Foreclosure on Siesta Key Beach

**** Blog Post Update - As of June 27th this condo in Gulf and Bay Club is now under contract ****

Looking for a fabulous Siesta Key condo? Take a look at this bank owned condo in the popular Gulf and Bay Club community on Siesta Key beach. This 2 bedroom, 2 bathroom, 1,335 square foot unit is one of the least expensive condos in Gulf and Bay Club at $575,000.

Is this Siesta Key Foreclosure a Great Deal?

One way to determine if a property is a great deal or not is looking at recently sold similar properties. Follow this link to view 8 condos sold in Gulf & Bay Club within the last 12 mon

ths. Here are the sales statistics for the 8 condos:

• Highest sales price - $1,065,000
• Lowest sales price - $460,500
• Average sales price - $653,688
• Average days to contract - 201
• Average saes price/list price - 88%

Other Siesta Key, Lido Key & Longboat Key Foreclosures

I work with a lot of vacation home & condo buyers and one common request from all of them are "Can you find me a good foreclosure on the beach?" Because of the media the general public feels likes there are tons of bank owned properties everywhere in Florida. This is simply not true. Especially on the barrier islands like Siesta Key, Lido Key, Bird Key, Casey Key and Longboat Key. See the interesting statistics below:

5 Tips to Finding a Good Deal

1) Be Prepared - Often times you have to compete for the good deals. Buyers who are prepared usually win. If you are in a multiple offer situation the seller is more likely to work with the buyer who can either prove funds or who is pre-approved for a mortgage. Get this arranged before you start looking at property.

2) Find a Good Realtor - A good real estate agent can really help. We deal in this market day in and day out. The experience is very helpful to home and condos buyers. While we may not be able to find you the deal of the century we will probably keep you from making a bad investment.

3) Be Realistic - We all want to find a "killer deal". Realtors, buyers and investors scour the Sarasota FL real estate market daily. While many of them are finding good values in this market few of them are getting them at a price where they can "flip" the property and make a killing. Those are far and few between. Most people who try to find these properties end up spinning their wheels. Think about it for a second. If a property came on the market well below market or appraised value don't you think it would be bought in minutes by one of the thousands of Realtors or investors who watch the market daily? Despite all of that you can get a tremendous value when compared to 2005 prices.

4) Location, Location, Location - This is the most important factor when determining where to buy. Good locations were not hurt as badly and are recovering faster. Take St. Armands Circle for example. This a highly sought after location for buyers because of the close proximity to Lido Key beach, downtown Sarasota and St. Armands Circle. There are very few St. Armands Circle homes for sale and it appears prices are rising. If St. Armands Circle is in your budget and you like this area I would watch this area closely for good buys.

5) Don't Ignore Regular Sellers - The media has brainwashed many buyers into thinking that the only good deals are the bank owned properties and short sales. There are good values with regular sellers. This Siesta Key waterfront home is a good example of one. Don't just look at the so called "distressed sales" because you are leaving a huge chunk of the market. Take a look at the barrier islands stats above.

Give me a call at 941.812.6272 if we can help you buy or sell in Sarasota, Florida.