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Siesta Key : Real Estate Advice

  • All22
  • Local Info5
  • Home Buying7
  • Home Selling0
  • Market Conditions4

Activity 21
Wed Mar 22, 2017
Joan Winters answered:
Hi Stephen,

That will vary from one association to another. Some have 1 month minimum, and some will have a less than a week minimum.
0 votes 1 answer Share Flag
Wed Mar 22, 2017
Joan Winters answered:
Justin I haven't been to this site in a long time, and I'm sorry that you wrote this over a year ago, because yes there are condos in your price range which offer weekly rentals. I'm not sure how many are on the market at present, but they certainly do exist. Property management for vacation rentals typically run around 20%, but they usually handle the entire transaction, from finding you renters, to security deposit, to cleaning and so forth. Not all associations have on site management, but you can always go through other property management companies, or you can do it yourself on VRBO.com too.

The fees vary with each association.

Please feel free to give me a call anytime.

Joan Winters
941-536-1714
Exit King Realty.
... more
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Mon Dec 26, 2016
Sparkybrooks22 asked:
Crime rate on Siesta Key ?
0 votes 0 Answers Share Flag
Sun Aug 23, 2015
Diane Christner answered:
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.

Regards,

Diane Christner, Realtor, GRI, SFR, CNE
Bright Realty
Sarasota, FL

www.DianeChristner.com
... more
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Mon Jun 22, 2015
Albiecardew answered:
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
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Tue Mar 31, 2015
Diane Christner answered:
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.

Regards,

Diane Christner, Realtor, GRI, SFR, CNE
Bright Realty
Sarasota, FL

www.DianeChristner.com
... more
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Wed Sep 24, 2014
Bill Eckler answered:
This question is 6 years old and time sensitive...one would only hope that in 6 years this short sale would have been resolved.
0 votes 10 answers Share Flag
Tue Sep 23, 2014
Jerry and Sandy Strom answered:
Siesta Key has always led Sarasota and to some extent other areas in Florida, in real estate "recoveries". The availability of the No.1 2013 Beach in the USA, being able to walk to several restaurants and stores, along with most water sports, puts our real estate in high demand. If you are looking to buy, inventory is decreasing, which will lead ultimately to high prices. So call your favorite Siesta Realtor soon. ... more
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Tue Sep 23, 2014
Jerry and Sandy Strom answered:
Call Siesta Rentals for short term rentals and Stringer Management for long term leases. VRBO.com is a great resource for vacation rentals, anywhere.
0 votes 3 answers Share Flag
Wed Apr 23, 2014
Michael Gray answered:
Have you seen the Condos in Pelican Cove? There are quite a few to choose from, resort style living boating community on the bay in Sarasota, FL. search more at www.Sarasota4RealEstate.com ... more
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Wed Apr 23, 2014
Tammy Hayes answered:
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
tammyhayesre@gmail.com
http://www.tammyhayes.remaxagent.com/
... more
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Fri Apr 26, 2013
Jules Roman answered:
there are several free golf cart / buggies that will ferry you around the key and they operate only for tips
they are available all day all night

Jules Roman
Broker/ Owner
Tarpon Coast Realty
1693 Main St
Sarasota Fl 34236
941.366.0000 office
800 376-1408 fax
TcrJules@gmail.com
www.TarponCoastRealty.com
... more
0 votes 1 answer Share Flag
Mon Jun 25, 2012
George Miller answered:
There is a misconception that prices are continuing to fall. If you watch national news stories, that is some of what you see. However, those reports fail to take into consideration the most important rule in Real Estate ‘Location, Location, Location’, and that all real estate markets are LOCAL: The situation in Chicago is not relevant to Boise or to Dallas etc. Also, certain segments of the market within a local area can experience vastly different trends: i.e. condos vs. single family homes, or price points: under $200,000 vs. multi-million $ properties.

More specifically, for the purposes of this question I will focus my response to market conditions on Siesta key.

As a Realtor that specializes on Siesta key, I have been told ‘I’m waiting for the bottom of the market before I consider buying’ many times. As a former licensed property appraiser, I decided to compile hard data on the local market to determine when that was / or will be (see the link below for the results)

On Siesta Key, a 12 month trailing average of sales prices through March 2012 indicate the market has been improving dramatically for single-family homes since the slow-down. According to the average sales price data (compiled from the Sarasota MLS): It appears the bottom of the market for Siesta Key single family homes was approximately two years ago. Although I have not updated this data lately, more recent reports indicate that sales have continued to strengthen throughout June

Condo prices remain flat, but this is consistent with the observation that even within a specific market area – different segments (i.e. condos vs. single family homes) can experience different conditions concurrently. However, it should be noted that unit sales of condos are up significantly.

Regarding the instability of Europe and the world markets, even in these uncertain times that we live in, the US is still the most attractive country for investment (the proverbial ‘dog with the least amount of fleas’). This is supported by the fact that US Treasury bills are still being snapped up in spite of historically low interest rates. However, international investors are not satisfied with safety alone – they want return on investment, which T-bills do not provide. This would explain the recent data that over 30% of all real estate transactions in Florida involved foreign buyers, and that number is expected to grow.

Fears of inflation are also fueling the rise in prices. Like gold, oil, and commodities, real estate is a finite (limited supply) ‘hard’ asset. During periods of inflation, the value of hard assets (including real estate), tend to go up as inflation rises. There is a counter to this discussion that as inflation rises – so do mortgage interest rates – and that exerts downward pressure on home prices. However, on Siesta key (remember this is a discussion about local markets), most recent transactions are cash in spite of historically LOW interest rates. In addition, inventory levels on Siesta key (and greater Sarasota) are within the range of what is considered to be a ‘sellers market’ (i.e. at current sales volume it would take less than 6 months to sell every home). This is an indicator that future prices are expected to rise.

If you are seriously considering buying in Sarasota or on Siesta Key, now would be the time to begin looking in earnest, as all indicators point to prices continuing their upward trend in our local market.

If you have any questions, or would like a customized search for all properties specific to your criteria – call or email me for more information.


George Miller
Coldwell Banker Residential Real Estate
5145 Ocean Blvd
Siesta Key, FL 34242
941-374-1000 Cell
941-349-4411 Office
For the latest Market News and info go to my website:
http://www.SiestaHomeValues.com
Referrals are always appreciated! If you have friends, neighbors, co-workers or family members thinking about buying or selling a home, please reply to this e-mail and tell me about them.
... more
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Sun Apr 29, 2012
Annette Levinson answered:
Parker, if you are looking to refinance without cash out, then no problem. If you want cash out-not happening.
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Wed Apr 6, 2011
Steve & Judy Del Viscio answered:
No, there are no designated running paths or dog parks on Siesta Key but the entire island is very dog friendly. There are even a couple restaurants that allow dogs.

Also, I like to run along Midnight Pass Rd. where it cuts off from Higel as there is a nice wide sidewalk as well as a lot of shade. And there is always the Beach! ... more
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Wed Jan 5, 2011
Eric Thompson answered:
It is always 'happening' here at Siesta Key. And don't forget the real gem of Siesta Key- our world famous beaches. "The whitest and finest sand in the world". Harvard University's geology department found that the sand on Siesta Key is 99 percent pure quartz grains, ultimately derived from the southern Appalachian Mountains.

Play here and live here. Paradise Found.
... more
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Fri Jul 16, 2010
Teresa M. Fellows answered:
Hi Stephan,

From someone who's office is on Siesta Key and knows, Siesta Key has a plethora of shops, restaurants and local amenities. It even has a great supermarket in the village where you can get all of your daily or weekly food items and or etc. There are drug stores, doctors offices, post offices, banks, gas stations, clothing shops, hardware stores, Gyms, and most anything you can think of that you might need, right on Siesta Key. If there is anything you don't find, then it is only a very short distance away, just off the Key. Siesta is an absolutely fabulous place.

I hope you found this helpful,
Terri

Teresa M. fellows
Broker/associate
Waterside realty LLC
941-350-4297
tmf4257@mac.com
www.floridawestproeprties.com
... more
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Sat Sep 19, 2009
Dorene Slavitz answered:
Hi Marilena,
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
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Thu Sep 10, 2009
Dallas Texas answered:
Simple answer Realtor.com is fed by MLS , Trulia takes a listing agent to update their system.
0 votes 9 answers Share Flag
Wed Jul 29, 2009
Marianne LeBar, PMN,CRS,CIPS answered:
I am a Realtor but I also have my own Gulf view condo on the market right now on SK. I took it off the market temporarily (status TOM) because I was having so many showings.
If you are priced right it will sell in this market. The Sarasota market seems to be on fire right now. Our manager at Main Street just blogged we had over 40 contracts this July at mid month. I personnally am negotiating offers most days. Of the 7 contracts I closed this year 6 were cash deals. I think the stock market has rebounded just enough that people with cash are once again comfortable spending it on the great real estate buys and not attracted to the stock market for investing. Ponzi schemes have people answering their own question "Why give my money to that guy, I perfectly capable of losing it all myself" Just a little humor to brighten your day. Marianne LeBar/Michael Saunders Main Street ... more
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