Sarasota Real Estate News

Thinking of buying an affordable home in Sarasota for personal use and/or rental income?   Most of today's buyers prefer to be near Siesta Key or Nokomis beaches, and there are still some deals in the $200,000's, even single family.  However, most of the single family homes in that price range are 30+ years old and some are in flood zones, which is a challenge for homeowners.  Yard maintenance, roof repair and replacement are expensive and not desirable for seniors or seasonal residents.  I found three single family homes for two Buyers south of Bahia Vista in great established neighborhoods, in the low $200's, with a pool or room for a pool.  Most of these homes were built in the 1950's and 60's, and some needed updating.  

On Siesta Key beach-- one bedroom condos are sold in the $200's in these communities:  Siesta Beach House, daily rentals, on the gulf, HOA dues - $500 per month, no pets.  Bay Oaks, 1 week minimum rentals, dues $450 per month, no pets.  White Sands Village, 2 week minimum rentals dues are $350 per month. pet-friendly.  Many of these generate over $20,000 in rental income each year.  Most of the Siesta communities near the beach were built in the 1970's.  

On Palmer Ranch:  Arielle, built in 2004, 3 bedrooms with a garage, rental policy 1 month minimum 4 times a year, dues $350 monthly.  Seasonal rentals will generate approximately $4,000 per month or $16,000 per year best case.  Off-season rentals are possible by the month if you find a good property management company or try to manage your own rentals online.  

I have had vacation rentals and because I had a bad management company, I learned how to market and control my own rentals, using online websites through VRBO.com and other vacation rental sites.  I found more websites to list my property on by "Googling" the telephone number of the local property management companies. :)  This way, I avoided the 18% management fee and could manage bookings around the time I wanted to be there.  IRS allows only a certain number of days for personal use if you have investment property; however, if you are staying in your vacation rental to replace or repair things, then that is not considered personal use--and there are always locks to be changed and carpets to be cleaned.  Interestingly, my rental guests took towels and beach decorative accessories in the beginning when a management company handled the rentals, but not when I managed my properties myself.  Putting up family photos makes rental guests realize that they are renting from an individual and not a company.   You can buy a combination lock at the hardware store for your key used by rental guests and maintenance personnel if anything goes wrong.  Yes, you will want to change the combination often.  Getting a combo lock makes more sense than mailing keys back and forth.  Finding a dependable cleaning company is very important, and they will tell you if anything has been broken or is missing.  How do you get paid?  Through PayPal, but get a $200 security deposit that is returned immediately after the cleaning company confirms all is well.

I'm here to assist you with your real estate needs in Sarasota, Palmer Ranch, and Siesta.  

Most sincerely yours,

Linda