Thinking about a buying a home or condo on Lido Key? If so, the thought of finding a sweet deal in the way of a foreclosure or short sale sounds enticing. Let’s take a look at the sales data for distressed properties on Lido Key, Florida. For an update on the entire area check out this Sarasota foreclosures update. If you just want to view everything for sale then visit my Sarasota Florida real estate site.

Lido Key Homes and Condos For Sale

• 106 properties for sale
• 36 single family homes for sale
• 76 condos/townhouses/villas for sale
• Least expensive asking price – $143,900
• Most expensive asking price – $9,750,000
• Average asking price $1,613,445
• Median asking price – $790,000

Lido Key Foreclosures & Short Sales

• 5 distressed (REO & Short Sales) properties for sale - 4.7% of the total market
• 1 short sale in Key Tower South – Call me at 941.812.6272 for details
• 1 short sale in Lido Ambassador – Call me at 941.812.6272 for details

As you can see there are not many REO’s & short sales on Lido Key. It makes up for less than 5% of the entire market. If you are only looking at these types of properties you are ignoring over 95% of the market.

Lido Key Foreclosures and Short Sales Sold in 2010

• 78 properties sold so far in 2010 on Lido Key
• 54 condos sold
• 24 single family homes sold
• 2 short sales sold – 2.5% of the total sales
• 2 bank owned properties sold – 2.5% of the total sales

As you can see so far this year there have only been 4 distressed sales on Lido Key out of a total of 78 properties. That is 5% of the market. If you think that you will be able to buy one of these properties then you should probably reconsider.

Give Marc Rasmussen a call at 941.812.6272 to help you buy or sell in the Sarasota area. I have sold several properties on Lido Key and know the market well. It does not cost anymore to hire an expert.

Lido Key Condo Foreclosure

I showed this condo last Saturday to some out of town buyers. The condo has not been taken back by the bank yet but it looks like it will. It was purchased in May of 2005 for $435,600 and is now listed for $285,000. Embassy Villas is a cute complex only a few blocks from Lido Key beach. This would be a great winter or weekend getaway. The unit is not in fabulous shape but a coat of paint, a deep cleaning, good decorating and some nice furniture and this place would be spectacular. It is a 2 bedroom, 2 bathroom town house with 1,090 square feet.

Sarasota MLS Property Description:

BEST PRICED 2BR, 2 BTH ON LIDO KEY ….  BANK APPROVES SHORT SALE AT $281,000.  Great investment opportunity with short term rental allowed (2 week minimum x 26 times a year).  Updated 2 bedroom plus 2 bath end unit villa with vaulted ceilings and wood cabinets.   Renters love being only 2 blocks to Lido Beach. This home is approximately half mile to St. Armand’s Circle where one can enjoy a variety of restaurants, fabulous shops and all that St. Armand’s is famous for. A short drive will take you downtown Sarasota for symphony, theater, musuems, Whole Foods, libraries, Selby Gardens, more restaurants, GWIZ, Van Wezel, etc. If you are doing a 1031 exchange or just want to make an investment, you must consider this unit! Offered “As-Is” with right to inspect. Bank may take 6 – 8 weeks for approval.

View my Lido Key condo page to see everything for sale on the island. If I can help you buy a condo on Lido Key give me a call at 941-.812.6272.