Category Archives: Real Estate Sales

My Favorite Luxury Properties

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I was showing properties to a customer last week and they asked me, “what is my favorite property for sale right now in the millions and what is the most expensive property for sale right now?”

I did a little report for them and I thought it would be a nice Blog.  NONE of these are MY listings… just MY favorite luxury properties.

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#1  List Price – $14,985,000 5 Bedrooms/6 Full & 2 Half Bath/9 Car Garage Total Sq Ft 22,853  The MOST EXPENSIVE is located on Casey Key which is home to many celebrities from Stephen King, Rosie O’Donnell, and the list goes on. The home has billiard room, two story covered terrace with walk-in stone fireplace, infinity pool, and outdoor living rooms! Master suite has His and Hers baths each with their own large closet, elevator access for all levels.  I don’t think the pictures do this house justice and that is just my opinion or maybe the house is just too grand for pictures.  The Realtor who brings a buyer will make approximately $500K so if you are interested, please, by all means… give me a call.   I work very hard for less that 1% of that $500K.  Imagine how hard I will work for you!  Just kidding, this blog is for fun but seriously… call me!

#2 List Price $8,995,000 4 Bedroom/5 Full & 1 Half Bath/2 Car Garage Total Sq Ft 8,717

Exterior Front

Exterior Front

is not the most expensive but is the most authentic Florida home.  It is obvious the whole house has been updated, however, it still has that old Florida Charm.  This hideaway is connected to the mainland by a land bridge and located near downtown Sarasota. The property has a heated in-ground saltwater swimming pool, decorative pond, tennis court, boat dock, detached 2-car garage with a top floor guest apartment. 

Exterior Front

Exterior Front

The Colonial Revival Style home, built in 1941 and sited on the National Register of Historic Places.  Great care has been taken to preserve its historic integrity while incorporating the finest modern luxuries. This is exactly where I would want to live, close to everything and secluded at the same time.   

#3 List Price $9,700,000 6 Bedroom/7 Full & 2 Half Bath/ 4 Car Garage Total sq ft 20,065 is on the mainland in the Ringling Museum area.  This is how you do Real Estate pictures for your seller! getmediaH6SG2TGI

Undergoing a meticulous three-year renovation under the guidance of award winning architect, Peter Bohlin this estate could easily grace the cover of any architectural magazine. His beliefs are brilliantly expressed in this project resulting in the creation of a true design masterpiece; modern clean lines embrace the original Moroccan influences, working in unison with warm materials and finishes, exceptional getmediaY3RYDL00lighting design and a vast amount of glass capturing the mesmerizing bayfront vistas. This exceptional estate comes complete with a self-watering Har-Tru tennis court and four-car garage with two-bedroom guest apartment above.  This part of Sarasota bay is so large it feels like the Gulf itself.  Truly a remarkable home.

 

#4 List Price $9,800,000 8 Bedrooms/13 Full & 4 Half Baths/5 Car Garage Total Sq Ft 40,074.  Everything about this house is stunning!  The kitchen is state-of-the-art, I could spend my life there…  Nothing is left unfinished.  The floors are stunning, the walls and doors are stunning.  It is a really special home.  Maybe this should have been my number 1.  A must see!

Expansive view of the central great room, taken from the mezzani
Expansive view of the central great room, taken from the mezzani

This uniquely private 102-acre equestrian estate east of Venice, FL is a short hop to the beaches, downtown and yet set apart from the hustle and bustle of the Gulf Coast.  Behind the gorgeous gated entry, the treed quarter-mile drive leads to the 24,000 sq. ft. palazzo bursting with Old World charm.  Centering the home is a massive great room with soaring ceilings. The surrounding mezzanine leads to the five bedrooms, each with a distinct character.

Another view of this fabulous kitchen. Note the TV installed to

Another view of this fabulous kitchen. Note the TV installed to

                                                                           The celebrity chef’s kitchen is outfitted beyond belief! A library, billiard room, theatre/cinebar, gym and much more round out this “most beautiful home in Sarasota.” Also an 8-car A/C garage, covered patio & a dining gazebo between the stunning pool and the tennis court. A fully-equipped guest home features a large 1st floor party area with three bedrooms and two baths upstairs. All that the discriminating buyer might desire!  Even the driveway is stunning.

#5  List Price $11,122,000 6 Bedroom/5 Full & 1 Half Bath/2 Car Garage Total Sq Ft 8,261  The reason I like this house is location.  It is on Sarasota Bay and walking distance to St. Armands, Lido Beach, and Ringling Causeway.  It features rich dagetmediastark wood, Infinity edge pool, Wine room, Elevator, and Private dock/lift.  It is a boaters paradise with a short distance to the gulf.

I am disappointed in the presentation of the listing.  The pictures are amateur at best, there is no virtual tour, the description does this house no justice.  I don’t normally point out faults of other listings but this house is listed at $11,122,000…  Lets make it shine.  Help us help you to sell it!  They are offering a substantial commission on the property which that alone will probably bring a buyer.

What is a REO vs Short Sale?

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As promised, I am going to give you my experiences with Short Sale, REO and owner sales.  Disclosure; every sale is different.  I can only give you my experiences.

SHORTSALE

Honestly, I think these should be called long sales because they take longer than any other deal to close.  A Short Sale means the owner is short of funds in the sales.  Example:  Seller Sam bought a home and paid $200,000 for his home.  His financial situation has changed and he is no longer able to pay his mortgage.  His home is now only worth $150,000.  If he sells his home, he will be $50,000 short on the money he can give the bank.  Simply put… that is a Short Sale.

Now what does this mean for Buyer Bob?  Make sure your Realtor is familiar with the Short Sale process.  It has been my experience that the process takes a minimum of 3 months to 2 years.  If you find a home you like and it is a Short Sale, be prepared to be patient.  Your Realtor will write up a contract and submit.  It may take weeks or months to get a response on your offer.  If you have the time, this is a great way to go.

REO

This is Real Estate Owned by the bank.  The bank or lender has already gone through the trustee sale and now owns the property.

In most cases, a lender will put a property on the market and allow Residential buyers to place bids for the first 10 days or so.  After the initial period, if they do not have a potential buyer, they will allow investors to make offers on the property.

The seller will hold all offers for a few days and submit at all of them one time to the lender.  There may only be one bid but they will contact you again and ask for your highest and best offer.   Many times a buyer wants the house so much that they will bid higher than list price.  The offer process can take a few weeks but once your offer is accepted, it can go quickly.

Short Sales and REO properties can be a great way to buy a home but you should understand that the down side is they have no knowledge on the history of the home.  Even though most buyers think the best deal is a Short Sale or REO, I find the Owner properties will negotiate with you.  An Owner property will also give you the history of the home your buying.

No matter which way you go you always have to put your I before you E, intelligence before your emotions and you should be ok.  And you should be working with a great Realtor… like me!

Cash for Foreclosures

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I have buyers that call me who are ready to buy a house.  They say they talked to someone who bought a 3/2/2 for $40K.  I hear it all the time.

ForeclosedHomes Here is the thing…  Over 55% of all properties purchased in Sarasota County last month were CASH deals.  I promise you that the 3/2/2 that your friend supposedly paid $40K for needs a ton of immediate repairs.

If you want a bargain, you have to be prepared to pay cash.  There are some financing repair programs like FHA 203 or Homesteps Repair loans but there are strict requirements for those loans.  If you are prepared to jump through all the hoops then it may be a good option for you. But even those loans will not finance that $40K house that is in need of immediate major repair.

Sarasota County Statistic’s are in

Capture3The stats are in for past quarter and shows that Foreclosures prices are down, Short Sales are leveled off or down and Traditional Home Sales are on the rise.  What does this mean?  Sellers have more confidence listing and selling their homes.  Mortgage rates are low and prices are up.

CaptureCapture1

As you can see, Short Sale closing are down by 48% and the sales price is up by 12%.  I think this is because banks are doing a better job communicating with homeowners and more people are taking advantage of the HARP and HAMP and HOPE programs available.  That’s huge!  While Foreclosures prices are down the closings are only slightly up by 11%.  You would think with prices down there would be a growth in closings but many lenders will not finance some of these properties because of the distress they are in.  FYI… You can not get an FHA loan on a distressed property.  Most loans are not interested in distressed properties.  Most distressed properties for sale will not consider anything except cash offers.  If you have the cash, now is a great time to grab some Foreclosures.

The biggest improvement is in Traditional sales showing a 35% increase in closings and 18% increase in price!   Why the increase?  Could it be that there is less competition in the foreclosure and Short Sale markets?  Are buyers wanting to avoid Short Sales and Foreclosure and the work that goes with them?  Most of the customers I have worked with in the last few months are looking for affordable non-distressed homes that can be financed.  This is a definite change in the trend for me.  Capture2

So, if you are considering selling your home, prices are up 18% from last year.  That is good news for you.

I highly suggest contacting a Licensed Real Estate Professional that is a REALTOR®.  This means they are a member of the National Association of Realtors and adhere to the NAR Code of Ethics.

All of the statistics are from the Florida Association of Realtors website and are for Sarasota County.