gatherings. Your day begins on the east-facing patio with coffee, Wall Street Journal, and the morning sun. Walk or bike to Siesta Key public beach, just ten minutes away, letting the waves pull in your toes, sinking deeper in the sand as your face and shoulders soak up the warm sun.With a grateful heart, you think about the other people trying to get to work, those in corporate America caught in rush-hour traffic but today, your job is to relax and take care of YOU, without conflicting deadlines, and projects. Board meetings are meaningless in paradise, because this place is designed to take the stress away. You found your own private oasis, and now you finally have it all on the white sands of the Florida gulf, and Siesta Key Beach. Meet your friends for a delicious lunch in Siesta Key Village, and invite them over to your home for afternoon cocktails and grilling. Everyone marvels at the painted canvas of colors of the gulf coast sunset in your back yard, views that are yours alone to share with the special people who have brought so much joy to your life. 5302 Cape Leyte Drive is nestled among homes priced over $1 million, but this home is available today, turnkey furnished, for $619,000, appraised and priced to sell. Call or text Linda Holley, Realtor, 941-914-4914 for more details.
This morning, I took Burt Reynolds, my chocolate cocker spaniel, to walk with me across the Ringling Bridge. Driving up Fruitville Road towards Highway 41, I counted at least seven new buildings going up. SEVEN! As Burt and I started our walk, I noticed how things have changed in Sarasota since I moved here in 2009. Once called “God’s waiting room,” today all I saw was active people out biking, walking, and enjoying the outdoors. And it was only 7:15 a.m.! You may have seen the news segment this week about Colorado offering healthy lifestyles. I’ve been to Denver and everyone is outdoors, hiking, biking, walking, and now that’s what I am seeing in Sarasota. People are flocking here for this healthy lifestyle where they can enjoy the arts, theater, and still get around town in 30 minutes or less. Schools are the best, it’s a great place for families, so downtown Sarasota is where things are happening!Speaking of downtown real estate, at Sansara, 300 S. Pineapple Avenue downtown, eleven condos have recently sold and two are currently on the market. Sansara features 17 residences on 10 floors, located at the gateway to Sarasota’s historic Burns Court area. This boutique community is within walking distance of the farmer’s market, restaurants, theaters, organic markets, night life, and more. Unit 201 has soring 10’ ceilings, 30’ retractable window wall featuring indoor and outdoor living. Over 2,600 square feet inside and 2,600 square feet outside for this 3BR 3BA offering private outdoor grill, 2 car garage, spa, gym, and yoga room. Listed at $2.5 million.
Unit 401 boasts panoramic views of the city, Sarasota bay and marina. Upgrades include wood flooring, square recessed LED lighting, Lube Italian cabinetry, listed at $2.3 million.
Michael Saunders and Company’s annual meeting was held May 12, 2017 at the Hyatt in downtown Sarasota. Our company is #70 in the country, and this company is comprised of people who have come together over the past 41 years with passion and core values—who are committed to the business propositions and value for our customers. Our company is known across the globe for having a high regard for values. I can attest that the right people have been put in the leadership positions, plus it’s great to see that Michael’s Realtors are committed to helping other fellow Realtors succeed. It's true, I'm here to tell you!
Mike Staver, keynote speaker and executive coach, shared that changing our physiology can change our day; giving clarity to our boundaries—discover what zaps our energy; finding an accountability partner (no one we live with), and living in alignment consistently with our core values. Those who have a profoundly grateful heart can change their lives; submerging ourselves 3 minutes a day in full gratitude for six weeks makes a difference in our business productivity. Matthew Ferrara, key note speaker, philosopher, photographer, writer, and former realtor, spoke about marketing: in 2014-15, people were rushing to buy, creating low inventory. 2017 has seen a shift, and a higher inventory has reset Sellers’ expectations in this correcting market. People now have choices so they are taking their time. Sellers must price their homes correctly in this market; for example, they are now competing with new homes. In Sarasota, we are in the center of the Florida market—Florida lead the recession and we also lead the nation out of it. Long-term growth includes funding amenities as we grow. Selfie marketing with our IPhone is over…people won’t see our selfies because they are busy taking their own! Look up from cell phones and tap into creativity, discovering what we REALLY do will set us apart from our competition. Our customers expect us to be unique!
Thank you for reading my blog, and I’m here to help you in Sarasota and Venice, Florida, with your real estate needs. Please visit my home page at www.LindaHrealtor.com for helpful real estate information. I’m at 941-914-4914. Please don’t text and drive!
Before I became a Realtor, I was clueless about what it took to buy and sell a home. When it came to selling property, I’ll admit thinking about paying a 6% commission to a Realtor was just money thrown away. It would be easy enough, I thought, to just put an ad in the newspaper and my beautiful little gulf condo in Seaside, Florida, would sell quickly. Even worse, our homeowners association had an experienced, on-site agent with local connections, who was available to show the property 7 days a week, and I lived in Atlanta, Georgia! What was wrong with this scenario? Everything!
I was a career analyst with U.S. Department of Defense, knew a lot about Defense, but nothing about real estate. I would drive from Atlanta to Seaside on the weekends, thinking that I would meet potential Buyers who had called during the week. I was my own best enemy, handled the property management/rentals, so I had a cell phone with a local area code (like that would make a difference). Of course, I knew what these condos were selling for, but that’s about all I knew about real estate. Not sure what I had on hand for a contract, probably something I got online, and I did not know about getting a local real estate law firm to review the terms of a contract—if I were to get one--and give me advice. Sure, I had some calls, but no one came to see my beautiful little condo; there were a few “no-shows. ” This would have been a perfect opportunity for a Realtor to contact me and explain the value of the services they provide.
First, I did not know that as a second home, I would need to re-invest the profit within 180 days, or pay capital gains taxes. I had no idea about accepting and protecting the Buyers’ deposits or if they had been prequalified by a lender or if they had the cash if they were a cash buyer. Did I understand home inspections and my responsibilities as a Seller? No! What would have happened if either the Buyer or I were in default of the contract? Big legal troubles, and I certainly had no money for legal fees.
My beach condo did not sell, so the next year, I contacted a Realtor who had it repainted blue and added some decorative staging items, such as new pictures and mirrors. It was cute and well done, but I took it off the market during the season to generate rental income, and that was another mistake. Several months later, when I was ready to sell, the market began to tank and by then we had a $20,000 assessment to shore up the sagging balconies and take care of mold issues. The property was stigmatized in the local real estate community, and nothing was selling. The homeowners association voted not to sue the developer, and when I obtained a copy of all of the minutes of the prior homeowners association meetings—even before my time as a homeowner there--I learned that the sagging balcony issues had been brought up in the past, but guess what? The board members had all sold their units and were gone, leaving the rest of us behind to find and fix the problems they knew about. That’s another law suit waiting to happen!
I visited a good construction litigator law firm in Pensacola, Florida, and explained the issues and he agreed to take on a class action suit against the developer and contractors, but he needed 2/3 of the owners to agree. I could not get more than 5 out of 120 to agree to go forward with this class action suit. That was my first experience with out-of-state owners who don’t have the time to worry about their second homes.
So we all paid the $20,000 assessments, fixed the problems, and had good income tax write-offs. But nothing sold at market price in that development for years.
In 2000, I decided to sell my townhome in Atlanta, and used a Realtor whom I did not know. I called a national brokerage firm in the area and she answered the phone. I was her worst nightmare, and that was 7 years before I got my real estate license. Selling my pride and joy was not my idea, my boyfriend wanted me to move to Athens, Georgia. If you have not been to Athens, it’s 90 minutes from Atlanta, a great place to party during University of Georgia football season, but not much else going on the rest of the year. My Atlanta townhome was under contract within days with a full-price offer, but I had surgery scheduled. The home inspector nickeled and dimed me to death, it made me mad, I could not meet the timelines of repairs prior to closing, and became furious and tried to terminate the contract. The broker was on my doorstep explaining that if I terminated the contract, I would owe them $10,000 in real estate fees since they had brought me a ready, willing, and able Buyer and I was under contract. He suggested that I give $2,500 to the Buyer at closing for the repairs, and apologized for his Realtor’s incompetence handling this matter. I did not understand until I became a Realtor what he meant: credits at closing for disputed items are standard practice in this business.
So I think about these things when I see signs, For Sale by Owner (FSBO). Sellers don’t realize that when a Buyer sees a FSBO, they automatically take six percent off the top of their offer because they know the Seller has saved that on the real estate commission. Another reason to not listing your home FSBO is safety. I often think about the scientist with Center for Disease Control in Atlanta who had just retired, about to be married, and had her property for sale as a FSBO. Her fiancée found her strangled in the kitchen pantry. This was a safe building, she thought, they even had security, but she let the wrong person in. In Atlanta, Realtors don’t take Buyers out unless they are prequalified by a lender or we have proof of funds for the purchase. I was very fortunate to have been trained by Harry Norman, Realtors in Atlanta, the premiere real estate brokerage, and the firm where Michael Saunders was mentored in her early real estate career.
A good Realtor will contact a FSBO Seller and ask to see their home because it’s our job to know the inventory. We will ask if the Seller will protect us with a 3% commission if we bring them a Buyer, and no Seller has ever told me no. I sold a beautiful condo Botanica, Palmer Ranch to a delightful couple whom I had met at an Open House two years prior. They told me what they wanted, and I consistently wrote to the homeowners in Botanica with that floor plan. One Seller was ready to list, but she called me first because she had saved my mailing; fortunately, the Buyers were in town and they put it under contract immediately. This was the smoothest transaction, no games, Buyers and Seller agreed on everything. We did negotiate a good price, but the Seller paid for no repairs, so it was “As-Is.”
Thinking about selling your home? Updates are important if you want to sell quickly for a good price. Some Sellers believe updating is a waste of money because the Buyers may have different taste. If in doubt, just go to a new home community, snap some pictures, and copy what they have done with the granite, backsplashes, and paint colors. Two shades of gray paint with white trim is clean and lovely. The Botanica home I discussed above was updated, fresh, and that’s why it sold so quickly.
This week, I’ll present a market analysis to Sellers and was delighted with a list of 20 updates they sent me. It’s a little comical but when I have Buyers in the car and they find a home they like that needs updating, the lady frequently says, “But honey, you can do this, you are retired and need a PROJECT!” And he always says, “But honey, I don’t WANT to because I am retired…” and he always wins.
Linda’s List!
Walk to the beach! 5302 Cape Leyte Drive, Siesta Isles, Siesta Key Beach single family home, garage, large lot, newer AC, fabulous neighborhood, reduced to $619,000.
8239 Midnight Pass Road, Siesta Key Beach, single family, 2+ bedroom, 2 baths, waterfront with dock, kayak launch, and guest cottage, $1,200,000, listed by Michael Saunders & Company.
8319 Midnight Pass Road, Siesta Key, single family home, 4 BR, 2.5 BA, designer showcase, everything still intact from “Jewels on the Bay” home tour. $3,495,000, listed by Michael Saunders & Company.
Coming soon! Three bedroom three bath single family pool home in Marbella subdivision in Palmer Ranch, 2,685 square feet, built in 1990 low $500’s.
Thank you for reading my blog, please do not text and drive, and please call me if I can help you with your Sarasota and Siesta Key real estate needs.
Linda Holley, Realtor, GRI
941-914-4914
Email: LindaHolley@MichaelSaunders.com
According to Google, 3,788 people read my blog last week…THANK YOU!
Lawrence Yun, National Association of Realtors Chief Economist, says that home shoppers are coming out in droves competing with one another other for listings in the affordable price range. "In most areas, the lower the price of a home for sale, the more competition there is for it. Buyers are showing resiliency given the challenging conditions; however, at some point — and the sooner the better — price growth must ease to a healthier rate. Otherwise sales could slow if affordability conditions worsen."
Linda’s List
5302 Cape Leyte, my favorite single family home in Siesta Isles, 2BR 2BA, den, garage, open floor plan with over 1,600 sq ft, beautifully maintained, large yard compared to other Siesta Key single family homes, many updates, newer air conditioner, block/stucco, less than a five-minute bike ride to Siesta Key Beach. This is the least expensive single family home in Siesta Isles on the market today. Love this neighborhood! Call me at 941-914-4914 for more information. Listed at $619,000.
6037 E. Peppertree Way #228, condo, Peppertree Bay, 2BR 2BA, enclosed balcony, views of Intercoastal waterway and downtown Sarasota, 1,180 square feet with washer/dryer. Peppertree Bay is a condo community-- beach to bay-- with two pools, fitness center, and updated clubhouse. One month minimum rentals, four times a year. $590,000. Listed by Michael Saunders & Co.
1275 Dockside Place, #216, condo Harbour Towne, 3BR 3BA, deeded boat slip accommodating boat up to 45 feet, garage, one-month minimum rentals, three times a year; now $669,000, which is more than$100,000 price reduction. Listed by Michael Saunders & Co.
Siesta Real Estate Facts:
114 properties have been on the market longer than 180 days and 26 have been on the market over one year. Three are single family homes from $514,000 to $850,000, all updated, BUT none are within walking distance of the beach or Village. Location, location, location! This is why 5302 Cape Leyte is such an awesome deal!
Fastest selling Siesta beach condos:
Just to give you an idea of the people’s choices, here are the fastest selling Siesta condos the past six months looking at days on the market in MLS. The average price shown below includes all sizes and locations. Many are investment properties that rent by the day, several are gulf side, have deeded beach access, or are an easy walk to the beach. Could be many reasons that these properties sold within days of being listed, so just call me if I can answer any questions for you! Linda Holley, Realtor, Siesta Key Michael Saunders & Company, 941-914-4914.
Anchorage $470,00.
Beachway Apts $402,000.
Boca Siesta $469,000.
Casa Blanca Villas $388,000.
Casa Mar $342,000.
Castaway Cove $406,000
Continentals Sea Club $311,000.
Ebbtide $260,000.
Harbor Towers $396,000.
Horizons West $475,000.
Inlet Apartments $302,000.
Jamaica Royale $439,000.
La Siesta $354,000.
Palm Bay Club $407,000.
Peppertree Bay $420,000.
Pointe on Midnight Pass $349,000.
Polynesian Gardens $400,000.
Provincial Gardens $399,000.
Sandy Cove $457,000.
Sara Sea $375,000.
Sea Crest Apts $389,000.
Sea Village $499,000.
Sea Shell $430,000.
Siesta Harbor $307,000
Siesta Rev, $350,000
Siesta Royale $340,000
White Sands Village $274,000.
Crystal Sands: The backup offer that I discussed last week did not come to fruition. The property closed this week at a price lower than our offer, which means that the Buyers did everything the Sellers wanted all the way through to closing. Crystal Sands had tornado damage over a year ago, and the homeowners association had to borrow money for repairs because the insurance company has not paid. Our backup offer was for a 2BR, 2BA on the 2nd floor unit, completely updated, with a direct gulf view that sold for $700,000; the price was reduced from $798,000 (which is market price for a full gulf view) and it was on the market 463 days. The discussion between the Buyer and Seller in my backup offer was about who would pay a potential assessment of $18,000. The Buyer I worked with was willing to do this, but the primary offer won because that Buyer met all the Seller’s terms. So, if you are a Buyer with a contract to purchase a property, be careful playing hardball with the Seller because there may be a backup offer on the table that is better than yours. A 3BR unit just came on the market in Crystal Sands on the 11th floor with a fantastic view for $1,050,000; saw it yesterday, BEAUTIFUL!!
WIRE FRAUD ALERT – “Show me the Money!” Throughout the US business industry, hackers are emailing individuals with banking information to wire funds directly to them. The money goes into their account but it was not the recipient the sender of the money expected. This has now reached the real estate industry and Buyers are in jeopardy. If you receive an email from an individual with wiring instructions, always verify!
SURVEILLANCE: If you list your home with Michael Saunders & Company and have surveillance equipment in your home, we must disclose that! Sellers can keep their eye on people viewing their home and attending Open Houses, which is a violation of their privacy unless it is disclosed. We are living in a different world, folks!
DEED RESTRICTIONS: Whether you are a Buyer or Seller, it’s important to get a copy of the deed restrictions. You’ll find out about the approved policies such as rentals, pets, and vehicles allowed. You’ll be surprised what homeowners agreed upon decades ago, and some are in serious need of updating legally. Sadly, this week I obtained a copy of deed restrictions for a Sarasota neighborhood that is over 60 years old, and the deed restrictions clearly violate the Fair Housing Laws. I have a feeling it won’t be long until these deed restrictions follow federal laws…speaking of “different worlds” and this was not that long ago! How sad!!!
Have a great week, please don’t text and drive, and call me if I can answer any questions about Sarasota real estate. Visit my website at LindaHrealtor.com for helpful information about buying and selling real estate, and see my previous blog posts at LindaHrealtor.com/blog.
Michael Saunders & Company
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 – 39th 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.
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!
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!
Linda Holley, Realtor, GRISarasota, Florida 941-914-4914www.LindaHrealtor.comEmail: LindaHrealtor@gmail.com
PRICE REDUCTION! 5302 Cape Leyte Drive, walk to Siesta Beach. 2 BR 2BA with den on large lot, now $619K, Open House Sunday, April 2, 1-4 p.m.
JUST SOLD! New 4BR pool home in Venice to an Indiana family, very savvy Buyers, a real estate family. We met at my Open House in 2015 at the Country Club of Sarasota, when they were in town visiting friends. Their plan was to relocate to Sarasota the summer of 2016. They did everything right – here’s how:
A4180498 - 5302 Cape Leyte Drive, in Siesta Isles, Siesta Key, 2BR 2BA den, garage, many updates, newer kitchen cabinets, HVAC, turnkey furnished, approx. 1/3 of an acre, walk to Siesta Beach, impeccably maintained, 1,649 sq ft, reduced to $619,000.
A4179716 – 4871 Tivoli Ave, off University Parkway, Longwood Villas, near University Town Center Mall and Sarasota Bradenton Airport, 3BR 2BA villa with garden view, updates, 1,990 sq ft, $310,000.
A4165887 – 800 N. Tamiami Trail #815, Alinari, 2BR 2BA condo overlooking Sarasota Bay downtown, 1,323 sq ft, $525,000.
Go to my home page www.LindaHrealtor.com and enter the MLS number beginning with “A” in the home search field to see photos and more information. I’m here to help you negotiate the best deal possible, so don’t hesitate to contact me at 941-914-4914 if I can answer any Sarasota real estate questions. Email me at LindaHRealtor@gmail.com if you would like to be added to my weekly blog posts about Sarasota real estate.
Thanks for reading my blog!
Linda Holley
Realtor, GRI
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.
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