Home Buying in Sarasota>Question Details

rpl0816, Other/Just Looking in Sarasota, FL

I have been looking in Las Palmas, prices seem very low. Does anyone know anything about this property? Looking at 3 bedroom units with a garage

Asked by rpl0816, Sarasota, FL Tue Feb 19, 2013

Help the community by answering this question:


rpl0816, Las Palmas is well located off of Honore which provides it close access to Fruitville and University Parkways.

It is one of the few complexes offering a garage with the unit. There are no elevators. If you live on the third floor you will be walking up three flights of stairs.

The property has many rentals and suffered from many distressed units during the real estat bust. It would be wise to check the percentage of owner occupied units to investor units to determine if financing is an option.

You can check with the management company for this information.

Best regards,

Lynn Brock
Brock Realty Inc.

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0 votes Thank Flag Link Sun Jun 9, 2013
Yes, the prices seem low and that is a bonus to those looking for a beautiful condo with resort style amenities! It has alot to offer in this gated community, especially its prime location off University Pkwy.
It is central to everything.
There have been a multitude of bank owned and short sales, but great news is the prices are coming up higher and have been over the last 2 years.

If you havent selected working with an agent, that is a great place to start. This way you have someone working for you to help you gain clear insight on the pulse of the Sarasota/Bradenton market.

Call The LaRosa Realty Team!
Stacey LaRosa
Atchley International Realty
0 votes Thank Flag Link Thu Feb 21, 2013
Feel free to contact me directly if you would like to discuss the properties that are available in Las Palmas for sale or what they are selling for. I look forward to hearing from you.

Michael S Holderness
SaraBay Real Estate
Email: mike@mikeholderness.com
Direct: 941-725-0338
0 votes Thank Flag Link Wed Feb 20, 2013
rpl0816, What you are complaining that the prices are low? Prices are steadily climbing. The complex is in a terrific central location. In the mid 2000s it was sharply impacted by distressed properties. During that period there were issues with the management company which since has been switched out.

If you wait, prices will go up.

Best regard,
Lynn Brock
Brock Realty Inc.
0 votes Thank Flag Link Wed Feb 20, 2013
Actually, prices in Las Palmas hit a low back in 2011 and have steadily risen since. It was common for 2 bedroom units to sell in the $60's and $70's.

A client of mine has bought two units in Las Palmas as investments, and has been very pleased with the results. The community is very popular with renters, and has a nice resort-style feeling.

The condo association finances are solid and the association recently changed management companies. The building exteriors were freshly painted and the grounds are well-kept. If you decide to make an offer, the association will include the most recent financial statement along with the condo documents and rules of the association.

I highly recommend Las Palmas to investors or to buyers looking for a full time or seasonal residence at an affordable price.

David Barr, Broker Associate
Allison James Homes & Estates
0 votes Thank Flag Link Wed Feb 20, 2013

I've shown a number of listings in Las Palmas over the past year. As someone else said, this was a condo conversion from an apartment complex back in 2005, so units were all sold at that time at the height of the real estate boom here. Many buyers, including investors, bought with 100% financing, so that when the boom went bust, they found themselves upside down. Some walked away and let the units go into foreclosure, others have been doing short sales.

Las Palmas has had a high number of unit owners delinquent on the condo fees over the past few years, although that number has been shrinking as many of the units have sold as short sales or via REO/bank sales. Before writing an offer, I would ask to see both the 2012 and 2013 budgets and suggst paying special attention to the information regarding reserves for maintenance items.

As to amenities, Las Palmas has a beautiful clubhouse and main pool/pool area, a 2nd smaller pool in the back of the community and several small playgrounds. It's a nice location off Honore just south of University Parkway and very near the location of the new mall being built.

If you'd like to contact me, I can fill you in on my other observations regarding Las Palmas.


Diane Christner, Realtor, GRI, SFR
Realty Executives Solutions
Sarasota, FL
cell: 941-726-7109
email: Dianemc21@aol.com

0 votes Thank Flag Link Tue Feb 19, 2013
Resort Style Living. Las Palmas has a lot to offer with 2 pools, 2 fitness centers, 2 outdoor kitchen/Bar-B-Que areas, tennis courts and children play areas. Close to University Parkway. Conveniently located to I-75, shopping, medical facilities, restaurants, movie theaters, the Sarasota Airport, and all of the cultural venues of the city of Sarasota. There are some bank foreclosures in there. I would get a copy of the condo docs and financials before buying in any community. Here is the Property Management contact information: C & S Condo Mng. 941-377-7700.

Tammy Hayes, Realtor
RE/MAX Palm Realty
0 votes Thank Flag Link Tue Feb 19, 2013
This is condo conversion project; currently six of the ten listings are either short sales or bank owned. The location is good but I would advise you to study the financials fo the assocation carefully. I would be happy to help you with this or any other area where you have interest
0 votes Thank Flag Link Tue Feb 19, 2013
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