Category Archives: Realtor

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 you need to know as an out-of-town buyer in Florida

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Buying property in Florida is different from buying in other states.  Especially for the Midwest or I-75 corridor.  I am going to talk about 4 key differences you need to be prepared for.

Who is representing you?  palm-tree-hi

In many states it is assumed that if you are working with a Real Estate Agent, they are looking out for your best interest.  In Florida, that may not be true…

We have 2 types of representation or what we call Agency.  All Agents have certain responsibilities to a customer.  The assumed Agency in Florida is called a Transaction Broker.  Simply put, this agent is representing the transaction and not the buyer or seller.  The other type of agency is a Single Agent and they represent the Buyer or Seller but a Single Agent can not represent both in a transaction.

Here are the key items that a Transaction Broker is responsible for in the relationship with their customer: Deal honestly and fairly, Account for all funds, Use skill, care, and diligence in the transaction, Disclose all known facts that materially affect the value and are not readily observable, present all offers and counters in a timely manner and exercise limited confidentiality unless waived in writing.

Here are the key differences in Single Agent Broker.  A Single Agent must abide by all the same things as a Transaction Agent but additionally they must have loyalty, Confidentiality, Obedience and Full Disclosure to their client.  Simply put, you are working solely for your client and looking out for only their best interest.  A Single Agent can work with either a buyer or a seller but it must be disclosed to all parties because again, in Florida it is assumed you are a Transaction broker.

So discuss what kind of relationship you have with your Agent before you tell them things that may affect the sale such as a divorce, loss of job, price you are willing to take, amount you can finance or anything that you do not want them to repeat to another person.  And if you are working with an Single Agent for goodness sakes… don’t call the other agent listed on a For Sale sign!

Escrow Amounts

When you make an offer on a property, you must put money down as a token of intent that is kept in escrow by Broker or Third Party.  In many states a small deposit is token of intent to buy but be prepared in Florida.  Depending on the price of the home, many buyers will not accept an offer without a substantial deposit.  If you are paying cash, they could request half down.  If you are financing, they could request the full amount of your down payment from 3.5% or 20%.  Sellers in Florida want to know you are serious about their home or they will move on to the next buyer.  Again, it depends on the area and demand for the home you are purchasing but many times buyers are shocked by the demand for down payment in escrow.

Day of Closing

On the day of closing, the seller must be out of the home and home must be swept clean and provide keys to buyer.  If the seller needs to stay longer, then they must discuss that with the buyer.  This is a big surprise for many out-of-town buyers because many states give the seller several months to get out.  Not in Florida… day of closing you must be out and most Florida contracts state that home must be clean.

Insurancehouse-dollar-signs-clip-art-2269972

ok… this really could be a blog in itself.  I did a recent blog on Flood Insurance but Homeowners insurance in Florida is very different than most states.  Your insurance will be between $700 and Thousands… usually the average insurance in Florida is about $1500 per year plus Flood if you need it.  There are many factors that affect your rate and you need to discuss this with your insurance agent.  Your Real Estate Agent should be able to guide you in the right direction but most agents have relationships with insurance agents and work closely together.

I hope this blog is helpful.  If you are relocating, work with an agent that is specializes in relocation.  They should be able to guide you through the changes.

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!