Best Place to buy a Condo in Florida?
Feb 25th, 2009, 12:24 PM
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Best Place to buy a Condo in Florida?
Hi, I would like to buy a 2-BR condo on/near beach in Florida, now that prices are good. I've been hearing about Seaside, Ft. Lauderdale, Sarasota/Bradenton. Just me and my husband who are near retirement...looking for pedestrian friendly area for shops, restaurants, laid-back atmosphere, nothing trendy or South Beach type. If anyone could give me some ideas on your favorite places, I'd really appreciate it. Thank you.
Feb 25th, 2009, 01:33 PM
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The best place to buy a condo in Florida is very, subjective!
I have no idea what your price range is. Needless to say, there are a lot of coastal area condos available for sale. Let me first suggest a leisurely road trip to Florida and plan on doing a lot of exploring by car to see which area appeals to you.
I have no idea what your price range is. Needless to say, there are a lot of coastal area condos available for sale. Let me first suggest a leisurely road trip to Florida and plan on doing a lot of exploring by car to see which area appeals to you.
Feb 25th, 2009, 02:15 PM
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I think Seaside is primarily a tourist destination, not as good for year-round living. I haven't been to Ft. Lauderdale, but the Sarasota area is very nice. And I agree that you should do lots of exploring before settling on something.
Feb 25th, 2009, 02:26 PM
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Sarasota is a good choice b/c in addition to having plenty of its own restaurants, shops and arts venues, it's not too far from Tampa and St. Petersburg. Nearby beaches have been tops on most Best Beaches lists for years. Yet it's not "scene-y". Do note, though, that it will be warmer throughout the winter in Naples than in Sarasota.
Feb 25th, 2009, 05:11 PM
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I too have heard that Sarasota is lovely.
As for the weather, there does seem to be a sort of line drawn across Alligator Alley. South of there is beach weather all year round. North of there can get some cold days.
One big reason I like the Gulf coast is the sunsets. The east side gets dark earlier.
I think anything with a "Naples" address will be pretty pricey. My mother-in-law shopped that area a few years ago and we were pretty shocked at the small two bedroom beach side that needed to be gutted and was selling for over a million.
As for the weather, there does seem to be a sort of line drawn across Alligator Alley. South of there is beach weather all year round. North of there can get some cold days.
One big reason I like the Gulf coast is the sunsets. The east side gets dark earlier.
I think anything with a "Naples" address will be pretty pricey. My mother-in-law shopped that area a few years ago and we were pretty shocked at the small two bedroom beach side that needed to be gutted and was selling for over a million.
Feb 25th, 2009, 05:27 PM
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We too are looking at buying a condo / townhouse in Florida. However, since we plan on renting it out at times during the year, we're looking at the panhandle (Panama City Beach - Destin areas). There are some great deals on foreclosures!
Feb 25th, 2009, 06:23 PM
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If you're looking in the panhandle, be aware that it gets pretty cold in that part of FL in the winter. The panhandle has Florida's best beaches, IMHO, but tourists may not want to rent your beach house during the winter.
Feb 25th, 2009, 06:32 PM
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Before buying a condo in Florida be sure to have a very good accountant review the HOA's financial records. Many HOAs are in trouble because of the foreclosures and non payment of fees, in addition to the vast increase in property insurance. You could be assume a major, hidden liability.
Feb 25th, 2009, 07:06 PM
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Everything's pretty topsy-turvy these days. But keep in mind, generally speaking the more you pay for an area -- the faster it will increase in value. Years and years ago my aunt and uncle wanted to buy a beachfront condo.
They were pretty serious about a couple of them in Naples area at that time $150,000 average. But they went to Englewood (Manasota) and found a similar condo for $90,000. Years later they were thrilled that their condo was then worth over $200,000 and were bragging about what a smart decision they made. I didn't have the heart to tell them the two condos they were looking at in Naples were then reselling at nearly a million.
The same thing is true of beachfront as opposed to "near the beach". Of course the beachfront ones are more, but if you can afford one, you can be sure it's value will increase at a much faster rate than the one "near the beach".
Buy the best you can afford -- but that "you can afford" part is very important.
They were pretty serious about a couple of them in Naples area at that time $150,000 average. But they went to Englewood (Manasota) and found a similar condo for $90,000. Years later they were thrilled that their condo was then worth over $200,000 and were bragging about what a smart decision they made. I didn't have the heart to tell them the two condos they were looking at in Naples were then reselling at nearly a million.
The same thing is true of beachfront as opposed to "near the beach". Of course the beachfront ones are more, but if you can afford one, you can be sure it's value will increase at a much faster rate than the one "near the beach".
Buy the best you can afford -- but that "you can afford" part is very important.
Feb 26th, 2009, 02:38 AM
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NeoPatrick once again hits the nail on the head: buy the best you can afford. Places where people bought because it was cheap are now disaster areas. A recent New York Times article on Lehigh Acres showed the heartbreak of a town becoming a ghost town.
Feb 26th, 2009, 05:31 AM
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Yes, Neo's exactly right. If I were buying now, I would focus on beachfront. It costs more, and the property may be tougher to insure, but if you can swing it, it's still (IMO, of course) the best bet you can make in an uncertain time.
Feb 26th, 2009, 05:45 AM
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A couple of things I would think about - 1) I would take a couple of trips to look at the area both in season & out of season, they can be worlds apart. 2) Insurance - beachfront is great but the insurance can be $$$, if you can get it. 3) Gulf Coast v. Atlantic, too me = waves v. flat water, if you have a preference. For eg. - I was raised on the Atlantic side, I don't care for the gulf side.
Feb 26th, 2009, 05:58 AM
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I agree!!!
In 1991, we bought a tiny, 1BR beachfront condo. The logic that convinced us to do this was that 1) people always want beachfront property, 2) there is a finite amount of beachfront property and that 3) the number of people desiring beachfront property (i.e. the population) will always increase. We sold it 14 years later for a big profit and bought another, much bigger beachfront condo which we still have.
In 1991, we bought a tiny, 1BR beachfront condo. The logic that convinced us to do this was that 1) people always want beachfront property, 2) there is a finite amount of beachfront property and that 3) the number of people desiring beachfront property (i.e. the population) will always increase. We sold it 14 years later for a big profit and bought another, much bigger beachfront condo which we still have.
Feb 26th, 2009, 03:29 PM
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Not to rain on your parade, but please consider two things before you buy in Florida so that you'll be making an informed decision: property insurance and property taxes. Be sure to ask your realtor about both. Property insurance can be expensive and difficult to find. Our property tax laws are ..... geez, I don't even have a word to described them (Orlando Vic, how 'bout you?).
From the Broward County Property Appraiser's website (thought it applies statewide):
TAXES - My neighbor and I have identical homes, so why are my taxes so much higher?
"... The homes are identical, both were built in the same year and sit on identical sized lots. My neighbor bought her house six years ago and I just purchased my home last year. My estimated tax bill for this year is $10,530 -- but my neighbor’s bill is only $6,220. There must be a mistake!"
Unfortunately, we hear this story several times a day. A provision in Florida’s Constitution -- the "Save Our Homes" Amendment -- causes this disparity and confusion. Overwhelmingly adopted by Florida voters, Save Our Homes was intended to prevent homeowners from being taxed out of their homes in the face of rapidly rising real estate values. The Save Our Homes cap limits increases in assessed value of Homesteaded properties to no more than 3% per year -- regardless of how much more the properties increase in market value.
Because of this, Florida law favors owners who stay in their Homesteaded property for many years. The longer you stay and the more your property rises in market value, the more you’ll save. If you purchased your home last year and obtained Homestead for this year, your new assessed value is based upon your sale price and other recent sales. Thus, the market value and assessed value of your property are identical this year. Next year, you’ll likely see the market value climbing at a rate much higher than your assessed value. Your taxes will never drop to the level of your neighbor because of Save Our Homes -- but, when she sells her home, you should see the next buyer paying quite a bit more in taxes than you."
That said, we've been in Florida for 12 years and love it.
From the Broward County Property Appraiser's website (thought it applies statewide):
TAXES - My neighbor and I have identical homes, so why are my taxes so much higher?
"... The homes are identical, both were built in the same year and sit on identical sized lots. My neighbor bought her house six years ago and I just purchased my home last year. My estimated tax bill for this year is $10,530 -- but my neighbor’s bill is only $6,220. There must be a mistake!"
Unfortunately, we hear this story several times a day. A provision in Florida’s Constitution -- the "Save Our Homes" Amendment -- causes this disparity and confusion. Overwhelmingly adopted by Florida voters, Save Our Homes was intended to prevent homeowners from being taxed out of their homes in the face of rapidly rising real estate values. The Save Our Homes cap limits increases in assessed value of Homesteaded properties to no more than 3% per year -- regardless of how much more the properties increase in market value.
Because of this, Florida law favors owners who stay in their Homesteaded property for many years. The longer you stay and the more your property rises in market value, the more you’ll save. If you purchased your home last year and obtained Homestead for this year, your new assessed value is based upon your sale price and other recent sales. Thus, the market value and assessed value of your property are identical this year. Next year, you’ll likely see the market value climbing at a rate much higher than your assessed value. Your taxes will never drop to the level of your neighbor because of Save Our Homes -- but, when she sells her home, you should see the next buyer paying quite a bit more in taxes than you."
That said, we've been in Florida for 12 years and love it.
Feb 26th, 2009, 04:37 PM
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We do the same thing in Colorado. It is called, "Screw the Newcomers" and protected the good old boys. Besides the newcomers didn't get to vote. Because I am 65 and have lived in the same house for 10 years my properties are one half my new neighbor taxes. Ha, Ha, I got her first.
Feb 26th, 2009, 05:24 PM
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321go makes a very good point about property taxes, particularly on beachfront properties. Check this out thoroughly with the realtor you talk with. This is a big, big part of your operating expenses.
Feb 26th, 2009, 05:40 PM
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All true about property taxes (and don't forget those savings only apply to a property that is your primary residence -- not to rental or income properties.
Meanwhile, don't be fooled by the realty listing of taxes. They may have been based on the previous owner who had lived there for many years, had an existing homestead exemption, and possibly even more. The previous taxes may not be related at all to what you would pay.
Meanwhile, don't be fooled by the realty listing of taxes. They may have been based on the previous owner who had lived there for many years, had an existing homestead exemption, and possibly even more. The previous taxes may not be related at all to what you would pay.
