[hotwired99]

Hi All,

About once a year or so, my wife and I start fantasizing about buying a condo near the ocean in Florida. She spent most of her adult life in Hudson (near Tampa), and my Dad used to own Captain Tony’s, and owned a 6-unit in Key West, so Florida is “in our blood.” We are 3 years from being able to travel more flexibly (daughter graduates), and our main source of income will be our 48 unit apartment rental business (unless we sell it, in which case our pile of cash will be!) We live in Central Maine and have both just turned 50. Daughter 15.

We like the ocean but understand that the insurance could be “crippling”, so we’re willing to be inland a few blocks. We anticipate that we’d be MUCH better off financially just renting via VRBO. So this is not a financial decision as much as an emotional one. For next 3 years, we’ll only be able to go down on school vacations (most expensive times to fly). Our primary reasons would be:

1. Freedom of leaving at a moment’s notice and heading down & freedom to stay an extra day or three without worrying about the next renter being right behind us.
2. Good “jumping off” place when we start traveling more. (i.e. it’s much cheaper to go on a cruise, fly to Ecuador, etc. from Florida than Maine. Maine is a horrible place to travel anywhere from (but a wonderful place to live)
3. Having a place that has a lot of our clothes, supplies, etc. and forging relationships with the neighbors, etc.

I’ve often wondered if we could get a better deal / bang for the buck with a SFH. Yes, we’d need to handle hiring someone to look after it most of the year, but???

That all being said, I’d love to hear any thoughts y’all have, especially the “where?” Here is what’s important to us:

1. Prefer ON the ocean (as in hearing the surf if we open our window) but will accept up to 10 minute drive from water’s edge. We’d live on canal, but would still want to be 10 minutes or less from SANDY beach.
2. So sort of implied with #1, we want a sandy beach, not OVERLY crowded.
3. Would LIKE to keep price to $250k or less but flexible as long as we’re convinced it’s a “no brainer” for eventual appreciation and ease of selling.
4. Town where its somewhat laid back but NOT deserted. We’d like to be able to get to a few nice restaurants and shopping within, say 10-15 minute drive
5. 2BR / 2BA minimum
6. Must have pool & hot tub
7. Reasonable condo fees
8. Like to be able to rent it out VRBO style … could it be that if a HO assoc allows that, it might not be a great place to live?
9. House vs. Condo? Compelling reasons to choose house over condo?
10. Should be in an area that has a high chance of holding value, and being easy to sell in the future if we should want to.
11. If we’re doing this on “want” vs. “need” I want to mitigate the financial damage by buying as intelligently as possible. So if there are any situations where we can get a discount for accepting “acceptable” challenges (can’t think of what those might be) we will. Maybe like a condo on a golf course, but the one farthest away from the course??

Perhaps a list of things we like / dislike would help too.

LOVE: healthy food, long walks, sunshine, laying by a quiet poolside reading. I would like to fish and snorkel once in a while, but one of my favorite things is long walks around 5 in the morning, especially on the beach.

DO NOT LOVE: Anything to do with golf, “botanical” gardens, fast food, poorly behaved children with liberal parents who say things like, “Now, honey, don’t you think you should make a different choice?” We’d like to be far enough south that there is little chance of “enduring” a 55 degree week during the winter.

We’ve got friends with Condo in Venice and they speak highly of it. Also heard good things about Sarasota area …

[GreggT]

Originally Posted by hotwired99

Hi All,

About once a year or so, my wife and I start fantasizing about buying a condo near the ocean in Florida. She spent most of her adult life in Hudson (near Tampa), and my Dad used to own Captain Tony’s, and owned a 6-unit in Key West, so Florida is “in our blood.” We are 3 years from being able to travel more flexibly (daughter graduates), and our main source of income will be our 48 unit apartment rental business (unless we sell it, in which case our pile of cash will be!) We live in Central Maine and have both just turned 50. Daughter 15.

We like the ocean but understand that the insurance could be “crippling”, so we’re willing to be inland a few blocks. We anticipate that we’d be MUCH better off financially just renting via VRBO. So this is not a financial decision as much as an emotional one. For next 3 years, we’ll only be able to go down on school vacations (most expensive times to fly). Our primary reasons would be:

Note insurance on the building and anything outside the walls of your condo are covered by the HOA and part of the fees. Insurance, both liability and property are quite reasonable.

That all being said, I’d love to hear any thoughts y’all have, especially the “where?” Here is what’s important to us:

1. Prefer ON the ocean (as in hearing the surf if we open our window) but will accept up to 10 minute
drive from water’s edge. We’d live on canal, but would still want to be 10 minutes or less from SANDY beach.

Being further from the beach affect both value and resale.

2. So sort of implied with #1, we want a sandy beach, not OVERLY crowded.

If you are looking for a beach not overly crowded, look for a multimillion dollar home where there are others just like it all around. Otherwise accept the fact that certain times of the year the beach is going to be crowded. Many others share the same dream you have. Condos are built in popular areas, fact of life.

3. Would LIKE to keep price to $250k or less but flexible as long as we’re convinced it’s a “no brainer” for eventual appreciation and ease of selling.

Looking at your other items of importance, this will be a little difficult unless you are willing to settle for a one bedroom, two bath. For what you are looking for, 350K is a better number

4. Town where its somewhat laid back but NOT deserted. We’d like to be able to get to a few nice restaurants and shopping within, say 10-15 minute drive

See comment above about condo locations

5. 2BR / 2BA minimum

See pricing above

6. Must have pool & hot tub

A condo is your best bet if these are important

7. Reasonable condo fees

What is "reasonable"? You can generally expect on a condo, HOA fees of $500.00 to $600.00 a month if the complex is taken care of and well run.

8. Like to be able to rent it out VRBO style … could it be that if a HO assoc allows that, it might not be a great place to live?

We rent out our condo but have quite a few full time residents. If you are considering renting it out, you MUST be on the beach.

9. House vs. Condo? Compelling reasons to choose house over condo?

Upkeep, upkeep, upkeep!!

10. Should be in an area that has a high chance of holding value, and being easy to sell in the future if we should want to.

In Florida, on the beach? Currently no problems there

11. If we’re doing this on “want” vs. “need” I want to mitigate the financial damage by buying as intelligently as possible. So if there are any situations where we can get a discount for accepting “acceptable” challenges (can’t think of what those might be) we will. Maybe like a condo on a golf course, but the one farthest away from the course??

Think about #8 above, if you want to rent it out it needs to be the most desirable place possible. Being off the beach can lead to bargain basement rentals which lead to less desirable guests who think they are staying at the Motel 6.

Perhaps a list of things we like / dislike would help too.

LOVE: healthy food, long walks, sunshine, laying by a quiet poolside reading. I would like to fish and snorkel once in a while, but one of my favorite things is long walks around 5 in the morning, especially on the beach.

DO NOT LOVE: Anything to do with golf, “botanical” gardens, fast food, poorly behaved children with liberal parents who say things like, “Now, honey, don’t you think you should make a different choice?” We’d like to be far enough south that there is little chance of “enduring” a 55 degree week during the winter.

We’ve got friends with Condo in Venice and they speak highly of it. Also heard good things about Sarasota area …

All I can say is do your research, look in the various areas at pricing to get an idea what you can get at what price. If you want to rent it out, look on VRBO for the same or similar properties, look at the rental rates and look at the calendars to see how full they are. Being that far away you will almost have to use a property manager who will take 30% to 40%, some are decent, most are only concerned about putting a "head in the bed" in order to get their commission.
As far as location, generally speaking the further north you go on your search, the lower the property costs. If you decide to forget #8, you can save on your upfront costs but your HOA fees are generally unaffected as the costs are relatively the same as far as staffing, maintenance, reserves, insurance might be slightly less (based upon your flood zone it can actually be higher off the beach than on) Resale is affected by the location, a less desirable location to you is also less desirable to other possible buyers.
We bought ours in 2008 in northern Florida, not sorry one bit.

[chiluvr1228]

If you are looking at the west coast of Florida, keep in mind that the releases from Lake O have turned the Gulf near Fort Myers, Sanibel and that area into a disgusting mess. It's been on the national news lately. I love Boca Raton on the east coast but don't know how much it will cost to live there. Anything as close to the beach as you want is going to be expensive.

[bbronston]

I'm in the Lakewood Ranch area which pretty much adjoins the Sarasota area. You can find what you are looking for in your price range but these properties tend to be older and you may be looking at a number of properties that you will probably want to update. I would think a condo would best suit your needs and plans but you can find houses and villas in your range, too. Condo fees will probably range from $300s to $600s a month. Many places that match your basic criteria will not be at the beach but there are some out there that are very close. Rental policies vary a lot so you'll need to see how often the association allows them and for what minimum period. It may be a day, a month, three months, six months, or a year. Also, the closer you are to the water, the more likely it is that you will be in a flood zone which, if you finance, will require expensive flood insurance. Just another factor to consider.

The point is, I suppose, that there are plenty of properties that could work for you so it's just a matter of working through them and finding the right one. Our MLS has a public side which might help: www.MyFloridaHomeMLS.com

[Stymie13]

Originally Posted by hotwired99

Hi All,

About once a year or so, my wife and I start fantasizing about buying a condo near the ocean in Florida. She spent most of her adult life in Hudson (near Tampa), and my Dad used to own Captain Tony’s, and owned a 6-unit in Key West, so Florida is “in our blood.” We are 3 years from being able to travel more flexibly (daughter graduates), and our main source of income will be our 48 unit apartment rental business (unless we sell it, in which case our pile of cash will be!) We live in Central Maine and have both just turned 50. Daughter 15.

We like the ocean but understand that the insurance could be “crippling”, so we’re willing to be inland a few blocks. We anticipate that we’d be MUCH better off financially just renting via VRBO. So this is not a financial decision as much as an emotional one. For next 3 years, we’ll only be able to go down on school vacations (most expensive times to fly). Our primary reasons would be:

1. Freedom of leaving at a moment’s notice and heading down & freedom to stay an extra day or three without worrying about the next renter being right behind us.
2. Good “jumping off” place when we start traveling more. (i.e. it’s much cheaper to go on a cruise, fly to Ecuador, etc. from Florida than Maine. Maine is a horrible place to travel anywhere from (but a wonderful place to live)
3. Having a place that has a lot of our clothes, supplies, etc. and forging relationships with the neighbors, etc.

I’ve often wondered if we could get a better deal / bang for the buck with a SFH. Yes, we’d need to handle hiring someone to look after it most of the year, but???

That all being said, I’d love to hear any thoughts y’all have, especially the “where?” Here is what’s important to us:

1. Prefer ON the ocean (as in hearing the surf if we open our window) but will accept up to 10 minute drive from water’s edge. We’d live on canal, but would still want to be 10 minutes or less from SANDY beach.
2. So sort of implied with #1, we want a sandy beach, not OVERLY crowded.
3. Would LIKE to keep price to $250k or less but flexible as long as we’re convinced it’s a “no brainer” for eventual appreciation and ease of selling.
4. Town where its somewhat laid back but NOT deserted. We’d like to be able to get to a few nice restaurants and shopping within, say 10-15 minute drive
5. 2BR / 2BA minimum
6. Must have pool & hot tub
7. Reasonable condo fees
8. Like to be able to rent it out VRBO style … could it be that if a HO assoc allows that, it might not be a great place to live?
9. House vs. Condo? Compelling reasons to choose house over condo?
10. Should be in an area that has a high chance of holding value, and being easy to sell in the future if we should want to.
11. If we’re doing this on “want” vs. “need” I want to mitigate the financial damage by buying as intelligently as possible. So if there are any situations where we can get a discount for accepting “acceptable” challenges (can’t think of what those might be) we will. Maybe like a condo on a golf course, but the one farthest away from the course??

Perhaps a list of things we like / dislike would help too.

LOVE: healthy food, long walks, sunshine, laying by a quiet poolside reading. I would like to fish and snorkel once in a while, but one of my favorite things is long walks around 5 in the morning, especially on the beach.

DO NOT LOVE: Anything to do with golf, “botanical” gardens, fast food, poorly behaved children with liberal parents who say things like, “Now, honey, don’t you think you should make a different choice?” We’d like to be far enough south that there is little chance of “enduring” a 55 degree week during the winter.

We’ve got friends with Condo in Venice and they speak highly of it. Also heard good things about Sarasota area …

My parents have lived in Venice for 14 years and are putting their house on the market. The suburban sprawl has overtaken the once quiet city and the traffic has gotten quite ridiculous.

I have noticed every time I visit, there is a new strip mall and traffic, traffic, traffic.

I'd suggest St Augustine but there are some cold snaps.

[hotwired99]

Thank you all. This is great stuff to consider. There's so much choice in Florida ... good problem to have.

[vacoder]

Might try Manasota Key. It is just south of Venice and prices are a bit better.

[Fredesch]

I live in Ormond-by-the-sea zip 32176. We are about 600 feet from the Atlantic (a 500 m walk) in a SFH and our insurance is less than $2000 a year. Just stay away from a flood zone and your insurance will be reasonable. Beachside has very few houses in a flood zone and they are all on the intercoastal waterway not the Altantic side in my area. We are a 15 minute drive to Daytona Beach and lots of nightlife, our area is quieter, but we have a brewpub and a bar with free outdoor nightly music within 2 miles either direction of our house.

A neighbor up the street spends summers in Maine. Folks that leave for the summer and own a home in Florida, usually claim Florida residence and homestead status and stay at least 6 months and 1 day to qualify. Florida has no state income tax and homestead status makes your property tax lower, but you cannot claim homestead status in Florida and another state. Most folks in my neighborhood have automatic sprinklers and a lawn service. Many residents simply leave their houses empty and turn up the thermostat when they aren't there; the lawn service and sprinklers keep the yards looking neat.

[TuckerFMB]

About six years ago we bought a place in Ft. Myers Beach area on a canal. We are at the beach in 5 minutes by car and around 10-15 minutes by boat. Lots of reasonably priced restaurants on the beach and the back bays. I usually get up at sunrise, and do about a 45 minute walk on the beach before it gets too busy.
The community is 55 deed restricted with good covenants and decent HOA fees which includes lawn service. These are manufactured homes, but everyone owns their lots. Homes on the canals typically cost between 240-450k. The price there is reasonable enough to allow us to keep our home in the midwest.
We could not be happier in our decision to locate there and enjoy having a SFH.