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I'm glad I found this forum. I've read through several topics, and there seems to be a wealth of knowledge here. I noticed there are real estate agents on here that can probably help me.
My wife and I are eager to buy a vacation house in the next couple years in the Sarasota area. A few years back we stayed in a condo (found through vrbo) in Siesta Key and loved it. The beach is unmatched, and the area is perfect. We like the idea of being right in between two major airports, warm weather year-round, and drive-able. We once stayed in the Virgin Islands and while it was very nice, there were some major drawbacks. Things like being forced to pay for an expensive flight and have to rent a car. The area is so small and isolated that there aren't many options for shopping. That's why we like to stay in the continental US. Also, being from Michigan, Florida is the straightest shot to drive somewhere that's guaranteed to be warm. Lastly, another big reason for wanting to find a place in this area is the fact that my wife's parents and my parents will be retiring/relocating to the area in the next couple years. My parents already own a lot in Port Charlotte, and her parents are looking for a Villa in the Brandon area. This would allow us to have a few sets of eyes to watch our vacation home from time to time. Both of our fathers are handy around the house, and our mothers are willing to help maintain the place between renters.
So without rambling too much more, I'd like to ask the forum for advice on where to look. We know our budget is probably under $200,000, and if we found a place for quite a bit less we'd be able to jump on it a lot sooner. I know I'll have at least $150,000 in equity I can borrow against our current house very soon. So as soon as one set of parents moves to Florida, we'll be ready to get preapproved to remortgage our house so we can pay cash. We really only need a 2 bedroom place because we only have 1 child, but we'd be open to a 3 bedroom if it's more attractive to renters. We're not really looking to make any kind of profit on this place either. Just enough rent money to cover the cost of ownership. I've read a lot of great things about the Gulf Gate community, but I can't find a good map that outlines the various subdivisions within that area. We're kinda leaning more towards an area that has a community pool so we don't have to worry about pool maintenance ourselves.
I think I'll leave it at that for now. I'm sure I left out a lot of crucial information so please don't hesitate to ask.
I am far from an expert in this area but I think the problem you will have is that most areas outside of the barrier islands are not zoned for short term rental.
We are just about to close on a condo (tomorrow) and I know from the many we have viewed that not one was in a community that allowed rentals of less than a month. Even then the number of rentals were limited to 1-3 per annum.
I would be interested in the experience of others on this subject.
Location: Sarasota/ Bradenton - University Pkwy area
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First, regarding maps. Are you currently visiting in the Sarasota area? Are you a member of AAA? AAA has great maps (very detailed) of Sarasota and they are free to members. They have an office on Bee Ridge Road and another at Lakewood Ranch in the shopping center at the corner of SR70 and Lakewood Ranch Blvd.
If you're looking in the general Gulf Gate area (zip codes 34233, 34231 and 34238) you'll discover that while there are a number of neighborhoods with homes priced under $200k, neighborhoods with community pools in that area and price range are few. That's because most of the neighborhoods were developed before the 1990's. You can find a number of newer neighborhoods with community pools that are further north, University Park area, but the trade off is that you are much further from Siesta Key's beaches.
Gulf Gate and Gulf Gate Pines are obvious options for neighborhoods nearer to Stickney Point/Siesta Key bridge.
Although further north, closer to the north bridge to Siesta Key, the South Gate neighborhoods are popular with home buyers and renters. These neighborhoods are, for the most part, not deed restricted. Without getting into a big discussion on deed restrictions vs no deed restrictions (which has taken place on the c-d forum a number of times), some people don't mind if the neighbor has a large boat or RV parked in the drive, others do. The zip codes for this area are 34231 and 34239. The actual South Gate neighborhood has a HOA that, if you join, you can pay just under $100 extra a year to use their community center and pool, located on the roundabout just south of Webber, off of Tuttle.
Other non deed restricted neighborhoods within that same general area that have 1960's - 80's ranch style homes include: the Arlington Park area (streets such as Hyde Park, Arlington, Hill View, Shade, Wisteria, Clematis), Alta Vista & Paver Park (zip codes 34239 & 34237), Forest Lakes Country Club (no actual country club).
Siesta Heights is a little, non deed restricted neighborhood tucked in between Gulf Gate and US41. Off of Clark Rd in that same general area is another little neighborhood, Sun Haven. Some of the Sun Haven homes are still on septic tanks and will have to hook up to the county sewer system in the near future - the county has a site explaining the entire process, including costs. By the way, some homes in the South Gate area I mentioned above are also still on septic tank & will be required to hook up to central sewer.
Just off the Stickney Point bridge is a neighborhood, Pine Shores, that has homes in your price range that is popular for it's location near the bridge to Siesta Key. The lots are large and the neighborhood is not deed restricted.
Phillippi Gardens, located north of Clark Rd off of Swift is yet another non deed restricted neighborhood with ranch style homes and very close to Stickney and Siesta Key.
If you'd like a neighborhood with deed restrictions, low HOA fees ($75/yr) that has large lots and nice curb appeal, you might try Tamaron off of Bahia Vista & McIntosh. Again, the trade off is that you are a little further from the beaches.
Right now the inventory of homes for sale in pretty much all of the neighborhoods I've mentioned above is low, but we are now heading into our main selling season so you will likely see more homes going on the market in the next few weeks.
Thanks for the reply. Unfortunately I'm not in the area right now. Just up here in Michigan trying to stay warm and plow the 6 inches of snow in the driveway, ugh. I'm not a AAA member either, but after reading the rest of your post I can see that no map is going to truly outline the many many small communities in the area. At this point I think my best option for learning is to get the experts opinions on postings that look attractive to me. For instance, here are some listings I've seen that make me think "What's the catch? What am I missing about this place?"
I understand that 1 and 2 have condo fees (2 being quite high) and 3 & 4 are homes with private pools that would require maintenance, but do you see anything else that's sort of a deal breaker for my situation?
By the way, I guess I didn't clarify before, but my wife and I are completely fine with 1 month renters. In fact, we'd almost prefer that because 1 monthers are generally more reliable and stable. We're basically looking for something that will bring in enough rent money to pay the bills and allow us to vacation in an area we love at random times during the year.
Crash, I am not a realtor, but SunshineRules always gives great info on that score.
Anyway, I just wanted to say that there is definitely a market in the area for short term rentals (1-3 months) due to many people who want to relocate here but need time to find a more permanent home. So I think you would be fine on that score. I would not limit your search to homes super convenient to Siesta, no matter where you are in Sarasota it is never a far drive to a nice beach. There are advantages to many different neighborhoods here, new and old. It is getting more difficult to find something in your price range; however, I can't believe how homes have gotten snapped up in the past couple years.
Anyway, good luck to you and just keep researching online. I am sure Sunshine and our other fine realtors here can give you more details about properties of interest. Of course, I'm sure you realize that these days if something of interest comes up for you, you pretty much need to be ready to act on it as the better priced listings don't last. LOL I know I sound like a realtor, but I promise you I am not, just a happy contented Sarasota resident who is grateful and happy to live here!
Crash - we are from WI and doing the exact same thing. We are in the process of planning a trip to the area the first couple weeks of March. We really don't care where we end up - even looking up near Tarpon Springs/Oldsmar. When we visit, we will have to compare neighborhoods. You can only learn so much online.
If you wish, you can message me and we can share notes, or keep this thread going. One thing I am concerned about is that I saw a post (somewhere) where people were talking about the high cost of taxes and flood insurance. Someone wrote that the cost of taxes and insurance can equal the monthly cost of mortgage. Looking at real estate for sale, I see taxes vary considerably. I don't know about flood insurance?? Does everyone need it anywhere in Florida, or just certain area? And what does it cost? I have seen some real estate listing that say "flood zone" but most do not. What does that mean to me?
Location: Sarasota/ Bradenton - University Pkwy area
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Gypsychic, you may not be a Realtor but I think you may have missed your calling as you always have insightful advice on Sarasota from a real estate perspective.
Crash11, if you want a Sarasota property you can use for one month rentals, be sure to tell any agents you are working with that info up front as many of the deed restricted home communities and most of the condo communities have specific rules written into their restrictions regarding the length of rentals as well as the process for renting out your property.
You won't have a rental restriction problem in neighborhoods without deed restrictions, although you do have to be aware of the state "bed" tax.
For any rental of less than 6 months and 1 day, you will be obligated to collect a Tourist Development "bed" Tax that is regulated by the FL revenue department. Sarasota county also has an ordinance that requires collection of this tax. The Sarasota county tax collector's website has very detailed information for landlords regarding the tax at: Tourist Taxes
Having worked with a number of condo buyers this past year, I can tell you that most of the local condo communities have a minimum 6 month lease period, some allow rentals 3 or 4 times per year with a month minimum, and a few allow more frequent rentals (most of those that allow frequent rentals such as 30 days or less are on Siesta Key and condo prices are high in comparison to mainland condo prices). The condo associations typically have a renter approval process, application and application fee. I have found that the MLS information regarding rental periods is not always correct, especially for short sales and REOs (bank owned) condo listings, so it's in your best interests to ask to see a copy of the association's rental restrictions before you enter into any written offers.
Technically, per a condo addendum to the purchase contract, state of FL statutes allow the buyer to have 3 days to review the condominium documents (which includes current budget and a Question & Answer Sheet) once you have received them from the seller. If you don't like what you read, you can opt out of the contract. However, some of the short sale listings and pretty much all of the REO listings state it is the obligation of the buyer to obtain the condo docs at buyer's cost, so things get more complicated.
There is another issue that has come up over the past few months with a number of the condo associations -- back due fees on listings that are short sales or REOs. Certain condo associations are demanding that ALL back due maintenance fees, penalties, interest and legal fees be paid at closing as part of the sale's approval. This can easily add up to over $20,000 if fees have not been paid for over a year or more. In short sales the seller does not have the cash to cover the back due fees & charges, so the buyer is required to cover them if the association refuses to negotiate (and a number of them are now refusing to negotiate thanks to a certain law group they've hired). In bank owned REO listings, sometimes the banks are unaware that the particular condo association is refusing to accept less than the entire amount due (per state statute the bank is supposed to be allowed to pay a maximum 1 year's worth of back due maintenance fees). I lost one REO sale this summer due to the bank (seller) and condo association both refusing to negotiate a settlement on delinquent fees. The bank ended up taking the condo off the market and they are now taking the association to court, which could take months and months to resolve.
So my suggestion to you is to shop carefully, ask lots of questions and get all of the financial information you can regarding the particular condo and the condo association's budgets and reserves up front before writing an offer. It may put more of a burden on your real estate agent, but it will save you a lot of headaches and hopefully keep you from getting yourself into a contract on a condo that won't work for your needs and rental goals.
For some reason the 3rd listing doesn't exist anymore (3311 Williamsburg St), but I found another condo that looked interesting. So the link for #3 is the new one I found.
Location: Sarasota/ Bradenton - University Pkwy area
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Hi,
Your previous link to the Williamsburg listing didn't work because the listing is no longer active, it expired. I actually showed that property awhile back, neither my buyer or I were impressed by it for a variety of reasons. By the way, that home is on septic tank, which means at some point you would be required to hook up to the Sarasota county sewer system. For an in depth explanation of the program, including costs of hooking up, the county has an excellent site: PCS: HOME
The county site offers detailed maps showing the various stages/areas as to who has to hook up to the sewer system and approximate timelines for mandatory hook up.
As to the other poster's questions regarding flood insurance. Flood insurance, a national program, is usually required if you are buying a home located within a flood zone AND obtaining a mortgage. No mortgage, no requirement to purchase. However, the standard homeowner insurance policies in FL do not cover damage caused by floods.
As for specific rates, it depends on the actual flood zone, elevation level and amount of coverage. There is a maximum $ limit for both dwelling and contents. Any of the local insurance companies that offer flood insurance can give you a quote for flood insurance for a specific property.
One of my neighbors (and her home is not in a flood zone) carrys flood insurance, and she is paying less than $300 a year for her coverage.
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In the same boat
they've hired). In bank owned REO listings, sometimes the banks are unaware that the particular condo association is refusing to accept less than the entire amount due (per state statute the bank is supposed to be allowed to pay a maximum 1 year's worth of back due maintenance fees). I lost one REO sale this summer due to the bank (seller) and condo association both refusing to negotiate a settlement on delinquent fees. The bank ended up taking the condo off the market and they are now taking the association to court, which could take months and months to resolve.
