vacation home in Sarasota (Venice, South Venice: rental market, condo, job)

[nytosarasota]

Hello,
I would like to find out if you heard of any pitfalls in keeping a vacation home (not a condo) in Sarasota which you would use only 3 - 4 times a year until possible retirement in 5 years. I am looking in the Bay Haven, Sapphire Shores area of Sarasota, any thoughts if this section is more upscale than others ? Thank you.

[MrTudo]

Why don't you wait to buy when you will live here?

[Anne1125]

I too am interested in responses to this question. We would like to build our retirement home for vacations until we move down to Florida in about 13 years.

[CraftLadyKim]

Last fall I sold a home to a customer that doesn't plan to move to Florida for at least another 2 years. She and her husband visit often, as a teacher she tries to get here any time she has more than a 3 day weekend. They bought in a non-gated community, in South Venice, they have someone mow and someone clean their pool and found that the total of both, is cheaper than association fees would ever be. Their neighbors keep an eye out because they know they're not there most of the time and every time I'm in the neighborhood I drive by, it allows me a great way to keep in touch, as well as stay current with the neighborhood. She found me on City-Data and never lets me forget that. There are some really great buys now and the market in Sarasota County is leveling off, I've seen multiple offers on properties and haven't seen that for a couple years. You could always rent your home out, short term, if your association allows it, if non-deed restricted you won't need to worry about that. You buy a lifestyle in Florida, it's all about what you want, what you're willing to accept and what you can compromise with. There is only just so many waterfront communities (or reasonably close to the water homes). If you can afford to support 2 properties, I say do in now and do it soon before prices rise. They'll go up but more slowly than before. If I can help in any other way to make your decision or with any questions, please contact me. Best wishes, Kim : )

[Ladywithafan]

I am not in agreement that home prices are rising.

The job market has shown no improvement & the first leg of people who've been on unemployment & are getting shut off is beginning. Couple that with unemployment figures around 13% and add in another 13% who have given up looking for work. Attendance is down in the school systems as families leave Florida.

What I saw this weekend were HUGE crowds at the ($2) movie theater on Friday night. No big crowds Saturday nor Sunday nights any of the clubs. Went to Siesta Beach yesterday at PRIME TIME, 1 p.m. Saw a number of people trying to rent parking spaces for $10 a pop when, the public beach lot had spaces available (which is UNHEARD of on big holidays). Siesta was not crowded IMO for a holiday. Would imagine this is an economic signal. The village was dead as we left around 4:30 p.m.

Restaurants are now offering food deals of the century. We went to Patrick's downtown & had burgers & drinks with our tab running $16 for two people w/o tip. They had prices on the burgers rolled back to 1985. Gee, wonder why? People are not dining out, that's why. We have two rooms in the house I live in, still vacant & we're talking under $500 a month including utilities, know why? No jobs, no rent. People are moving back in with the parents.

Who bought up the great deals in Sarasota? Landlord's hoping to cash back in with renters....IMO.

I am not by any means a negative person, I am just giving you my opinion on what I personally am in touch with here in Sarasota.

[FLBob]

I'm surprised at how many people have the thoughts of purchasing a vacation home several years in advance of retirement. Planing only to use the home on several occasions each year.

Several years ago people were doing so with the fear that if they waited they would be priced out of the market. Now the motivation seems to be that the values that exist today won't be here tomorrow.

In my way of thinking, the reasons to make the move years in advance of retirement are;
A). you've found the perfect home in the perfect location for an unbelievable price
B). when you really work the numbers you can see that you'll own the property and will be able to rent the property into the vacation rental market and break even with your vacations paid for.

Most people I know that have purchased a home in advance of retirement, find that owning multiple homes becomes a cash drain and the management decisions burdensome. The thought of renting their home to strangers uncomfortable.

The people that I know that are happy with the decision, are treating it simply as a business. They made the decision as a business decision and accept the results as consequences of business.

I suggest that people look to renting a house for their vacations until they are ready to spend the majority of their time here in Florida, instead of buying a vacation home.