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Old 06-03-2011, 09:37 PM
 
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Looking to possibly invest in sarasota, fl. Any suggestions on condos/townhouses under 150k with low /reaasonable hoa fees? What distinguishes if property needs flood insurance? Any suggestions are appreciated.
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Old 06-04-2011, 07:11 AM
 
Location: Southwest Florida
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Quote:
Originally Posted by atirgrand View Post
Looking to possibly invest in sarasota, fl. Any suggestions on condos/townhouses under 150k with low /reaasonable hoa fees? What distinguishes if property needs flood insurance? Any suggestions are appreciated.
Of course, you just need to really investigate the condominium situation as so many of them have units in foreclosure, angry owners, terrible board of directors and put on a great show to disguise the facts. HOA fees have the ability to change yearly. Make sure you read the condominium documents pertaining to investment purchases in regards to rental restrictions and tenant pet restrictions. Another caveat is that HOA's are allowed to intercept rent from tenant to owner if the owner becomes delinquent in fees. Make sure you request copies of the last year of BOD meetings so you can get a feel of what gets accomplished at Board meetings. This would be very informative as to the nature of the Board's accomplishments pertaining to issues within the condominium. Look at the owner/tenant ratio...that tells a story. If you have more owners in the landlord mode, you're basically buying into a glorified apartment community. I'd recommend a buyer's agent as well as a good real estate attorney once you narrow down your choices. Condos are a dime a dozen so there's plenty of people wanting to unload their problem.
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Old 06-04-2011, 11:12 AM
 
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Thanks for your input. I will definetely make sure to look into. Is it better to look into houses for sale? If purchasing a house (reasonably priced) what area in/near sarasota can you suggest. Would like to be @ 150k within 5-10 minutes drive to some stores/restaurants. Quiet area is fine. Any suggestions?
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Old 06-04-2011, 11:45 AM
 
Location: Palm Island and North Port
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If you're looking at homes in that range you may want to check out South Gate or Gulf Gate. They're close to shopping, beaches, etc.
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Old 06-19-2011, 05:16 PM
 
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Is it realistic to think there might be a possibility to purchase a small home under 150k in Sarasota or nearby area? Looking for quiet area, within 5 - 10 minute drive to stores and 20 minutes or so to beaches. Any information regarding flood insurance is much appreciated.
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Old 06-19-2011, 05:51 PM
 
Location: Sarasota/ Bradenton - University Pkwy area
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Regarding the flood maps, here's a link to the county web site with the updated FEMA flood maps:
Flood Map Updates

As to whether you can find a home for under $150,000..... it depends.

Are you looking for new or almost new construction? Or will a slightly older home with newer roof and other updates work for you? Are you willing to do some repairs or updates if you can get a really reasonable price on a home needing TLC in a good neighborhood? Deed restricted neighborhoods only, or are you willing to consider non-deed restricted communities too?

How many bedrooms and baths are you looking for? Right now the inventory for 3 bedroom/ 2 bath homes under $150,000 in good condition in the more popular neighborhoods is fairly low in Sarasota, you may have better luck just north of University Pkwy in south Manatee county.

If you are looking at townhomes or condos, you definitely need to check into the rental restrictions, the budgets, board meeting minutes, etc as suggested by ladywithafan. Several of the newer communities in Sarasota were conversions, ie apartment buildings converted to condo communities. Since most of the lenders won't do mortgages on conversions, buyers will have to pay cash, which may hold down your long term investment gains on those type of properties.

As to neighborhoods, there are a lot of neighborhoods that may fit your requirements, depending on what your requirements are. Houses or condos? Newer or older? 55+ communities? Maintenance free? If you are considering purchasing a home as a rental property, buying in good school districts will pay off in higher monthly rental income. You should also talk with 2 or 3 insurance agents regarding the cost to insure that investment property, as rates will be higher for homes not owner occupied.

Instead of making a long list of 50 or more names of neighborhoods or condo communities that have listings priced under $150,000, if you can give us a little more direction as to what you're looking for, I can give you a shorter list of neighborhoods that may better fit your needs and wishes.
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Old 06-20-2011, 04:03 PM
 
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Thanks for your feedback. Would prefer a small house with low taxes as this will be used for vacations. If it is in need of updates but well kept, that is fine. Not ready just yet for 55+. Main concern is area. The property would not be occupied for extensive periods of time. If there are other areas that possibly fit this criteria I would like to look into. Again, thanks for your help
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Old 06-22-2011, 11:14 AM
 
Location: Sarasota/ Bradenton - University Pkwy area
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Here are some neighborhoods you may want to consider, along with South Gate (south of Bahia Vista, east & west of Tuttle) and Gulf Gate that were mentioned previously:

Colonial Oaks - off of Cattleman, north of Bee Ridge. Has an active HOA, deed restrictions. Community park and rec center (but no pool). I especially like the tree lined streets towards the back (north) part of the subdivision. A few years back the residents went through the expense of extending their deed restrictions for another 20 or 30 years (I'll have to go back and check the exact time period) as they were about to expire. A few of the homes are in a flood zone, so be sure to check.

Tamaron - at Bahia Vista & McIntosh. Has an active HOA, deed restrictions. Lovely winding streets. Large park/preserve area and lakes. Great central location. There are a couple of homes priced in the $150,000 range at the moment. Both are 2 bedroom/2 bath homes with 2 car garages. (I've shown both of those homes recently, so can give you more detailed info if you wish to send me a DM.) I have copies of the deed restrictions and bylaws for Tamaron available too.

Lake Sarasota - just east of I75, south off of Bee Ridge. Popular subdivision for buyers in this price range. Nice sized lots. Subdivision has a voluntary HOA, is not deed restricted, so you may see an occassional boat or RV parked in the side yard. Overall, a well kept neighborhood. Homes built anywhere from the 1960's thru 2010, but mainly 1980's.


If you're looking for newer construction, here are some options in the University Pkwy area, in south Manatee county:

Regal Oaks - off of 39th St E, just north of 63rd Ave. Deed restricted community built in the past 10 years. Community pool. Reasonable HOA fees. Nice 3 bedroom/2 bath homes with 2 car garages. Homes priced in the $150,000 range that come on the market get contracts quickly, so your agent needs to watch the new listings carefully.

Garden Lakes Estates - next door to Regal Oaks. Deed restricted community built in the 1990's. Is gated at night. Community clubhouse and pool. Quarterly maintenance fees cover full lawn service/yard maintenance, among other things. That makes it a nice community for people spending summers elsewhere. Private, tree lined streets. Quiet neighborhood, since no through traffic. There is one listing there currently in your price range, it's a home just under 1400 sq ft. I've been in it, it's a nice home, the owner has done some upgrading of the fixtures and it shows well.

Lionshead - just north of Garden Lakes, off of 39th St E. Deed restricted community built in the 1990's. Nice lots. Most homes are priced over $150,000 but some smaller 3 bdrm/2 ba homes come on the market now and then.

Briarwood - off of 33rd st E, south of SR70. Briarwood is a deed restricted community that went through a period of a high number of distress properties in the past 4 years, but is now recovering and overall appearance has been improving substantially. There are 2 community pools and tennis courts. Reasonable HOA fees. There are a couple of short sales priced under $125,000 in this neighborhood, but I don't expect them to last long.

Creekwood - off of SR70, just west of I75. Built in the 1990's, this deed restricted community is mainly priced over $150,000 but some smaller 3 bdrm/2 ba homes do come on the market. There is a community pool.

Summerwood Village at Lakewood Ranch - off of SR70, just east of I75. Summerwood Village was built in the mid to lake 1990's. Mainly 3 bdrm/2 bath homes with 2 car garages. It is one of the few communities in Lakewood Ranch that is not gated. Reasonable HOA fees. 2 community parks. Lakewood Ranch is a master planned community with shopping centers, recreational facilities and golf. Lakewood Ranch is known for it's beautiful, landscaped and manicured streets and communities. Homes priced in the $150,000 range in this neighborhood tend to go quickly as of late.


As you can see, there are lots of options for you to consider in the Sarasota area for homes in your price range. Hope this info helps you in your search. I've lived here for almost 30 years and know the area well.
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Old 06-22-2011, 01:14 PM
 
Location: Sarasota/ Bradenton - University Pkwy area
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After posting earlier, I realized you probably also need info on South Gate and Gulf Gate.

South Gate is actually a neighborhood with some deed restrictions and a HOA, you can also join the community center with pool. Streets within South Gate include (but not limited to) Homasassa, Rosewood, Jefferson, Goldenrod, Tulip, Valencia, Key and Hibiscus. They run south of Bahia Vista, West of Beneva, mainly east of Tuttle and north of Bee Ridge.

A lot of people also include in South Gate when speaking of the area neighborhoods running south from Bahia Vista (Arlington Park area) to about Siesta Key. These include neighborhood names such as: Hyde Park, Cottages in the Pines, South Side & Loma Linda Park, La Linda Terrace, Grove Lawn, Battle & Turner, Rustic Lodge and Sunnyside Park. Some street names there would be Hillview, Arlington, Shade, Wisteria, Clematis, Bougainvilla, Hyde Park, Datura and Goldenrod.

Many of the homes in the Arlington Park area are older, built in the 1940's to 1960's and range from cottages & bungalows to ranch style homes. The actual South Gate subdivision was mainly built in the 1960's to early 1970's and consists of ranch style homes.

There are a couple of negatives to this area. Many of the streets closer to Arlington Park are in flood zones. Also, some of the homes are on septic tanks, sewer is available in most of that area but not all of the streets as yet. Property taxes also tend to run slightly higher within the city limits.

To find homes in this area, try zip code 34239.


As to Gulf Gate, it is a neighborhood south of Clark Rd and west of Beneva that does have some deed restrictions and an active HOA. Many people like the area because of the HOA and it being close to one of the access roads to Siesta Key at Stickney Point. Homes there were built mainly in the 1960's and are ranch style, mainly concrete block construction.

Just west of Gulf Gate is a small neighborhood named Siesta Heights that is not deed restricted that also has homes less than $150k, but the neighborhood does not have deed restrictions and it shows.

To find homes in this area, try zip code 34231.
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Old 06-27-2011, 09:09 AM
 
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I will be researching the areas you suggested. Thank you for your input.
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