Holmes Beach / Westbay and Moorings area (Sarasota, Longboat Key: fit in, rentals, insurance)

[RhysNJ]

Hi all,

I'm new to this forum. My wife and I have vacationed on Anna Maria Island and liked it very much. I remember touring around and driving through the Key Royale sections of Holmes Beach, which looked very expensive. At times I've noticed some condominiums on the market on Flotilla Drive in a complex called Westbay Point and Moorings. I don't remember going through there, but I'm wondering if any local folks are familar with that section and has any advice whatsoever about the complex, issues, condition, inside information I can't find much online except for some listings and old news. I haven't been able to find an association site.

I never thought I'd be interested in a condominium, especially in a Special Flood Hazard Area sticking out in the middle of the bay, but the price points look interesting for the area in this market. A lot of research would of course be required, but if anyone has any good information I would love to hear it.

We would probably use it a few weeks a year and attempt to rent it out the rest, possibly spending more time there in the winter as retirement approaches. The rentals appear to be minimum monthly, no pets, and I like that they have tennis courts, heated pools, and boat docks available.

Thanks in advance for any and all responses.

Rhys

[Ladywithafan]

Originally Posted by RhysNJ

Hi all,

I'm new to this forum. My wife and I have vacationed on Anna Maria Island and liked it very much. I remember touring around and driving through the Key Royale sections of Holmes Beach, which looked very expensive. At times I've noticed some condominiums on the market on Flotilla Drive in a complex called Westbay Point and Moorings. I don't remember going through there, but I'm wondering if any local folks are familar with that section and has any advice whatsoever about the complex, issues, condition, inside information I can't find much online except for some listings and old news. I haven't been able to find an association site.

I never thought I'd be interested in a condominium, especially in a Special Flood Hazard Area sticking out in the middle of the bay, but the price points look interesting for the area in this market. A lot of research would of course be required, but if anyone has any good information I would love to hear it.

We would probably use it a few weeks a year and attempt to rent it out the rest, possibly spending more time there in the winter as retirement approaches. The rentals appear to be minimum monthly, no pets, and I like that they have tennis courts, heated pools, and boat docks available.

Thanks in advance for any and all responses.

Rhys

I built my home on Key Royale across from the golf course with my xhusband. It's a great area, and yes, like all island living it's not exactly cheap. Westbay is an older condominium development and most people there are snowbirds. Holmes Beach has it's own laws in relation to rental rules and if you call either a realtor, or the city of holmes beach, you can get the information you need. Westbay was built in the early 70's.

All of AMI is a flood zone. If a direct hit is incurred during hurricane season, there may not be much left. However, the island's basis is coral stone and most of the newer construction, from the mid 90's on, were constructed on pilings going at least 30 feet down into the coralstone. I know this as we had over 36 pilings down 35 feet. That in itself, drives up the cost of your home. But, if you want to live in Florida near the water, you can't worry yourself sick about hurricanes, they will either come or they won't. When they call for evacuation on AMI, they mean business. If you stay, they will take your picture for identification purposes after the storm, in case of death.

The island is pretty self contained with numerous restaurants/bars, elementary school, pre-schools, Publix, hardware, you name it. The only chain that's managed to infiltrate the island is Subway...in the past ten years, they've torn down beach houses and replaced one house with two stilt homes barely feet apart from each other. It's caused a great change to come over the island and it's not as old fashioned as it used to be....well, that's change for you...the only thing they can't change is the size of the roads! LOL....there's no where to widen at all and traffic during the season is awful...don't try to leave the island on Sundays at 5 p.m....it's jammed up...

It's still laid back and a bit of old Floridaish....Good luck and if you have any other questions, let me know...

[RhysNJ]

Thanks very much for the quick response.

We will most likely rent down there a few more times before making up our minds one way or the other. Being in commercial insurance, I can only imagine what these associations pay for property and flood insurance. I'm sure the unit-owner coverage is no bargain either. To some extent I'm surprised they can buy it at all.

You're very fortunate to have ended up in such a great area! We cruised around quite a few of those streets one overcast day and probably drove right past your house. I remember the golf course well, and all the houses with the electric boat launches in the back.

I wonder if a 32' pontoon-party barge would fit into one of those slips along Flotilla Drive...LOL....well, a guy can dream.

Rhys

[Ladywithafan]

Originally Posted by RhysNJ

Thanks very much for the quick response.

We will most likely rent down there a few more times before making up our minds one way or the other. Being in commercial insurance, I can only imagine what these associations pay for property and flood insurance. I'm sure the unit-owner coverage is no bargain either. To some extent I'm surprised they can buy it at all.

You're very fortunate to have ended up in such a great area! We cruised around quite a few of those streets one overcast day and probably drove right past your house. I remember the golf course well, and all the houses with the electric boat launches in the back.

I wonder if a 32' pontoon-party barge would fit into one of those slips along Flotilla Drive...LOL....well, a guy can dream.

Rhys

You did...we built on the bay due to deep water dockage. Unfortunately my husband didn't get the boat till after we divorced...

I work for a condominium association on Longboat Key, just south of AMI. It's about the same age as Westbay. Actually, the insurance is not so bad...I can't think figures at the moment, too much sunshine coming through my office...AMI has lots to offer someone who likes the beach, seafood & peace/quiet.

[RhysNJ]

Originally Posted by Ladywithafan

I work for a condominium association on Longboat Key, just south of AMI. It's about the same age as Westbay.

That's interesting. I've insured condominiums for over 30 years, and of course I only see some of the negatives - disputed claims, battles with property managers, huge assessments for unforeseen repairs and expenses, budget problems, troublesome owners or their tenants, and so forth. Each state seems to have its own set of regulatory and insurance problems. I've studied enough Master Deeds and By-Laws to recite them verbatim, but never considered owning one.

I always wonder just how stable these associations are as their buildings and (unit owners) age. Knowing what you know from your job would you buy one on AMI? If so, what are the key things you would want to know, especially if buying from a distance?

Thanks again for any suggestions (from anyone!),

Rhys

[Ladywithafan]

Originally Posted by RhysNJ

That's interesting. I've insured condominiums for over 30 years, and of course I only see some of the negatives - disputed claims, battles with property managers, huge assessments for unforeseen repairs and expenses, budget problems, troublesome owners or their tenants, and so forth. Each state seems to have its own set of regulatory and insurance problems. I've studied enough Master Deeds and By-Laws to recite them verbatim, but never considered owning one.

I always wonder just how stable these associations are as their buildings and (unit owners) age. Knowing what you know from your job would you buy one on AMI? If so, what are the key things you would want to know, especially if buying from a distance?

Thanks again for any suggestions (from anyone!),

Rhys

These islands were inundated with condo development in the late 60's/early 70's....what seems to be the most popular repair at the moment is stack pipes. Due to people being unaware that they need to have their units checked in the off season, these pipes tend to dry up and then crack/burst. Condo maintenance is a year round event and most people just don't know enough about proper maintenance. I suppose, a good thing to ask about would be the cost of building maintenance during the past five years and if assesments were increased due to large repairs.

Buying from a distance would not be the ideal situation unless you already have friends in the condominium who can give you the low down on how the complex functions as a whole and the temperment of the association. It's not a big deal if you're in and out or using it as an income generator...but if you're going to live there, it's really important.

Would I buy a condo on AMI.....sure, if I was retiring....otherwise, at my age 46, there's just not enough to do for me. Plus, I've already put my children through school there from preschool to finishing up at AMI (an excellent A rated school)...so kinda been there, done it....I personally enjoy Sarasota for it's cultural scene....it's small enough to get to know your city but has the feel of a larger metropolis without all the traffic of the East coast/W.Palm/Ft. Lauderdale concept.

[RhysNJ]

Originally Posted by Ladywithafan

Buying from a distance would not be the ideal situation unless you already have friends in the condominium who can give you the low down on how the complex functions as a whole and the temperment of the association. It's not a big deal if you're in and out or using it as an income .

Thanks! It might be a pipe dream but it would be nice to find a professionally-managed unit that threw off some fairly predictable rental income, yet allowed us to use it a few times per year. (Holmes Beach' online municipal code allows 7 day rentals but I'm guessing that many of these association by-laws require monthly minimums, so I'm not sure how owners get there for a week or two without losing a whole month of rental time in the process. I have much to research and learn, and would most likely rent a few more times before committing to anything.)

Rhys