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540 Harbor Point Road
Longboat Key, FL 34228
$5,999,000
Conventional
Property
Bedroom
5
Bathroom
6
Property Type
Conventional
Square ft
4626
Property Description
DRAMATIC PRICE ADJUSTMENT !!! NOW IS THE TIME, if Island living has been part of a lifelong dream, then you need to live on Longboat Key, one of the best islands rated by Travel & Leisure magazine and this is the PERFECT HOME TO TURN YOUR VISION INTO REALTY. This custom-built home offers convenience, exclusivity, privacy and is situated on deep water canal cul de sac street in the southernmost Harbor area of Bay isles behind 2 gates, perfect for a large family. It has been renovated to include the most desired features by todays discerning Buyers. It begins with the open floor plan and totally renovated chef style kitchen with top of line ss appliances by Wolf, Bosch, Sub-Zero and dual dishwashers by KitchenAid. Now add the safety features that make the home more hurricane resilient with impact windows & whole house generator. Located on over 1/4 acre, protected, deep water south facing lot on Sarasota Bay & built at an elevation over 12' exceeding the required base flood elevation. Say yes to a boater’s paradise with your recently added 100' of trek deck and dock with 10,000lb. boat lift that previously accommodated a 27’ Grady White cruiser. You're within minutes to easy access of Gulf of Mexico either via New Pass or Longboat Key Pass with no fixed bridges to hamper your voyage whether going fishing or just on a sunset cruise. The lot is lushly landscaped and meticulously cared for while the saltwater pool and spa have been recently refinished, the pool deck has newly added shell stone pavers. Now that you've been impressed with the curb appeal of this home, it is time to enter and be greeted by the soaring 24 ft. step ceiling in the foyer and main living area that is complimented with accented stone walls and floor to ceiling windows that showcase views of the pool and waterway. The chef’s kitchen with a large island, extensive wood cabinetry has easy access to the 22’x28’ Dining Rm/Family Rm combination that makes entertaining family and friends easy. The Breakfast Nook is perfect for more casual intimate dining for the owner or on those perfect days move to the 15’x27’ screened in porch and outdoor kitchen taking advantage of the view. Hosting those overnight Guests is no problem with this 5/6 bedroom and 5 ½ bath home. 3 of the Guest Bedrooms are En Suite while 2 share a full bath, each of these bedrooms are on different levels achieving the ultimate in privacy for your guests. The Owners’ Master on main level is oversized with a sitting area, the Master Bath has his/her vanities, a separate perfect makeup vanity that conceals the disappearing tub, and his/hers closets with wood organizers. Beautiful engineered hardwood flooring is on the main level, 6” baseboard and multi-piece crown molding in the main living area. This 3-level home offers great views of the Bay from the different decks and porches plus provision has been made for a future elevator, just add all the electro-mechanicals. Most of the key infrastructure items like a 5-year-old tile roof, A/C systems have recently been replaced and the exterior of home has been freshly painted. All it needs is a new family to enjoy all the benefits of the meticulous and thoughtful previous owners. Conveniently located at the Southern end of LBK with easy access to St. Armands and Downtown Sarasota. Longboat Key Club Resort membership offers fine dining, tennis, 2 golf courses & other benefits. Bay Isles gives you private beach access to the Gulf of Mexico, parking & facilities.
Property Information
Lot Size
-- square ft
Property Type
Residential
Year Built
2000
MLS Number
A4584408
Location
Address
540 HARBOR POINT ROAD
City
LONGBOAT KEY
State
FL
Zip Code
34228
County
SARASOTA (CITY)
Listing
Provider
FINE Properties, original listing
Name
FINE Properties
Phone
(941) 782-0000
Office Name
FINE PROPERTIES
Office Phone
(941) 782-0000
Agent Name
Joseph Cinque

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HUD Foreclosures

HUD foreclosures and VA Foreclosures are some of the best homes to buy when price is part of the equation. As with most Americans, price is always a concern. If not buying the same house for less, why not buy more house for the same dollar invested? When looking for a good deal it is hard to do better than the VA or HUD foreclosures market. The simple truth is that there are just more VA and HUD homes on the market, as they represent such a large number of mortgages that are generated each year. This translates into more foreclosures just by the magnitude of difference between all others comparing to the two largest. The two largest also being government owned and operated means that they have less time to wait to make money back on the home. The FHA is especially known for selling HUD homes for less than the average sales price in a given area. FHA foreclosures represent a fraction of HUD but they are still a significant number of homes and both should be considered. VA (Veterans Administration) and HUD (Housing and Urban Development) have different and unique opportunities for the buyer. Both are often forgiven for the local taxes normally associated with the purchase of a home (this is on a county by county basis). Be sure to ask the local title company or escrow company to look into it for you before closing as this is often missed due to their are not used to dealing with the 2 to 3 percent of the market that VA and HUD foreclosures represent.

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Foreclosure Listings Increasing

As the market settled after the mortgage meltdown foreclosure listings also settled and fewer homes were on the market with a placard reading “Bank Foreclosure” in big red lettering. This was a good thing for the entire real estate market. Having an abundance of foreclosures brings the entire market down and it makes it harder for home owners, who would like to move, to get the appropriate price for their home as a similar home down the same street was sold for substantially less and the appraiser is using the foreclosure as a comparable sale. This is just one of the problems when there are too many foreclosure listings in any area. Another issue is the television set that sits in everyone’s living room harping about the price of homes based on the number of foreclosures and this constant barrage of negative information makes most people sit on the sidelines waiting for the market to either implode completely or to correct itself. Meanwhile while they wait, others are buying foreclosure listings and making great investments. Whatever the reason, a market can only handle so many foreclosure listings at any given time. The more foreclosures, the lower the market gets and this is a lesson the banks that were foreclosing and selling off realized too late. The market and their investments would have been better off if there had not been a rush to divest themselves of the toxic assets made more toxic by their own actions.