Sarasota Palms Condos (Lakeside, University, Osprey: short sale, real estate, rentals)

[dishing the 9411]

Vintage Grand has new ownership. They are offering all six floor plans at a much lower price than the previous developer(of course). The new pricing structure might create the much needed floor in that complex. Only time will tell, but its worth a look especially if you like the Palmer Ranch area.

[davery5872]

Originally Posted by SoFLGal

17. Vintage Grand, Palmer Ranch
• Built or converted: 2005
• Total units: 432
• Number of foreclosures: 68
• Ratio: 16%


SOURCE: Sarasota, Manatee and Charlotte county clerks of court

You may want to check to tax records. We were interested in Vintage Grand until I checked the current tax records. It seems that half the units are owned by Sarasota 432 LLC. Since they are also renting units through management, I assume they own these. My guess is when they started converting these in 2005, they didn't get them all sold before the crash. It looks like the have decided to keep the unsold units and rent them out. I don't think they are currently for sale. With over 200 units still in the hands of the developer they control the HOA. They can raise fees or impose assessments at will. My guess is it would be impossible to get a loan for a unit in Vintage Grand.

[davery5872]

Originally Posted by jasonfieber

Hey everyone!!

I just wanted some input, if possible. I moved to Sarasota last summer, and it's been a dream come true so far. I currently rent an apartment on Palmer Ranch and really love it here. I am thinking about purchasing a condo over at a development called Sarasota Palms over on Tuttle just off Fruitville. Has anyone heard anything good/bad about this development? I understand it was converted from apts. back in 2004. It seems like it's in an area of town that's not highly desirable, especially comparing to Palmer Ranch..but it is close to downtown. I was looking at other developments like Parkridge over on University, but Palms is much, much more affordable! Any input??????

If you wish to stay toward the south side, check out Summerside or Sienna Park. We looked at units in both complexes. Both units sold, I think, below 60K. Of course they both needed extensive work, but it's an option.

[jasonfieber]

WOW!

Thanks for all the information SoFlGal. That really tells me a lot about the area, as a few on that list were the only ones in my price range. The problem I'm experiencing is that my agent is telling me I can only purchase in like 6 different complexes because I'm getting FHA financing and only a few complexes are FHA approved. I can't believe Sarasota Palms is FHA approved while Serenade and Admiral's Walk are not. Maybe I'll just continue to rent.

[dishing the 9411]

Originally Posted by davery5872

Vintage Grand....I don't think they are currently for sale.

Not true, they are all for sale. Give them a call.

[davery5872]

Originally Posted by jasonfieber

WOW!

Thanks for all the information SoFlGal. That really tells me a lot about the area, as a few on that list were the only ones in my price range. The problem I'm experiencing is that my agent is telling me I can only purchase in like 6 different complexes because I'm getting FHA financing and only a few complexes are FHA approved. I can't believe Sarasota Palms is FHA approved while Serenade and Admiral's Walk are not. Maybe I'll just continue to rent.

We looked at AW and could not get a loan due to a pending law suit.

[gypsychic]

I don't personally know anything about Parkridge, but since it was one of the options OP mentioned I must say that I feel it would be worth looking into. It seems like a nice place and the location is great. Maybe SoFLGal can provide more info on that location. Some of those other condos on that list I would be VERY leery of, due to high foreclosures, rentals, etc. One can't be too careful buying a condo these days, because if you don't like it, I agree it may take YEARS to re-sell. Some of those are cheap for a reason. There was just an article in today's paper about investors buying up a whole slew in Bermuda on Osprey to rent out. I wouldn't want to live in a place where there was such a high ratio of rentals.

Jus my .02 cents.

[SoFLGal]

Here's a list of the only condos in Sarasota that can be written with FHA as of Dec 7th, 2009. These change constantly and the next update is Jan 31st.

Fairway Oaks
Hidden Hollow
Lakeside at the Isles
Oakhurst phase, I, II and III
Palmer Oaks
Parkridge
Sarasota Palms
Stonehaven
Stoneridge

[davery5872]

Originally Posted by dishing the 9411

Not true, they are all for sale. Give them a call.

We looked at them Fall of 2008. I were really interested until I found out the developer still owned over half the units. That may not be the case now, though.

[jasonfieber]

Originally Posted by SoFLGal

Here's a list of the only condos in Sarasota that can be written with FHA as of Dec 7th, 2009. These change constantly and the next update is Jan 31st.

Fairway Oaks
Hidden Hollow
Lakeside at the Isles
Oakhurst phase, I, II and III
Palmer Oaks
Parkridge
Sarasota Palms
Stonehaven
Stoneridge

Yep, that's the list. For price reasons and matching what I was looking for in terms of look/location/size and everything else the only ones that matched were Parkridge and Sarasota Palms. It sounds like I should stay far away from Sarasota Palms. Maybe I'll take another look at Parkridge, but the cheapest unit that was a non-short sale was 120k. That's a little out of my price range, which I wanted to keep under 80k if possible. At least I really love where I rent now!