When BUYING a Home
Limited by budget
Exclusive neighborhoods that cannot expand (think areas that are fully developed where there is no more available land) benefit from market scarcity, creating what can be a high price tag if the buyer is expecting a move-in ready home. However, it is often possible to find homes at a more reasonable price that are in need of a little TLC to get to the finished product you desire.
Limited by inventory
Similar to the above, when you are limited by inventory in an area like Sarasota’s west of trail area where you find beautifully-placed lots that still have outdated homes on them, many people see a “teardown” situation. That is not always needed, and some of the most beautiful homes around honor the original structure with a modern renovation.
Customization potential
If you just know exactly what you want, you may look for a house that can support the potential for your customizations and then do the work yourself. You want a sauna, modern kitchen AND a house with character and charm? You can have it, but you probably won’t find it move-in ready in your average home.
Real Life Scenario: The Golden Gate Point Condo
I had the pleasure of helping my clients find and purchase on Golden Gate Point recently. Limited by the inventory of this exclusive area of Sarasota, we couldn’t find a condo that fit just right. So we decided to think outside the box: They picked the location they wanted to be in and we found a condo that would essentially act as a blank canvas for us to create their dream home. Always happy to take off Realtor hat and put back on Interior Designer hat (or wear them both simultaneously!), when they asked if I would help them embark on this journey, I just couldn’t say no.
Real Life Scenario: My 1925 House
I fell in love with this home, built in 1925 and located in prime Southside Village location just behind Morton’s Market. The only catch: it needed some serious love. Luckily, I could see the potential. The ideal location coupled with the desire to have a rental income led me to buy the 1925 house, which features a guest apartment. I’m now in full-scale renovation mode at home, and you can follow my journey from BEFORE to AFTER here.