The Palms Condos or Citywalk (Sarasota, Bradenton: real estate, apartments, rentals)

[ssg127]

Hello. We are considering purchasing a condo at one of these two complexes. Any advice on one or the other? We really like CW for it's proximity to downtown but we can probably get The Palms (coconut bay lane) for a little less. Thoughts would be greatly appreciated!

[Sunshine Rules]

I am familiar with both condo communities, price vs location really depends on what you're looking for.


There are some general suggestions I would make before making an offer on any condo. I would ask for a copy of the Rules & Regulations, Bylaws and voting rights, BUDGETS, Budget Reserves for big ticket maintenance (a very important factor) & routine maintenance and ask if there are any current or pending lawsuits against the condo association. Yes, the state of FL does require sellers to provide all of that documentation to buyers after you are under contract IF you request it in your offer through the condo addendum, but if I were a buyer I would rather have that info before I tie myself up in a contract.

The financials of a condo association are, in my opinion, as important (if not more so) than current monthly fees. Is the association meeting it's current financial obligations? Do they have sufficient reserves for the more expensive maintenance/repair items (such as roofs) or can you expect to see special assessments to help cover costs? How many owners are behind in their payments?

If you can get at least 2 or 3 reports, the board meeting minutes will give you a better idea as to what is going on within the condo community -- are they having issues with an owner/tenant that may lead to a lawsuit? Are they discussing unexpected maintenance issues? Rule changes?

I would also want to know how many units are owner occupied and how many are used as rentals. If there are a large number of rentals within the community and you are looking for something to use as your residence, you may want to rethink that particular community. Investor owners generally vote with their wallets in mind.

The more homework you do up front when purchasing a condo, the less likely you will encounter surprises later.

[ssg127]

Thanks so much for your response. The agent we are working with has been very helpful and says both are good on their reserves but we will ask to see these documents.

The Palms has remodeled the community building and have an on site manager that seems to be doing a great job. It has become gated as well (which really isn't saying all that much).

We are familiar with the Citywalk area and just like the close proximity to everything and I really like Payne park and the Publix is nice right there. We would probably end up paying about 7,000 more for a unit there though as opposed to The Palms and just don't know if it's worth that difference. The unit in the Palms has been updated as well and is really nice.


I think both had a hard time years back but seem to be on the upswing. This would be our second home. Our son goes to school in Sarasota and would live there when we are not there. Thanks for your advice!

[nidex]

CityWalk?

I know of several people that go there on a daily basis to buy heroin. And from what I hear, they can't even walk to their own dealer's apartments without other dealers come up and trying to sell them whatever else.

Are we talking about the same place - CityWalk in Bradenton next to the jail?

[Sunshine Rules]

Originally Posted by nidex

CityWalk?

I know of several people that go there on a daily basis to buy heroin. And from what I hear, they can't even walk to their own dealer's apartments without other dealers come up and trying to sell them whatever else.

Are we talking about the same place - CityWalk in Bradenton next to the jail?

No, the OP is talking about a condo community off of US41 & Wood street in Sarasota. Two totally different areas.

[ssg127]

Originally Posted by Sunshine Rules

No, the OP is talking about a condo community off of US41 & Wood street in Sarasota. Two totally different areas.

Thank you. Yes, I am talking about Citywalk in Sarasota. I read that and thought that was so odd until I saw it was in Bradenton. This community seems very quiet.

Any other input out there? We are probably making a decision soon.

Any thoughts on the elementary school being across from The Palms? Does it get really bad in the mornings and afternoons?

[davery5872]

Generally, IMO, the further south you get the better. So I would pick Citywalk.

[Sunshine Rules]

Originally Posted by ssg127

Thank you. Yes, I am talking about Citywalk in Sarasota. I read that and thought that was so odd until I saw it was in Bradenton. This community seems very quiet.

Any other input out there? We are probably making a decision soon.

Any thoughts on the elementary school being across from The Palms? Does it get really bad in the mornings and afternoons?

Please clarify for me, when you say The Palms condos you are referring to Sarasota Palms condos off of Tuttle Ave, by Tuttle Elementary? Because that is what I thought you were asking about. Sometimes it gets confusing because there is also a Royal Palm Villas in north Sarasota, near the airport.

Both communities were built in the 1970s. Sarasota Palms was built as apartments and a developer converted the units to condos in 2005, during the real estate boom here. They slapped some new kitchen cabinets and appliances in all of the units, painted and sold them for around $150k at that time. So you will not have any significant sound proofing between the units. That complex has also had issues in the past with mold. And yes, traffic becomes an issue twice a day on Tuttle at that location because of the large number of parents dropping off/picking up children at school on the east side. I try to avoid Tuttle for that reason during certain hours. On the plus side, the community does have some nice amenities for the price range.

Citywalk was also a conversion from apartments to condos, in 2002, it was originally called Woodfield Apartments. So again, no significant sound proofing between the units. It's main plus, in my opinion, is location near downtown Sarasota.

Both communities still have a large number of investor owners (most of the units were sold to investors when the conversions took place), but that can also be said about many other non conversion condos in the area in a similar price range.

Your agent should be able to go over the pluses and minuses of each community with you to help you reach a decision.

[craigiri]

I live in the Citywalk area (Paver Park) - it's a nice area and getting nicer. The park is really becoming a nice anchor for the surrounding area.

Obviously citywalk and similar units are at the very low end in terms of price - and with Real Estate you generally get what you pay for.

Definitely check out the costs of maintaining the units - we looked at condos but decided on a small house...partly because the HOA fees add to the total price of any condo.

You can't beat the location of Citywalk - but I am unfamiliar with the internals of the units, etc.

[ssg127]

Originally Posted by Sunshine Rules

Please clarify for me, when you say The Palms condos you are referring to Sarasota Palms condos off of Tuttle Ave, by Tuttle Elementary? Because that is what I thought you were asking about. Sometimes it gets confusing because there is also a Royal Palm Villas in north Sarasota, near the airport.

Both communities were built in the 1970s. Sarasota Palms was built as apartments and a developer converted the units to condos in 2005, during the real estate boom here. They slapped some new kitchen cabinets and appliances in all of the units, painted and sold them for around $150k at that time. So you will not have any significant sound proofing between the units. That complex has also had issues in the past with mold. And yes, traffic becomes an issue twice a day on Tuttle at that location because of the large number of parents dropping off/picking up children at school on the east side. I try to avoid Tuttle for that reason during certain hours. On the plus side, the community does have some nice amenities for the price range.

Citywalk was also a conversion from apartments to condos, in 2002, it was originally called Woodfield Apartments. So again, no significant sound proofing between the units. It's main plus, in my opinion, is location near downtown Sarasota.

Both communities still have a large number of investor owners (most of the units were sold to investors when the conversions took place), but that can also be said about many other non conversion condos in the area in a similar price range.

Your agent should be able to go over the pluses and minuses of each community with you to help you reach a decision.

Yes, the Palms on Tuttle is what we are looking at. I knew there were investors at the Palms and figured the same at CW. Thought maybe those numbers have dropped though. We will ask