Home Bargain Hunting, Anyone?


SARASOTA, FLORIDA, November 5, 2018 – Bargain-hunters prowling the Sarasota-Manatee real estate market may find more pockets of opportunities moving forward in 2018 and 2019. Recent research from ATTOM Data Solutions indicated that filing of foreclosures in the two-county region sustained an uptick in the 2018 third quarter, a trend seen since the beginning of this year.

Lis pendens or initial foreclosure filings in court during the July‒September 2018 period rose year-over-year by close to 10 percent. This indicates that for every 615 homes in Sarasota and Manatee combined, one mortgaged residence is in financial distress during the quarter.

Irma’s Imprint

Also based on ATTOM’s findings, the two-county region’s ranking in terms of foreclosure starts leaped to 56th place from 78th at the start of this year. The data cruncher attributed the rise in distressed residential properties to the adverse effects of Hurricane Irma which hit Florida last year. Homeowners permanently put out of work as a result of the hurricane were unable to make mortgage payments, while some may have abandoned damaged properties, the data provider noted in its analysis of the recent foreclosures’ increase.

While it may still be too early to see a significant spike in local foreclosure or short sale listings, bargain-hunters can already explore some prospects in communities like Gregory Estates in Bradenton. Early this year, a two-bedroom residence here with a floor area of about 1,100 square feet and a tag price a shade under the $100s was listed as a short sale.

Some Hot Listings

Potential bargains can likewise be found in golf communities, such as the Venetian Golf and River Club in North Venice. This October, a short sale priced in the $200s was listed in this community. It comes with two bedrooms and two baths within a floor area of about 1,900 square feet.

Bobcat Trail Golf Club in North Port likewise listed as a short sale early this year, a residence priced in the low $200s. This sales listing features a floor area of about 2,000 square feet designed with three bedrooms and two baths plus a two-car garage.

Calusa Lakes, also a golf community in Nokomis, is a promising destination as well for searchers of attractively priced homes on the short sales list. This October, a three-bedroom residence with a floor area of 2,181 square feet was listed on the market as a short sale priced in the low $300s.

Pick of East Venice

Outside of these golf communities, Venetian Falls in East Venice also offers a short-sale listing in a 1,450-square-foot residence designed with two bedrooms and two baths likewise priced in the $200s. This community provides a resort-style pool and a resistance pool, library, internet cafe, fitness center, community clubs, and various activities.

Venetian Falls is conveniently located just a couple of miles from Interstate 75 and only minutes away from the shopping, dining, and entertainment venues of Venice island, plus the outdoor delights of the Legacy Trail.

As of September, the single-family-home median price of Sarasota foreclosure/REOs was estimated at $203,500, up 37.7 percent from a year earlier. This compares with the market’s overall median price of $295,000, unchanged from last year’s level.