Details in property search (Bonita Springs, Naples: short sale, real estate, apartment)

[Soulshaker]

I am in no hurry to buy, and I did not want a realtor just yet. So not being from the area, what should I notice when looking at properties. I am not sure what insurance companies look for. ie... built after what year is better because? Stay out of flood zone, does that apply to condos? Lee instead of Collier because? Condo vs home. I dont need a condo, but if the price is right, I'm in. I can maintain a home no problem. I dont know all the things to watch out for whren buying a condo, that would be another topic. My search borders on the Lee/Collier border price range up to $270k. Any help would be appreciated. I made my 1st trip to the area last November and loved every minute.
Soulshaker

[movin1]

Property taxes are higher in Lee County (about 2 % vs 1.25 % in Collier). Condos are like living in hotels or college dorms. Prices are going up on all real estate in this area.

Mortgage loans are low now but are going to go up later this year.

Looking for houses without a realtor is a waste of time. Web sites like realtor.com, Trulia, Zillow etc don't have all the info you need. You don't learn much about what you are looking at, the neighborhoods, HOA and other fees etc.

I would find a realtor and start your search. It will save you time and headaches.

[motordavid]

Originally Posted by Soulshaker

I am in no hurry to buy, and I did not want a realtor just yet. So not being from the area, what should I notice when looking at properties. I am not sure what insurance companies look for. ie... built after what year is better because? Generally, built in 2002 and newer, though newer tends to < HO cost. Condos tend to fall along same ratable lines, though less so per the structure.

Stay out of flood zone, does that apply to condos? Yes, but condo higher floors sometimes have different ratings than lower floors. 'Flood Zones' are a moving target in terms of how any one specific address is rated, the ratings change/evolve by county every so often and even the 'geniuses' at FEMA can't always tell an owner or prospective buyer what general zone one is in.

Lee instead of Collier because?
As mentioned by previous poster, Lee has a higher mill rate for taxes, but at your price range I am not sure that is a huge consideration. Do you like Bonita north and Ft Myers more than greater 'Naples' is your consideration.

Condo vs home. Don't know how much house or what accoutrements 'club-wise' you will find for 'up to $270k' these days.

I dont need a condo, but if the price is right, I'm in. I can maintain a home no problem. I dont know all the things to watch out for whren buying a condo, that would be another topic. Condo or SFH, both need some serious DD on the 'community', imo: COA fees, HOA fees, CCD?, reserves of either COA/HOA, number of no pays/defaults/liens in the community under that COA/HOA umbrella, rental restrictions as in month min vs less than a month, COA/HOA Board 'strength' and fiscal responsibility vs Ol'Boys Club, pricing history of property, fees, and on and on... My search borders on the Lee/Collier border price range up to $270k. Any help would be appreciated. I made my 1st trip to the area last November and loved every minute.
Soulshaker

Yes, easy to roll into Collier/Lee County for a week and become enthralled; like a vacay vs the hunt for a good, well priced place to live, and then living in SW FL.

Not trying to sound dissuading or rigorous, but you need to make a few trips, do some serious on line research, (Zillow ain't great but it gives one a feel; Realtor.com is better, imo, but accurate fees, costs, etc. are sometimes not up to date on any site), and avoid jumping before looking thoroughly.

Your budget is limiting imo, esp for a SFH, but I recall a few of your previous posts, and another of my long responses.
Seem like you have the SW FL 'fever'. Good, but take your time:
Now through April is 'fever time', yet there will be hundreds of condos and SFHs still on the mkt this August, will even more willing sellers and summer time pricing, imo.


Term paper response, but I had the time...
GL, mD

[macrodome2]

If you liked Naples, have you considered Venice? Your dollar will go further and it's not as crowded. We started in Naples/Bonita Springs and ended up in Venice.

[Soulshaker]

Thanks movin1, your advice is what I needed to hear. I was trying to be a little more educated on the market down there before I met with an agent. But I should just call, I have a good one given to me. Just looking for local knowledge and what realtors dont tell you at first.
Motordavid, I always appreciate your advice as well, thanks for taking the time to respond. I was down for a month last Nov, looked everyday at dif areas. Biking the neighborhoods helped me talk to anyone out walking their dog, etc. I want to do some serious online research, I just wondered what I should be careful of when searching. No prob with <$275k sfh, it will need work, but I do everything, elec, plumb, roofs, ac, windows, etc.
Macro, I did get up to Venice, very nice, thank you. I will keep that in mind next trip.

[serendipity55]

Some thing to consider in your single family vs condo search. If you are looking at villas (2-family side-by-side) be aware that the family in the "other half" of the villa may not keep up their half like you would expect. They may run into financial difficulty and it could become a short sale or foreclosure. Some of the ones I went through reeked of mildew. I'd be upset if I lived next door. They may smoke like crazy on their lanai and you may hate the smell of smoke, or visa versa. If you go the condo route where it is more of an 8 family apartment type and there is a smoker below or above you, you can count on the smell coming into your lanai/condo. I'm not a smoker so that really bothers me.

If you really want a feel for the area, I would suggest a realtor because you can't get into the gated communities to see what the development looks like unless there is an "open house".

Flood insurance only covers water that intrudes from the ground up. If you're on a 2nd floor or higher, it is your option, unless you have a loan and your bank requires it.

You may get a reduction in insurance if you have hurricane shutters that pass muster with wind mitigation tests.

It's great you can do your own work on your property because finding good contractors is a job in itself.

Good luck in your search.

[markjames68]

Originally Posted by serendipity55

You may get a reduction in insurance if you have hurricane shutters that pass muster with wind mitigation tests.

Good point; also applies to hurricane-resistant windows/doors. Most newer places go with this option nowadays because of the hassle of putting them on and taking them off, especially for people who live in Naples full year.