need condo advice re: size vs. environment... (Sarasota, Bonita Springs: foreclosures, rentals)

[clc08]

I posted this in Lee Co. Forum but we are also looking in Naples.

We had a home in Bonita Springs but sold it and moved back to the Midwest , which we now regret .

We want to return to the area but this time in a condo. Here's the question: would you buy a 2 bedroom in a lesser complex which potentially might have some undesirable residents, or would you buy a 1 bedroom in a more upscale area?

It's just me and my husband (retirees) and a grown child will visit occasionally.

My thinking is: if we aren't comfortable with our surroundings we won't like it. We could always get a sleeper sofa and just downsize. We want to be near the beach, but we are seeing some properties farther out that are nicer but less expensive. I also wonder about resale of a one bedroom...maybe they aren't in much demand and we would have trouble selling down the road. What would you do?

[Sandsam]

My 2 cents - since you don't 'need' that second bedroom on a daily basis, I would focus more on finding a comfortable (i.e. upscale) location with a 1 BR. I would prefer to feel safe, and enjoy my surroundings. In FL, you are going to be outside alot anyway.

[Who Dat]

I agree with Sam. If you do it right, you'll only eat and sleep in that box anyways.

[movin1]

Have you ever lived in a condo? We had always livd in houses but downsized and moved into one in Chicago. After 10 months, we moved out. It was like living in a hotel or a college dorm. Noisy rude neighbors, elevators that take forever to arrive, expensive $/sq ft, high HOA's. Not our cup of tea.

Be sure you know what you're getting into.

[motordavid]

OP might broaden their condo hunting search area, as in further north up the SW FL coast: Venice, Sarasota... same weather +/-, great beaches if that is a hot button, a third less traffic any day of the year, et al.

What buys a 'nice' one or two bedroom condo in Collier County, buys a really nice two bedroom condo in Sarasota County, in general, imo.

As for movin1's comment on 'ever lived in a condo', I agree. Not anti-condo, but if one is used to a SFH, on the ground, a condo a story or more up can be a real change.

Since the OP moved back to winter land, didn't like it and wants to come back to SW FL, I rec'd some serious looking and an understanding of needs & wants vs "let's just get back to SW FL as fast as we can".

And, the prices get better in July through September when the sellers have not sold their places during this recent mini-boom, and reality or the need to sell sets in 'then'.
GL, mD

[SandyJet]

also look at auction.com where banks sell condos and coops online often lots of decent deals if you can do cash

Still a lot of foreclosures finally getting sold from housing bust

[motordavid]

And, other considerations for condo:
-Age of building, age of roof since last re-tile, COA budget and reserves.
-Number of rentals in building/COA, duration period allowed for rental, eg monthly, seasonal etc. Less than a month is a problem consideration.
-Number of and outstanding fee totals of deadbeat current/former condo owners.
-COA mgmt. company tenure, and on and on...
Similar to HOA due diligence but a COA has considerable 'common grounds' and a big roof: all of which get maintained/paid for by the collective units' COA fees.
GL, mD

[clc08]

Appreciate all the great feedback . Many valid points that will help us down the road . Thank you so much .

[SandyJet]

Originally Posted by motordavid

And, other considerations for condo:
-Age of building, age of roof since last re-tile, COA budget and reserves.
-Number of rentals in building/COA, duration period allowed for rental, eg monthly, seasonal etc. Less than a month is a problem consideration.
-Number of and outstanding fee totals of deadbeat current/former condo owners.
-COA mgmt. company tenure, and on and on...
Similar to HOA due diligence but a COA has considerable 'common grounds' and a big roof: all of which get maintained/paid for by the collective units' COA fees.
GL, mD

Look on AirBNB and see it the building has a lot of short rentals listed. I now a guy who owns five airbnb units in one building and is treasurer of condo and another guy does three airnbnb units is also on the board.

VRBO usually has longer rentals but AIRBNB is where folks even do nightly rentals