Kensington Park

[gypsychic]

If you are paying cash, then insurance coverage is not mandatory. However, the amount you would pay depends on age and construction of the home. Older frame homes cost the most for insurance, and if near the water you would probably also need flood.

Our 1400 sq. ft. 1950's block home two blocks from the bay is insured with Citizen's (only co. we could get) for $1,700 (with larger deductibles) and another $1,000 for flood with $5,000 deductible.

Hope that helps!

[SoFLGal]

Originally Posted by bettyplaya

Thanks for all the information SoFlGal. But we are buying the house cash without a mortgage. I guess then it's a little diffrent? We wouldnt have to pay any doc stamps, right?

That's correct-no mortgage-no doc stamps. You would still have:
a small fee for closing, usually $100-$300. You could also have mail away fees, maybe $40. You would still have to pay taxes and insurance-there would be no escrow involved. Also the insurance would be optional but recommended.

I want to mention that if you get a wind inspection that runs around $150 you can usually save some money on your insurance. Here's a website that explains the process: My Safe Florida Home

Another possibility is to have a four point inspection at a cost of roughly $75 and see if a company like St. John's might accept you.

[bettyplaya]

We are intersted in a older home (1960's) in the southgate area that is listed with 100k. What is an acceptable offer? The house needs some updating. Is 80k ok?

I have been reading a lot of things. That houses in Swfl are overpriced and that sometimes they are only worth half. What are your opinions about that?

I was checking on zillow and they have these estimates there. I don't know how they get these prices? Are they reasonable?

Do you genreally think that it is better to buy a newer home? I know that you can get a really nice place for that money in North Port, but I think that the area has no potential.

[gypsychic]

Originally Posted by bettyplaya

We are intersted in a older home (1960's) in the southgate area that is listed with 100k. What is an acceptable offer? The house needs some updating. Is 80k ok?

I have been reading a lot of things. That houses in Swfl are overpriced and that sometimes they are only worth half. What are your opinions about that?

I was checking on zillow and they have these estimates there. I don't know how they get these prices? Are they reasonable?

Do you genreally think that it is better to buy a newer home? I know that you can get a really nice place for that money in North Port, but I think that the area has no potential.

It's hard to say without knowing more details. Is it a short sale or foreclosure? If so, then 100,000 may already be the bottom $$ or maybe won't even be accepted. But anyone can offer what they wish or what it's worth to them, all they can say is no, so give it a try.

Re: North Port - there are people here who live there and love it, but there really is a big difference in Sarasota and North Port and that is all I am going to say about that.

As far as houses in SWFl being overpriced, well they aren't overpriced by double, not anymore. And depending on area, some areas have pretty much bottomed or never went down at all - (areas west of the Trail in Sarasota are very expensive and coveted) yet many neighborhoods such as SouthGate and GulfGate have many small older homes, possibly still dropping in value.

Keep in mind if this is a house to live in, you want to be sure what kind of neighborhood it is, you need a good and honest realtor to help you there. Areas where there are many lower-priced homes may have more crime due to vacancies and too many rentals.

Zillow is not a reliable source for values, but it is a great tool for looking up info on comparable properties which have sold in a neighborhood.

[SoFLGal]

Originally Posted by gypsychic

It's hard to say without knowing more details. Is it a short sale or foreclosure? If so, then 100,000 may already be the bottom $$ or maybe won't even be accepted. But anyone can offer what they wish or what it's worth to them, all they can say is no, so give it a try.

Re: North Port - there are people here who live there and love it, but there really is a big difference in Sarasota and North Port and that is all I am going to say about that.

As far as houses in SWFl being overpriced, well they aren't overpriced by double, not anymore. And depending on area, some areas have pretty much bottomed or never went down at all - (areas west of the Trail in Sarasota are very expensive and coveted) yet many neighborhoods such as SouthGate and GulfGate have many small older homes, possibly still dropping in value.

Keep in mind if this is a house to live in, you want to be sure what kind of neighborhood it is, you need a good and honest realtor to help you there. Areas where there are many lower-priced homes may have more crime due to vacancies and too many rentals.

Zillow is not a reliable source for values, but it is a great tool for looking up info on comparable properties which have sold in a neighborhood.

Great post Gypsychic! couldn't have said it better myself It wouldn't let me leave you rep points

[gypsychic]

Originally Posted by SoFLGal

Great post Gypsychic! couldn't have said it better myself It wouldn't let me leave you rep points

I appreciate that! Anyway, it's the thought that counts!

[karenkellywriter]

I am disappointed to hear that Kensington Park is not in a good area...the mid century homes are interesting.

[hemjem]

This is an EIGHT year old thread !! lots of areas have changed around Sarasota and Manatee for worse and for better,, but Kensington Park wasn't that great even back in the early 80s either ! 17th street/Lockwood has been a strange area...heck it had a great Winn-Dixie in the plaza back in the day..a great great Pizza parlor (HoneyCrust), a great barber, and a few other good shops...I wouldn't touch that area now...the area started decline when the residents along 27th street got an uproar when they didn't want the same east-west street to be re-named Martin Luther King...they won out maintaining the "27th street" designation....but the change along Lockwood Meadows etc was quite awful...

[craigiri]

Originally Posted by bettyplaya

This is crazy. How can people afford this? Is that hurricane and flood insurance? Do you own a older home and speak out of experience?

Yes.....

Ours was close to 3K for a 250 house in Sarasota - 29 feet above sea level (no flooding there!).

This year I maxed all the deductibles (we own the house outright) and got it down to about 2K.

The lot is worth over 100K - so, in effect, we are insuring about 140K.

In terms of affording it, the other costs are somewhat reasonable - so if you add it all up it's not that much different from other places. Taxes, insurance, sewer, water and utilities - add in some lawn work, etc. and it probably costs us $7-8K per year or 700 per month.

Surely that's not high budget?