LONGBOAT KEY, FLORIDA – A Longboat Key, Florida, waterfront home which sold for $610,000 below its 2004 value is the latest example of the great deals available in million-dollar foreclosed properties.
Located at 511 Harbor Point Road, Longboat Key, Florida, the home closed for $1,090,000 on September 9. It previously sold for $1,700,000 in 2004.
“The house had been abandoned for an extended period of time and had serious deferred-maintenance issues,” said Troy Funk of Allison James Estates & Homes, who was the listing agent for the home for the lender-owner. “However, that did not detract the many buyers attempting to purchase the property as we had multiple offers.”
Funk is a well-known real estate broker who represents numerous lenders in the sale of their bank-owned assets. “We currently have many waterfront properties for sale and many more coming on the market in the near future in Sarasota and Manatee counties,” he said. “One mainland waterfront property that we are particularly excited about right now is the home at 7767 Holiday Drive in Sarasota. The roof on this home is literally caving in, yet we have a long list of buyers willing to make offers on this property, because it is a mainland Sarasota waterfront property and priced under $500,000.”
Waterfront homes have always been in high demand. However, the influx of distressed properties is providing an unprecedented opportunity for buyers who may have previously been priced out of this market, Funk said. Bank-owned homes can sometimes sell for millions below their previous asking price. As an example, he represented a bank-owned property which sold for $2,900,000, literally millions of dollars below the prior value of the home.
The secret to getting a good value in a waterfront home is to have the right mindset and treat it from a business perspective and not an emotional perspective, Funk advises. “These homes are usually very ugly and in poor condition, which causes concern for many people. However they are typically priced to accommodate for needed repairs, allowing a buyer to elevate the home above and beyond the standard of other waterfront homes currently on the market.”
Funk and his team can be reached at (941) 957-3737 or online at www.AllisonJamesFlorida.com.
Allison James Estates & Homes, based in Punta Gorda, Florida, is a revolutionary innovator in the real estate industry. It is now considered the “Number One Internet-based real estate brokerage in the country.” Allison James agents conduct business from their home offices, keep 100% of their commissions for a small monthly fee, and are truly independent contractors, who conduct business in the highest possible ethical manner.