Real Estate Information Archive

Blog

Displaying blog entries 1-2 of 2

Listings with buildable waterfront lots

by Roger Pettingell

The value of land with a home attached

Three homes where buyers are interested in the waterfront property

REALTALK™ #183 - We discuss when a home is purchased for its land value as a tear-down.

Last week I listed three homes at prices to consider them for their lot values. These are strategies when the land value is greater than the home value of the home, especially in aging structures. In Sarasota and Longboat Key there is a scarcity of A-quality lots so buyers are looking at properties for their waterfront views with boat access to Sarasota Bay and the Gulf of Mexico.

I reported on this land value proposition for buyers in REALTALK™ #183 and in REALTALK™ #54 while in a home in Harbor Acres. In that episode I followed up on a news story by Sarasota Herald-Tribune real estate editor Harold Bubil in which I was quoted in the article, Why tear down a perfectly good mansion? Because you can.

Harbor Acres is one of those prime communities where older homes sit next to mansions. I recently sold a property there on Hillview that the land was cleared as a vacant lot for sale. It sold for just under $2 million, I suspect even the dock that was left standing at the time of sale will be replaced.

Another community to consider is Country Club Shores on Longboat Key. Country Club Shores was developed by the Arvida Corporation in the 1960s with homes on man-made canals that stretched out to Sarasota Bay. Roads were added and given names that corresponded with golf and seamanship terms. Some of these homes are aging and are positioned next to the mansions that replaced their neighbor’s homes.

I have a listing there at 560 Putter Lane that I covered in the last Home Showcase XXXV article. It was finished early this year and is ready to take possession as a brand new home with nearly 4,400 square-feet of living space and 4 bedrooms, 5 bathrooms. Two of my listings last week that are listed as buildable lots with homes on them are also in Country Club Shores.

592 Ranger Lane in Country Club Shores
A combination of mansions and original homes looking down the new seawall at 592 Ranger Lane.

The first is at 592 Ranger Lane. A wonderful waterfront value, this furnished three-bedroom home is ready to rent, renovate or enjoy, ideally situated on deep sailboat waters that flow out to Sarasota Bay. The sea wall is new making it more suitable as a new construction home. The home and over 10,000 square feet of lot space is priced at $895,000.

A slightly larger lot is one at 570 Yardarm Lane in Country Club Shores that has over 11,000 square feet of lot space. It also has a new seawall, 100 feet of deep-water frontage and has a boat dock. It is just a stone’s throw from Sarasota’s open bay waters. The three-bedroom home with screen-protected lanai is ready to renovate or enjoy, listed comparably at $830,000.

Off the island and into a West of the Trail property in the Sarasota community of Kentwood Estates is a dream home waiting to happen, and is the third home priced last week as a buildable lot. This charming four-bedroom pool home at 1555 Eastbrook Drive is situated on a corner lakefront parcel spanning nearly a quarter-acre of lush, manicured property listed at $749,000. Waiting for you to renovate or begin a new build, its location in Sarasota is everything and this quiet community, bordering the deep-sailboat waters of the bay, is the perfect complement. This neighborhood is also home to the prestigious Field Club, where members enjoy private access to fine dining, swimming, tennis and the marina.

Over the years of REALTALK™ I have discussed similar topics on building homes in Sarasota. Here are just a few:

Episode Description Date
183 Choices between new, renovated or homes in need of updating October 25, 2018
173 Process for building a new home from start to finish June 28, 2018
84 Gulf-front property values on Longboat Key April 21, 2016
67 Florida home designs have changed over the years November 19, 2015
54 When a home is a tear-down for its land value July 30, 2015
43 Modern architectural design in Sarasota April 1, 2015
5880 Midnight Pass Rd, #905 - Siesta Key community of Casarina on the Number 1 rated beach in the world.

Last week I also listed a penthouse in the Casarina community on the Gulf of Mexico coastal beach of the famed Siesta Key. With nearly 1,700 square feet of updated interior, you will love the stunning ninth-floor views, wonderful amenities and proximity to the beach at 5880 Midnight Pass Rd, #905. 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
5880 Midnight Pass Rd, #905 $749,000 Video Photo Slideshow

 

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

 

Home Showcase IV - Buildable Lots

by Roger Pettingell

Listings with land that is ready for building

Build your waterfront luxury dream home on vacant land

622 and 626 South Owl Drive on Bird Key
Bird Key - The landscaped lot and home is offered together at 622 and 626 South Owl Drive.

Humorist and philosopher Will Rogers is paraphrased with the quote, “Put your money in land, because they aren't making any more of it.” That line has often been repeated and is just as applicable today as it was in 1930 when he first said it. Which brings me to the subject for the Home Showcase theme this week, which which focuses on vacant land ready for a new single-family home. It makes sense sometimes to buy a home where the land has more value than the home and the land. The tear-down project has its own costs, and I have four vacant properties ready for construction.

There are some considerations in buying land and the same logic begins with any property purchase, location, location, location. Other considerations are adequate utilities, whether the land is set up for city water and sewage or will a septic tank and well be required. Is the land zoned for the purpose you intend it? In this case it would be a single-family home. Will it make sense to subdivide a large lot, or if it can be subdivided. Are there any easements that you should be aware of? Is there a survey or permits needed to build on the lot? Is it in a flood zone?

Once you feel confident knowing the answers to the questions above you can get a basic understanding of the value of the land on which you are going to build. It is called the Residual Land Valuation, developers use it to determine potential profit. You basically subtract any sales cost from the sales price determined by comparables in the area. Subtract the cost to build, developers will also figure in their profit. The Residual Land Value is what is left. You can work the process in reverse to determine if the final home value and land is comparable to homes in the area.


Bird Key home and vacant lot together

The first buildable lot I have is listed as a home and a lot. The location on Bird Key is perfect with fantastic views of Sarasota Bay. I highlighted the home in my first Home Showcase in this series and is at 622 South Owl Drive. The empty lot next door at 626 South Owl Drive is also included in the sale. The lot size for both is over one and one-quarter acres. Currently the lush landscaping is a wonderful addition to the total property, but an investor may see it for its potential profit. Together they are listed at $9.995 million.


Location at Links on Longboat

1021 Longboat Club Road
Vacant lot overlooks the Links on Longboat.

We had a similar situation with two properties behind the secure gates of Longboat Key Club. The same owner was selling the home at 1011 Longboat Club Road and lot at 1021 Longboat Club Road. In this case they were listed as two separate sales. The home sold and the vacant lot is available by itself. The land overlooks a pond that is part of the championship golf course, Links on Longboat. There are many amenities associated with a Longboat Key Club membership, having the golf course outside of your door is one of them.

The corner lot is oversized at 22,731 square feet with mature landscaping, listed at $999,000. It is also just steps to the white Gulf of Mexico sand shores on Longboat Key and near home values in that area that are listed over $1 million. Call our office at (941) 387-1840 if you are looking for a fully constructed home on the street, an exclusive showing of the home at 891 Longboat Club Road, listed at $8.5 million or the home at 845 Longboat Club Road, listed at $26.5 million.


Cape Coral waterfront lot ready for your dream home

1617 Edith Esplanade with nearly 200 feet of water frontage
Cape Coral lot - 1617 Edith Esplanade.

A property I have listed in Cape Coral at 1617 Edith Esplanade is cleared and primed for a new single-family home. It is also oversized on 23,035 square feet of land that has 188 feet of frontage on the protected waters of Bikini Basin that open to the Caloosahatchee River and Sarasota Bay. Many of the homes in this Cape Coral community are custom built. The lot is all set with utilities ready to go.


Surveys, permits, utilities and floor plans ready on Lido Key

221 Grant Dive on Lido Key
This Lido Key vacant lot at 221 Grant Drive is ready.

Surveys, permits, utilities and floor plans are all ready for this lot in a wonderful location, just steps from the Lido Key beach at this 221 Grant Drive property. One of my newest listings, this lot is near the famed St. Armands Circle, and just a short drive to the cultural arts center of Sarasota. The site is cleared and ready to begin construction of your dream home. This lot won’t last long at $479,000. Please contact me at (941) 387-1840 for an exclusive showing or if you have a property to sell or buy.

 

Displaying blog entries 1-2 of 2

Syndication

Categories

Archives

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.

Personal Consult Today

Sign up here and receive a personal consultation with Roger today to buy your next home or sell your existing property.

Free Home Value Analysis (Selling)

Receive your FREE Home Value Analysis for your real estate property on Longboat Key or surrounding area.

FREE Home Value Analysis

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.