Sarasota Real Estate News

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 2^nd 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 11^th 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. 

Most sincerely yours,

Linda Holley, Realtor, GRI

Michael Saunders & Company

941-914-4914

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, and thank for reading my blog on Sarasota Real Estate.

Within the gated community of the Longboat Key Club is Bay Isles with several separate neighborhoods boasting of single family homes and condos.  Bay Isles is known for its lush tropical landscaping, nature trails and marina.  The Longboat Key Club’s Harborside golf course is very challenging, and Bay Isles residents are minutes away from shopping and restaurants at St Armands Circle, the Longboat Key Club, and the private Bay Isles Beach Club. 

I am showing four properties today in Grand Bay in Bay Isles; from a Realtors’ perspective, this is a hard sell because there are eight on the market from $600k to $1 million but only two have sold the past six months.  Built in 1995, Grand Bay is one of the newer developments on Longboat Key—and one of the selling points is that large dogs are welcome.   Since there are no public schools on Longboat Key, this is the perfect retreat for retirees. 

My pick is MLS # A4154143,  3080 Grand Bay Blvd, #515, listed by Michael Saunders and Company.  It’s a 2BR 2BA unit southwest facing first floor unit, priced to sell at $639k with panoramic bay views.  The only drawback to buying at Grand Bay is that the maintenance fees are over $1,200 per month.  Call me at 941-914-4914 and I’ll make an appointment for you to see and to view photos, please go to my website:  http://www.LindaHrealtor.com and enter the MLS number in the home search field. 

I’ll also be showing a downtown condo at 660 Golden Gate Point, two bedrooms, two bath, 1,366 square feet, with spectacular views of Sarasota Bay and the marina.  This property is offered by Michael Saunders and Company, price just reduced to $649k, and it’s newly remodeled.  This is a wonderful location within walking distance of Saint Armands Circle, Van Wezel performing arts, art galleries, and all of the amenities of downtown Sarasota. To see the photos, go to my website and enter this MLS number:  A4166024.

Siesta Key Real Estate Update:  Since June, I have been working with a very special young family from Florida’s east coast looking for their gulf-front condo; they have decided to purchase at Peppertree on Siesta Key.  This condominium community is a favorite on Siesta Beach because it is maintenance free--and very well maintained--with underground parking, elevators, and 24-hour security.  Peppertree has both bay and gulf access, and it qualifies for conventional financing (20% down) with at least one lender that we found.   Looking for a fix-it-upper on Siesta?  Michael Saunders and Company is offering 1125 Peppertree Drive, #207, listed for $359k.  It needs updating but it is gulf side…contact me and I’ll get you more information. 

The second choice of this Siesta buyer was Midnight Cove II, 1900 Midnight Cove II Place, on the bay.  This unit listed at $489k has fabulous views of the Intercoastal Waterway.  Although there is deeded beach access and boat docks, this unit was a seven- minute walk from the front door to the ocean, crossing Midnight Pass Road, and it does not qualify for conventional financing with the lenders we contacted.    The rental history was $15k annually but could be more if the kitchen were updated, according to the Listing Agent.

As we worked with the different lenders to find conventional financing for Siesta condos the past week, we found that each mortgage lender familiar with financing beach condos has different programs.  While one lender will finance a property at 80 percent, another will finance the same unit at 70 percent.  One thing that can affect the type of financing for beach condos is whether or not there is an on-site rental office and if the homeowners’ association receives a portion of the rental proceeds.  Most Buyers of beach properties are looking for rental income to offset their expenses; we were very disappointed to learn that Gulf and Bay Bayside falls into that category, so financing is more difficult.   Bay Tree Club on Siesta has received 80 percent financing with two lenders, but the sand on Turtle Beach on South Siesta Key is not the soft, white powder that you will find at Siesta’s public beach and Crescent Beach.  Castel del Mare is approved for conventional financing with two lenders that I use, but that community is not on Siesta and is about a 10 minute walk to Crescent Beach.  

One of the reasons I love working for Michael Saunders & Company is the great support I receive from my broker and the entire Michael Saunders & Company team.  Yesterday, we received “Frequently Used Contract Clauses,” that we can use when working with residential contracts: 

1. If subject property has any non-permitted, illegal space built below the Base Flood Elevation;
2. If the Buyer is purchasing a property sight unseen;
3. If the Buyer would like to have an inspection (i.e., septic) after the contracted General Inspections Period. Neither the General Inspections deadline nor repairs are modified by this inspection addendum;
4. If the Buyer is purchasing a property that already has a contract in place (a back-up offer);
5. If the Seller would like to receive documentation from the lender (denial letter) prior to the end of the Mortgage Commitment time frame;
6. If the Buyer is paying any portion of the commission when Michael Saunders & Company is serving as the cooperating agent;
7. If the Buyer is requesting the Seller to credit an amount towards Buyers’ closing costs;
8. Short Sale buyer termination clause.

Makes me smile to think that when I went to real estate school MANY years ago, I did not like the contracts chapter, so I did not study it!  What was I thinking?? This is the Realtors’ bread and butter and Realtors best get it right the first time or spend a lot of time in litigation.  (I still passed the test with an “A” the first time. J In Florida, I hear we are changing the residential real estate contract form again.  I’m not a lawyer and Realtors are warned NOT to try to interpret contracts so that’s why I use the Law Firm of Icard Merrill in Sarasota to review my contracts and close my deals.

Here to serve you in Sarasota real estate - have a great weekend and please don't text and drive.  

Most sincerely yours,

Linda Holley

Realtor, GRI  941-914-4914

Good morning!  I want to tell you about our award winning website, the Consumer Financial Protection Bureau, and my Siesta Key Open Houses this weekend.

MichaelSaunders.com was named “best overall” website in the real estate industry by a panel of technology and marketing experts, plus and our mobile site is also #1!   I encourage you to take a look at our website and the features to search for homes by communities and lifestyle.  

Michael Saunders and Company beat out many of the largest national real estate brokerages, as determined by REAL Trends real estate analysis publishing company.    
See http://www.heraldtribune.com/article/20150831/ARTICLE/150839971/0/search