Affordable housing in sarasota, fl

[A75013]

Hi, Sunshine Rules , can you explain what is the deed restrictions?

[Sunshine Rules]

Deed restrictions are limitations written into a deed to restrict the control, occupancy or use of a property. They are also known as restrictive covenants. Because these restrictions are written into the deed, they transfer with the property from the previous owner to the new owner when the home is sold.

Many subdivisions, especially newer ones, have deed restrictions to control the look and appeal of the neighborhood. The deed restrictions are recorded, usually by the original builder of the subdivision, so are available on line. They are typically called "Declaration of Covenants, Conditions, Restrictions and Easements."

There are also typically a set of by-laws for the association, which set up the rules for running the homeowners association. These usually cover definition of who are members, how voting will be done, rules for meetings, Board of Directors defined, powers and duties of Board of Directors members, rules for fiscal management of the association, parliamentary rules for meetings and rules for how amendments can be made to the deed restrictions.

Back to the deed restrictions. These contain the rules and regulations for land use and property standards for the homes in the community.

Typical restrictions would include how the property can be used. Here are some common items covered by HOA deed restrictions:

lots for residential use, no commercial activities on the property

what type of vehicles can be parked on the lot - often trailers, RV's, boats are restricted and cannot be parked where they can be seen

dwelling changes - you may have to have any improvements or changes to your home approved by the HOA architectural committee even if permits are not required by the county, such as changing paint colors or major landscaping changes

garages & parking - there are usually rules about not converting garages to living space, some have rules about no cars parked overnight on streets to driveways. Most have rules about commercial vehicles or vehicles with commercial signs not being parked on driveways overnight, they must be kept in garages.

accessory buildings - most have rules about adding sheds or other structures to the lot, ie what type are allowed (if any)

roof types - some HOAs have rules on what type of roofs you may install as they want to keep things uniform throughout the community

fences - some HOAs have rules on whether you can install fences and what type if allowed

Solar panel equipment, satellite dishes, clothes lines, window AC units - most have restrictions on if/how and where you can install these

Rentals - most newer HOAs have rules on how often you can rent a home, such as no unit may be rented more than twice a year and cannot lease for a period of less than 6 months.

These homeowner associations will also charge dues or fees on an annual, quarterly or monthly basis to maintain the common grounds and run the business of the HOA.

Some people hate deed restrictions, they feel they restrict what they can do with their property. Others like deed restrictions because they do give an overall standard for the subdivision that all homeowners must maintain, thereby keeping up the property values as a whole. Homes in deed restricted communities tend to sell for higher prices than homes in neighborhoods without deed restrictions.

Some people want to park their boat or RV on the side of their home, or their work van on the drive, hang their laundry on a line behind their home or park cars in their front lawn. Others find those things an eyesore and don't want to look at them on a daily basis.

The bottom line is, if you are looking at homes in a subdivision with a mandatory homeowner's association, be sure to get and read a copy of the deed restrictions and by-laws before you write an offer so you know what you will required to comply with should you purchase there. I'd also recommend getting a copy of the most recent budget and at least the past 3 months minutes of the Board of Director meetings so you can find out what issues they are discussing.

If you have any more questions regarding deed restrictions, please let me know.

[A75013]

Thanks for the detail explaination. I am also looking for starter home (like 3bedrooms..) in the area as investment. Want to know how does the rental market doing. which subdivision area are good and have such affordable homes?

[Sunshine Rules]

Although the inventory of homes for sale in the $150,000 price range has been dropping substantially over the past few months, there are still some bargains to be found.

If you're looking to use your purchase as a rental, your best income potential would be to stay within the better school districts.

Here are some neighborhoods you might want to check into:

Ridgewood, Brentwood, Sarasota Springs & Colonial Gables in the McIntosh area (note: some of the Sarasota Springs are still on septic tanks and will require hook up to the county sewer system)

Tamaron near McIntosh & Bahia Vista. Tamaron does have deed restrictions.

Lake Sarasota east of I75 at Bee Ridge

Cedar Hollow on Honore (nice sized lots but septic tanks)

There are a lot of little streets off of Swift, south of Bee Ridge, such as Trinidad, Jamaica, Cayman, & Dueby.

South Gate area - south of Bahia Vista, between US41 and Tuttle (some are on central sewer and some on septic tank)

Gulf Gate - south of Clark Rd and west of Beneva. You may still find a 3 bedroom/2 bath home under $150,000 in that neighborhood but more likely it will be a 2 bedroom/2 bath home. Gulf Gate does have deed restrictions.

Just west of Gulf Gate and east of US41 is a little area with streets named Cass, Inner Cass Circle. Lots of nice, smaller homes that have been going at very reasonable prices.

South of Clark Rd at Lockwood Ridge Rd. There's a little neighborhood with streets such as Yorktown, New England, Williamsburg, Concord. You'll find a nice mix of owner occupied and rentals there at reasonable prices.

If you're willing to go into south Manatee county, you can find newer construction homes in your price range in a few subdivisions, such as Regal Oaks, Silver Lake, Braden Crossings.

Another nice neighborhood just over the county line into Manatee, off of US41 by the airport is the Whitfield Estates area. Lots of nice homes built in the 1980's - 1990's just south of Whitfield and north of Tallevast. I have relatives living in that area and they love it. There's someone that posts here that also lives in that general area.


Hopefully this gives you enough neighborhoods to get your search started.

[atirgrand]

After much research, I think we are better off with a private home. The restrictions/hoa fees can get quite expensive. We are looking into private homes north of Bee Ridge. Thanks again for your input.

[Sunshine Rules]

Originally Posted by atirgrand

After much research, I think we are better off with a private home. The restrictions/hoa fees can get quite expensive. We are looking into private homes north of Bee Ridge. Thanks again for your input.

You're welcome.

[atirgrand]

We are still interested in purchasing an investment property in the Sarasota area. We feel the interest rates are at bottom, and we can hopefully get a good deal. Any properties (up to 115K) (min 2br/ 1 1/2 bath) in desirable areas? Would prefer private home. Thanks for your input.

[Sunshine Rules]

Most of the neighborhoods from my previous post on this thread would still be options. (Delete Tamaron, Regal Oaks, Silver Lake & Braden Crossings if you wish to stay under $120k.)

The inventory of homes in the $120,000 and under price range has dropped substantially since last summer, especially in the past 4 months. When new listings come on the market in your targeted price range and neighborhoods, buyers need to act quickly as multiple offers are becoming more frequent. This is especially true if the home is in move in condition.

The same thing is happening with condo listings priced under $100,000.