Anna Maria Island Condominium Market (Bradenton, Bradenton Beach: car rental, for sale, renters)

[RhysNJ]

I thought it might be, which would mean around $416. a month. Funny that ReMax would list the taxes as annual and the fee as quarterly without the benefit of explanation.

Does that amount sound about right?

Rhys

[angelfish]

Originally Posted by RhysNJ

I thought it might be, which would mean around $416. a month. Funny that ReMax would list the taxes as annual and the fee as quarterly without the benefit of explanation.

Does that amount sound about right?

Rhys

It's not to far off from what I pay in HOA's so it does sound about right. Of course there is only one way to find out for sure!

[RhysNJ]

Originally Posted by angelfish

It's not to far off from what I pay in HOA's so it does sound about right. Of course there is only one way to find out for sure!

True; I've hesitated bothering any real estate agents until I know I'm fairly serious and willing to meet them to visit properties. However, that's really the only way I'll get all of my questions answered. I did correspond with one FSBO person who indicated current fees of $400 per month in Westbay Point.

Rhys

[SoFLGal]

Originally Posted by RhysNJ

True; I've hesitated bothering any real estate agents until I know I'm fairly serious and willing to meet them to visit properties. However, that's really the only way I'll get all of my questions answered. I did correspond with one FSBO person who indicated current fees of $400 per month in Westbay Point.

Rhys

That sounds about right. I'll give you few that I know of:
Bayou Condo on AMI, $370 monthly
Anna Maria Beach Cottages, $318 per month
Imperial House, Holmes Beach, $718 quarterly
Tidemark, Holmes Beach, $2172 quarterly
Sandy Pointe, Holmes Beach, $1270 quarterly
Cayman Cay, Homes Beach, $1400 quarterly
Club Bamboo, Holmes Beach, $578 monthly
Tradewinds, Holmes Beach, $544.91 monthly
Sunbow Bay, Holmes Beach, $980 quarterly
Shell Cove, Holmes Beach, $360 monthly
West bay Point, Holmes Beach, $1200 quarterly
Palm Isle Village, Holmes Beach, $1095 quarterly
Water Edge, Holmes Beach, $2550 quarterly
Tortuga Inn, Bradenton Beach, $543.12 monthly
Pelican Cove, Bradenton Beach, $400 monthly
Veneto, Bradenton Beach, $385 monthly
Bradenton Beach Club, Bradenton Beach, $1600 quarterly
Runaway Bay, Bradenton Beach, $450 monthly

[SoFLGal]

Originally Posted by RhysNJ

I thought it might be, which would mean around $416. a month. Funny that ReMax would list the taxes as annual and the fee as quarterly without the benefit of explanation.

Does that amount sound about right?

Rhys

In the listing it should say annual, quarterly or monthly. Taxes are paid annually that's probably why Re/Max does that.

[nautica]

Originally Posted by SoFLGal

That sounds about right. I'll give you few that I know of:
Bayou Condo on AMI, $370 monthly
Anna Maria Beach Cottages, $318 per month
Imperial House, Holmes Beach, $718 quarterly
Tidemark, Holmes Beach, $2172 quarterly
Sandy Pointe, Holmes Beach, $1270 quarterly
Cayman Cay, Homes Beach, $1400 quarterly
Club Bamboo, Holmes Beach, $578 monthly
Tradewinds, Holmes Beach, $544.91 monthly
Sunbow Bay, Holmes Beach, $980 quarterly
Shell Cove, Holmes Beach, $360 monthly
West bay Point, Holmes Beach, $1200 quarterly
Palm Isle Village, Holmes Beach, $1095 quarterly
Water Edge, Holmes Beach, $2550 quarterly
Tortuga Inn, Bradenton Beach, $543.12 monthly
Pelican Cove, Bradenton Beach, $400 monthly
Veneto, Bradenton Beach, $385 monthly
Bradenton Beach Club, Bradenton Beach, $1600 quarterly
Runaway Bay, Bradenton Beach, $450 monthly

Great job! Probably worth mentioning is that some of the fees noted include onsite management. And that, of course is the problem for those of us with listings in those places. Mortgages are impossible to get unless the buyer is willing/able to go the portfolio route. And there aren't too many cash buyers out there unfortunately! The Q&A can poison the deal if there is any indication it's a condotel or similar.

[RhysNJ]

Wow, great information! Thanks for taking the time to list those.

That's quite a spread in fee cost, from $2,872 to $10,200 when converted to annual figures. No wonder Tidemark has had trouble moving timeshare units.

Although I'm sure some of that increases along with the relative market value of the unit, differences in building Replacement Cost and overall quality of amenities, does more of it have to do with proximity to the water and consequent insurance costs? Or are there substantive differences as to what is included in those fees? One person in Holmes Beach indicated his fee includes cable, sewer/water, trash removal, association property-casualty insurance, grounds and building maintenance. I guess that's pretty standard?

Thanks again!

Rhys

[nautica]

Obviously, best rental potential is gulfront/bayfront. I used to work for Smith Realtors back in the 90's and sold waterfront, it's still run by the same four ladies; great place to go for information.

Ladydwithafan: We probably know each other from waaaay back then since I was also at Smith in the 90's. Am still working on the Island but moved many years ago to another company. The four ladies are long gone and in fact, Smith Realtors is no longer in existence. It had been purchased by a Frenchman some years ago and he moved to another smaller location in HB where it just fizzled out. Now the old Smith building houses a pizza place on one side and a video store on the other. Never saw the parking lot so full - even on the busiest Smith days! A couple of the ladies retired from the business, the broker/owner died several years ago, and one of the ladies joined her daughter who opened her own firm on Pine Ave but she doesn't seem to be very active. For good info, Wagner Realty has a long-standing good reputation and anyone there would be happy to help.

[SoFLGal]

OK, so it was easier to follow I went ahead and converted them all to monthly and organized them highest to lowest, so it would be easier to follow. Good point Rhys, some HOA fees may include things that others don't so you need to make sure that you are comparing apples to apples. Most are standard but you do need to ask what's included and yes you could expect them to be higher if they are directly on water.

Oh, and if you are curious about a certain HOA just post it here and I'll give you the info. I totally agree with what nautica said about the rental potential. First choice would be gulf front, then bay side, then no water view as far as how easy it will be to rent but you also have to evaluate each area/complex as well.

Waters Edge, Holmes Beach, $850 monthly
Tidemark, Holmes Beach, $724 monthly
Club Bamboo, Holmes Beach, $578 monthly
Tradewinds, Holmes Beach, $544.91 monthly
Tortuga Inn, Bradenton Beach, $543.12 monthly
Bradenton Beach Club, Bradenton Beach, $533.33 monthly
Cayman Cay, Homes Beach, $466.66 monthly
Runaway Bay, Bradenton Beach, $450 monthly
Sandy Pointe, Holmes Beach, $423.33 monthly
West bay Point, Holmes Beach, $400 monthly
Pelican Cove, Bradenton Beach, $400 monthly
Veneto, Bradenton Beach, $385 monthly
Bayou Condo on AMI, $370 monthly
Palm Isle Village, Holmes Beach, $365 monthly
Shell Cove, Holmes Beach, $360 monthly
Sunbow Bay, Holmes Beach, $326.66 monthly
Anna Maria Beach Cottages, $318 monthly
Imperial House, Holmes Beach, $239.33 monthly

[RhysNJ]

Thanks for doing that too. Quite a difference!

Nautica, I hadn't thought that the condo fee itself might include a management component for handling rentals and dealing with tenant issues. I thought that was typically charged as a percentage of the rent. What did you mean by portfolio route?

Speaking of rentals, is my perception of the AMI condo rental market correct?

Some complexes seem to allow weekly rentals, with heavy advertising on realtor sites, Craiglist, and VRBO. These would appear to cater to vacationing families or people below retirement age, renting a lot in the winter months, but throughout the other seasons as well.

Other complexes seem to allow only monthly rentals. I would think this would pretty much limit the rentals to retired snowbirds, and for the most part limited to the winter and shoulder months?

Depending on which of these two rules applies, doesn't that have a fairly big impact on market value in comparing condo listing to condo listing?

All other things being equal, which of the two types would a cash buyer be more likely to want as a long term investment, including a few weeks of personal use and possible place for retirement in winter?

Rhys