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Cathy, Home Buyer in Florida

Investment property in Isla Del Sol condo

Asked by Cathy, Florida Fri Apr 26, 2013

Thinking to purchase investment condos in Isla Del Sol, St. Petersburg, FL. Are those condos good investment? what is better option for 1bed and 11/2 bath: short term or long term rental? Those condo seems old, built in 70s, high HOAs? which division is better?
Please help!

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I am a Realtor (Sales Associate) at Compass Real Estate which is located directly on Isla Del Sol. W are the only Real Estate Office on the island. I have in depth knowledge of the entire island and all of the different condo complexes. You can expect to get at least $3,000 to $3,500 per month in rent during February and March which are the peak months for vacationers. Slightly less during January and April, and approximately $1,800 to $2,100 in the "off season".

Most of the condo associations have a 30-day minimum rental period although some have either a 7-day or 14-day minimum rental period. "Vista Verde" is one of the newer complexes built in the late 1980s that has only a 7-day minimum. One of the more popular complexes that has either a 7-day or 14-day minimum (depending on which bldg) is "Bahia Vista". These are also newer buildings built in the late '80s and early '90s. These have spectacular westerly views overlooking the Intracoastal Waterway which provides for amazing sunsets. Rents for these would be on the higher end.

The average range for Condo Fees on the Isla is between $325 to $400 per month. That's really not high considering some of the other similar areas like St Pete Beach, Tierra Verde, etc.

2 Bedrooms / 2 Bath units are ideal, especially when it comes to resale. However, the 1/1.5 units can be purchased at a very reasonable price and they also do well as rentals.

In addition to Real Estate Sales, Compass Real Estate has an entire Rental division that handles a great number of the rentals on the island. If anyone would like more info on income potential for rentals on Isla Del Sol, contact me.
1 vote Thank Flag Link Thu Jun 13, 2013
Good morning

Your question is one that will promt great discussion. That being said, there are many realtors, such as Terry Yimin, who answered your question earlier, Karen Wilso, of Caldwell Bankers, Myself, and others who truly understand theTierra Verde / Isla del Sol Market. Especially when it revolves around Investing or covering the Debt Service of a condo until you wish to move in, if that is your desire.

As to the condos in that area being a sound investment. Please keep in mind that what is a sound investment to one may not be to another. Consider what you are looking for in a return. Consider the area. Consider the costs. Then give very careful consideration to working with someone who has a financial background and works with investors, such as yourself.

The whole area of your interest provides a variety of investment opportunities. But, whatever your needs are, the most sound opportunities will be in those units offering 7 days or less rentals, and where the monthly association fees are the lowest, as shlould be the case with taxes and insurance.

Yes, some of those complexes were built in the 70's and some in the mid to late 80's and on, but that doesn't necessarilly detract from the value that you want to receive.

As for whether a 1 bedroom 11/2 bath is better over that of a 1/1 . . . I would look to those offering 2 bedrooms and 2 baths, as they will provide a broader spectrum of the market for renting and for future resale.

Good luck in your venture, and if I can be of any assiatance please feel free to call. You may even wish to visit my website. You can click on the agents bio and get a feeling for our experience.
1 vote Thank Flag Link Fri Apr 26, 2013
Thumbs up to Terry M.. Good answer covering multiple issues to take into account. I also agree, whenever possible 2bed/2bath is a better investment as you have a bigger pool of renters and Buyers. I have found most women will not buy a 1 bath (1.5 is minimum).

The only other topic I would bring up to take into account is cash vs. financing. Some condos can be difficult to finance, especially if the investor ratio is high.

Interview full time professional Realtors till you find one you are comfortable with and they will walk you through the process. I feel an informed client makes the best decisions regarding their real estate needs. Let me know if I can be of assistance.

Sincerely,

Pam Cohn
Broker Associate, GRI, SFR, NHS
Real Estate Consulting, Marketing & Sales
Prudential Tropical Realty
2539 Countryside Blvd #3 Clearwater, FL 33761
pcohn@prutropical.com
727-204-7155
0 votes Thank Flag Link Sat Apr 27, 2013
Cathy,
Rental properties in the Isla Del Sol area are popular with seasonal as well as sort term vacationers. Condos are on the market in the area that the allowed rental period ranges between 7 day, 30 day and 180 day. Your deciding factor may be how frequently you would like to use a condo yourself and during what time of year. The rental income history will be a good indicator of what you can expect in the future.

I would be glad to discuss the options available and provide guidance on the different aspects of rental terms. An area resident since 1969, growing up on St. Pete Beach I cand direct to to the best investment property after you make a few decision about how you would use it personally.

Jim McConnell
Broker Associate
Keller Williams Realty
727-439-0180
0 votes Thank Flag Link Fri Apr 26, 2013
I am going through the same scenario with another client who plans to eventually retire in the area but wants to maximize her rent potential in the meantime.

Would be glad to go through with you.

I have been in the area of Tierra Verde and Isla since 1990. Would welcome the opportunity.

Terry A Yimin
Broker Associate
USAA Preferred Agent
Century 21 Shaw Realty Group

727-254-0550
terry.yimin@century21.com
0 votes Thank Flag Link Fri Apr 26, 2013
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