Sarasota's Median Sales Price for Single Family Homes reaches $500,000 (Bradenton: days on market, homeowners association)

[MOforthewin]

Originally Posted by Trying941

The numbers for May will be interesting. Zillow shows single family in Sarasota County sales (new and resale) rose 4.3% in April and 3.9% from April 12-May 12. That would suggest still going up 3% this month. I am surprised at how strong demand remains in the face of purchasing power being reduced about 20% by the interest rate increases this year.

Maybe it's different there but down here in swfl im seeing reductions and overpriced houses on the market longer with reductions.

[srq57]

We were recently informed our Condo HOA is unable to obtain Full replacement Coverage on the Roof of our units. We are within three miles of the coast and are only able to obtain Cash Value coverage.
My point being, that I fear this is going to be reflected in the re-sale price of our homes. As one of the closings last week went "bust" after the lender would not fund due to the difference in coverage. The potential buyer also ran it past FIVE different lenders who all required FULL Replacement Value Coverage.
It would appear that our investments at this point can only be sold to those with ALL CASH.
I'm wondering if these changes in insurance coverage by these insurance companies will effect the prices of homes in the area with in the next few months?

[MOforthewin]

Originally Posted by srq57

We were recently informed our Condo HOA is unable to obtain Full replacement Coverage on the Roof of our units. We are within three miles of the coast and are only able to obtain Cash Value coverage.
My point being, that I fear this is going to be reflected in the re-sale price of our homes. As one of the closings last week went "bust" after the lender would not fund due to the difference in coverage. The potential buyer also ran it past FIVE different lenders who all required FULL Replacement Value Coverage.
It would appear that our investments at this point can only be sold to those with ALL CASH.
I'm wondering if these changes in insurance coverage by these insurance companies will effect the prices of homes in the area with in the next few months?

That sucks.

This is looking to be a very active hurricane season. If FL gets hit by a major hurricane or hurricanes I fear a big sh*t show will happen. Especially if it's another Andrew type storm or 2004 type season.

[loves2read]

Originally Posted by srq57

We were recently informed our Condo HOA is unable to obtain Full replacement Coverage on the Roof of our units. We are within three miles of the coast and are only able to obtain Cash Value coverage.
My point being, that I fear this is going to be reflected in the re-sale price of our homes. As one of the closings last week went "bust" after the lender would not fund due to the difference in coverage. The potential buyer also ran it past FIVE different lenders who all required FULL Replacement Value Coverage.
It would appear that our investments at this point can only be sold to those with ALL CASH.
I'm wondering if these changes in insurance coverage by these insurance companies will effect the prices of homes in the area with in the next few months?

How old is your condo and the roof?
Composite or tile?
What is the governing body…city or county

[loves2read]

Originally Posted by MOforthewin

Maybe it's different there but down here in swfl im seeing reductions and overpriced houses on the market longer with reductions.

The house next to us —a 2/2 w small pool and dated interior —sold for cash (I heard) for over 400k and has sat vacant since the seller moved out. Buyer bought from Internet views and looks like she is not making a move to do anything after almost 9 months

Thinking she is going to have some issues
No one comes to even check on it

[MOforthewin]

Originally Posted by loves2read

The house next to us —a 2/2 w small pool and dated interior —sold for cash (I heard) for over 400k and has sat vacant since the seller moved out. Buyer bought from Internet views and looks like she is not making a move to do anything after almost 9 months

Thinking she is going to have some issues
No one comes to even check on it

Was she an investor buying it to rent out?

Why would someone spend 6 figures on anything and not even see it in person. Imagine it being a big POS and they totally get scammed and requires a lot of work lol.

Either this person is very rich just to blow money like that or totally stupid on how to manage money. I would think a successful wealthy person would know better than to make a stupid decision like that and blow 400k without even seeing it in person.

When we shopped for houses 7 years ago I noticed how they hardly ever look as good as the internet photos make it to be.

Basically looking at houses online is like online dating. usually a freak show and not what you expect. Just like the women on the dating sites they never look nearly good in person and usually have issues lol.

[Sunshine Rules]

Originally Posted by loves2read

The house next to us —a 2/2 w small pool and dated interior —sold for cash (I heard) for over 400k and has sat vacant since the seller moved out. Buyer bought from Internet views and looks like she is not making a move to do anything after almost 9 months

Thinking she is going to have some issues
No one comes to even check on it

It's possible they bought the house for the lot and eventually the house will be torn down and new construction go up in it's place. That is happening a lot to houses in certain neighborhoods, especially if they are fairly close to a public beach.

[MOforthewin]

Originally Posted by Sunshine Rules

It's possible they bought the house for the lot and eventually the house will be torn down and new construction go up in it's place. That is happening a lot to houses in certain neighborhoods, especially if they are fairly close to a public beach.

True. When I lived in Naples in the 1990s they'd do that a lot. Buy old houses near the beach and tear them down.

[BeirksDentley]

Tear downs were commonplace all around Sarasota, i.e. west of trail, Cherokee, ,Whitaker Bayou, north trail, Fruitville, Rosemary etc etc.

[loves2read]

Originally Posted by MOforthewin

Was she an investor buying it to rent out?

Why would someone spend 6 figures on anything and not even see it in person. Imagine it being a big POS and they totally get scammed and requires a lot of work lol.

Either this person is very rich just to blow money like that or totally stupid on how to manage money. I would think a successful wealthy person would know better than to make a stupid decision like that and blow 400k without even seeing it in person.

When we shopped for houses 7 years ago I noticed how they hardly ever look as good as the internet photos make it to be.

Basically looking at houses online is like online dating. usually a freak show and not what you expect. Just like the women on the dating sites they never look nearly good in person and usually have issues lol.

I had to call her about some bamboo in her back yard that was too tall and touching power lines
She said she had bought home intending to move with her significant other to retire down here
She is in her 60s she said but he died fairly close to buying the house—
Don’t know if it was CoVid or other issue and she just was up in air about what to do then

She has pool and yard service but has had a trash can sitting outside the garage for almost a month now and yard is all but dead from lack of rain and irrigation
Just a bad vibe on our street