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Summer home inventories for Sarasota

by Roger Pettingell

Unlisted properties and pre-listings

Available off-market properties as we prepare for peak selling season

The summer inventory and buyer market in REALTALK™ #209
Summer Inventory - Strategies for off-market listings are discussed in this REALTALK™ #209 video

When you move from the northern states it may take some time to adjust to the peak selling cycles here in Sarasota. As the snow melts and the grass begins to turn green might be the best time to list in the Midwest and Northeast states. But October to Easter are the hot sales months for the market in Florida. It is a simple concept, snowbirds that are here during the winter months have a desire to stay once they are exposed to what there is to offer in climate, entertainment and recreation under these sunny skies.

The summer allows us time to relax and to plan for the peak season. Before we know it, October is here and we start the daily routines of showings and listings. The inventory is low in August and with good reasons. Accumulating a high number of days on the market may be less appealing to potential buyers so sellers will take them off the market in order to reset the number of days to zero. These homes are still available as inventory, buyers may have to search a little harder or call a Realtor who likely has knowledge of these homes ready to sell. I discuss these strategies in REALTALK™ #209.

Some properties remain on the market. Sometimes they are listed in the summer because there may be a limited supply in a particular community. That’s an opportunity some sellers don’t want to pass up. There are buyers in the summer and unable to find anything in a neighborhood they like is discouraging. There are a variety of other reasons why sellers prefer to list their homes any time of the year. All are valid, and if attractive and priced right will offer a good home to a potential buyer.

We have listings that are available for sale that you will see reenter the market starting in the fall. We also have several new listings that are off the market now but poised to be listed in MLS soon. Please contact us at (941) 387-1840 to schedule a showing of these properties or to see the other residences in our inventory.

 
415 L'Ambiance Dr, PH-F

The stunning sunrise-to-sunset panoramic views offered at this designer penthouse residence are breathtaking! You will fall in love with the upgrades, elaborate terrace space and custom features at this 4,900+ SF beach home.
$7,495,000 - Click here for the video

415 L'Ambiance Dr, PH-F - Click here for the website
3010 Grand Bay Blvd, #461

This updated Antigua residence is a rare opportunity to enjoy a direct-bayfront lifestyle in designer luxury. Offering nearly 3,000 SF and a wraparound terrace, you will love the direct bay, golf course, downtown and marina views.
$1,895,000 - Click here for the video

Grand Bay 461 - Click here for the website
3531 Fair Oaks Lane

The treat of maintenance-free living behind secure club gates can be yours to immediately enjoy at this 4BR Queens Harbour residence. Cathedral ceilings, a neutral decor, lovely updates and lush lake views welcome you.
$1,295,000 - Click here for the video

3531 Fair Oaks Lane - Click here for the website
2675 Gulf of Mexico Dr, #103

Walk out directly from this beautiful 3BR beach getaway to enjoy pristine Gulf beach and azure waters. You will love the modified layout and open concept, tile flooring, impact windows/sliders, new kitchen, plus three designer baths.
$999,000 - Click here for the video

2675 Gulf of Mexico Dr, #103 - Click here for the website
3988 Losillias Drive, Sarasota

Relax in the backdrop of the private TPC Prestancia Golf & Social Club off the golf course fairway in this four-bedroom, 4,800+ SF dream home. Complete with three-car attached garage in this prestigious gated community.
$949,000

3988 Losillias Dr
3040 Grand Bay Blvd, #262

Panoramic 6th-floor direct bay views that stretch out to downtown and the Gulf of Mexico welcome you to this lovely 3BR residence. Relax the day away on the wraparound terrace and relish bay breezes.
$799,000

Grand Bay 262
1115 Gulf of Mexico Dr, #502

Fifth-floor views of tranquil lakes, fountains, the lush Beachplace community and reaching out to the Gulf of Mexico, that create a wonderful move-in ready environment at this 2BR residence, waiting for you to make it your own.
$519,000

1115 Gulf of Mexico Dr, #502 - Click here for the website

Home Showcase XXVII - New luxury listings

by Roger Pettingell

Homes deserving the luxury brand

Good range of new quality listings as we approach peak season

Coldwell Banker Global Luxury logo

I presented a strategy for new listings in the fall season in REALTALK™ #182 and in the Sarasota Herald-Tribune over the weekend. Now that we are approaching the “shoulder” season in which we carry more listings on the market, we are kicking into high gear. That includes four listings in the past couple of weeks that qualify as Global Luxury listings. These high quality properties appear on the Global Luxury website based on their listing price and features.


Sixth-floor listing in the luxury community of L'Ambiance

L'Ambiance #C604
415 L'Ambiance Dr, #C604, Longboat Key

On this list are three residences and one home, the first of which is L’Ambiance on the southern end of Longboat Key behind the gates of the Longboat Club Resort. This community is on the beaches of the Gulf of Mexico, is close to St. Armands Circle and downtown Sarasota, and offers high-end amenities that are relished by privileged owners. There is a full concierge service and 24 hour security with manned guard gates. Many of the 190 residences here offer striking sunrise and sunset views at every turn.

That is the case in this sixth-floor residence at 415 L'Ambiance Dr, #C604. With its nearly 3,000 SF of interior, the 3BR Sabal floor plan offers beach-to-bay living. East and west-facing terraces overlook the Gulf of Mexico, Links on Longboat golf course at Longboat Key Club, Sarasota Bay and downtown, with stunning vistas that stretch on forever. You can take advantage of the community pool, Har-Tru tennis courts or become a member of the Longboat Key Club and expand a golf membership to two championship golf course, one of which is a short walk from the L’Ambiance lobby. Call us today for this listing at $2,395,000.


Open bay access with newer boat dock in San Remo Estates

1363 Tangier Way
1363 Tangier Way in San Remo Estates

A project started in the boom years of Sarasota with John Ringling and Owen Burns at the forefront, San Remo Estates began a significant growth spurt over 30 years later in the 1950s. The 50 acres of previously submerged land would see its first development and San Remo Estates grew into an exclusive location with many waterfront homes overlooking Sarasota Bay or the harbor with direct boating access to bay. The community is conveniently located on the mainland with access to Siesta Key over the North Bridge or Sarasota a short drive to the north.

Delight in the coveted location of this 3BR waterfront home at 1363 Tangier Way in San Remo on more than a quarter-acre of lush, manicured property. This home offers views that stretch out to Sarasota Bay and is listed at $2,395,000. Originally built during the land development boom in 1956, recent upgrades include newer brick pavers, air-conditioned garage, crown molding, stainless-steel appliances, granite countertops, custom built-ins, master bath and hardwood flooring. it was updated with new seawall, deep-water dock and lift in 2014.


Spectacular beach and bay views at the Sanctuary on Longboat Key

535 Sanctuary Dr, #B705
535 Sanctuary Dr, #B705 on Longboat Key

Back to Longboat Key and the Sanctuary community, another set of residences behind the Longboat Key Club Resort gates with its own manned guard gates for additional security. This is a wonderful community on the sandy white beaches of the gulf with direct access to the Longboat Key Club and its fine membership amenities of fine food, golf, tennis and swimming. This community of 181 homes in five buildings has its own high-quality amenities including fitness center and clubhouse. Private elevators which you to your residence from the assigned under-building parking spaces provided below.

Enjoy spectacular sunset-to-sunrise views in this 7th-floor Sanctuary residence, offered furnished and ready for you to make it your own. The nearly 2,600 SF of this residence’s interior lives like a single-family home, with east and west-facing terraces. The open floor plan, with its living/dining room that flows to the eat-in kitchen is a wonderful entertaining space. The master and guest bedroom suites are adorned with beautiful hardwood flooring, as well as walls of glass that open to the west and east terraces. This residence at 535 Sanctuary Dr, #B705 is offered at $1,499,000.


Central location of Longboat Key, on the beach close to shopping at Veinte

Veinte 501
2675 Gulf of Mexico Dr, #501 at Veinte

Looking for it all, consider the Veinte community. With its direct beach access and Publix shopping within a short walk, residents here enjoy many fine amenities this community built in 1979 has to offer. Veinte is close to St. Armands Circle and downtown Sarasota, where you can find fine dining and boutique shopping. Comprised of 20 beach homes, Veinte owners appreciate the on-site management, Gulf-side swimming pool, updated tennis courts, pickleball, under-building parking and additional storage space.

Here is your opportunity to enjoy living here in this three-bedroom, direct beachfront getaway. A few steps from the pristine shores of the Gulf of Mexico, this 5th-floor penthouse residence at Veinte is a unique chance to enjoy a beach home in a central location. This home at 2675 Gulf of Mexico Dr, #501 is offered furnished for the value price of $1,250,000.


Wide range of price selection in more listings

Below I have included three other homes listed last week as part of 21 new listings that includes over $40 million of premium real estate. Consider the range of these luxury homes, starting at $549,000. Soon to be listed is a magnificent Bird Key home that will be available at $6.795 million. There will be something for everyone that would like to live in this special area of paradise. Please contact me at (941) 387-1840 for an exclusive showing or if you have a property to sell or buy.

Address List Price Media Slideshow
6941 Bayside Drive $995,000   Photo Slideshow
4646 Hidden Forest Drive $779,000 Video Photo Slideshow
4825 Gulf of Mexico Dr, #C503 $699,000   Photo Slideshow

 

Call us at (941) 387-1840 for an exclusive showing

 

Florida As-is and Repair Limit Contracts

by Roger Pettingell

Comparing two popular contract types

Alternatives to standard Florida home purchase and sale contracts

As-is contracts in REALTALK™ #30
REALTALK™ #30 - As-is contracts

You find a home that you want to make an offer on but notice that the seller will only accept As-Is contracts. Is it a good thing or a bad thing? Or, the seller has a concept of using a repair limit. I discussed the As-is contract in my REALTALK™ #30 video and repair limit contracts last week in my REALTALK™ #181 video. These are contract tools that have advantages for the seller and the buyer.

The scenario in the as-is contract is that the seller feels the home shouldn’t require any repairs. If the seller is aware there may be required repairs that is noted on the disclosure form they may have made allowance for the repairs in the listing price. In the Longboat Key and Sarasota markets homes for sale may be a second home for a couple with their primary residence in the Midwest. In this situation they may want to sell the home as-is because they don’t want to deal with the repairs.

Lending institutions that are offering short sale or foreclosed homes for sale will often have the requirement that all offers have an As-is clause in the contract. They are not in the business of making home repairs. In any case the As-is requirement is usually noted in the realtor comments section of the listing.

Should the buyer hesitate to purchase a home As-is? To the contrary, they should accept it knowing they can decide later not to purchase the home if they find repairs they are not willing to fix themselves. A buyer will often schedule a home inspection soon after the contract is signed. This period of 10 to 15 days for the home inspection will determine if the repairs will be too costly. This can happen if the roof needs replacing, for instance.

The buyer may love the home they want to purchase. They may want to renegotiate the contract for a lower price that will cover the costs of a new home. This is where you have to check your emotions at the door. If the seller senses you are buying the home no matter what, they can hold strong on their initial contract price. If the home is a tear-down roof repairs are inconsequential. I have had home inspections in these situations for any number of reasons, maybe the buyer wants to have a good working knowledge of the utilities on the property. Some say an As-is contract offers more benefits to the buyer in that it is an easy contract to get out of before the inspection period ends.

The Midwest couple that hasn’t seen their southern home in months may want to exercise their right to place a repair limit in the contract. This is a protection from unforeseen repairs. The seller is basically stating that they are willing to make repairs up to the limit established in the contract.

Repair limit contracts
Repair limit contracts in REALTALK™ #181.

Repair limits are typically set up to one-and-a-half percent of the purchase price. The repair limit on a $500,000 home purchase contract will be set between zero and $7,500. The seller is obligated to repair a water heater that costs $500 since it is below the repair limit. However, there is no obligation for a roof replacement that is estimated to cost $30,000. This is where the fun begins.

The buyers are aware of the poor roof condition and know that it has to be repaired, if not replaced. If the roof had been leaking for a period of time there may also be a mold issue too. If the seller is unwilling to replace the roof, the buyer can walk away. The seller is going to have to fix the roof if he wants to continue listing the home, knowing the roof condition. It will certainly come up on the next inspection report, and the next one after that. The seller can issue a credit to the buyer at closing to cover the costs of a new roof. If I am representing the buyer I would also recommend a mold inspection.

We offer a pre-inspection when we list a home for sale. A certified inspector will come into the home for sale and note any conditions that will require repairs. This is a great time to be made aware of any unsatisfactory conditions. It is a great time to repair these problems before the home goes into contract. In a perfect world you would think all problems would be fixed. If all the repairs are made you may decide on an As-is contract or one with repair limits to protect yourself. Maybe the pool heater breaks in between the time of the first inspection and the inspection by the potential buyer.

We like to have a smooth process in all of our home sale transactions. As I discuss in REALTALK™ #181, I typically do not sell new homes. Older homes have a lot of appliances with limited life spans and at any time these can break down. You are not going to sell a home that does not have a working oven so it is fair to have it fixed for a smooth closing.

2675 Gulf of Mexico Dr, #501
Veinte community - 2675 Gulf of Mexico Dr, #501

Last week I listed a wonderful fifth-floor penthouse in the Veinte community on Longboat Key at 2675 Gulf of Mexico Dr, #501. This three-bedroom, three bath residence is in a great location on the Gulf beach and within walking distance to the Publix Shopping Plaza. St. Armands Circle and Sarasota is a short drive where the night life is fun and the cultural arts scene is world renown. Please contact me at (941) 387-1840 for an exclusive showing or if you have a property to sell or buy.

Address List Price Media Slideshow
2675 Gulf of Mexico Dr, #501 $1,250,000   Photo Slideshow

 

Call us at (941) 387-1840 for an exclusive showing

 

Ring in October and 2018-19 season

by Roger Pettingell

Changes as we approach peak season

Updated information on construction, quarterly figures and new listings

Peak Season listings in REALTALK™ #182
The strategy for new listings as we head into the "shoulder" season, discussed in REALTALK™ #182

After 35 years selling real estate on Longboat Key and Sarasota we have learned a thing or two about setting up for peak season which begins in October. At present the inventory is low but I have a good feeling that is about to change for the better. We have signed a number of listing contracts that will offer a good variety of single-family homes and residences. We will also have a good price range for buyers.

The housing market is faring well too. The Florida Realtors trade group released its second quarter figures for Manatee and Sarasota counties, reporting that median price of single-family homes rose 5.4 percent to $294,990 and residences rose 6.6 percent to $218,000. There are other significant trends for happy home owners. The Longboat Key budget is to pass its fiscal year budget today with no recommended increases in property taxes.

Longboat Club Road guard gate construction
First Phase for new Longboat resort hotel - A realignment of Longboat Club Road and new guard gate is expected to be completed by Thanksgiving

Inventory is also looking upward with the development of the Longboat Key residences that are currently underway. Your first drive from the south on Gulf of Mexico will have this progress in full view, new roadwork to reroute Longboat Club Road by the Chart House Restaurant and our office. This will pave the way for Ocean Properties and its 90 new residences with 250 hotel room complex. A short drive north and you will see the demolition of the old Colony Beach and Tennis Resort. In its place will be 78 condominiums and 166 hotel rooms operated by the prestigious St. Regis company. Travel to the mainland to Tamiami Trail and you will also see the ground broken for the redevelopment of the Quay area in downtown Sarasota, beginning with a new Ritz-Carlton building and 73 new residences that will be connected to the existing Ritz-Carlton by an overhead walking bridge.

A preview of some of the $40 Million in 21 new listings by Halloween

Here is a preview of homes that I have coming onto the market, some as early as next week. The first is a waterfront home with direct bay access in beautiful Cherokee Park on the south end of Sarasota, close to downtown at 1509 South Lodge Drive. This spacious 4BR/5BA home with 5,800 square feet of living space built in 2005 will list at $4,995,000.

1509 South Lodge Drive
1509 South Lodge Drive - $4,995,000

Another home with a lot of space and bedrooms will go on sale next week has 10,335 square feet of living space, with plenty of bedroom space for family and friends with 7 bedrooms and 8 bathroom. It is another newer built home in 2000 listing for $3,995,000 at 1744 Seminole Drive in the Sarasota community of McClellan Park. A home in San Remo Estates at 1363 Tangier Way is a 3 bedroom home with 3 full baths and 2,899 square feet of living space set for the market at $2,995,000.

I have three homes in different areas coming on the market in the $800,000 range. On Longboat Key in Country Club Shores, listing at $895,000 is a 3 bedroom and 3 bath home on the canal with 1,918 square feet of living space. Country Club Shores has always been a community with good valued homes. Returning to Sarasota, this single-family home at 76 Osprey Point Drive in the Oaks is a light and bright 3 bedroom home with 5 bedrooms and spacious 4,364 square feet that I featured in my REALTALK™ #180 video last week, a discussion of the Oaks Bayside. It will list as a good value home for $849,000. The third home in this price range is at 4646 Hidden Forest Drive, with 4 bedrooms, 3 baths and 3,472 square feet of living space priced at $779,000.

415 L’Ambiance Dr, #C604
415 L’Ambiance Dr, #C604 - $2,395,000

If you like the maintenance-free lifestyle that a condominium presents, I have you covered there too. These three residences offer high quality living on the Gulf of Mexico sandy white beaches, where the amenities are many and the sunsets that will take your breath away. Built in 1992 L’Ambiance on the southern end of Longboat Key combine luxury with many amenities in a great location. The 2 bedroom, 3 Bath residence with 2,820 square feet, Gulf and Links on Longboat golf views in a Sabal floor plan at 415 L’Ambiance Dr, #C604, listing for $2,395,000. Just a short drive up Longboat Club Road is a residence with many of the similar amenities on the Gulf at 535 Sanctuary Drive, #B705. This 3 bedroom, 3 bath residence will list for $1,499,000. Near the heart of Longboat Key shopping with a Publix and CVS is the residence at 2675 Gulf of Mexico Dr, #501 in the Veinte community which will list for $1,250,000. On the beach, what more could you ask?

Check our website in the next weeks as these and other listings will return to the market. With any of these listings coming on the market soon, please contact me at (941) 387-1840 for an exclusive showing this week before they go on the market.

 

Call us at (941) 387-1840 for an exclusive showing

 

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Roger Pettingell?

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

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  • Number 1 single Coldwell Banker agent in all of Florida for 2008, 2010, 2012, 2013, 2014, 2015, 2016 and 2017
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  • Number 1 Realtor for all Sarasota in 2008, 2010, 2012, 2013, 2014, 2015, 2016, 2017 and 2018
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  • 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.