Setting Anchor for Value at The Anchorage

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Sand Castles logoBy Roger Drouin

Each of the 98 units at The Anchorage Yacht and Tennis Club Condominium has a balcony off the living room and each bedroom.

“Every unit has a balcony off the living room and all bedrooms,” said DonnaAnchorage 1 Capdarest, general office manager at The Anchorage, at the corner of Stickney Point Road and Midnight Pass, 6415 Midnight Pass Road.

The tower is comprised of two-bedroom, two-bath units and three-bedroom, two-and-a-half bath units. The condo units range in size from 1,287 square feet to nearly 2,400 square feet.

“They are large condos,” says Real Estate Broker Michael Renick, who has sold two condos recently in The Anchorage.

But perhaps the biggest draw for potential buyers is what Renick describes as theAnchorage 5 attractive owner’s fees. The monthly condo fees are $353 for a two-bedroom and $590 for a three-bedroom, Capdarest said.

“The HOA fees are very attractive here,” said Renick, the Broker Associate at Team Renick Real Estate Services/Mangrove Realty Associates. “It is a well-run complex at a great location by the [Stickney Point] bridge, and they have deeded beachAnchorage 4 access.”

Renick describes The Anchorage as an “affordable upscale complex.”

Capdarest says an increasing percentage of buyers at The Anchorage are “working people, who are buying now in hopes of retiring here at The Anchorage.” This group of buyers is usually in their late 40s to 50s, and often these owners will rent their unit until they are in a position to retire. The one-week rental minimum policy allows owners to take advantage of the Key’s influx of tourists. The weekly rental rules combined with the prime location provide for excellent rental opportunities.

One significant reason The Anchorage attracts working professionals is the value associated with the owner’s fees, which are comparatively low for Siesta, Capdarest said.

The community has a full offering of amenities, including three tennis courts and a pool that stretches 35 feet by 75 feet. “We get lots of compliments on our pool,” Capdarest said.

The community has an exercise room, his and her saunas, free WiFi, and a private dock for boaters.

Some units have water views of the Gulf or Intracoastal.

The Anchorage has private, deeded beach access, and is located close to public Crescent Beach access just to the south. In the other direction, on the back east side of the property, a picnic area overlooks the Intracoastal Waterway. Grills for cooking out are available for use in the picnic area. A private canal — with the boat docks — runs along the southern edge of the property.

A stable community

There have been four recent sales over the past year.

That is an indication that it is a stable condominium community. “Folks who are buying in there are staying there,” Renick said. “In the better-run associations, generally, you don’t find a lot of turn over.”

Another indication that The Anchorage is a stable condominium is that the board, which manages the property, “stays on top of things,” Renick said. “My hat’s off to the work they have done.”
“We keep our common areas and grounds improving and things are kept pretty nice around here,” Capdarest told Siesta Sand.

In addition to selling two units at The Anchorage, Renick is the selling agent for aAnchorage 2 three-bedroom, 2,358 square-foot unit on the second floor that is currently listed. The condo has been updated, including the master bathroom. Priced at $599,000, Renick said it priced in the lower third of the price point for three-bedroom condos on Siesta. Three-bedroom condos currently on the market on the Key ranged from $454,900 to $835,000 asking price.

At the time of Renick’s MLS search last month, there were only 21 three-bedroomAnchorage 3 condo units on the market on Siesta.

Recent sales
In December, 2014, a two-bedroom, two-bath, 1,287-square-foot unit sold for $308,500, or about $240 per square foot. That unit is on the sixth floor and overlooks the private canal.

In April, 2015, another two bedroom, 1,287-square-foot unit, on the seventh floor, sold for $320,000, or $249 a square foot. Sliding glass doors were upgraded to impact glass in 2011 and the AC unit was replaced in 2015, according to Sarasota County permits.

In May, 2015, a three-bedroom unit with 2,358 square feet sold for $655,000, or $278 a square foot.

Also in May, 2015, another three-bedroom unit of the same size sold for $685,000, or $290 a square foot. The ninth floor unit has city and water views. The AC unit was replaced in 2006, according to Sarasota County permits, and the expansive balcony space was recently re-tiled.

NOTE: Realtor Ron Flynn of Key Solutions Real Estate Group contributed to the sales information used in this article. Other data was complied from the Sarasota County Property Appraiser Office, Sarasota County Planning & Development Services permits, and Multiple Listing Service (MLS).

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