Home Buying in Sarasota>Question Details

Blackdog, Home Buyer in Sarasota, FL

Holiday home Sarasota Area Hi I have 250000 cash to invest SFH, one month in summer for me and rent out for the rest of the year.

Asked by Blackdog, Sarasota, FL Sun Jun 5, 2011

Hi overseas buyer looking for SFH min 3 bedrooms with pool, to use for one month a year in summer and rent for maximum return for the rest of the year
sarasota area east or west of I75 and 10 miles north or south is ok
which communities / areas allow weekly rentals, with golf and tennis facilities

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Hi Blackdog,
I work with a lot of buyers and investors from overseas, as I moved from Europe to the States in '99 and have experienced buying properties from overseas and am experienced in finding the best investment opportunities. Have you considered Anna Maria Island? It is not in Sarasota as you initially indicated, but the island is very popular for vacation rentals and there are some great deals to be had, and weekly rentals, monthly rentals, etc are not a problem. In fact, some of the areas I have in mind for you have an on-site management company that will take care of your home for you and even manage and arrange rentals for you. Some of these are sold turnkey furnished. If you have any interest, please contact me. Good luck!
1 vote Thank Flag Link Sun Jun 5, 2011
If I was you, I would get a small mortgage, that way you can get the property you really desire and will be a great rental prospect and the rental income will more than pay the mortgage. I've just done this myself on Siesta Key so I know this way forward really does work. If you need a name of a great bank I would more than recommend mine, and they are lending, they even lent to my family and we are foreign nationals, after our agent said it was not possible to get a loan!!!!!!

Good Luck Sarasota is a great place to invest!
0 votes Thank Flag Link Mon Jun 6, 2011
If I was you, I would get a small mortgage, that way you can get the property you really desire and will be a great rental prospect and the rental income will more than pay the mortgage. I've just done this myself on Siesta Key so I know this way forward really does work. If you need a name of a great bank I would more than recommend mine, and they are lending, they even lent to my family and we are foreign nationals, after our agent said it was not possible to get a loan!!!!!!

Good Luck Sarasota is a great place to invest!
0 votes Thank Flag Link Mon Jun 6, 2011
Blackdog
you have alot of options really, but to be honest you are more than likely looking at only a seasonal rental.. Hard to rent a home 11 months and use only 1 month unless you are beach front and for 250,000 on the beach SFH does not exist.
now a small condo on the beach with monthly fees and all and now you are looking at a small 1 bedroom 600 sq. ft. on the beach, this will rent out most of the year, it is a condo/hotel though
as far as SFH , 1st thing is what is your ideal home. Beds, bath, sq. ft. etc.... just because you have 250,000 does not mean you can get what you really want so we need to find out 1st you needs and fit it to the area and go from there. Make sense I hope.
as far a homes with all these amenities and weekly rental does not exist, for most of these communities have deed restrictions that will not allow you to rent this often. Really you need to find a home with little deed restrictions as possible for nothing will prevent you from renting
but before we do all this tell me more or call and lets talk
David Leventhal
The Leventhal Team
0 votes Thank Flag Link Sun Jun 5, 2011
Actually, for an absentee owner a condominium property is usually the best choice. Exterior maintenance is handled by the association, there are often amenities which you (and your tenants) would not have with a single family home. Condominium rules make sure the development is kept in check during the time you are absent from the property. Since you live elsewhere for most of the year, this can be a major advantage.

As far as rental rules, most condominiums have rules, as do most single family homes in Florida. There are also county or city rules that may affect your ability to rent for sorter than aloted timeframes. It is important that you chose an agent who understands your specific needs and truly knows the market. I can show you the developments, condominium or otherwise that meet your specific needs.

There are plenty of condominiums in Sarasota county (which includes Venice) that allow daily, weekly, monthly and 3 month rentals. This is often not the case with single family homes located in HOAs. Additionally, some of these condominium developments have on site rental offices or rental pool setups that can handle the rental and management of your condominium while you are in your home country.

If you are interested in learning more, call or email me directly. I have been selling condominiums throughout Sarasota county for the last 9 years, am the broker/owner of my company Sarasota Home Realty and if you need, I have agents who work at my company who handle condominium rentals. We know the area and can bring you to the condominium properties which will meet your specific needs.

BRIAN A. MCGREEVY
Broker/Owner, REALTOR, MBA, GRI, RRS, ABR, AHWD
2007, 2008, 2009, 2010 & 2011 Best in Client Satisfaction
Five Star Award Winner
Sarasota Home Realty
2100 Constitution Boulevard
Sarasota, FL 34231

Website: http://www.SarasotaHomeRealty.com
E-mail: SarasotaReal@gmail.com
Phone: (941) 544-6763 FAX: (941) 866-7588
0 votes Thank Flag Link Sun Jun 5, 2011
Homeowners and Condo Associations have varying rules regarding rentals. I work with buyers just like you who are interested in vacation/investment properties and we have a number of options in several areas.

Condos are quite popular as you won't have concerns about exterior maintenance, pool maintenance, etc.

The law in Sarasota is that the house rental cannot be less than 30 days however we have quite a market for month to 3 month rentals during season so this can be accomodated. Here is an interesting article on the topic:
http://www.heraldtribune.com/article/20110425/article/110429816

I just ran a search of 3 bedroom, 2 bath condos, townhouses, and single family homes in the Palmer Ranch and Siesta Key zip codes - the are almost 50 properties to choose from - many with 3-6 month lease requirements. You will be able to find a property that fits the bill!

Give me a call, I can help you with this. I do it all the time!

Warm regards,
Shawn Phillips, Realtor
Coldwell Banker, Siesta Key
941-416-1683
0 votes Thank Flag Link Sun Jun 5, 2011
Blackdog,

I researched the type of property you are inquiring about, single family house, minimum 3 bedrooms, swimming pool, tennis (and/or recreational) facility, and a golf course/community. And found several listings in our tropical paradise that I feel would suite your needs.

I searched Bradenton (Manatee Count), Sarasota, Osprey, Nokomis, Venice (all in Sarasota County), and Englewood (Charlotte County). I found several properties that meet your criteria. Some of which are close to either the gulf beaches, Holmes Beach, Anna Maria Island, Lido Beach and Saint Armands, Siesta Village and beach, Caspersen and Venice beach (home to Sharky's on the pier) Manasota Beach and Stump Pass. And of course boating sports, kayaking, snorkeling, diving and fishing go along with the water activities available. Or perhaps finding sea treasure, shark teeth and shells by walking the shore are more your style.

Whatever your ideas are in locating your holiday home here in sunny Florida, even renting your facility, I am certain you will not be disappointed in our beautiful stretch of gulf coast!

I will be happy to help you in your real estate needs Blackdog. Feel free to contact me and I will send you properties that meet your criteria. Thank you!

LAURA HARRIS
Broker-Associate
CLUB REALTY
Of 941-366-8390
Cell 941-586-6963
Fx 888-506-2930
3800 S. Tamiami Trl Suite 303
Sarasota, FL 34237
My Web Page http://www.LauraHarrisRealtor.com

To search for properties http://www.MyClubRealty.com/LauraHarris
0 votes Thank Flag Link Sun Jun 5, 2011
The problem with a condo is that you will be left with following the rules of the HOA. And the vast majority of condos will have very strict rental guidelines. "minimum of 6 months, four times annually, and if you are lucky monthly"

Bill
0 votes Thank Flag Link Sun Jun 5, 2011
Thank you Bill
I did not considered the impact on the local community.
I do like Venice but maybe a condo in a holiday complex might be a better bet, but i expect this will require more funds and I would not use it myself as I prefer a villa with its own pool.
I will have to balance out a long term investment and my own holiday needs

Thanks Blackdog
0 votes Thank Flag Link Sun Jun 5, 2011
Blackdog,

Unfortunately the regulations that govern rental periods are constantly changing because full time residents are not happy with neighbors changing on a regular basic and in some cased little concern for for others. Excessive noise, parties, disregard for community regulations etc. are but a few of the common concerns.

With this said, being able to identify a suitable location that meets your rental needs today could change in the future. Our recommendation is to avoid deed restricted areas because they all will have some sort of regulation that covers rental periods.

One of the best options for this type of arrangement is located just south of Sarasota on the "Island of Venice." The island is non-deed restricted and has great rental appeal because of its quality of life, safety, proximity to beaches, and charming downtown area. The island has a 27 hole public golf course and easy access to the Legacy Trail bike path.

I'm sure there are other options but, as stared previously, I would be aware of the constantly changing guidelines that may inpact your plans.

With best regards,

Bill Eckler

Michael Saunders & Company
billeckler@michaelsaunders.com
941-408-5363
0 votes Thank Flag Link Sun Jun 5, 2011
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