The slowing market has caught many investors by surprise.  Among those most effected by the slowing market were those investors who purchased investment condominiums in new developments and apartment conversions.  These modestly priced or entry level condominiums have seen large price declines.   These same properties may be some of the best values for entry level end users in the Sarasota market.  Many of these condominium properties are gated and have excellent amenities and on-site services.  Because these properties that were built just before the market slowed, good short sale or foreclosure opportunities can be readily found.  With interest rates still very low, now very well be the best time to buy.  A one percent increase in interest rates will counter any additional decline that may be left in the market.  Increased sales activity would seem to indicate that for the well priced properties, the Sarasota maket has bottomed out.

One such condominium property that has much going for it is Las Palmas.  Las Palmas is one of Sarasota’s newest and best values in condominiums. Las Palmas is located near University Parkway, Lakewood Ranch and the new Super Target shopping center. This location will soon become more desirable has the new regional mall is completed on University Parkway.  Las Palmas has a resort like atmosphere and numerous amenities.   Amenities include BBQ picnic, billiards room, club house, fitness center, lake views, multiple pools, private garages, putting green, sauna, spa / hot tub, and tennis.

Click here to view all available properties at Las Palmas.

For more information about any of these properties or for rental income projections and management information call me at 941-650-4626.

Here are the properties currenlty available at Royale St. Andrews:

If you would like to see any of these condos, give me a call. I would be happy to show them to you.

The Mooring at Edgewater are very nice condominiums in Lakewood Ranch located on Lake Uhlien and next door to Main Street.  This is a great place to take advantage of all the activities, shopping and restaurants that are located at the heart of Lakewood Ranch.  The hospital is located just across the street.  The Moorings are a gated community with amenities that include boat docks, fishing pier, club house and community pool. 

Maintenance Fees at the Moorings are currently $1,364 per quarter. This fee includes insurance, maintenance of the buildings and common areas and cable television. There is a also a community development (CDD) fee of $516 per year for the bond covering the development and infrastructure of the surrounding community.

Here is a list of available properties at 1350 Main.

If yo would like to view any of these properties at 1350 Main, Please contact me at 941-650-4626.

Call me at 941-650-4626 to arrange a viewing of these attractive properties.

We look forward to serving your real estate needs.

The list price to sale price ratio for properties in Sarasota is about 91%. That is to say that a buyer would expect to pay about 91% of a property’s asking price.

Specific examples of investment condos…

Las Palmas Condominiums

488 units in development

A two bedroom two bath condo with a garage at Las Palmas can be purchased today for at the asking price of $83,900.
In 2005 that same unit would have sold for $245,000. Income and expense for this unit today would be:

$950 Rent
$355 Mortgage (20% down payment – 30 year mortgage at 4.875%)
$126 Property Tax
$264 Condo Association Fees (inc. insurance)
$205 Net to Owner per month

Available units at Las Palmas include the following:

Serenade on Palmer Ranch 324 units in development A two bedroom two bath in this gated condominium community can be purchased at the asking price of $85,000. In 2005 that same unit sold for $240,000. Income and expense for this unit today would be: $975 Rent $359 Mortgage (20% down payment – 30 year mortgage at 4.875%) $125 Property Tax $258 Condo Association Fees (inc. insurance) $233 Net to Owner per month The following is a complete list of available units at Serenade:

Parkview

A two bedroom one bath unit can be purchased at the asking price of $49,900.
In 2005 it’s value was $185. Income and expense for this unit today would be:

$650 Rent
$211 Mortgage (20% down payment – 30 year mortgage at 4.875%)
$100 Property Tax
$221 Condo Association Fees (inc. insurance)
$118 Net to Owner per month

All indicators show increased sales. This June the total sales were the highest year-to-date so deals like the ones mentioned above wont last long.

If you have any questions please feel free to call me at 941-650-4626.

Here is a list of currenlty available properties at Surf & Racquet Club:

If you would like to view any of these condominiums in person, please give me a call at 941-650-4626.

Today, while working with clients I view some very nice three bedroom condos on or near the beach.  One of the best properties I found was a beautiful beachfront three bedroom condominium at Fisherman’s Haven.  The condo which had a price reduction this morning is now priced at $549,000.  I have been told that the owner is motivated.  Amenities include a pool, boat docks and a beautiful beach.  This condo is an excellent rental.  It has been updated dramatically with high quality finishes including crown moldings, halogen track lighting, granite counter tops wood cabinets, stainless appliances and much more.  Two of the bedrooms have views of the bay while the master has some views of the Gulf of Mexico. There is an on-site rental office that will administer bi-weekly vacation rentals for a fee of 15%. The winter rate for this condo is $1,500 per week.

This is not my listing but rather it is one that I feel is an excellent opportunity.

Here is a photo gallery of this nice three bedroom condo…

All availble properties at Fisherman’s Haven…

Here is Map to Fisherman’s Haven…

View Larger Map

Available units at Marina Del Sol include: