Time to Buy in Warm Mineral Springs


SARASOTA, FLORIDA, February 17th, 2014 – Activity in the property market around Warm Mineral Springs currently appears slack due to the continuing closure of this popular Southwest Florida tourist attraction. Sarasota Bay Real Estate reports that some opportunities to grab a good home purchase deal may be in store during this lull which contrasts with the dynamic real estate sector in the North Port-Bradenton-Sarasota metro area this year.

The full service realty firm notes, however, that this possible window of opportunity can’t be expected to last too long. It adds that a resolution on the shutdown of the Warm Mineral Springs seems likely by early next year.

Reopening moving forward

Warm Mineral Springs

Warm Mineral Springs is owned jointly by North Port City and Sarasota County. Serving as a public spa, it has been closed since last summer after city and county officials failed to agree on signing up a new operator.

Progress toward the spring’s reopening was made this December though with the decision that a short-term manager would be sought and a long-term operator contracted. Both operators will have to pass a competitive bidding process which would take months. It is expected that, at the earliest, a short-term operator will be in place by February 2014 and will manage the springs only up to September by which time a long-term manager would’ve been named.

Closure fears unfounded

Some property buyers have shied away from the available properties around Warm Mineral Springs on fears that it will be closed.  Sarasota Bay Real Estate believes though that those concerns seem unfounded. The springs, the realty company notes, is very much a part of Florida’s heritage, tracing back to Spanish explorer Ponce de Leon whose fabled quest for the “fountain of youth” was rumored to have found fulfillment in these springs. Warm Mineral Springs is in fact listed in the U.S. National Registry of Historical Places.

Notably, city and county officials have agreed to invest in a hydrological study of the springs, which is actually a 200-foot deep sinkhole. They are also considering how to best develop the 80 acres of land around Warm Mineral Springs. It is estimated that this tourist draw generates up to $1.5 million in revenue annually, besides benefitting local rental properties and tourist-related facilities.

Affordably priced homes

Some affordable home choices are currently available at the neighborhoods near Warm Mineral Springs. Any of these could be ideal for landlord wannabes and retirees who wish to have instant access to these springs reputed for having therapeutic waters.

The current MLS of Sarasota homes for sale has a newly listed home near the springs with 3 bedrooms and 2 baths within its floor area of 1,641 square feet. A fixer upper built in 1970, this residence has a lot size of close to 11,000 square feet and priced at $59,900 or $47 per square feet.

There are waterfront homes too in Warm Mineral Springs. Those currently available have three bedrooms and two baths in their floor areas ranging from approximately 1,800 to 2,200 square feet. These properties carry tag prices from the $200s to the low $300s.