Home Buying in Siesta Key>Question Details

Marilena, Home Buyer in Toronto, OH

as you can see from my previous entry, we have not had much luck with our offer situation. we are canadians

Asked by Marilena, Toronto, OH Sat Aug 16, 2008

looking for a property on siesta key. we had an offer on a short sale which fell through. based on our priceline (175-185k) for a 2 bdrm within walking distance to siesta beaches, is it likely that we will find smthg? should i be dealing with a foreclosure expert, if such a thing exists? our dilemma is that in order to afford this, we would like to rent it out enough to cover our condo fees, taxes, etc. is it likely that we will find smthg on siesta?(furnished)

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Diane Harris’ answer
Hi, I am sorry I can't answer your question regarding propety availability on Siesta Key, but i have a townhome in Longboat key, and can assure you that the rental income will not cover everything. The condo fees and taxes are usually pretty high in these resort areas. But some of them come with great amenities, so sometimes it's worth it. If you know of anyone who would be interested in a Townhome in Longboat key, tell them to go to vbro website, listing#153402 and check out the virtual tour at the bottom of the page to see the propety and its layout. Good Luck!
0 votes Thank Flag Link Mon Aug 18, 2008
In general, the cono fees, mortgage and taxes would not be covered by the rental income. Depending on your debt, the condo fees and taxes would possibly be covered the mortgage payment would not.
0 votes Thank Flag Link Sun Aug 17, 2008

It isn't necessary to have an "expert" in foreclosures to locate and successfully execute a transaction of this nature.

What is necessary is working with an agent that has a basic undersatnding of the foreclosure process and a true committment to "getting the job done."

This process is all about : documenting, following up, getting to know the players(banking personnel) personally, and essentially staying on top of every aspect of the transaction.

It is very possible to find something that meets your criteria. It's a matter of identifying an agent that will keep you in the loop with regards to things that are happening in the real estate market.

Our recommendation is to not limit yourself to "foreclosure" properties. There are many opportunities represented by "normal" transactions involving properties that were purchased by the current owner pre-2003, when prices sky rocketed. It's a matter of finding motivated sellers from this group.

We would be happy to support your interests.

Good luck,
The "Eckler Team"
Michael Saunders & Company
billeckler@michael saunders.com
0 votes Thank Flag Link Sun Aug 17, 2008
Hi Marilena,

As an agent with Waterside Realty on Siesta Key, I can attest to the fact that Stephanie is quite right. Here on the Key there are only 2 one bedrooms available in your price range. For a two bedroom condo on Siesta you can expect to pay at least $250,000 or more and there would be only one or two available for the $250,000 price. Even in a foreclosure situation prices on Siesta tend be much higher than mainland properties. With short sales scenarios, you often times wait several months for the lenders approval and then learn they will not approve the offering price you have made. Most short sale offers do not get approved and buyers can become quite frustrated with the process.

We have some very nice properties on the mainland with easy access to Siesta Key that could very well suit your needs and reap you the income you need to help support it. If you would like more information, please feel free to contact me.

My best,
Teresa M. Fellows
Waterside Realty LLC
0 votes Thank Flag Link Sat Aug 16, 2008
Hi Marilena:

As an agent at Coldwell Banker's Siesta Key office I am very familiar with the market and inventory as it stands and as it has changed over the past several years. You would be able to find a 1-bedroom on the Key in your price range, however a 2-bedroom -- even in foreclosure--is not likely. You may want to consider one of the lower priced complexes that are located on the Mainland, but just over the southern bridge that still cater to the vacationers and seasonal market. If you would like to explore this further please contact me directly. Best of luck.

Stephanie Kitsemble
Coldwell Banker Res. Real Estate
0 votes Thank Flag Link Sat Aug 16, 2008
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