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Old 06-18-2007, 06:48 PM
 
47 posts, read 230,350 times
Reputation: 38

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Hello everyone-

We are looking for a home somewhere between Sarasota and Tampa. The agent we are using is telling me--- 1. to buy new construction, and 2. The market has readjusted itself. Somehow I don't believe this!

Can anyone give me input? I don't want to overpay for a home!

Thanks!
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Old 06-18-2007, 08:56 PM
 
193 posts, read 458,049 times
Reputation: 48
Now that's a tough question with a gazillion different ways to go. ON one hand your agent is corect in recommending new const. There is still a good backlog of inventory. HOWEVER, many builders who put up spec homes cut a lot of corners, there is a lot garbage there. If you want new ask the builder for the addresses of homes he built 3 to 5 years ago. That will be the tale of the tape. Myself I prefer 5 to 8 yrs old. Any defects in construction will be staring at you OUT LOUD. I would look into those houses as well.

Whatever you buy make sure it has city water and sewer. Water will become a major issue here in the near future and if you are on well and septic be prepared to spend about 20K to "hook up" to the municipal system. If it is on well and septic I would NOT buuy it.

The Market in Sarasota has corrected by about 30% since 2005 SRF and a little more for condos. The condo market seems to be bearing the brunt of this. I don't know about the Tampa area.

There are those on this site who believe that prices will revert back to the level of the 80's or late 90's. This is wishing in one hand and &%$#% in the other. There are a lot of bargains out there but you will NEVER see 1800SF houses with pools etc etc selling for 125K those days are long gone. A review of the MLS will show that houses are selling for 90 to 96% of asking price. This does not mean that there are not plenty of houses still listed at 2005 levels. Just avoid them.

In this market I would STRONGLY recommend making the purchase of any property subject YOUR appraisers determinatiopn of value. YOUR Independent appraiser. NOT the realtor or the mortgage brokers appraiser YOUR APPRAISER! You can find them on the internet. BTW use an appraiser from OUTSIDE the market area you are buying in. I hope you can read between the lines here. Spend the few hundred dollars for the appraisal, it could save you tens of thousands.


Hope this helps & Good Luck
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Old 06-19-2007, 03:53 PM
 
Location: Sarasota, Florida
84 posts, read 334,787 times
Reputation: 50
"Somewhere between Sarasota and Tampa" leaves a lot of variables as well. Between Sarasota and Tampa there are communities such as Bradenton, Brandon, Riverview, and Sun City Center.

Personally, in my opinion, if money is not a huge issue, Sarasota is THE place to be. It is a smaller, but immensely growing city with virtually ANY amenity you could need. You did not state anything about what kind of work you do, what price range you hope to find in a home, or what activities you enjoy. Have you visited the area to get a better feel for the area?

Also, I'm not necessarily convinced that you even need to purchase new(er) construction. There are plenty of established neighborhoods in Sarasota with homes that are 10-20+ years, that have withstood the test of time. If you're looking at higher end real estate, then the newer communities will adhere to the Dade County standards that were enacted after Hurricane Andrew.
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Old 06-20-2007, 11:01 AM
 
Location: Florida
4,837 posts, read 13,045,521 times
Reputation: 2202
Quote:
Originally Posted by Sarasota_Blues View Post
"Somewhere between Sarasota and Tampa" leaves a lot of variables as well. Between Sarasota and Tampa there are communities such as Bradenton, Brandon, Riverview, and Sun City Center.

Personally, in my opinion, if money is not a huge issue, Sarasota is THE place to be. It is a smaller, but immensely growing city with virtually ANY amenity you could need. You did not state anything about what kind of work you do, what price range you hope to find in a home, or what activities you enjoy. Have you visited the area to get a better feel for the area?

Also, I'm not necessarily convinced that you even need to purchase new(er) construction. There are plenty of established neighborhoods in Sarasota with homes that are 10-20+ years, that have withstood the test of time. If you're looking at higher end real estate, then the newer communities will adhere to the Dade County standards that were enacted after Hurricane Andrew.
Right on.....but I'd suggest renting for 6 mo. to a year, just to get your bearings....
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