Got some questions about moving to Sarasota. (Tampa, Bradenton: bank owned, short sale)

[Skunk Workz]

Sarasota isn't exactly a technology Mecca (especially for developers), but there are jobs. Most of the firms are smaller and the pay and benefits won't be what you'd get in some other areas.

It's been a few years since I even looked, but jobs in Tampa and St Pete usually paid a bit more (but never enough to make it worth the drive). There were always lots more of them available up there as well.

You'll probably have to visit the areas in question and then decide on a few factors to figure out what's more important. There will be trade offs between more available jobs, and the particular vibe of each area.

I'd also start watching the job boards to get an idea of what's out there. You could also find a couple of the tech recruiters in the area and give them a call to see what types of jobs they need most, and in what areas.

I'd also second the thought of telecommuting.

[mike_316]

Originally Posted by Skunk Workz

Sarasota isn't exactly a technology Mecca (especially for developers), but there are jobs. Most of the firms are smaller and the pay and benefits won't be what you'd get in some other areas.

It's been a few years since I even looked, but jobs in Tampa and St Pete usually paid a bit more (but never enough to make it worth the drive). There were always lots more of them available up there as well.

You'll probably have to visit the areas in question and then decide on a few factors to figure out what's more important. There will be trade offs between more available jobs, and the particular vibe of each area.

I'd also start watching the job boards to get an idea of what's out there. You could also find a couple of the tech recruiters in the area and give them a call to see what types of jobs they need most, and in what areas.

I'd also second the thought of telecommuting.

I kinda of figured that Tampa would have more 'tech' jobs. I never thought about St. Pete though.

[floridaboy239]

Dont listen to these people saying that you should look in north sarasota or some other city becauce there are plenty of houses to look at between 75 and 80k....in good areas too....there foreclosures...the zip codes to look into are 34237 south of fruitville rd thats near downtown...34239 a little farther south.....34231 south sarasota and 34232 that fruitville area near I-75 if you got some questions send me a message im not a realtor but i can help you

[floridaboy239]

dont give him BAD information like that....if you dont know why would you post???????

[NYtoOsprey]

Originally Posted by floridaboy239

dont give him BAD information like that....if you dont know why would you post???????

i think you are talking to me. i suggested North Sarasota so he could easily commute to st pete or tampa where he is more likely to have MORE tech jobs to apply to. I don't think of the Fruitville area you are suggesting as "south" Sarasota. I tend to think of the entire county. He wouldn't want to live in Venice (in Sarasota county) for a commute to Tampa and the tech jobs in south sarasota county are going to be slim to none.

[no shoes]

Originally Posted by Sunshine Rules

Hi Mike,

I can give you a list of neighborhoods and areas that would fall within your price range if you wish to find a home or condo now. Trying to search by zip codes is difficult because most zip codes in our area have a wide diversity of neighborhoods and home prices within each code.

However, you may find it better to find a job first and then find a rental near your job. As you become more familiar with the areas near work you could then determine which neighborhoods you'd like to purchase a home or condo in.

By the way, if you're planning to buy a condo in the Sarasota - Bradenton area, only a small handful of condo communities will meet the current requirements for mortgages. All of the other condo sales in our area are to cash buyers as financing is not an option.

Good luck with your job search.

I am interested in your statement, shown here in bold. Please could you clarify why this is the case?

Thank you

[bbronston]

Banks have lending guidelines for condominium associations that include things like the percentage of investment units (i.e. rental units) and the amount of money in the reserves. They also consider things like the number of units in foreclosure, the number of units in arrears, etc. It's not that you can't get a loan on a condo, you just have to find the right association.

[Sunshine Rules]

As of June of this year, only 7 condo communities in our area met the criteria for financing: Coach Homes at River Strand, Grand Estuary at River Strand (both in Heritage Harbour), Harborage on Braden River, Lakeside at the Isles on Palmer Ranch, Miramar Links at Lakewood Ranch, Palma Sola Trace (Bradenton) and Stonehaven in Sarasota.

For an association to get on the approved list, they have to, among other things, complete a detailed questionaire. This questionaire addresses things such as:
Was the project created by the conversion of an existing building?
Is the subject association involved in any litigation?
How many leased or rented units are there?
Is there a rental service for leasing/renting units?
Does the project have a front check-in desk for leased/rented units?
Does any single investor or entity own more than 10% of the total units in the project?
How many unit owners are delinquent more than 30 days on their payment?

There are also specific questions/requirements regarding the amount of money currently held in a segregated reserve account for future repairs and replacements of major components and insurance coverage.


Some of the more popular, newer condo communities in our area such as Serenade, Admirals Walk, Bella Villino, Las Palmas were condo conversions from apartment buildings at the height of the real estate boom here. So most units were sold with 100% financing, a majority bought by investors. When the market went bust, the unit owners found themselves upside down and many, since they had little or no money of their own invested in the condo, walked away from their obligations. A large quantity of these converted condos have come thru the market in the past 6 years as either short sales or REOs (foreclosures). This has negatively impacted the operating budgets of the condo communities who are only now financially recovering. The financial strain of foreclosures and short sales is not limited to just condo conversions. Many of the local condo communities have been dealing with budget issues as a result of upside down unit owners that stopped paying their monthly or quarterly maintenance fees.

So it may be awhile before you see financing available to the majority of condo buyers in SW Florida.

[no shoes]

Thank you for this information. We are actually cash buyers but have already walked away from one purchase as the condo association in question was not 'financially stable'.

As we are new to the US condo market, I want as much information as I can before making a commitment and do not want to find myself with huge assessments (as well as high HOA fees) to pay as a result of bad management on behalf of the condo association.

Is it a case of evaluating each development at the time a suitable condo is available?

[bbronston]

Yes. In Florida, buyers of condominiums may request all of the condominium documents (including the rules), the latest financial information, and an information sheet with specific questions and answers designed to give the buyer a good idea of the condo's situation. For a resale property, the buyer has three days from receipt of the documents to review them and may back out for any reason within the review period. The review period is 15 days for new properties.

This request is incorporated into the purchase contract.