This serene Sarasota parcel of land is located right on the water. It’s the perfect location for an incredible waterfront home — either to live in or to rent out — thanks to 15,000 square feet of space. With a lot this size, there’s more than enough room to construct a large home complete with a pool to take in the beautiful Gulf Coast sunsets.
A property of this nature on the tropical island of Bird Key is rarely available, as it offers unrivaled canal access that allows you to quickly get to Sarasota Bay or the Gulf of Mexico.
Investment Type: Residential
Property Description: Land
Loan Amount: $250,000
The Community
While the views from this parcel of land are by far the biggest selling point, the location is definitely a close second. The property is located on Bird Key, just a short drive away from the Sarasota Yacht Club, Lido Key Beach, Longboat Key Golf Club, and St. Armand’s Key.
St. Armand’s key is a quaint shopping and dining district complete with the legendary Columbia restaurant. One of the best beaches in the country, Siesta Key, is just a 20-minute drive.
If you drive in the other direction over the John Ringling Causeway, you can easily access all that downtown Sarasota has to offer, including the Sarasota Opera House, the Marie Selby Botanical Gardens, the Sarasota Art Museum, the John and Mable Ringling Museum of Art, the Ca’ d’Zan, and Bayfront Park.
Sarasota is the perfect mid-sized city with about 54,842 residents. Sarasota has a relatively large number of older residents, with 27.3% of the city’s residents being over the age of 65. In terms of other demographic factors, 65.7% of Sarasota residents are Caucasian, 14.2% are African American, 1.7% are Asian, and 65.7% are Hispanic or Latino. 18% of people in Sarasota are foreign-born. 89.4% of people in Sarasota over the age of 25 have at least a high school diploma, and 26.4% have a Bachelor’s degree or higher.
Moving onto economic factors, the median value of a home in Sarasota is around $268,400, and the median gross rent is $1,134. The median household income in Sarasota from 2015 to 2019 was $53,669, with a per capita income of about $40,470.
Sarasota has no shortage of businesses, with over 10,000 firms in 2012. As a result, retail sales in Sarasota totaled $25,818 per capita in 2012 — way above the county-wide average of $14,895 per capita.
The Financing
Vaster helped our client take advantage of a unique real estate opportunity in Sarasota's Bird Key. Not wanting to miss out on such a beautiful piece of land surrounded by multi-million dollar homes, the client came to Vaster needing to close quickly and remotely due to unique circumstances. These were challenges that Vaster was able to conquer with ease, and we were able to close virtually in just 14 days.
The client planned to later build a house on this lot but was able to refinance the land in 14 days before paying the loan off entirely after selling the property. This lovely piece of Sarasota land is just another one of Vaster’s successful projects with yet another satisfied customer.
The Lender - Vaster
Thanks to Vaster, our client was able to seize a once-in-a-lifetime opportunity to own waterfront land in Sarasota, Florida.
Vaster is a private lender for residential, commercial, and land for development. Since we are a private lender, we have more flexibility when it comes to our loan qualifications and terms. So instead of setting hard criteria, we can consider the whole picture.
Vaster is backed by the Fortune International Group and the Related Group — both leading real estate development firms that specialize in luxury developments and urban developments, respectively. At Vaster, we have assembled a team of experts with extensive knowledge about mortgage lending and real estate. Specifically, we focus on the South Florida real estate market and cater to international buyers.
It can be challenging for international buyers to secure financing since they usually don’t have the credit history and income tax documents required by most traditional lenders. Additionally, it can be challenging for first-time homebuyers to secure financing as they may not have the credit history or assets required by many traditional lenders.
Thankfully, Vaster is willing to work with clients from all backgrounds to help them finance the property of their dreams.
Vaster specializes in bridge loans. Bridge loans are unique in that they are short-term rather than long-term. They are designed to bridge the gap between closing and securing permanent financing. This makes bridge loans ideal for today’s fast-paced market, where you often have to compete with cash buyers who can close quickly.
After closing, you can work on securing permanent financing to pay off the bridge loan. Bridge loans usually have terms of around one year, but they may be extended. Compared to shorter term loans like bridge loans, Vaster also offers permanent financing solutions.
As you can see, bridge loans offer a more efficient alternative to conventional loans. They also offer a more affordable alternative to hard money loans with lower interest rates. Vaster is one of the few lenders offering this loan product, which makes us uniquely suited to meet your lending needs and expectations.
Final Thoughts
This uniquely valuable piece of Sarasota land is just one example of Vaster’s incredible financing capabilities. In addition to financing land, we have financed the purchase of multi-million dollar condominium units, single-family homes, and commercial developments. So, no matter what type of real estate you’re after, Vaster can help make your dreams a reality.
Reach out to our lending experts to find out more about our services, or if you already have your eye on a specific property, you can fill out an application today to get the process started and close in no time.
Sources:
Sarasota City, Florida | US Census Bureau
Can You Buy a House With No Credit? | NerdWallet
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