Sarasota Accolades - Relocation & Siesta Key Beach

Three news stories crossed my desk this morning that are of interest to Sarasota home buyers.

1) Sarasota was named by the Editors of "Relocate America!" in their annual Top 100 places to relocate. The winners are picked based on the towns own submission of what makes their town special, and demographic information such as schools, business, environmental awareness and amenities.

2) Siesta Key Beach, arguably a Sarasota Buyer Agent's best selling point, was named 2nd runner up in Dr. Stephen P. Leatherman's annual "Top Beaches in America" list. Not that this comes as ANY surprise to us, and the fact that a Hawaiian beach just barely beat us out is well, quite flattering.

3) Across the nation, the housing sales number that remains quite strong is the luxury housing market. Sarasota certainly is a testament to that, with multi-million dollar home sales flourishing.

Even if you aren't a luxury home buyer, Sarasota real estate is a steal right now. Given the accolades our little town continues to receive, our strong numbers of late indicate that all is well in paradise - now is a great time to get your bargain and begin to enjoy the lifestyle everyone is talking about.  

List Price of Short Sales Often Misleading

It happens every day.

I receive a call from someone searching for a home or condo in Sarasota. They have found what seems to be an incredible opportunity - every other unit is $300K, this one is $150K!

Invariably, it is listed as a short sale.

Now, I am not claiming to be an expert in short sales. To be honest, I don't seek them out. The simple reason is, I have not found them to be an opportunity for my buyers. Ok, ok, I will admit that if someone has the time, patience and inrtestinal fortitude to wait out the lenders, they may get a deal.

Maybe.

The list price of a short sale is rarely reflective, I have found, of what the bank will actually take. I am not blaming listing agents, they are often given no guidance as to the reality of a list price. The bank will not even comment until an offer is made.

But even I can figure out if there are two mortgages on the home for $350K, and the home is listed at $150K, that there is little chance of a full price offer being accepted. Explaining that to a buyer, however, is difficult. They see the price. Given the market, they want to offer even less than list. They don't understand why they have to wait 2 months (likely for a much higher counter offer, not an acceptance). Even those willing to offer "full list price" are shocked when the banks return a counter of $75,000 higher. But they shouldnt be.

By definition, a short sale indicates the bank will get less than is owed on the home. This has occurred, in large part, to the banks originally allowing too-high mortgages on homes that were artificially inflated in value. I am not here to condemn anyones practices, I am simply pointing out that if the Seller bought high, and has a mortgage to reflect the height of the market - the current market cannot possibly support the amount owed on the home. If it is a smaller amount, fine. Hundreds of thousands of dollars? Houston, we have a problem. The common statement "The banks are desperate, they will take anything I offer" is simply not true.

For me, the far better opportunity lies in the fantastic deals in the general market. With ample inventories and lower prices, buyers have more bargaining power with a Seller who purchased over 5 years ago than they ever will with a bank.

Why is Sarasota Different?

Although Sarasota has been impacted by the downturn in the housing market like everyone else, report after report has come out over the last 12 months citing that Sarasota is a bright spot in an otherwise dismal outlook. Our sales are up, our pending sales are strong and many buyer agents in town, myself included , can speak to greatly increased sales volume. As a matter of fact, the last 6 months has been remarkable for me.

Which led a customer of mine to ask, why is Sarasota different?

I suppose I could expound on how beautiful it is here. Situated on the emerald waters of the southern Gulf Coast, there is water everywhere! Breathtaking views from many places in this city might explain the draw and continued buyers...

Or perhaps its the fact that Sarasota remains a small town with big city amenities. Looking at a list of the cultural venues and events, 5 star dining, art galleries and museums, one might assume a city like Miami or Tampa. But instead we are a small community, where running into people you know is commonplace, and we still hold parades right down a quaint Main Street.

While the water, and our world famous white sand beach draw tourists and retirees, we are far from only a resort or retirement town. Our median age is 42.5 years, and the most prevelant demographic are young families. This has translated to one of the best school systems in Florida, with many of our schools being recognized as top schools in the nation.

Don't think living at a beach town is for you? Sarasota real estate offers a vibrant urban downtown, thriving golf communities, equestrian acreage and ranches, and beautfiul subdivisions. Sarasota can cater to nearly any lifestyle while still being within 20 minutes of beaches, boating and city-life.

Perhaps the most driving force is in the people themselves- we Sarasotans love our home. We brag, alot. We cannot imagine living elsewhere and this translates into an infectious enthusiasm a home buyer cannot miss.

Why is Sarasota different? The reasons are many and this article doesn't do it justice. We invite you to come take a look!  

Buying Sarasota As-Is Properties

In a market with ample inventory, there are many homes on the market being sold "as-is". Buyers often are averse to viewing or purchasing an "as-is" property, fearing something drastically wrong with the house that the Seller is trying to conceal. However,"as-is" homes are often great purchases with very minor work needed.

Traditionally, a home seller might be responsible for a certain percentage of the repairs needed to the home as determined by a licensed inspector. Sellers are more and more selling the home "as-is" to avert the possibility of unexpectedly paying for repairs out of pocket - but often will ask a lower price in return. In this market, we also see a seller afraid of a Buyer nickle-and-diming, when they already have so little money coming to them after closing.

Common misconceptions include the fear that the "as-is" home is a handyman special, in need of massive repair. This is rarely true, and generally handyman properties are identified right up front.

Buyers are protected in several ways. Sellers provide a signed Sellers Property Disclosure to prospective Buyers. The Seller is required to disclose any known material problem - roof issues, plumbing leaks, proposed land use changes, or a broken security system, for instance. In areas ranging from interior to exterior, heating/cooling, age of appliances, and homeowner association rules, Sellers relate their knowledge to prospects so that they might make an informed buying decision.

Buyers should always insist on a home inspection. No exceptions. I am sometimes surprised at those folks willing to forgo the process, but not with this agent!

As a Buyer's Agent, I recommend writing a contract "As-Is with Right To Inspect". Buyers can essentially get a "free look" at the property, and if a licensed inspector determines that the repairs needed exceed their pain threshhold, the Buyer has the right to cancel the contract and get his deposit back. This process allows the Seller to refrain from being responsible for any repairs, but also affords the Buyer protection that they are not locked into a contract if a serious issue is found.

It is important to note that a Seller is never responsible for aesthetic improvements - a new paint job, for instance. Conversely, a Buyer cannot use expected aesthetic costs as a basis for "needed repairs". But the Buyer will be protected from major issues with the home not readily noticeable to the untrained eye.

For more information on working with a Buyer's Agent who can walk you through an "as-is" purchase, feel free to email me.

Sarasota Buyer Agents

You are driving around, looking at properties. You see a great home, in a great neighborhood. Excited to see inside, you dial the number on the sign out front...

But WAIT. The listing agent on the sign likely represents the Seller's interest, not yours. Their job is to sell the home with the most advantageous terms for their Seller. It is critical that you have someone on your side, to represent your interests and negotiate the best deal for YOU.

A Buyer's Agent specializes in the interest of the home buyer! 

In Sarasota, many agents act as "Transaction Brokers", meaning they can handle both sides of the deal. While they are ethically bound to deal honestly and fairly with you, they do not solely represent you.

Buyer´s Agents represent ONLY their Buyers. True Real Estate Agents are buyer agents. I do not list property. I am not trying to put you in a specific home or listing, or push a certain property. I will focus on finding the right home, negotiating the best price, and obtaining the best terms for your purchase.

Do you pay commission to a Buyer Agent? NO! As a home buyer, you do not pay our commission- it is paid by the Seller. Therefore, it costs you nothing to see what a difference a dedicated BUYER AGENT makes.

From first search to final close, a True Real Estate Buyer's Agent is by your side, and respresenting only your best interests. There simply is no better way to purchase Sarasota real estate!  

Ready to get started? Email me!

Siesta Key Real Estate - Top 10 Deals

I do not list properties, and these are not my company's listings. I have no incentive to push these properties, except that in my opinion, they represent some of the best deals on Siesta Key this week. If you need a professional Siesta Key Buyer Agent, who represents your interests 100%, I would love to assist you.

RESIDENTIAL - SINGLE FAMILY

$347,000 - 5212 Calle de Costa Rica Street - Updated 3BR home, beautiful landscaping, walk to beach - ~900 sq.ft

$349,000 - 636 Calle de Peru - Adorable cottage, walk to Siesta Beach or Village. 2BR /1 Ba

$399,900 - 5255 Winding Way - Canopy street, so close to Siesta Key Beach. 3 Br/2 BA plus efficiency apt. 1300+ sq. ft 

$459,900 - 5159 Oakmont Place - Needs TLC, but great large family home. 3 BR/ 2BA POOL. 1900+ sq. ft.

$549,900 - 508 Treasure Boat Way - Updated, bamboo flooring, large yard. 3 BR/ 2 BA POOL. 2200+ sq.ft

CONDOMINIUM

$247,500 - 4822 Ocean Blvd #4E - Gulf front views, turnkey furnished large 1 BR. 800+ sq. ft.

$325,000 - 6157 Midnight Pass Road #E 52 - Turnkey, classy unit, tropical pool. 2 Br, 1100+ sq. ft.

$379,000 - 1250 N. Portofino Drive #M307 - Updated spectacular 2 BR unit, intracoastal views. Deep sailboat water.

$399,900 - 8635 Midnight Pass Road # 307C - Full bay views, private cabana, turnkey 2 BR. 1100+ sq. ft

$475,000 - 1103 Lake House Circle #C-107 - Across from Siesta Beach, turnkey 2BR with garage, over 1300 sq. ft!

Longboat Key Real Estate - Top Ten Deals

I am a Buyer Agent. I represent ONLY buyers, and I keep a close eye on the deals and bargains available for them.

I do not list properties, and these are not my company's listings. I have no incentive to push these properties, except that in my opinion, they represent some of the best deals on Longboat Key this week. If you need a professional Longboat Key Buyer Agent, who represents your interests 100%, I would love to assist you.

RESIDENTIAL - SINGLE FAMILY

$325,000 - 740 Longboat Court - Priced at lot value, secluded and charming. 3 BR /2 Ba, 1000+ sq ft

$445,000 - 660 Fox Street - Located in the historic village of Longboat Key. 2BR/2BA, 1500+ sq. ft.

$484,900 - 549 St. Judes Drive - Remodeled and 150 feet to a private beach. 3BR/2BA, 1400+ sq ft

$489,000 - 700 Russell Street - Totally updated and turnkey furnished. 3 or 4 BR/ 2Ba, 1800+ sq. ft. POOL.

$750,000 - 7180 Gulf of Mexico Drive - Canal front, beach and boating. 3BR / 3BA, 2500+ Sq. ft, POOL

CONDOMINIUM 

$249,000 - 3808 Gulf of Mexico Drive - On the Bay, 2BR /2BA, needs updating, 1000+ sq. ft

$299,900 - 741 North Spanish Drive #30 - 55+ Turnkey furnished, steps to the pool, bay views. 2Br/2BA, 1600+ sq. ft

$449,000 - 1930 Harbourside Drive, Unit #131 -Beautiful Bay views, full amenities, 2BR / 2BA, 1400+ sq. ft

$499,000 - 5260 Gulf of Mexico Drive, #404, 3 BR /3BA furnished, Gulf to Bay complex, 1400+ sq. ft. 

$699,000 - 1701 Gulf of Mexico Drive #4D, Designer turnkey furnished, 2 master suites, 2 BR/ 2BA, 1500+ sq. ft.  

Sarasota is Affordable, But Not Free

I am a Buyer's Agent.

I work HARD to get my buyers a great deal. I am constantly searching out the best deals I can locate, and sending updates to buyers and investors. Although this is hard to believe, 2 years ago I actually told customers NOT to buy for investment, as it appeared the prices would drop.

But this market has resulted in buyers that have been misled...led to think 

* That a down market means they can buy a $500,000 house for $100,000 (they can't)

* That a bank will take "any offer" on a foreclosure  (they won't)

* That every home on the market is "overpriced" (it's not)

Absolutely, there are some great deals out there.

But a 3 Bedroom pool home, completely upgraded, close to the beach with a 3 car garage - does not exist for $150,000. No matter how many searches I perform, this property is not going to appear. It just isnt. Because even in a down market, Sarasota homes have value - this is a great place to live, work and visit. The latest numbers show the strongest sales month in years, and strong pending sales numbers. Neither of these indicate the prices falling.

Sarasota offers a thriving, beautiful community on the Gulf of Mexico. We have culture, 5 star dining, theater and arts. We have boating and fishing, year round events, great schools, and abundant sunshine. This is a highly desirable place to be, and it is the best time in recent memory to get your home for a fantastic price.

I work with buyers everyday. But they have been misled, and I worry about them.

I fear that they will miss great opportunities which exist in reality, while waiting for the "deals" which will likely never materialize. 

Siesta Key Real Estate - Really, It's Time - Buy Now

I know, the title sounds a bit pushy. Throughout my real estate career, I have resisted the "used car salesman" approach to sales. I have always adopted the policy that if I simply show Siesta Key, people will buy without the hard sell. But over the last 18-24 months, as has been the case around the country, the Siesta Key market has slowed considerably. While prices dropped, buyers waited to see just how low they would go. Many still wait.

But many buyers are buying. Which means one thing. As soon as enough buyers buy, prices will not go lower. As soon as inventory begins to level off, the deals will be gone.  

Last week, the Sarasota Board of Realtors announced that February 2008 was our best month in years, with Sarasota/Siesta Key sales up 28%...BUYERS ARE BUYING.

There are still deals on the Key. But the GREAT deals are disappearing to savvy buyers and investors. For those looking to purchase their retirement home in the next 5 years, now is the time. For  those who always dreamed of a condo the beach, now is the time. If you havent looked at the prices lately, you will be floored. But this isn't going to last.

Siesta Key has the added bonus of having a huge tourist influx every year. During season, you can get substantial cash by renting out your home. Many have experienced that money being enough to pay for the expenses of the home for the rest of the year.

Have dreams of the beach? Take another look at Siesta Key and grab your dream before the opportunity is no more...

Regina Brassil is an exclusive Buyer Agent in Sarasota and Siesta Key, Florida.

Send your Investors to Sarasota!

Siesta and Lido Keys, specifically.

This season, I had the opportunity to work with two renters, not my usual forte. As I searched for properties for them to lease for a month vacation, I was astounded at the ever climbing rental rates for homes and condos during season.

A modest home on the Keys rents for $3000/month. There are virtually no properties for rent under $2500, regardless of size or condition.

And the nicer homes or beachfront condos? They are commanding anywhere from $4000 per month up to $9000 per month. Keep in mind, season is generally about 5 months long...

With prices at incredibly low rates, a buyer with cash and no mortgage to cover can pick up a place and have the potential for $20,000 or more rental income. Fact is, there are few vacancies on the Keys from Thanksgiving until Easter. The nicer the place, the rental income soars. And these days, owners are reporting rentals year round, if they want them.

If your investors are looking to retire within the next 5-10 years, buying now and enjoying income while awaiting their own arrival is a great way to go.