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Single Family Homes of Sarasota

by Roger Pettingell

Longboat Key and Sarasota Communities

Discover Waterfront Luxury Single Family Homes Here

These four communities on Longboat Key, Florida are reviewed here.
Read about these Longboat Key communities today.

The last two weeks I wrote about condominium communities on Longboat Key and in Sarasota, where we have a great amount of information on our website with comparative market analysis (CMA) reports, some dating back to 2008. Today I will review the single family home communities in the area. The market is strong here on Longboat Key. According to the online company Zillow, home values here have increased 9.3 percent over the last year, to a median price of $593,500.

There are four communities on Longboat Key that I offer for review today as all have monthly CMAs on this website. The furthest north is Queens Harbour on Sarasota Bay and Buttonwood Bayou. This community is behind the manned guard gates of Bay Isles north, accessible by the nearest Publix and CVS on the island. Pay attention to the roads on Queens Harbour as they are all marked as Fair Oaks; that is Fair Oaks lane, place and court. The fourth hole on the award winning Harbourside Golf Course of the Longboat Key Club skims the edge of the community. Built in the 1990s, these homes were built for luxury living with low maintenance. Many of these homes are constructed with private swimming pools and have floor plans up to 4,000 square feet. Residents have access to Bay Isles Beach Club, with its own tennis courts and swimming pool. Deep water access to Sarasota Bay is nearby. In the last year I’ve seen homes sell from $293 to $518 per square foot, a good value for these homes.

The golf course connects with nearby Corey’s Landing and similarly priced homes. In this community you will find homes on Mistletoe, Byron and Fair Oaks lanes. Both of these sister communities are behind manned gates and second security gate accessible by privileged owners. Even if you don’t play golf, the lush fairways and greens create a nice backdrop for a leisure drive to your home. Homeowners have access to the same amenities as in Queens Harbour with plenty of opportunities for tennis, swimming and recreational boating through deeded access to the private Bay Isles Beach Club.

This home at 602 South Owl Drive on Bird Key is a single family home for sale.
This home at 602 South Owl Drive on Bird Key is a single family home for sale.

Looking for a larger home on the bay or a canal, then the Harbour Section of Bay Isles might give you a good selection for a luxury single family home lifestyle. Homes here have been purchased in the last year with over 5,000 square feet of living space. Access to Bay Isles is protected through the south Bay Isles manned security gate. Nearly all of the 67 homes in the Harbour Section are nicely laid out with a good boat slip on a deep water channel. A private pool adorns each home, and deeded access to the Bay Isles Beach Club is a privilege of homeowners in this community.

Country Club Shores, one of the largest single family home communities on Longboat Key, incorporated in 1955 and quickly grew in the 1960s through five different developments. Canals carved out of the Sarasota Bay side of Longboat Key form a series of parallel waterways, with waterfront homes starting with maritime names such as Sloop Lane to the south and Spinnaker Lane to the north. Bogey Lane continues this community and runs parallel to the Gulf of Mexico Drive, with access to finger canals behind the homes of roads that start at Halyard Lane on the south and finish with Putter Lane on the north. Look into Country Club Shores for its variety of homes, heading upward in price the closer your home is on any of the canals that reach out to the Bay. If any of the homes do not fit your lifestyle, there are vacant lots available to build your dream luxury home.

Bird Key and Harbor Acres in Sarasota, Florida are reviewed here.

Off Longboat Key, heading toward Sarasota on John Ringling Causeway is the good-sized community of Bird Key with approximately 250 acres of pristine properties, laid out with a pattern of canals that criss-cross the island. This historical community dates back to the 1920s with one homeowner, the nephew of circus magnate John Ringling. It wasn’t until 1960 that home development was started by the Arvida Corporation. Today the multi-million dollar luxury market for homes is strong, and inhabited by the famous and wealthy. Owners have access to the Bird Key Yacht Club, an exclusive club with amenities and boat slips for its members. Still, hidden gems and vacant lots open up Bird Key to more modest lifestyles. In the last 12 months homes have sold for as little as $219 per square foot, a bargain for Bird Key. That compares to $142, the average per square foot in the Sarasota metro region, according to Zillow.

Monthly CMAs back to October of 2012 are available for the single family residence community of Harbor Acres in Sarasota. Canal and bayfront homes constructed in the 1940s give this neighborhood its charm. Boaters will love the quick access to the Gulf of Mexico. Some of the 166 homes have been modernized, while others offer their old heritage and lifestyle of living in Sarasota. Your next door neighbor could own a lot two acres in size, while historic mansions connect its citizens to Sarasota’s past. This community is close to the cultural arts of downtown and to the shopping district on the south edge of town in this area "West of the Trail" or west of Tamiami Trail, route 41.

The average home sale in Harbor Acres within the last year was $1,817,447. The CMAs on our website can give you an idea of how much your home might be worth. While on the page for each community, click on the link to view homes that are for current sale there. Please call me at (941) 387-1840 to discuss your home sale or to buy within Harbor Acres, Sarasota or Longboat Key.

Condominiums off Longboat Key

by Roger Pettingell

Condominiums off Longboat Key in Sarasota

Luxury at the Ritz-Carlton Beach and Tower Residences

Comparative Market Analysis reports are available back to 2008 in some communities
Ritz-Carlton - Puttin' on the Ritz, 3.43 miles apart.

Last week I focused on the condominiums that line the shores of Longboat Key, and that there are comparative market analysis (CMA) histories on my website. The two luxury residences off Longboat Key are in The Ritz-Carlton chain, branded for its elegance. The Ritz-Carlton chain is offered in 16 states and available on four of the seven continents worldwide. On-site are meeting rooms and hall for the most elegant of wedding receptions.

Privileged owners in the Tower Residences on 35 Watergate Drive in Sarasota can attest to its luxurious suites and top of the line amenities. Ownership in any of the 50 units provides a path to membership in the exclusive Ritz-Carlton club.

The Ritz-Carlton Sarasota hotel is gracefully designed to flow with the design of the Tower Residences and is considered a tier 2 hotel in the chain. Members of Marriott rewards can redeem their points for a stay in any of the 266 rooms, each with private balconies. Four restaurants offer a range of casual to fine dining experiences. The Jack Dusty restaurant is a favorite among locals. A Jack Dusty is a term for an eighteenth century naval store clerk, now symbolizing a casual experience for gatherings. Owners and guests have access to three lighted tennis courts, full-service salon and an 18-hole championship golf course. Swimming pools are onsite at both the Tower Residences and the hotel.

CMAs are available for the Ritz-Carlton Tower Residences
Spectacular view from Ritz-Carlton Tower Residences overlooking downtown Sarasota.

The 24-hour concierge service will grant you your wish of downtown restaurant locations, including Marina Jack across the street. The Ritz-Carlton is in a great location to explore the nightlife and cultural arts of Sarasota including opera, ballet, pops and symphonies. In the winter you can expect a high quality performance daily in the Van Wezel Performing Arts Hall, also within walking distance.

Within the last year units have sold starting at $361 per square foot to $691 per square foot, with an average of $526. Inventory is available, call our office to see some of the offerings in the Tower Residences.

Catch a sunset from your balcony that overlooks Sarasota Bay and the John Ringling Causeway bridge that connects the mainland to St. Armand’s Circle, Lido Key and Longboat Key. Club members also have access to the Beach Residences, a short drive just under three and half miles on Lido Key. I can set you up with a residence in the Ritz-Carlton Beach Residences. With 88 units on sandy white beaches, the Beach Residences on Lido Key rightly serves as the Member's Beach Club of the Ritz–Carlton Beach Residences. There are 88 units on the Gulf of Mexico at the Beach Residences. Ted Sperling Park across Benjamin Franklin Drive offers a great amount of relaxation among the mangrove trees and is a great location for kayaking among 100 acres of nature preserve.

Ritz-Carlton Beach Residences
Ritz-Carlton Beach Residences units for sale.

With its location right on the beach, these condominiums are generating more per square foot than the Ritz-Carlton counterpart in Sarasota. In the last year, the range for sales was $515 to $945 per square foot, an average sale price of $649. Residences are available, I can arrange for a showing. The building itself has 400 feet of white sand beaches and offered in floor plans up to 5,200 square feet. Walk in to the Beach Residences and you will be exposed to the elegance of the Ritz-Carlton including social room and bar with a fireplace. Monthly CMAs for these units date back to November of 2009 and are only a click away.

Real Estate in Sarasota County

by Roger Pettingell

Condominiums on Longboat Key

Series on luxury homes in Longboat Key and Sarasota

Overlooking the beautiful water of Sarasota Bay and the Harbourside golf course, this Grand Bay Antigua for sale has much to offer.
Grand Bay - Overlooking the beautiful water of Sarasota Bay and the Harbourside golf course, this Antigua for sale has much to offer.

I started out selling for the Arvida Corporation in the 1980s when there was a big push for condominiums on Longboat Key and in Sarasota. Some of the best communities were started at and around these magnificent buildings. Amenities were planned for social interaction, relaxation, security and fitness. Over the years I’ve followed pricing and luxuries of each, and have been compiling Comparative Market Analysis reports on many for over 20 years. I would like to share some information about these communities.

First, I think it is important to share some thoughts on why many of my buyers tell me why they like this style of life. I can start with cost. Compared with single family homes, condominium buyers will typically pay less per square foot. For instance, in the last 12 months I’ve sold 65% of the total listings at Grand Bay condominiums. Of those that weren’t special units such as penthouse suites, they closed between $300-400 per square foot. These are good prices for the sellers. Another single family home I sold in Paradise Shores recently sold for $485 per square foot.

Buyers of condominiums enjoy other benefits. Their maintenance fees cover many amenities that might not be attainable if purchased by themselves. Pool and spa maintenance, 24-hour security, tennis and golf fees are just some of the luxuries enjoyed by condominium owners. With many of these buildings located on the beach in Longboat Key, direct access to the powdery white sand is important.

Expect such amenities as a well maintained pool such as the one at Beachplace.
Condominiums offer well-maintained pools and spas, such as the one at Beachplace.

While single family residence home owners might appreciate some separation from the community, condominium owners embrace social sharing and plan gatherings together near a pool of social media room. So, where do they want to locate when looking for a condominium? It’s easy to see why many would want to live in Sarasota or Longboat Key. There is everything from arts, dining, recreation or the simple life associated with reading a good book on the beach while dolphins play in the vast waters of the Gulf. There is a resurgence of condominium development this year on Longboat Key, and I will provide updates here on their progress. My purpose today is to provide insight into existing communities.

There are 12 condominium communities in the area that I have CMAs listed on this website, some back to 2008. All would easily be considered luxury waterfront properties by any classification. They also are all close to shopping areas in Sarasota and dining on St. Armand’s circle. Each has a pool and other features mentioned above.

Grand Bay is the furthest north on Longboat Key on the east Sarasota Bay side of the island. Many of the 271 units built between 1994 and 1999 have been updated for a modern lifestyle. The largest Antigua floor plans have 2,925 square feet of floor space.

Comparative Market Analysis reports are available for the communities discussed today.
CMAs are available for these communities.

Down the Gulf of Mexico side there are string of condominiums, eight of which I have CMAs for past years leading up to those in August of this year. The northernmost is the Vizcaya, an exclusive community for the very affluent with prices over $900 per square foot.

Southbound on Gulf of Mexico Drive is Seaplace, less expensive per square foot. Buyers can look there for condominiums in the $300-500 square foot range, depending on the building. The amenities are still great for those seeking a luxury unit, despite the lower cost.

The Water Club, on the right as you continue down Longboat Key, has 172 units in two towers built in 1996 and 1999. Priced between those in the Vizcaya and Seaplace, there are currently three residences ready for a new owner. The Water Club is also the first in a line of communities within a mile of each other on the southern tip of Longboat Key, the first of which is the Promenade with prices comparable to the Water Club. The inventory is currently low on these units, but has a good range of sizes from 1,500 to 3,000 square feet.

In contrast, its neighbor to the south, Beachplace, has a good inventory and all priced under $1 million among 11 buildings. The grounds are well laid out with tennis courts, pool and direct beach access.

The next three communities reside off the main Gulf of Mexico Drive, on or near the private Longboat Club Road that is maintained with 24-hour security through two access gates. The famous Longboat Key Club golf course runs parallel between these two roads. The first, Regent Place has two towers on the beach and is a rare find for a condominium to be sold here. In fact, only two have been sold in the last two years.

The Sanctuary is where you can find a good value, as there is something in most price ranges among the five buildings. It has a nice size pool, tennis courts and is close to Longboat Key Club main golf course from any of its 181 units. Expect a great sunset on the beach at the Sanctuary.

L'Ambiance, or atmosphere in French
L'Ambiance - The French word for atmosphere is appropriate for this community on the Gulf side. This spacious unit with over 2,800 square feet of living space I sold this year for $2 million.

L'Ambiance, from the French meaning for atmosphere, is the furthest south on Longboat Key. Some residences in L’Ambiance cover up to 5,170 square feet that include terraces. The 190 units and community here were built in 1990 and recently modernized to include more amenities for its privileged owners. Residences here are more pricey, but well worth the wait to find an excellent value.

Across Gulf of Mexico Drive near our offices of Coldwell Banker is Tangerine Bay on the southeastern edge of Longboat Key. Here 10 buildings surround a man-made lagoon aptly named for its community. In the center is lush landscaping, clubhouse and main pool. Prices here priced in the $300-400 per square foot range. Considering the amenities, this is an excellent value but the inventory is low.

There are other condominium communities worth considering on Longboat Key. Call my office at (941) 387-1840 and I will be glad to locate a good community for your lifestyle and budget. With my years of experience on the island I can also find a good buyer to sell your residence. Next week I will continue with the second half of the series. Look for my blog as I head off the island for more luxury waterfront condominiums in the area including the Ritz-Carlton on the mainland of Sarasota and its Beach Residences on Lido Key.

Advantages of Paying Cash

by Roger Pettingell

Cash Deals Dominate Area Home Sales

65% of Sales in Sarasota Are Made Without a Mortgage

Buyers might want to use cash to buy this view at Grand Bay #151
Cash Deals - Buyers might want to use cash to purchase this view at a new listing, Grand Bay #151.

When I talk to buyers for the first time they generally tell me they have accumulated a sizeable amount of assets and are looking to the Sarasota area to retire or establish a second residence for the winter. In either scenario they don’t want to add any debt. That is why 65 percent of home buyers here paid with cash in the first quarter of 2014, Realty Trac puts the national figure at 42.7 percent.

In many ways it is with good reason that this area is good for cash purchases. Remaining debt free in retirement years is a great goal. For ease of mind you also have full instant equity in your home without a bank loan hovering over your head.

With cash you can avoid the costs associated with the loan process, so your purchase is less expensive. Look at any Good Faith Estimate from the bank and you will see that the fees add up. Appraisal costs, title insurance, and mortgage application fees can costs thousands of dollars. And in many cases, banks will require Private Mortgage Insurance, which is added above the monthly payment amount to ensure that the bank does not have a bad loan. PMI is charged whether you have good credit or not.

Cash buyers also avoid bank requirements for home owner insurance. Although we received a legislative reprieve for some of the increases in flood insurance, these insurance costs can be quite expensive. Insurance then becomes a personal preference.

It also might go without saying that sellers may accept less money for an offer if they know a cash deal is in the works. Adding a third party, in this the case the bank, has the potential for tying up the closing process and sellers know this. Sellers also know the deal has a better of chance of falling apart so they welcome a cash deal more.

We also see that many international buyers will insist on cash deals. Foreign investors are using their own cash to close home purchases at a rate of 70 percent. This is sometimes a cultural difference.

There are investment strategies that start out as a cash deal, then convert to a mortgage after the home is purchased. This simplifies the initial buying process with the advantages listed above and might get you into a home quicker. Since you have full equity in the property immediately, you can apply for a home equity loan after closing. This is helpful if the initial purchase drastically reduces your cash reserves or you have some remodeling projects to complete.

In the last six months, 80 percent of my clients have purchased or sold their homes through cash deals. The sellers of these new listings will also consider your offer with cash for these condominiums. Please feel free to call the office at (941) 387-1840 when you are ready to buy or sell property.

3060 Grand Bay, #151, Longboat Key $1,450,000 Video Photo Slideshow
1135 Gulf of Mexico Dr, #301, Longboat Key $749,000 Video Photo Slideshow
1064 N Tamiami Trail, #1227, Sarasota $279,000 Video Photo Slideshow

 

Sarasota real estate news

by Roger Pettingell

News Picked Up Over the Weekend

Sarasota Bay, Architecture, Real Estate Events and News

Beautiful sunrise over Sarasota Bay from the fifth floor of Grand Bay Building III
Time-lapse sunrise - Sarasota Bay from Grand Bay, #354 sold last week for $1,100,000.

I hope you had an enjoyable Labor Day holiday weekend. I’ve heard multiple times that this weekend signaled the end of summer. That’s funny, I thought it was an endless summer here.

This weekend was a good weekend to relax and get caught up on real estate news. What better way to start than with some good news from Harold Bubil, real estate editor of the Sarasota Herald-Tribune newspaper. Through his article on Sunday the Sarasota Architectural Foundation announced its introduction for a Sarasota MOD Weekend to be held October 9 through 12. It is a retreat for the architects of the world to discuss ideas and enjoy themselves here in our great city. It is the east coast version of the Palm Springs Modernism Week, in its tenth year with the fall preview to be held the same weekend as the MOD event here. The week-long winter celebration in Palm Springs starts February 12.

Lawrence Scarpa will present a keynote address on October 10 at Ringling College’s Academic Auditorium, followed by a dinner at Ca d’Zan. We can expect this city to be a showcase for modern architecture to the world’s elite architects. Scarpa’s topic for the keynote, “Experiential Transformations.” This celebration is another accolade for real estate in Sarasota and Manatee counties.

The Sarasota Bay Estuary Program recently completed a two-year analysis of the economic impact the bay has on our economy. The impact of water resources on these two counties totaled $11.8 billion. Those living on the waterfront of the bay are affected, and have an effect on real estate values. Tourism, jobs, recreation and property values pump a total of $57.9 billion into the regional economy. A healthy bay area is proving to be good for the state economy. This outlook is promoted by regional planners and building contractors who have a vision for the future, and it looks good. For an update of condominium construction in Sarasota and Longboat Key visit my blog two weeks ago.

As for upcoming events, I have 324 of them listed through August 2, 2015 on my web page devoted to festivals, arts and business lectures including the Sarasota MOD Weekend mentioned here.

I have a number of pending sales and sold homes that I recently had the pleasure of representing the buyers and sellers, which included these three below that closed just last week. I thank them for their confidence in me to sell their properties. Watch the beautiful time-lapse photography sunrise over Sarasota in the video of Grand Bay, #354. Please feel free to call the office at (941) 387-1840 when you are ready to buy or sell property.

1561 Blue Heron Dr, Sarasota $2,000,000 Video
3030 Grand Bay #354, Longboat Key $1,100,000 Video
3436 Mistletoe Lane, Longboat Key $1,000,000  

 

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Why Choose
Roger Pettingell?

Experience

  • Over 33 years as a top producing REALTOR® on Longboat Key and in Sarasota.

Achievements

  • Number 1 single Coldwell Banker agent in all of Florida for 2008, 2010, 2012, 2013, 2014, 2015, 2016 and 2017
  • Number 1 Realtor on Longboat Key and Bird Key for 2008, 2010, 2012, 2013, 2014, 2015, 2016, 2017 and 2018
  • Number 1 Realtor for all Sarasota in 2008, 2010, 2012, 2013, 2014, 2015, 2016, 2017 and 2018
  • Coldwell Banker Society of Excellence award in 2013, 2014 and 2016
  • Ranked among the top 250 agents in the country for 2014, 2016 and 2017 by REAL Trends as reported in the Wall Street Journal.

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About Roger Pettingell

Roger Pettingell of Coldwell Banker Residential Real Estate is your Longboat Key, Florida Luxury Real Estate Specialist. Roger provides his real estate expertise to sellers, investors, developers, and buyers in the Sarasota area including Anna Maria, Bird Key, Bradenton Beach, Casey Key, Cortez, Grand Bay, Holmes Beach, Longboat Key, Marina Bay, Osprey and Siesta Key. Search for homes, luxury homes, condominiums, investment property, development property, and vacant land and lots on the Longboat Key, Florida and the surrounding area.