Sarasota Real Estate News

I'm finishing my book, Motion to Intervene, my own story about purchasing investment properties in a Rocky Mountain ski village during pre-construction--before I became a licensed Realtor.  This formed my career as a Realtor and it took four years of lawsuits to recover a small portion of the money I lost from the contractors and real estate brokerage.    This is a "buyer's beware" book, especially for new construction and a warning to consumers about working with reputable real estate professionals - and it's not all about the national brand! 
 
Anything that could have gone wrong at this project DID!  This town resented out-of-state investors--especially outsiders from "back East," who had driven up real estate prices, so I felt my claim was better in federal court.  One law firm wanted $20,000 to help me, so I represented myself.  

Motion to Intervene is about going home for Dad's funeral, and falling in love with a good-looking cowboy and family friend.  Six weeks later, Renee returned from Atlanta, and asked Charles to take her to the Rockies where her family camped and fished in the 1960's.  She noticed a sign "Condos for Sale," in the window of a nationally branded real estate brokerage,  When she saw the property, Renee was so impressed by the amazing mountain views--it was exactly what she remembered on family vacations--so she bought two shortly after groundbreaking.  The project was a joke around town, and no, I did not marry the cowboy.... :-)  I signed confidentiality agreements in my court settlements, so the location and names were changed in the book to protect me from being sued the rest of my life.  

I hope that Motion to Intervene will be ready for publication this fall.  In the meantime, my team mates and I are here to help you with your real estate needs in Sarasota and Siesta Key, Florida!   Please check out my testimonials at my website: www.LindaHrealtor.com and "Like" me on Facebook https://www.facebook.com/LindaHolleyLLC

Most sincerely yours,

Linda Holley, Realtor GRI
http://www.LindaHrealtor.com
941-914-4914

Good morning!  See photo below for example of drone photography.  

First-time home buyers are up 32 percent for residential sales nationally, and Florida is one of the states realizing those gains.  The median age is 32 years old. The top states for sales to new home buyers are New York, New Jersey, Ohio, Pennsylvania, Virginia, and Michigan.  (Gay Scholastica Research Economist as published by the National Association of Realtors)  Many of our Florida "snow birds" are here today visiting from those states and they are out looking at homes to buy--but they must sell their homes first...so.....

Can you sell your home to a 32 year old?  In short, if your home looks and feels like an antique store, young Buyers will be out of there "faster than a speeding bullet." See my website: http://www.LindaHrealtor.com for tips on selling and staging your home and call me if I can answer any real estate questions for you.

Drones for Appraisers.  This new technology is a fantastic tool to give Buyers an idea of a neighborhood, power lines, lakes, and the roof system.  Greg B. Mays, Flying Fish Aerial Photography, LLC, says drones are more than a flying camera, they are an aircraft, and the FAA's rules must be followed.  (source: National Association of Realtors)

Enjoy your week!  Linda Holley, Realtor GRI, Siesta Key Beach, 941-914-4914

Interested in an affordable maintenance-free waterfront home with your own boat dock on Siesta Key Beach in Sarasota Florida?  Your answer may be a condo in Midnight Cove or Midnight Cove II:

1.  Convenience.   Midnight Cove and Midnight Cove II condos offer easy access to the "mainland" of Sarasota without the traffic or going through Siesta Key Village - and there are several fabulous restaurants within walking distance!
2.  Financial.  Both have financially solvent homeowners associations with adequate reserves for updates and repairs.  They don't mind spending the money to keep their communities looking great.
3.  Deeded Beach Access.  It's just not fun dragging chairs and coolers half a mile to the beach and that's not the case with either of these communities.  In fact, Midnight Cove offers both gulf and bay properties, just a few steps away from the beautiful Florida gulf.
4.  Pet Friendly.  Even large dogs are welcome.
5,  On-site Management.   Friendly staff and full-time maintenance.
6.  Recent sales.  Four have sold the past six months in Midnight Cove and Midnight Cove II from $400-$600k.
7.  Weekly Rental Income.  Generally speaking, estimated annual rental income for condos on Siesta Key is $30,000 annually depending on beach access and the view. 
8.  Activities.   Cookouts, parties, and regular events are planned in the clubhouse,
9.  Private Boat Docks.
10.  Not Over 55.  

Four are currently on the market.  My favorite is a beautifully updated 2BR 2BA with a full bay view and a washer/dryer.  Go to my Home Page www.PalmerRanchLindaHolley.com and simply enter this MLS number in the Home Search section: A4132078    Address is 1900 Cove II Pl, #135, list price is $489,000 with a motivated Seller.  This condo was an annual rental, but the rental potential is estimated at $30,000 for weekly rentals.

I have held many open houses in Midnight Cove and Midnight Cove II and also attended homeowners association meetings, getting to know owners who have enjoyed their condos for many years.  So if it's waterfront, boat docks, rental income, or deeded beach access you are looking for, you'll want to take a look at one of these communities on Midnight Pass Road--pet friendly offering weekly rentals.  

Call Linda Holley at 941-914-4914 for more information about buying or selling your Sarasota home, beach condo, or investment property.  I can also send you information about mortgage financing for Siesta properties and recommend some good mortgage lenders who can get this done for you.

Most sincerely yours,

Linda Holley, Realtor, GRI
Michael Saunders and Company

Please see my Home Page and button "My Team" for a list of trusted local professionals for home repairs, insurance, tax, legal, and other services.  http://www.PalmerRanchLindaHolley.com 

My Open Houses:
Siesta Key, Gulf & Bay Bayside, 1269 Bayside, 2BR 2BA, 1,280 sq ft, $519,000, renovated/updated, 2 car garage, 2 heated pools, MLS A4122331 (late afternoons); deeded beach access and boat docks.
Country Club of Sarasota, 3BR 3-1/2 BA, private pool, 3,358 sq ft, 2 car garage, golf course view, $499,900, MLS A4110974 (tomorrow 1-4 PM).
You can find these properties on my home page by entering the MLS number in the search bar beginning with "A."

Closing Delays!
If you are buying or selling a home and the Buyer is getting a new mortgage, be aware of the new laws that protect consumers from mortgage fraud.  Obtaining a mortgage now takes longer.  As your realtor, I am aware of the deadlines required for Buyers to apply for a mortgage loan and for approval of the lender's documents, and I will follow through to be sure all parties comply.   The deadlines are strict and if anyone misses a deadline, the loan process starts over again--this WILL delay your closing!  The new Consumer Financial Protection Bureau (CFPB) audits the lending process and has already collected $82 billion in fines.  The days of closing a loan with a mortgage in 45 days are over...plan on 60 days to close after the effective date of your contract.

Sellers cause delays, too!  Please get your documentation together for me when your listing goes in.  If you are leaving furniture, make an inventory list of what stays; realtors are NOT allowed to do this for you.  If you are not here, then there are companies you can hire to do the inventory list for you.  Also, I will need your warranty deed, your last survey, and a copy of your latest mortgage statement, which will save your closing agent time estimating your loan payoff.  If you are a foreign buyer, contact a tax professional and know how the Foreign Investment in Real Property Tax Act (FRPTA) affects you. I recommend Shirley Fieber, CPA, Kerkering Barberio & Co., 941-365-4617.  Is there a Power of Attorney used for closing?  Your closing agent will need the original, not a copy.

Buyers: Decide in the beginning how you will take title...is this being set up as a Trust?   If you are a foreign buyer, you will need to go to the U.S. Embassy to get the documents notarized.  

Repairs.   Pay attention to the cost of repairs in the contract.  The contract automatically defaults to 1.5% of the purchase price.  I'm seeing again and again that Sellers are minimizing the cost of repairs at the time of contract, reducing the cost to $500 or even zero!!   Homes 10-20 years old may have old electrical panels that are not insurable and need to be replaced.  Air conditioners in Florida that are not regularly maintained have problems.  So I get my dander up when I hear a Seller say, "I'm not paying for repairs, there's nothing wrong with the property."  So just put on your boxing gloves and hammer this out with your new Buyer, and hope they don't walk away.  Sellers...you are probably not a licensed inspector, so please don't tell your realtor say that "There's nothing wrong with the house."  Be reasonable and allow at least $1,000 for repairs in an older home.

In the Community!  On October 31, 10:00 a.m., until 1:00 p.m., I am hosting an event with the Sarasota Special Olympics Team and the Venice Florida Corvette Club.   Lunch is provided by Chic Fil-A.  We could use some help signing in guests and helping serve lunch.  The Corvette Club will caravan in, and will be met with 25-30 local Special Olympics Team athletes and their families.  If approved, the athletes will ride in a short corvette parade.  This is my second annual event with the local Special Olympics team.  Kimberly Shipley with West Coast Insurance is a co-sponsor.  Please call me at 941-914-4914 if you would like to be a volunteer on October 31st.

Have a great weekend!

Linda