Available Foreclosed Properties Down in SRQ

 As of today, there are 2004 listings in greater Sarasota.  Of those listings, only 16% are distressed sales, that is short sales or foreclosures.  Foreclosures currently comprise only 3% of active listings.

For real estate bargain hunters, does this mean the end of the sale?  Not necessarily.  More what it indicates is the ever-increasing microclimate of Sarasota's real estate market.  The local market cannot be judged by the national numbers.

Taking a closer look at the REO (real estate owned) or foreclosed properties, there are only 4 waterfronts, all of which are listed over $1.6 million.  Moreover, not all foreclosures are created equal.  Dotted around town rather than grouped into one neighborhood, each one has its good and bad features.

One on Proctor Road looks good at a glance: over 2000 square feet, a double wide mobile home dated 2004, but curb appeal?  But does curb appeal matter if you are an investor looking for the latest rental property to add to the portfolio. But is it worth $115,000 as an REO?

For the same price, close to town in Loma Linda Park, is a much older property, with 4 bedrooms and 2 baths, but only 1275 square feet.  But if you can rent it out or ride your bike to downtown or Hillview, how much more attractive does it become?

But if close to town is what a buyer is looking for, why not consider the one on Bougainvillea?  It is 1537 square feet,  bedrooms and 2 bathrooms, and is on "the flower streets" of Sarasota, always popular.  Priced a little higher than Waldemere in Loma Linda, per square foot is less expensive ($87.77 vs $90.20).

If those are not the kinds of bargains a real estate buyer is looking for, there are still others to choose from, including in Turtle Rock.  At just over $101 per square foot, it has an attractive exterior appeal and Turtle Rock has superb amenities for families in particular and is worth investigating.  

For country club lifestyle, there is a listing in Serenoa, but a buyer would have to act quickly as it is scheduled for auction July 22.  Four bedrooms, 3 baths, a pool, 3 car garage, for $424,900 it could be interesting.

A personal favorite, however, is this little gem on St Armands.  Built in 2005 and never actually lived in, it boasts marble and hardwood floors, beautiful views out the back over the pool to the dock and waterway.  The new owner could as easily walk to St. Armands and its amenities as cycle or scooter over to the mainland to do their shopping at Whole Foods and attend the varied artistic events that are a mainstay of Sarasota life. 

Whatever the budget, there is a foreclosed property in Sarasota available, but not all can be considered "steals."  As with any majory purchase, a buyer should investigate with their realtor the fair market value and condition of the property (foreclosures are sold "as is") before making an offer.