Foreclosures affect the Highest $$ December Sales in Sarasota
Posted by Key Realty on Tuesday, January 18th, 2011 at 1:47pm.  |
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Four of the Ten Sales Identified
Today the Sarasota Herald Tribune ran an article (sorry I forgot the link earlier) about the top ten luxury sales in Sarasota County for December 2010. I was curious how many of these were distressed or foreclosure sales. So I looked them all up in the Sarasota County tax records. Four of the ten sales were short sales or the result of a foreclosure sale. This is not too far off the percentage of all properties sold which were ditressed sales in December 2010. However, these higher end properties are often not advertised or identified as distressed or foreclosures.
Here is the information on the 4 luxury sales in December that were identified.
4141 HIGEL AVE, Siesta Key: This property previously sold in Feb. 2005 for $2,100,000. At first glance this would look like the seller made a profit. However, the 2005 sale was for a property that was demolished and replaced with a new strcuture. The mortgage obtained in 2005 was for $3,420,000. Then the buyer built a new 11,343 sq ft home, originally listed for $5,750,000 this sold after 681 days on the market for $2,750,000 (less than half).
1370 Harbor Drive in Harbor Acres: The next property was not identified as a foreclsoure or short sale. it is a vacant lot in Harbor Acres. I am including it here because it is the second time it has sold for less than it's previous sale. Sold on 10/06/2004 for $3 million, then again on 06/29/2007 for $2.9 million, most recently in Dec. 2010 for $2.365 million
675 MOURNING DOVE DR was identified in the MLS as a short sale, it was a partially completed strucure.
The final luxury property, also on Bird Key, was a foreclsoure flip. The lot was bought by Craig Adams in 2004 for $1,226,000, a partially completed home sold through foreclsoure on 12/15/2009 for $1,050,000. The buyer then completed the house before re-selling on 12/27/10 for $1,855,000.
Adam Robinson, Broker
SarasotaForeclosures.com Inc.
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Posted on Tuesday, January 18th, 2011 at 4:06 PM.
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You forgot to include a link to the original article: http://insiderealestate.heraldtribune.com/
Posted on Tuesday, January 18th, 2011 at 3:42 PM.