Sarasota Luxury Homes

DWELL Real Estate sold a few properties last week. Leave a comment below with your guess of the sales price of each property.

1) River Strand at Heritage Harbour

Jim and Jamey Hirschman recently sold this home at 8723 River Preserve Drive in Bradenton. This is in the River Strand section of Heritage Harbour. This pool and lakefront home has 4 bedrooms, 2.5 bathrooms, 2,661 square feet and was built in 2009.

Take a guess at the sales price.

8723 River Preserve Drive

Is Sarasota a cheap or expensive real estate market? I guess it depends on who you talk to. Someone coming from Manhattan might view this area as a bargain. Another buyer from Detroit, Michigan might view Sarasota as very expensive. It is all relative to what you are used to.

Sarasota vs. Vail

I am on vacation this in Vail with my family. Even though this is a vacation I am still observant when it comes to real estate. We are staying in the Lionshead area of Vail which is within walking distance to a gondola and a few chair lifts. It would be the equivalent of buying on the beach in Sarasota (Siesta Key, Longboat Key, Lido Key).

Our condo is in the Antlers condo community which is a nice 2 bedroom, 2 bathroom with roughly about 900 square feet.…

Today in the Sarasota Herald Tribune there was an interesting article - New Spike Seen in High End Homes. It is an interesting read about Sarasota luxury homes. I blogged about an active luxury market months ago - Luxury Sarasota Homes & Condos Selling and Sarasota Luxury Homes Heat Up.

Here are a few highlights from the article:

• There are 14 luxury homes under construction on Bird Key with construction costs (not land value) to exceed $14,000,000.
• According to economists and market watchers the overall activity on Bird Key is a reflection of growing optimism among wealthy home buyers that the economy has passed through its darkest days.
• In the unincorporated areas of Manatee and Sarasota counties and on Longboat Key, builders have…

The Sarasota Florida real estate market continues to eat through its inventory. Notice the drop above from May 2011 of 5,604 listings for sale to 5,372 in June 2011. This gives Sarasota county 6.5 months of inventory based on closed sales and 6.3 months of inventory based on pending sales. The average sold price in June 2011 was $238,000 with the average sales price/list price ratio of 91%.

Average Price of Sarasota Homes & Condos

The above chart shows the average asking price as well as the average price of sold properties. Average prices are trending higher when comparing June 2010's average price of $217,000 to June 2011 price of $238,000.

Sarasota Real Estate Statistics

Take a look at this fabulous new listing we have in Riegels Landing on Siesta Key. Buyers looking for a newer home within walking distance from the world famous Siesta Key beach, a gated community and deep water that can accommodate a large yacht or sailboat should take a look at this home.

Give me a call at 941.812.6272 if you would like a private showing.

Below are the 5 largest residential real estate transactions in the month of June.

667 Mourning Dove Drive, Sarasota

This lovely Bird Key waterfront home is located at 667 Mourning Dove Drive. It offers 5 bedrooms, 5 bathrooms, 2 half bathrooms, 6,570 square feet and was built in 2009. The asking price was $5,990,000 and it sold for $4,950,000.

A little slice of paradise of just sold yesterday. A client of mine just purchased this fabulous home at 5105 Oxford Drive on Siesta Key. This 2004 built home is on the grand canal so the new owner will be able to hop on the boat behind the house to easily enjoy the boating lifestyle. This home is also not too far from the Siesta Key village and the recently ranked #1 beach in the country - Siesta Key beach.

• 4 bedrooms
• 4.5 bathrooms
• 3,209 square feet
• Asking price - $1,099,000
• Sales price - $1,000,000 (public record)

5105 Oxford Drive

I just added this great new feature to LuxurySarasotaRealEstate.com. Start Searching Now. You can now view properties that have sold in the Sarasota., Florida area. Who can use this?

Home Owners & Nosey Neighbors

Property owners can now better estimate the value of their home by viewing recently sold properties around them. You can always search the Sarasota county records but they don't provide photos and other valuable property information. For example, you might notice a home that sold in your neighborhood with a really low sales price. Now you can see all available photos of the home to see what kind of condition it was in.

Buyers

Potential home buyers may need a little education before purchasing. My new Sarasota home sold search will allow…

Looking for paradise?

If you are on this website then you are probably looking to relocate to Sarasota, Florida or buy a vacation property here. Many of our clients come from all over the world. Not only do we have clients from all over the United States but we have helped buyers from Canada, Europe, South Africa and even Russia. If you are in the market for a vacation home fill out our DREAM HOME FINDER form and we will email you all properties that match your criteria.

Buyer tips for the Sarasota vacation home buyer:

1) Establish a budget

The very first thing you need to do is establish a budget for your vacation home investment. If you have cash make sure you have a pretty good idea of how much you are willing to part with. If you need a…

How do you figure out the value of a property?

• It is not the price you paid for the home plus improvements and real estate commissions.
• It is not how much your friend, in-laws, attorney, accountant, sister with a real estate license, neighbor or anyone else thinks your house is worth unless they are willing to buy it at that price and you are willing to sell it at that price.
• It isn’t what you paid for the home plus a needed or expected rate of appreciation.
• It isn’t more than what your neighbor’s house sold for because you like your house better.

I recommend you read Wikipedia's page on Real Estate Appraisal to give you a great understanding on how to determine the value of real…