New Condo Development Opens for Sales: Serenata

In my capacity as an agent, I am constantly getting calls from investors who want to be the first to buy in new developments. Well, one just opened for sales last Sunday called Serenata. Heres my take- the property is nice but exposed to a lot of commercial activity. The units are attractive and look similar to apartment buildings with the prices ranging from the 200s to the 300s. The upsides are the location and the fact that there are no investor restrictions except that you can only purchase two units. The downsides are the the 2% developer cost added to the price and the high monthly maintenance fees. This property is a great example of my point that developers are not stupid- meaning these units are priced at the upper limit of what the market will bear. They will also be released in phases to maximze sales dollars. I really like Serenata for someone who needs a cheaper condo in Sarasota. For investors Serenata looks tight pricewise, but may be a good shot for a longer term hold. After all, we have not seen any new construction condo releases in this price range for quite some time. Also, the rental restrictions are lax, which is a positive for investors. For more info, shoot me an email.