Downtown Sarasota Condo Update

Yes things are getting better in general, but what’s happening with downtown Sarasota condos?

My last post hailed the fact that existing home sales are up an astounding 10% nationally, but all real estate is very localized. People want to know what’s happening in my town, my neighborhood, even my street or condo!!

Here are some facts for the zip code 34236 which includes condos on Lido along with the downtown area:
1. There are still about 400 condos on the market. This number has not changed appreciably for most of 2009.
2. There are 63 pending sales. This is up almost 250% from a year ago but 60% of them are “short sales or bank owned” meaning they may never close. Many have been in pending status for several months which has swollen this category out of proportion. If one assumes that only 20% of those pending short sales will eventually close, then the real number of pending sales is more in line with the current sales volume.
3. Sales for the last 3 months have averaged 22.3 per month. 19% of those sales are either bank owned or short sales. This means we still have about 18 months of inventory on hand and most economists believe that a 6 month supply represents a healthy, balanced market. It also shows that the sellers in this market must compete with the bank owned and short sales head to head…these cheap “under priced” comps are no longer an anomaly that the seller or potential seller can dismiss.

A year ago it was very difficult to say what some of these properties were worth because there hadn’t been enough recent sales to justify ANY offer. Now, at least, there have been sales and buyers are feeling more comfortable to make offers in line with those sales.

In the final analysis, I do think we are building a base here at the end of 2009 and prices will SLOWLY move upward from here. The best inventory is getting picked up and prices have been stabilizing. My co-workers and I are seeing an increase in activity with showings and offers and October/November is usually a very quiet time of year!

4108 Sarasota Ave – Sold

Nearly new home in the historic Indian Beach neighborhood. Coveted for its location, this area allows quick access to the Sarasota Airport, the Ringling Museum Complex, USF, the shops theater and fine dining downtown plus two bay front parks offering a kayak launch and breathtaking sunsets. As you walk through the front doors, the foyer opens up to a bright and spacious living area with a gas fireplace and the large open kitchen featuring both a breakfast bar and a pass through window to the formal dining room. The stainless steel appliances set a beautiful background for the granite topped cherry cabinets. The island design is both utilitarian for cooking and of course, perfect for entertaining. There is also a large pantry off the kitchen, a separate office/den with double doors and a half bath on the main floor. Upstairs is a huge master suite plus two additional bedrooms and another full bath.

1833 Morrill St

This flex-use jewel is centrally located in downtown Sarasota. Zoned DTE, any/all of the building can be allocated towards residential, office, and/or commercial. The first floor is an open layout,contains a powder bath, and is illuminated by extensive track lighting. A 2Bd/2Bth apartment occupies the second floor, with vaulted ceilings, stainless steel appliances, and a spacious great room.Parking is plentiful, with a large lot managed by the Morrill Court Association. This property is perfect for anyone seeking a modern, downtown space.

561 Halyard Ln

Tastefully updated and furnished waterfront home in sought after Country Club Shores. (North Longboat Key) Being sold turn key furnished with established rental history. Very charming home with pool, new boat slip and deeded beach access.

572 Hornblower Ln

Large lot on protected sailboat water located on South Longboat Key with views of the bay and Sarasota skyline. 125′ of water frontage just one lot in from the bay. Quiet cul-de-sac street close to St. Armand’s includes deeded beach access.

1765 Cherokee Drive

A rare opportunity to own a unique four bedroom, three bath home situated on two buildable lots in sought-after Cherokee Park. The delightful, west of Osprey home is located on nearly an acre which has been transformed into a private, enchanted, in-town park. The expansive grounds sport exotic vegetation including mature, fruit-bearing lychee and loquat trees. The sparkling over-sized pool is surrounded by a 1,500 sq. ft. brick-paver terrace bordered with vibrant flower beds and lush foliage. The updated home has a private master suite, with a separate dressing/exercise room. Other features include a walk in wine cellar, wood burning fireplace, original wood floors, walk in pantry and backyard playhouse. Additionally, there is a separate room with private entrance that could be used as a fifth bedroom or in-home office. Seller will consider owner financing.

163 Siesta Drive – Sold

Siesta hideaway on coveted North end of Key. Celebrate the island lifestyle in this captivating Siesta Key estate. Expertly combining casual Key West architecture with a sophisticated and elegant use of color, this home exceeds every expectation. A boater’s paradise featuring sailboat water, located on a secluded canal with boat dock and lift. Enjoy year-round outdoor activities on three levels of open living areas, refreshing pool, spa, and summer kitchen. Large covered entertaining area with walkout to pool and large backyard. Luxurious finishes compliment each space with an ingenious use of exotic granite, travertine, wide plank hardwood flooring, and gourmet appliances. Each bath is lavishly appointed with custom cabinetry, designer tile work and magnificent fixtures. The Oceania slipper tub, large roman shower and Toto Washlet commode create a spa retreat in the master. Utilize the high tech wiring throughout featuring; specialized lighting, surround sound & full theatre.