Normandy Isle, especially is a very tricky neighborhood to evaluate, Normandy Shores, on the golf course will demand higher prices. The southern part of Normandy Isle, with the exception of Bay Dr. (Waterfront) is typically lower.
There are many small rental buildings and several condo conversions- that effect values as well.
Making offers these days is no longer what it once was. It is definitely a buyer's market and you are in fact competing with aggressive buyers, many (many more than you might think), with cash to close.
This will affect your offer price if you find the property you want. Our coastal areas are much more stable in number of sales and pricing than other areas in our county due to demand for these properties. As advised below, and depending on whether this is a foreclosed home (REO), a short sale (pre-foreclosure) situation or an otherwise 'regular' sale, your pricing strategy will need to be more or less aggressive in each case.
Make sure you sit with a professional Realtor (remember though, not all real estate agents are Realtors - member of the National Association of Realtors who are allowed to use the term 'Realtor' and who must adhere to a strict Code of Ethics), for a consultation. The 30 minutes or one hour spent here could save you countless headaches, hours of searching and frustrations from offers turned down.
Luck, Is When Preparation Meets Opportunity
All the best and please share your results
Your offer should be in line with comparable closed sales within the last six months. If you really want this property don't present an offer so low to insult the seller and have them such down negotiations. I'd recommend something along the lines of working with a Realtor have them perform a buyer CMA if the price does warrant a $160k offer price make an offer as close to the list price as possible add an appraisal contingency to the contract. If the house doesn't appraise at the contracted price but lower this will allow you to possibly renegotiate with seller to buy for lower appraised price. You can also check the property's value on my website listed below.
There are a few things to consider.... Sure, go ahead and make your offer... Seem like a short-sale.... Don't be surprised if there are offers on the table - higher than $230'...... Every home- is unique in year built, S/F, features, condition and location.
First, are you working with a Realtor who can assist you by pulling the comps in the area you are interested in? They can also tell you what is for sale and pending and other information. If you need a referral, please let me know and I can help you find a Realor to assist you.
Michael Saunders & Company
5100 Ocean Blvd
Sarasota, Fl 34242