The art of the sale

1425 Westway Drive offers a bay front location with views of the Gulf of Mexico, New Pass and Sarasota Bay.

Dipinto

While oil was still leaking into the Gulf of Mexico and morale toward beachfront real estate ebbing with every nightly news report, Coldwell Banker Previews agent Patrick Dipinto literally wove together a sale that involved gaining the approval of 75 percent of Lido Shore’s homeowners.

The property, at 1425 Westway Drive, consisted of one large parcel that met the criteria in the City of Sarasota for a subdivision. But the rub is the Lido Shore’s Homeowner Association requires that 75 percent of its members must approve any application for subdivision.

Dipinto said the buyer made the approval for a subdivision as a contingency in purchasing the property for an agreed upon $2.6 million. Dipinto said Association President Robert Garvin was very helpful in sending a certified letter to 103 property owners. Dipinto said all but two were supportive.

What is exciting for the Lido Shore’s community and the real estate market in general is the buyer will soon start construction on the properties.

Dipinto says that by subdividing the property about 30 to 35 percent of value was added.