Realtors will need to do some diligent work for their clients in search of distressed residential properties for sale in Manatee, Sarasota Bay Real Estate reports. Foreclosure and short sales are on a general decline in the county during the past three months and the deep discounts erstwhile available are being eroded by recent price gains.
Reflecting the downtrend in 2013, Manatee foreclosure sales dropped 9% year-over-year the following January, while median sales price increased 22.5% to $110,250 from $90,000. Short sales in the same month dropped 59.1% while median sale price rose 27.3% to $156,000 from $122,500.
Sales of foreclosures picked up in February of 2014, with a gain of 21.8%, but the advance in median price accelerated at 30.5% to $114,500. Short sales for the month plunged 49.2% while the median price eased 10.8% to $145,000.
Finding distressed homes for sale in prime locations at these price levels can indeed be a challenge. One good community to start searching though is the 42-acre Village of the Arts in Bradenton. A revitalization project is currently ongoing in the Village, and part of the efforts under consideration is working with the banks to release in the market Village homes in pre-foreclosure which are quite significant in number, per local reports.
One of the older communities near the downtown, the Village is zoned to allow art-oriented occupations to be operated from residences. Its guiding agency is the Artists Guild of Manatee which, along with prominent Village residents, is also the prime mover of the community’s revitalization called Plan to Act. Its scope covers the 14th Street West overlay district up to Ninth Street West at the McKechnie Field, extending to the community’s northern boundary at Ninth Avenue West and southward to 18th Avenue West. The revitalization got a boost recently with an announcement that a recently purchased home will be renovated and converted into a welcome center for the community.
There are a good number of properties at the Village in the current MLS of Sarasota homes for sale, even as banks’ action remains pending on the residences in pre-foreclosure in this community. One is a new listing of a historic 1920s cottage style residence at the Village’s overlay district. A duplex, this two-bedroom home has a floor area of 3,534 square feet. Priced a shade under $140,000, this residence sits in a 16,000-square-foot lot which also has a large carriage house. An adjacent three-bedroom home with a floor plan of 1,406 square feet is also currently sales-listed with an asking price of $110,000.
These properties are located near Motorworks Brewing, touted as Bradenton’s first modern brewery. It just opened in January 2014, thereby adding yet another attraction to the Village. Every month, an art walk with varying themes is held in the community among the participants are the local galleries, studios, and cafes, offering not only artworks and culinary delights but also jewelry, fashion, books, and even wellness and healing. Following a makeover of the community’s streets in February, the Village will also become a permanent part of Bradenton’s annual Art Slam Festival in March.
SARASOTA, FLORIDA, October 7, 2019 – Property values of communities in the Sarasota-Manatee region now face lesser threat from neighborhood eyesores brought about by abandoned, foreclosed homes. Known in the real estate trade as zombie foreclosures, these properties have shrunk significantly in the region. According to an August report of ATTOM Data Solutions, abandoned […] more>>