There are a number of questions to ask pertaining to condos in general, specific questions on Siesta Key would include flood insurance, a big topic due to recent flood insurance program changes.
As to the general condo questions:
Be sure to verify rental restrictions, they are sometimes incorrect in the MLS. Also ask if there are other rental restrictions, such as you must own 2 years before you can rent out the unit.
You'll want to see the Rules & Regulations to make sure there are no surprises.
Ask for and review the most current budget, especially the Reserves section, which applies to funds for future, major maintenance and repairs. If the reserves are not sufficient, you can expect future special assessments.
Ask for and read the minutes from at least the last 3 board meetings. Those minutes may give you information as to what is going on within that condo complex that the real estate agents are unaware of.
Ask if there are any current or pending lawsuits against the association or by the association against someone else.
Insurance in general is becoming more expensive for condos on Siesta Key due to changes made by the insurer for many of the older condo buildings - Citizens. A couple of years ago Citizens voted to cap coverage for condos where more than 25% of the units were rentals at $1 million, which forced many of those condo communities to seek additional coverage in the private market. Citizens also became more selective about what they deem a wind-resistant building, which lead to rate increases for condo buildings with wood-frame roofs.
Flood insurance is a big topic in Sarasota county due to pending FEMA flood map changes, but also due to changes to the national flood insurance program and rates. Large rate increases in the cost of flood insurance is leading to increased monthly or quarterly association fees for many of the condo communities on Siesta Key, but especially for older buildings built pre-FIRM. Before writing an offer on any condo on Siesta Key, ask specific questions about the hazard and flood insurance policies covering the buildings.
If you'd like more specifics on investment condo buying on the Keys, please feel free to contact me through my web site below.
The North Port and Port Charlotte area are less expensive than the city of Sarasota and surrounding areas if you are interested in the gulf side of Florida. You can search for properties on my web site at: http://www.tammyhayes.remaxagent.com/. I would be happy to help you or answer any questions you may have.
Here is a video of Charlotte County if you want to see what it is like: http://consumerrelocationservices.com/Clients/RMPalmCharlotteFL.html
Tammy Hayes, Realtor
Re/Max Palm Realty
I suggest you call our company run property management company. They have years of experience with vacation property management. They will not be able to manage this property, but they might be able to direct you to a good company. You can find them on the web at http://www.cbcaliforniavacations.com... more
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!... more