There continues to be speculation about the forthcoming flood of short sales and foreclosures nationally, but in Sarasota the numbers remain low, about 18% for distressed property sales.
Foreclosures are still mostly in the under $200,000 price point, but there is one jaw-droppingly gorgeous waterfront REO on the market at $5.9 million. The property at 290 N. Washington has five bedrooms, four full baths, two half baths in 6,640 square feet under air, plus a beautiful dock on sailboat water.
More modest REOs include 3568 Lalani Boulevard, near I-75 off of Bee Ridge. Listed at $89,900, it has two bedrooms and bathrooms with 1,171 square feet under air.
In Carrington Place, Gulf Gate area, is a comfortable condo foreclosure with two bedrooms and bathrooms on the ground floor, with a total of 941 square feet under air. Pets are allowed in Carrington and the monthly fee of $293 is relatively low for Sarasota. The unit is listed for $74,900.
Looking at short sales, there are two residential businesses for sale. Firstly, at 329 S. Osprey is a six-unit income property on two buildable lots. Originally built in 1925, the small complex has the character expected for Laurel Park and its proximity to downtown Sarasota. Listed for $599,000, it would be worth a prospective purchaser investigating the return on investment by maintaining the property as income producing.
Secondly, 624 S. Palm is a European styled bed and breakfast with four bedrooms and three bathrooms. Built in 1924, it has been updated tastefully and sympathetically in the interior to accommodate lodgers but could be converted into an office or private residence. It is listed for $559,000.
Another short sale in Laurel Park is 1718 Cherry Lane. Built in 2007, it has never been occupied. With 2,795 square feet and four bedrooms, three bathrooms and one half bath, the property provides the amenities of downtown with the charm of the established neighborhood and the character of the property is true to the area.
Sandy Hook on Siesta Key has two short sales, one of which is number 2, listed for $3,650,000. A newer property built in 2005, its 6,145 square feet is shared by five bedrooms, five bathrooms and three half baths, media and family rooms, all of ample proportion. The garage is sufficient for eight cars and the property has a three-story elevator. It is a private location on the Key with outstanding views of the Gulf.
A slightly older but nonetheless riveting property on Bird Key is 228 Seagull Lane, listed for $2.2 million. With its private boat dock and outdoor living area, it affords exceptional skyline views. Built in 1994, the property has three bedrooms, three baths and one half bath, plus media and family rooms in 4,594 square feet under air.
If a condominium close to town is desired, 650 Golden Gate Point provides extraordinary views and has its own deeded 40-foot boat dock. Three bedrooms, three baths and one half bath, all tastefully decorated and modern, the unit is listed for $959,000 or only $343.60 per square foot under air.
Will the national forecast of a flood of short sales and foreclosures hit Sarasota? It is hard to predict, but for several months, the numbers are showing an increased stabilization in under $300,000 properties with no overt slide in value in specific neighborhoods nor across the board. It may be that the day of the red-light bargain special in Sarasota has already passed.