Home Buying in Cape Coral>Question Details

Richard, Home Buyer in Miami, FL

For an investment of $300k to $400k what is the best combination of:

Asked by Richard, Miami, FL Tue May 6, 2008

Miami vs Gulf Coast; house vs condo; and home rental vs vacation rental to provide the best return?

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The # 1 reason real estate agents & Brokers get into trouble is by representing "out of the area" that they specialize in. Please utilize a reputable agent in each of the areas you are considering. If you truly trust one of them I'm sure they would be happy to assist in setting up a referral to the other area(s) to someone within their network. In my town of South Lake Tahoe, Ca., home rental vs. vacation rental comes up a lot. Generally, you can make more $$'s on the vacation rental route here, if it is marketed & set up properly. There is nothing better than a solid responsible month-to-month tenant, on the other hand, that you know is taking good care of your home! Both Florida coasts are beatiful & desirable for long-term real estate investment. I hope for the best in your Florida real estate endeavors.

Jill Stanton-Bricker
RE/MAX Realty Today
South Lake Tahoe, Ca. 96150
530.318.7212
0 votes Thank Flag Link Tue May 6, 2008
Richard,

I am certain that both of my colleagues are seasoned professionals, but both speak "pro domo" - for their coast. Understandable.

I don't have direct access to the Venice or Cape Coral MLS, and I cannot make an assessment of a market I do not know and that is 145 or 195 miles away.

On the Atlantic coast, $300k-$400k in Dade or Broward will buy you either a home within biking, if not walking, distance to the beach, or one of the 93 condos with a direct ocean view or on the beach, listed today, located between Miami Beach and Deerfield. With condos, at least on this coast, you will encounter some rental restrictions, a crucial factor for you.

Your return on investment will depend on several factors besides purchase price, and would take the discussion beyond this forum.

Please let me know if you would like more information to come to a decision, and all the best,

Tobias Kaiser, MS, CIPS

Greater Fort Lauderdale Real Estate Broker + Consultant
Certified International Property Specialist
0 votes Thank Flag Link Tue May 6, 2008
Hi Richard--I called you today, and am waiting for your call back to me. I look forward to discussing your questions above with you personally!!
Web Reference: http://www.MykeTriebold.com
0 votes Thank Flag Link Tue May 6, 2008
Hi Richard,
We agree with Nancy's assessment of Florida's west coast but it is indeed all about personal preference. If your purchase is going to be directly tied to a rental future it would be important to explore the rental history for each of your target areas. From a Sarasota to Venice perspective, the rental market is alive and doing very well. There is an established history of people that have been returning to the area as renters for 5, 10, 15, or more years and we feel that for the short run, it's likely the number of annual renters will increase; at least until the end of this current market correction.
In our location $400,000 will put you in a Gulf front condo with a bite of a water view. We just sold one that was completely rehabed with a beautiful waterview for $331,000 completely furnished. Two bed room, two bath, granite, etc. etc.
Depending on the condition and location of the unit, one could depend on between $2,500 to $4,000 as a seasonal rental. Between $1,000 and $2,000 for an off season rental rate.
Don't overlook the Sarasota/Venice area! It offeres it's residence a "quality of life" that people look fore and keeps them coming back . We would be happy to help you if needed.....
Best of luck,
The "Eckler Team"
Century 21Almar and Associates
Venice, Fl 34285
ecklerteam@comcast.net
941-408-5363
0 votes Thank Flag Link Tue May 6, 2008
Hi Richard,
A lot has to do with your preference. You will get more bang for your buck on the Gulf Coast. Right now though, it is a buyers market everywhere. In our area; Cape Coral (Gulf Coast) 300k to 400k would put you in a nice Gulf access property. . In that case I would go with vacation rental for your best return. For vacation rental I would go with Single family verses condo. Most condos have rental restrictions so keep that in mind. Good Luck to you and take advantage of the wonderful deals.
Have a great day,
Nancy
0 votes Thank Flag Link Tue May 6, 2008
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