Buying a condo in Longboat Key (Sarasota, Lee: for sale, real estate market, apartment)

[lee]

Hi guys'

My sister is considering buying a ocean front condo in Longboat Key, she saw one 2 years ago and it sold for $1m and today the adjoining apartment is on the market for $699k.

This is an incredible saving but do you think she should still wait due to the current real estate market?

I have a couple of other questions also, would anyone know roughly how much the property taxes would be in this price range and would she be able to get insurance being so close to the ocean or would this be included in the condo fees?

Any assistance you can offer would be much appricated as she lives in England and the real estate buying process is very different there than in the US

Many thanks

Lee

[CraftLadyKim]

Hi, Lee,
Has your sister considered purchasing on the mainland of Sarasota, within walking distance of downtown? Not knowing how old she is or what she's into doing, she might be happier downtown. There are many condos for sale right now and new ones are on the market every day and at bargain prices, I've checked out several for someone. Yes, she will be able to get insurance but it will be pricey and no it is not included in her condo fees. Condo fees include - building maintenance, common areas (pool, club house, etc) and the grounds. Taxes are based on Fair Market Value and would be prorated for the rest of the year based on what the owner is now paying but would be re-assessed for the following year after her purchase. An article in the local paper Tuesday said that the Sarasota market is starting to level out. Yes, I know the process is much different in England! Mod deleted...

[SoFLGal]

Prices have dropped dramatically out on Longboat and in most areas. There are really some good buy out there right now. It is had to answer the question about if your sister should wait to purchase or buy now. I think it would depend on what kind of deal she could find and if she plans on holding the property (not trying to flip it).

Her insurance would probably have to be through Citizens (the state insurance). I'm not aware of any other companies that are currently writing for coastal properties. Insurance is generally not included in your condo fees.

I did a search of the active condos on Longboat and found that the property taxes for a condo on Longboat that is priced at $700,000-$650,000 range from $5000-$8500. It would be best to find a property and then look up the taxes on that specific property, as you can see it varies. There are several that are available in this price range.

I lived on Longboat key as a child on the north end. It's a neat little island.

[wbowley]

Is there any particular reason she's set on getting a condo in that building? Next to the purchase price of the condo, insurance on the key will be the biggest expense you will have for a home. Moderator cut: realtor referral If she's got her heart set on that specific unit you always run the risk of not getting it if you wait for any number of reasons.

[jhlcomp]

Hold on there - before leaping, find out the taxes and insurance (particularly the later) are on this property. It may be a good deal until you find out what it costs to own such a property in Florida. Don't mean to burst anyone's bubble here.

[lothar]

dear lee: we have a condo for sale on LBK for $565 with a realtor. we just put it on sale . it is in one of the best condo developments on LBK. it's low key , we have a complete view of the bay and a catch view of the gulf. the two bedroom condo is immaculate. we are moving due to the grandkids.