Sarasota Waterfront Homes

I spent the day jetskiing off Sarasota, Siesta Key, Lido Key, Longboat Key and up to Bradenton. You appreciate the beauty of these waterfront homes when viewing them from the water. Please call me if you are looking to purchase Sarasota waterfront real estate.

Appraisal problems in the hot Sarasota real estate market

My clients closed on a gorgeous home today in Sarasota. At the time of the offer, we were competing with other buyers and bid the home up about 5% over list price. In this hot market where multiple offers are common it is possible for a home not to appraise at the sales price. This usually occurs because there are no good comparable sales in the area. My buyers were required to put a little bit more money down. Remember, an appraisal is one person's opinion of value. It can be debated and a second opinion/appraisal can be obtained.

Waterfront Homes - Multiple offers

A client of mine wrote an offer yesterday for a $1,499,000 waterfront home. There was another offer on the property as well. Fortunately, our offer was accepted. The demand for real estate stays strong, especially waterfront homes.

13 Riskiest Real Estate Market - Sarasota, Florida is not on the list

Off the list

You’ll be glad to read the Kiplinger’s Personal Finance list of the nation’s 13 riskiest housing markets and see that Sarasota-Bradenton-Charlotte is not on it.

“Soaring prices and the emergence of a generation of wet-behind-the-ears real estate investors stoke fears that the boom is turning into a bubble that will burst,” says the report, released this afternoon.

“Another reason for concern: the growing number of houses bought as investments: nearly one-fourth of purchases over the past year were investments, and they’re concentrated in a few markets. ”

Here’s the list, with the probability of a decline in prices over the next two years rated as a percentage:1. Boston, 53 percent (the area has lost 200,000 jobs since 2000 and home prices remain high); 2. Los Angeles, 40 percent; 3. San Francisco, 40 percent; 4. Sacramento, Calif., 40 percent; 5. Providence, R.I., 39 percent (no population or job growth); 6. Detroit, 38 percent (auto sales are awful); 7. New York City, 31 percent; 8. Minneapolis-St. Paul, 25 percent; 9. Fort Lauderdale, 23 percent; 10. Denver, 21 percent; 11. Washington, D.C., 19 percent; 12. Miami, 18 percent; 13. Tampa-St. Petersburg, 14 percent.

The problem in the Florida markets, says Kiplinger’s, is that investors are jacking up prices to the point retirees can’t afford them.

From the Sarasota Herald Tribune:
http://www.sarasotaherald.com/apps/pbcs.dll/section?category=BLOG12

Investors are not the only ones making the prices go higher. Retirees and people planning on retiring in the next few years are also big buyers in this market.

Sarasota Waterfront Condos

Triple threat

Larger waterfront condos pushing $1,000 a square foot
BY DOROTHY STOCKBRIDGE-PRATT

SARASOTA -- Drop-dead views attract home buyers to certain properties, but the prices still have to be competitive.

"Buyers are very savvy today. Realtors have to do the research," said Candy Swick, owner of the real estate company that bears her name. "You need a reality check of price per square foot and new versus old."

Being one of a kind also counts.

A 19th-floor "triple" penthouse of 5,505 square feet, listed for $6.9 million, has raised some eyebrows in the Realtor community. That would be a record sale for the 23-year-old Condominium on the Bay, better known as 888 Boulevard of the Arts, and its sister building, 988. That works out to about $1,250 per square floor for the panoramic views of downtown, Golden Gate Point, Sarasota Bay and the keys beyond, and even a northerly bay view. The water views are unobstructed.

"Nothing compares to this. The views are gorgeous and you have plenty of room for guest and maid/caretaker quarters," said Margie Maltbie of T. Dolly Young Real Estate of Holmes Beach. Her virtual-tour listing boasts of a woodburning fireplace, marble/stone floors, porch/balconies and the 888 amenities of gated security, heated pool and boat facilities.

The curving 888 and 988 buildings were a tough sell in the early 1980s when real estate was sluggish and Bay Plaza also was competing for condominium buyers. The recent hot downtown and waterfront market has changed that.

Read the rest of the article here:
http://www.sarasotaherald.com/apps/pbcs.dll/article?AID=/20050710/REALESTATE/507100484/1201

real estate along the Manatee River

Development marches up the Manatee River
By TOM ARTHUR
tom.arthur@heraldtribune.com

MANATEE COUNTY -- Thirty years on the Manatee River have taught Mark Stukey a thing or two about the wildlife along the waterfront.

On still nights, he can hear the cry of coyotes in woods across the river from his home.But he also knows their existence is threatened by the hundreds of homes being built along what is some of the last undeveloped waterfront property in Manatee and Sarasota counties.

The growth is already changing the look and feel of the river, and some fear it could affect the entire ecosystem.

When bulldozers cleared land for a housing development, wild boars dashed across Stukey's property and onto Upper Manatee River Road, where some were struck by cars.

When heavy rains fall, the river swells much more quickly than it once did, a sign that more storm water is being funneled into it with each passing year.

Like many people who live along the river, Stukey is alarmed by the growing number of rooftops jutting over the tree line."They've got to stop," he said. "They can't be putting houses on every square inch."

But that's exactly what is happening, even east of Interstate 75, where less than a decade ago a mobile home park was the only development along the river.

Over the years, thousands of homes have gone up in developments such as River Wilderness, River Woods, Twin River and Waterlefe.

A half-dozen proposed developments along the upper reaches of the river are approved or pending approval by county planners.

If built as proposed, it will add another 1,000 homes.A proposed bridge across the river at Fort Hamer Road and a planned high school nearby will drastically alter the character of what has been a favorite swimming hole for generations of Manatee County residents.

The frenzy to build is being fueled by a number of factors. The land is zoned for multi-unit developments, and the river offers a short boat trip to the Gulf for boaters.

"People love the water," said Tina Underwood, a Realtor with Re/Max properties. "And they love their boats. That's what people come to Florida for."

All of the attention from developers is driving up the asking prices.Underwood has listed a small waterfront home on a half-acre for $1.8 million. The current owners paid $107,000 seven years ago.

See the rest of the article here:http://www.sarasotaherald.com/apps/pbcs.dll/article?AID=/20050710/NEWS/50710007

Lakewood Ranch real estate

San Marco Plaza to offer bit of Italy

By TOM ARTHUR
tom.arthur@heraldtribune.com

LAKEWOOD RANCH -- Lakewood Ranch is about to get another jolt of commercial development.

San Marco Plaza, a 65,000-square-foot complex reminiscent of St. Mark's Square in Venice, Italy, will break ground next week and could be open by early 2006.

It will be within walking distance of the 198,000-square-foot Main Street district set to open in November.Added together, the two developments will offer several new restaurants and theaters, and dozens of upscale shops to Lakewood Ranch.

The $9.5 million San Marco Plaza will have the architectural feel of Venice, Italy, and will feature a dinner theater and have a seven-story clock tower as its focal point.A grassy area will slope to a pond. Canopies, patios and open balconies will create a courtyard.

"It's much more than just a shopping environment," said Karen Cook, a leasing and sales agent at Michael Saunders & Co. "People can walk their dogs, get a cup of coffee and sit out in the grassy area.

"The two complexes are expected to draw customers from well beyond Lakewood Ranch, where 5,500 homes have been built since its opening 10 years ago.

See the rest of the article at:

http://www.sarasotaherald.com/apps/pbcs.dll/article?AID=/20050709/NEWS/507090480

Real estate in Sarasota

Call me if you are interested in real estate in Sarasota.

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