Relocating back to Sarasota - August 2011

[Sandwalker1776]

Yes, I noticed the Las Palmas and Parkridge %s were incorrect. Both have been going down due to recent closings on short sales and bank owned listings.

AS to buying condos for investments, you also need to check the Rules and Regulations as most communities have some restrictions on tenants, tenant applications for approval by the association and how long you have to own before you can rent out a unit. (A few don't allow rentals at all.)

Condos also tend not to appreciate as quickly as homes, especially those on the lower end of the price range.

One other thing I've not seen mentioned here is roof replacement responsibility. You need to ask if the association is responsible for replacing roofs on the buildings. If they are, then check for sufficient reserves for future roof repairs and replacement. If individual unit owners are, then you definitely want to know when they were last replaced as you may find yourself with a hefty special assessment to cover repairs or roof replacement at some time in the future. Last, I would ask about the complex's insurance. Many of the condo communities with older buildings are finding it much harder and more expensive to purchase insurance coverage. Since Hidden Lake was built in the 70's, insurance could be a big ticket item for the community.

These are things I always go over with my condo buying customers (yes, I am a real estate agent in Sarasota - Bradenton).

Hidden Lake is actually west off of Tuttle, just north of Fruitville. It is a couple of blocks south of Tuttle Elementary school. If you have not already looked at the units, I suggest you do so. I would also recommend checking out the complex on a weekend and talking to some of the unit owners too.

Condominium complexes can be a good buy or a money pit, so getting as much information as you can before you sign a contract is important.

Good luck.