Sarasota, Florida (PRWEB) March 29, 2013
The continuing depletion of available condominium properties, coupled with the influx of retirees from the northern states, appear to be egging on the resurrection of idled multifamily developments in Sarasota and Manatee, Sarasota Bay Real Estate said. The full service realty firm noted that there’s just about a five-month supply of homes available in the two counties as of the beginning of 2013, trending below the six-month supply that realtors consider as the equilibrium wherein pricing neither favors sellers nor buyers.
In Sarasota, buying interest has been rekindled in the shuttered downtown condominium Dolphin Tower, Sarasota Bay Real Estate noted, while in Bradenton, a makeover is now in the works for the Harbor Apartments which has been closed for years. Repairs have likewise been scheduled for the Dolphin Tower which was built in 1974 but was closed in 2010 when some structural defects surfaced.
The developer Enterprise Associates of Florida LLC which acquired the Harbor Apartments through a bank mortgage in 2006 was supposed to demolish the structure to give way for Metro Marquee, a planned condo project consisting of an 18-story and a 21- story towers with residential and commercial spaces. This plan, however, has fallen victim to the real estate crash, and Enterprise eventually lost to foreclosure the apartments and its 2.6-acre site at 301 Seventh St. W in downtown Bradenton. The 24-unit Harbor Apartments, in turn, was bought recently by TCTL Properties which is initially seeking to rehabilitate the property for home leasing purposes.
The repairs set at 117-unit Dolphin Tower, once completed, is one development that should significantly contribute to easing the tight inventory of downtown Sarasota condos for sale, Sarasota Bay Real Estate said, noting that in the Gulfstream Towers adjacent to Dolphin Tower, only two units are currently listed in the MLS. These available units are priced in the $200s.
There are significant repair jobs to be made though at Dolphin Tower, particularly on its fourth floor with a cracked concrete slab and on boosting the side-to-side stability of the building’s exterior columns and walls. It is estimated that the entire rehabilitation of the condominium would cost $12 million for which funding has been reportedly secured. Work is expected to start as early as this March, and the condo’s former residents are hopeful they can return to their units by May next year.
Some 10 ten units are currently for sale at Dolphin Tower, with their low prices generating substantial interest in the local real estate circle, Sarasota Bay Real Estate said, noting that there are already four pending sales among these units. The asking prices for these properties have been quoted under $100,000, with the units featuring two bedrooms in their floor areas ranging from 965 to 1,390 square feet.
There are additional acquisitions costs to be considered though, Sarasota Bay Real Estate cautioned, citing for instance the estimated $5,000 annual homeowners’ fees in this condominium. By some estimates, a purchase of a Dolphin Tower unit can eventually hit the mid-$100s mark with all costs factored in.
About Sarasota Bay Real Estate
Sarasota Bay Real Estate is a full service real estate brokerage in Sarasota Florida owned by Sarasota real estate broker, Christina Miller, and marketing professional, Roy Hunter. Together they, and their team of well-experienced agents, provide the best-in-class real estate marketing services for the properties in the company’s inventory.
Sarasota Bay Real Estate Internet assets receive more than 1,000 visits from perspective home buyers a day due to the wealth of local community information published by the company. Through a direct feed from the Sarasota MLS, Sarasota Bay Real Estate publishes the most current real estate information on the Internet for the Sarasota, Florida, market.
Contact information for Sarasota Bay Real Estate and all of the current MLS listings of real estate for sale in the Sarasota-Manatee area can be found at http://sarasotabayrealestate.com/