Listing Details for MLS #A4608486
940 Caloosa Drive, Sarasota, Fl

Residential Property - Single Family Residence in Sarasota

Listing Price: $1,899,000 (Mortgage Calculator →)Days on Market: 12

Description of Property

Discover the potential of this downtown, waterfront gem in Indian-Beach Sapphire Shores, Sarasota! Imagine the possibilities of waterfront living, boasting expansive water vistas with less than 5-minute boat ride to Sarasota Bay, offering unrestricted access with no bridges to navigate. This property presents a dual opportunity: revitalize a 1957 mid-century home with vaulted ceilings, wood-burning fireplace and terrazzo floors, or seize the chance to develop a modern residence or additional structure on this expansive 15,149 square feet (.35 acres) site. The existing 1957 mid-century home spans 2,700 square feet, boasting two large bedrooms, three full bathrooms, and a large storage room. Adding to the appeal is the brand new 5-ton HVAC system and a lifetime standing seam metal roof. With 33 professionally installed solar panels tied directly to the Florida Power & Light grid, you'll enjoy the added benefit of significantly reduced energy costs, monitored conveniently from your smartphone. Outside, the lush landscaping showcases one of the largest and oldest Poinciana trees in the state, alongside a magnificent live oak near the waterfront. Situated on the north side of the vibrant downtown area, just a quick 6-minute drive away, this home is nestled within an arts district. It is conveniently located mere minutes from the bustling Rosemary District, which is now a prominent destination of its own. Your doorstep is the threshold to new developments including the new bayfront park and commercial expansions within the Quay project, enhancing the appeal and value of this locale. The property is being offered at lot value, providing an incredible chance to "buy the lot and get the house for free." Whether you choose to restore the existing mid-century marvel or embark on a new building venture, the possibilities are enticing. Take inspiration from the recent sale of a neighboring new build, fetching $4.75 million, or take advantage of the available plans for a renovation project. Most of the existing home is not in a flood zone, and if you choose to build new, it can be positioned completely out of the flood-zone due to recent changes in elevation requirements by FEMA. Envision creating a bespoke waterfront home or explore the potential for a lucrative development, all within walking distance to a thriving downtown scene. This is not just a purchase; it's an opportunity to craft your future in one of Sarasota's most sought-after neighborhoods. Embrace the chance to own a piece of paradise, where culture, convenience, and coastal beauty meet.The average asking price for a 2 bedroom/3 bath single family residence in this Zip code is $1,274,450. This single family residence is listed at about 149% of the average asking price. This is the only 2 bedroom/3 bath single family residence between $1,600,000 and $2,200,000 currently listed for sale in this Zip code.