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Old 03-02-2009, 12:25 PM
 
181 posts, read 508,984 times
Reputation: 43

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I am planning to move to Sarasota, probably late next year (I wish it could be earlier on a snow day like today).

I really like Palmer Ranch. I am wondering if it would make sense to buy one of the foreclosed homes on Palmer Ranch now, if it is cheap enough, and rent it, so that I have something for when I can go down there. I am wondering what the rental market is like and whether I could be safe with the idea of renting it. If I bought a 2 or 3 BR and 2BA house or condo, what kind of rent could I hope to get? And is it tough to rent, or are rentals easier than trying to sell right now?

Hopefully, some of the real estate gurus will be able to help. Thanks
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Old 03-02-2009, 12:49 PM
 
Location: North Port
62 posts, read 181,069 times
Reputation: 32
i don't know if its me or what, but i can tell what houses that people own and what houses people rent! renters do not take care of the property, and i've heard some stories how they just trash the house on the inside. i'm not saying all renters do this but most i've seen and heard around here do! i've thought about getting a house to rent it out, but i don't need the head-aches! good luck!
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Old 03-02-2009, 12:59 PM
 
Location: Palm Island and North Port
7,511 posts, read 22,916,680 times
Reputation: 2878
Quote:
Originally Posted by scarlett68 View Post
I am planning to move to Sarasota, probably late next year (I wish it could be earlier on a snow day like today).

I really like Palmer Ranch. I am wondering if it would make sense to buy one of the foreclosed homes on Palmer Ranch now, if it is cheap enough, and rent it, so that I have something for when I can go down there. I am wondering what the rental market is like and whether I could be safe with the idea of renting it. If I bought a 2 or 3 BR and 2BA house or condo, what kind of rent could I hope to get? And is it tough to rent, or are rentals easier than trying to sell right now?

Hopefully, some of the real estate gurus will be able to help. Thanks
Depends on if you are planning on renting it seasonally or annually. If your planning on seasonally then your rent would be much higher and you would probably only rent it from Nov to just after Easter. I'll use Village Walk as an example. Seasonal rent for the townhomes on Bergamo is running $2400-$2800 per month. If you're looking for an annual renter then the price would be $1300-$1400 but you'd have it rented year round.

Village Walk in Palmer Ranch has their own real estate company-Town Center Realty which I would recommend using for their rental services and of course you'd want to purchase the property through me

Sarasota is a pretty popular tourist destination so you shouldn't have a problem renting your place out-especially in the winter.
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Old 03-02-2009, 01:33 PM
 
181 posts, read 508,984 times
Reputation: 43
Hi,

I guess I was thinking of renting it at least annually for one year and then maybe seasonally after that, depending on when I'd be going down. Do the different places in Palmer Ranch have different rules on how often you can rent a property? And do the houses have the same kinds of restrictions on rentals as condos do?

Thanks
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Old 03-02-2009, 02:05 PM
 
Location: Palm Island and North Port
7,511 posts, read 22,916,680 times
Reputation: 2878
Quote:
Originally Posted by scarlett68 View Post
Hi,

I guess I was thinking of renting it at least annually for one year and then maybe seasonally after that, depending on when I'd be going down. Do the different places in Palmer Ranch have different rules on how often you can rent a property? And do the houses have the same kinds of restrictions on rentals as condos do?

Thanks
I'm stepping a little out of my territory since I don't actually do rentals. I do believe they do have a clause in the HOA that talks about rentals. Keep in mind that each section has their own rental rules. I know SmileDoc lives in VillageWalk so maybe he can comment as to what the rules are in his section so you can get an idea.
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Old 03-02-2009, 02:16 PM
 
Location: Venice Florida
1,380 posts, read 5,927,712 times
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I don't know if I'd be in a hurry to buy now and attempt to cover my costs with a renter...
If you were moving down now, then there are well priced properties for you now. If you're planning to move down next year then you'll probably find that there will be well priced properties then.

Last edited by FLBob; 03-02-2009 at 02:35 PM..
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Old 03-02-2009, 02:35 PM
 
Location: Venice Florida
1,380 posts, read 5,927,712 times
Reputation: 881
Quote:
Originally Posted by scarlett68 View Post
Hi,

I guess I was thinking of renting it at least annually for one year and then maybe seasonally after that, depending on when I'd be going down. Do the different places in Palmer Ranch have different rules on how often you can rent a property? And do the houses have the same kinds of restrictions on rentals as condos do?

Thanks
Many neighborhoods have home owner associations with deed restrictions.

If you are thinking renting seasonally then you will need to pay close attention to the association restrictions that are recorded with the county. Each association will have their own take on rentals. You will find some that restrict total number of leases annually as well as the duration of leases.

An example might be that a home owner can only rent 2 times a year with a minimum lease period of 3 months.

The Sarasota Clerk of Courts has online public access to recorded association restriction documents. If you plan to rent be sure that you review these documents.

Most people that are planning to use their property a portion of the year want to do so during peak season (Jan - Apr) then hope to rent in the off season. The only way to have any success doing this is if you rent as a vacation rental ie weekly. Most planned communities will have restriction in place to limit or disallow weekly rental.
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Old 03-02-2009, 03:07 PM
 
385 posts, read 1,159,106 times
Reputation: 115
I have a rental in VW. By far out of every rental I have had, VW has the most red tape. You should contact the community if you want a breakdown of their specific rules. Florida Bobs advice is the best. There are a ton of rentals everywhere right now, I don't care how community specific you want to get. I would seriously wait....
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Old 03-02-2009, 07:31 PM
 
Location: Venice Florida
1,380 posts, read 5,927,712 times
Reputation: 881
Just checked the restrictions of the master assoc. at Villagewalk of Sarasota in Palmer Ranch. The minimum rental period is 4 months. Always check before buying with the intention to rent.
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Old 03-03-2009, 10:11 AM
 
Location: Florida
4,894 posts, read 14,137,294 times
Reputation: 2329
Quote:
Originally Posted by angelfish View Post
I have a rental in VW. By far out of every rental I have had, VW has the most red tape. You should contact the community if you want a breakdown of their specific rules. Florida Bobs advice is the best. There are a ton of rentals everywhere right now, I don't care how community specific you want to get. I would seriously wait....
There are SO MANY places for rent at the moment in Sarasota, itself, it's driving rentals down (yes, I rent) AND, come the end of the season, it'll double. Not a good time for an investment rental purchase; market has another 50 % to go down.
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