1486 Hillview Drive

5350 Montclaire Pl

6326 Midnight Pass Rd 203

850 Mangrove Pt Rd – Sold

6610 Midnight Pass Rd

5211 Mahogany Run Ave

5547 Merrimac Dr – Sold

1918 Baywood Ter

340 Morningside Dr – Sold

1561 Blue Heron Dr

16303 Baycross

2251 Constitution Blvd – Sold

6610 Midnight Pass Rd 7

6610 Midnight Pass 3

6610 Midnight Pass Rd 2 – Sold

6610 Midnight Pass Rd 5/6

5966 Midnight Pass Rd G-53 – Sold

1625 Seminole Dr – Sold

805 Idlewild Way

NEWLY RENOVATED SIESTA KEY WATERFRONT HOME! A fantastic opportunity awaits you for an idyllic island lifestyle. An incredible value, this spacious home offers a brand new open kitchen, recently remodeled with granite counters, stainless appliances and a breakfast bar. The master suite boasts a newly enlarged bath and closet, a large soaking tub and water views. This 3 bedroom, 3 and a half bath home is an open design allowing indoor/outdoor entertaining overlooking the 148 feet of waterfront. The 100 foot dock has a 16,000 pound boat lift and offers access to the beautiful waterways of Sarasota. Other features include a wood burning fireplace, 3 car garage, office, large laundry room, 3M film shield on windows and doors, and a beautiful custom heated swimming pool with waterfall/hot tub surrounded by a Mexican travertine deck. Take advantage of the Siesta Key Village, charming with its restaurants and shops. Walk or bike to sandy, white beaches or enjoy the nearby 10 acre park.

620 Mangrove Point Road – Sold

Riveting Prairie-Modern estate centrally located on the enchanting Siesta Key. Natural Key Stone dramatically frames the custom Cantera doorway and completes the striking facade. Upon entering this magnificent home one is overcome by the expansive space and towering ceilings. Casement windows and sliding glass doors open to the spectacular outdoor living areas, and refreshing pool. A sophisticated use of materials and finishes including, Brazilian cherry wood floors, imported granites and marbles, Italian glass mosaics, and exotic wood tones. Designed for entertaining this grand estate features a whole house sound system, mezzanine level game room with wet bar, summer kitchen, and two guest suites with en-suite baths. A mariner’s paradise located on a deep water canal with seawall, 16,000 pound capacity boat lift, and instant access to the Intercoastal Waterway. Reside in comfort and safety, recently constructed to exceed the current hurricane and coastal zone code requirements.

Back to Basics

It was supposed to be an easy win against a team that wasn’t even rated. We were number one in the district with a good shot at going all the way. What happened was a sloppy loss in the last minutes of the game.

It was my junior year in high school in a tobacco and textile town in North Carolina where people take basketball serious. This is an area of the country that follows Blue Devils and Tar Heels with a frenzy that only ends each year after “March Madness”. That passion for the game is as intense in most of the high schools and mine was a regular competitor in the annual state finals.

We had won 4 straight games and were feeling pretty sure of ourselves…cocky some would say. But this attitude and our careless play got us into trouble. We were shocked and embarrassed by the loss. As the final buzzer sounded, I felt faint and it seemed like the world was spinning in the wrong direction as the visiting team celebrated their come-from-behind win.

In the locker room, coach gathered us around for our post game talk. These were usually talks about what we had done right and a time to congratulate each of us for our efforts. A look of disappointment was apparent in his face as he said three words, turned and walked out of the room: “Fundamentals boys… fundamentals”. We spent the rest of the season practicing passes, dribbling, and simple lay-ups for hours and hours until we had sharpened our skills and dulled our bravado.

As the end of 2009 approaches and we start looking for signs of where we are going from here in the real estate market, I’m reminded again to look at the fundamentals. Let’s start with the things that make Sarasota so appealing in the first place. The weather, beach, restaurants, golf courses, theaters, state parks, low crime rate, boating and fishing, sporting events, appealing neighborhoods, and good health care facilities. Stack them up against any town around the world and you’ve got a winner in anyone’s book. I’m especially encouraged by the foreign buyer who can afford to live anywhere in the world and still chooses Sarasota for all she has to offer. At Signature Sotheby’s International Realty, we’ve seen more and more of these buyers this year…truly a good sign for our future.

About a year ago, when we seemed buried in Ponzi schemes, mortgage frauds, flippers and foreclosures, and prices looked like they would never stop falling, my brother, who still lives in North Carolina, called and said ”Now let me get this straight, it still doesn’t SNOW in Sarasota, right? What’s the average daytime temperature in January compared to the rest of the country? Can you still catch snook right from your dock, play golf most any day of the year, and ride your bicycle to the beach?” After a short pause he then said “don’t worry about it…it will come back.” You see he was a senior on that basketball team from high school when we lost that game and he took this moment to remind me how simple things really are.

The basic fundamentals have not changed. Sarasota will continue to be an attractive place to retire, move your business, raise a family and enjoy life for many, many years to come. Sure, some of us got a little cocky and thought prices could never come down. But these attitudes have a way of correcting themselves. Today’s prices reflect a unique opportunity for those savvy enough to recognize how soon we will all get back to the basic fundamentals.

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.