I suggest making sure you factor in all of your annual expenses to decide if buying a particular villa makes financial sense for your circumstances.
Condo association fees are higher on the Keys than on the mainland, mainly because of flood and wind insurance on the buildings. As a buyer, you will also need to factor in your individual insurance on the unit itself (which may also include flood insurance), insurance rates are also higher if you plan to use it as an investment rental. Property taxes are another expense to factor in. Keep in mind that the current property tax rate is subject to change after purchase, a sale triggers a new assessment by the county for property tax purposes.
Does the condo community have an on site management to handle rentals? If not, you will probably want to factor in a management company since it is difficult to self manage if you live out of town.
Siesta Key is a fantastic place to live/play, the public beach has won many national "best beach" awards over the years. Just make sure you have a good grasp of the annual expenses up front, before you buy, so there aren't surprises later on.
If you'd like more info on buying condos in our area, please feel free to contact me thru my web site below. I have lived in the Sarasota area for 30+ years, selling real estate for more than 16 years.
I would definitely go over the contract with my agent to find out what the contingencies are if any for you to be able to walk away from the contract as the seller and check with an attorney to find out what can happen if you decide not to sell based on the contract that you entered into.... more
Absorption rate isn't meaningless, but it's only a general indicator of what the market is doing. An absorption rate of under 3 months is considered a strong seller's market; 3-5 months a moderate seller's market; 5-7 months a balanced market; and 7+ months a buyer's market. Realtors can use this info in a general way to strategize their business plan, their business and home marketing efforts, and come up with the right pricing approach to a seller's home, or gauge the negotiating power they might have on either side of the buyer-seller equation.
Days on market is a stronger indicator of how long you can expect it to take to sell your home, but as everyone else has mentioned, the actual length of time it takes to sell your home depends on a combination of factors.... more
The average cost for a home that size would be around $10,000, but there may be other factors that could increase the price, such as damages to the house that could be a risk. I would suggest contacting a demolition contractor to get a quote. Also, be sure to get several quotes so you can get the best price possible. http://www.honcdestruction.com/... more
If you are looking for a real estate attorney to handle your real estate closing, the standard contracts used by most agents include language that the closing will take place in the county where the property is located. Some lawyers would be willing to travel to another location to do a closing, others would not.... more
As an investor and an AGENT, I think if you can afford to pay CASH, do. First of all, cash buyers always get a better price when we agents negotiate for you. Why? Because if you need a mortgage, the seller really doesn't know for sure that the sale will happen until very close to closing time. In the meantime, the home has been taken off the market in essence and no other agents will show it.
In general the purchase prices on Anna Maria are lower than Siesta Key, but the rental prices are very similar. My impression of Anna Maria is that you will get more repeat business, and the demand there is high especially among Germans and British vacationers.
Many if not most of the Siesta Key condos that allow weekly or daily rentals require you to use their onsite property management.
Definitely buy a home and not a condo. The condo and management fees will eat into your ROI very quickly.... more