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Downtown Sarasota Condo- Advise please (1720 Morrill St and others)
Hi!
I have been researching buying a place in downtown Sarasota for the last 6 months and I'd like to thank all those who I have learned alot about Sarasota on this forum!
I have read a great deal of the threads here about downtown Sarasota, as well as studying Google Maps and Bing Maps, as well as reading the Tribune.
I am looking for an affordable condo in downtown Sarasota, a place that is walkable to all amenities (groceries, buses, coffee shops). Ideally, it would be a 10 minute walk to Main Street. What appeals to me about downtown Sarasota in particular is that is seems to be one the only cities in Florida that has somewhat of that Urban appeal, ie. new urbanism, that is accessible to a beach.
I am a 40 year old active single male, and looking for a place that I will live 6 months of the year. (I am seeking to retire early, so local employment isn't an issue) . My favourite outdoor activities are beach volleyball, swimming, and hiking, indoors I love to read and meditate. I'd love to take up kayaking, and try surfing as well. I am from Toronto, so its very hard for me to partake in these activities here. US customs only allows Canadians to live in US max 6 months a year
I am looking for a condo ideally around $50k, preferably less. I see the condo more just as a place to sleep, so a lot of square footage isn't essential. I understand that with that price in the downtown area, I would be looking at something considerably older (ie. a conversion), and also would be in areas that are not fully 'gentrified'. I've read that North of Fruitville gets a bit dodgy, the area around Gillespie Park in particular.
I have been looking at these specific buildings on Zillow and I would greatly appreciate any advice or expertise anyone might have on these properties.
I have linked PAST sample listings as examples. The building I am most interested in is 1720 Morrill Street and Citywalk. Further I am seek a buyers agent in the future, so I'd welcome any agent who is reading.
however, I was wondering if the building has since stabilized?
-I understand the building is gated, there is a highschool very close, and as well they built a brand new grocery store within minutes from this building. Read that it is not exactly the best area but extremely convenient.
4. Metone Court,631 N Orange Ave Building - Zillow
-a little outside of my price range. I've seen their facebook site and it seems to be very well run.
I just did a search on a real estate site and did not find any condos for that cheap anywhere in zip code 34236. Are you seeing things currently for sale in that price range at those places? Zillow always has very old info, they show houses I sold YEARS ago as being active!
I think you have to get quite a bit further away from downtown for something that low. Downtown is great, good luck to you!
Last edited by gypsychic; 04-09-2012 at 11:14 AM..
I just did a search on a real estate site and did not find any condos for that cheap anywhere in zip code 34236. Are you seeing things currently for sale in that price range at those places? Zillow always has very old info, they show houses I sold YEARS ago as being active!
I think you have to get quite a bit further away from downtown for something that low. Downtown is great, good luck to you!
Hi gypsychic,
Thanks!
Yes I did see active listings on Zillow during the last 6 months, both in CityWalk and 1720 Morrill Street for this price range, as well as other real estate sites (ie. personal agent sites), and then when they are sold they become inactive.
In particular, I distinctly remember this listing being active (seems to be right in Laurel Park!):
Well, generally speaking, even if you were able to find something dirt-cheap, there will probably be something terribly wrong with it. Not trying to be negative, but the area you are looking (downtown)is one of the most desirable locations in Sarasota, and has the prices to match. There is nothing for $50,000 or below actively on the market that I could find, except Dolphin Tower, which of course if uninhabitable right now (and probably forever) due to structural issues.
I am sure there are at least some condos somewhere in Sarasota for that price (our realtors here will know) that are stable, but they won't be within walking distance of downtown. Maybe you could up your budget a bit?
I don't think you are being negative at all, quite realistic actually! I appreciate the candor, because I as well agree you get what you pay for. I think if I found the right place I would increase my budget.
I have read about the Dolphin Towers, lol, what a disaster!
Perhaps if I may just write what I have learned about downtown Sarasota so far? Maybe my impressions are incorrect?
From what I gather, and this is strictly speaking from an outsider (I plan to visit asap!), there are some heavily gentrified areas where this is A LOT of money, i.e playground for the rich (Ritz Carlton, Whole Foods, luxury condos, etc).
This had a lot to do with the city actively planning urban renewal, going back several years. However, when the bubble burst, gentrification stopped. So the area that has been re-developed, the prime areas, ie, very close proximity to Main Street and the water is considered 'downtown'.
But the areas very proximate to this, lets say Gillespie Park, Rosemary District, Altavista, Park East are considered 'close to down town'. I guess I should have qualified my post by saying I am looking for areas that are extremely proximate to Main Street.
Further south (ie. Zip Code 34237, something like Wood Street), while it may not be exactly considered downtown, has the proximity to downtown, it is a 15 minute walk, but wouldn't really be considered the gentrified 'downtown' area as described above, and would not necessarily be considered as 'desirable' in that sense for rich people, but desirable for someone like myself, who just wants an extremely convenient location, as someone who appreciates an urban lifestyle.
So far, I've gathered that the buildings I listed are old and they are apartment conversions. I know they are small units, and are not 'within' the wealth areas of downtown.
But for me, I can live with that, if it means being close to the services I would need. What I would reject however, is if these buildings have other significant issues, namely: structural, mold, HOA/financial issues, which may very well be the case!
I might be totally wrong about what I have learned so far, I hope someone can correct me or show me the path.
I think you are pretty much on point with your observations. Most of the wealth is right downtown, on the water and just south of downtown. Of the places you listed, the one on Morrill is best (IMO) location-wise, because it's Laurel Park and really right in downtown. Some of the others are "fringe areas" especially on the north side of town, meaning you are starting to get a little close to the ghetto. But even in the fringe areas I don't see very cheap prices these days because as they say location, location, location and lots of people want to walk to downtown. Wood street seems a bit far for walking distance, depending where you are going. But this area may actually be your best bet for finding something in your price range. And areas just east of downtown, also a good bet.
Maybe if you hook up with a really good realtor (there are several great ones on this forum) and have cash to put down on a great deal, you can get in on something that just hits the market. Of course it helps if you are here in person to do that "mold inspection" etc.
Morrill St is an excellent area. Can't go wrong around there. Folks walk around that area and it is pretty neat. It has a great vibe. Not rich and stuffy at all.
Location: Sarasota/ Bradenton - University Pkwy area
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Citywalk isn't a bad little complex. It is older, built in the 1970's. They have a small community pool and rec center. It is gated (code required for access). There were 2 short sale listings there awhile back - I know, I showed both. The one was nice and went sale pending quickly, the other was nasty smelling (no idea what was causing the odor). I'm not fond of the fact that they allow monthly rentals if you're not looking for investment purposes. (Nothing personal against investors! It's just from the standpoint of someone looking to owner occupy, having short term rentals nearby that change tenants every month can create issues.)
There's another complex next door, Park Lane, that sometimes has a listing in a similar price range (around $75,000 for a 2/2). One bedroom units go for less.
This is in zip code 34237 and it would be probably a 20 minute walk to the bayfront park or downtown Sarasota from Wood street -- that is, unless you are a fast walker.
Last edited by Sunshine Rules; 04-09-2012 at 08:06 PM..
Reason: clarification
Location: Sarasota/ Bradenton - University Pkwy area
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Reputation: 6046
Hi Seeking,
Hate to bring you bad news, but the only listing in Morill Enclave in the MLS is a bank owned listing that is already sale pending. It went under contract in just 6 days with multiple offers.
I went ahead and checked on Park Lane and Citywalk on Wood street - no active listings in either community. (Yes, even the nasty smelling unit in Citywalk is under contract.)
Right now you'd probably have to look as far east as Tuttle Ave - Sarasota Palms and Villagio - both have active listings. Both are condo conversions from apartments. Villagio was built and marketed originally as an upscale apartment complex. Neither are walking distance to downtown, unless you like really long walks. Bicycling would be more practical, although I would hate to travel Fruitville Rd to downtown on a bike. Both had financial issues due to a high number of foreclosures over the past few years, but both communities appear to be on the road to recovery and budgets are improving as a large number of the delinquent units have been sold.
Thank you gypsychic and sware2cod for your feedback.
Thank you Sunshine Rules for your technical expertise.
I am greatful to this forum for all that I have learned, for example, just learned in this the thread definition of 'downtown Sarasota' is smaller than I thought!
Let me redefine my want as being a 20 minute walk to Main Street! I should also clear up that I am not in an urgent need to buy today as I want to make sure I buy the property that is right for me. I would be prepared to wait until one becomes available.
Right now, so far I have gathered that yes, I can get something around the $50k mark, my choices are limited and they are hard to find, its not going to be the greatest building, and it has a probabilty of have financial reserve issues.
I've narrowed down my preferences (in order) with some of my thoughts/impressions:
Morrill Enclave (1720 Morrill St)
-my first choice. Best location, being right in Laurel Park. Seems like the 'smallest house in a good neighbourhood'? It doesn't appear to have any 'facilities', which is totally fine for me as I see the city more as my back yard than my home, and I guess should keep fees somewhat lower? Also, there appears to be big empty lots across the street, looks like a parking overflow or something.
City Walk (2121 Wood St)
-I found this historical sales data of City Walk: Recent Sales in Citywalk Condos in Sarasota, FL: Condo.com
-is this accurate?
-Sunshine Rules, thank you very much for relating your personal experience with the building. That is exactly the type of info I am looking for. From Google maps, the exterior and grounds seems to be very well maintained. I have read elsewhere they allow for monthly rentals, which yes I agree can add negatively to the transient nature of the complex! But, I suppose may come somewhat in handy for me since it may sit empty for me for 6 months of the year.
Park Lane (2155 Wood St)
-looks like a former huge motel, lol. Very open to the street unlike Citywalk. But the Zillow historicals, if they are accurate, show the recent sales to be quite cheap.
Condominium Documents!
I definitely have enough interest that I would like to order the condominium documents for all three of the above mentioned buildings. I want to make sure I do my due diligence.
Does anyone know if this is reliable and up to date?
Also, is there anywhere I can get historicals on past sales for these three buildings or is the Zillow historicals accurate enough?
Much appreciated!
SS
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What is downtown?
Condominium Documents
