Siesta Key Real Estate
Spending my whole real Estate career on Siesta Key I often run into people that don't understand or have been lead astray by another Realtor on my island. It is very important to understand the different styles of property here because things are so diverse. The best part about my island, from a Real Estate standpoint, is that there are no hotels. Most everything is individually owned! So the opportunities for sales and vacation rentals are endless. A lot of Realtors were just selling people any property and not paying attention to their rental restrictions and now have people "trapped" in their properties. So here lies the point for my article:
You have the investment oriented properties that have anywhere from 1 to 7 day rental availability. These properties are investor owned generally and are run basically like a hotel. The units are smaller, the properties have good amenities and they generally bring in a substantail income. Currently, with most of them you can now put down as little as 20% and cover the expenses with the income. These properties are usually more expensive because of this (smaller units equals more expensive?!).
Next you have the 2 week to 1 month minimum rental properties. They are a little larger, but still offer some similarities to the weeklies. These don't bring in a lot of income but can do OK during the high season, but out of season when was the last time you took a month off? The people that own these units tend to use them in the high season and see all of their friends that the haven't seen since last year.
Now we have the 3 month to 1 year properties. These could be annual rentals, but annuals bring in about half or less than you would from a seasonal stand point. These units are usually the largest and offer nice ammenities, Comparisonwise, they are, more likely than not, the least expensive per square foot. These owners are normally primary residents or 2nd homers that want to come in on their own free will.
If you want to get an idea of how things break down look at www.siestakey.com and you can see the different type properties with different rental restrictions. You will see how well they rent or don't rent and be able to make a great decision on your own. It is just so upseting meeting all these people that and unknowing agent got them to purchase a property that was completely the opposite of what their client needed.
I would love to talk about zoning and multi-family and what that means, but I will leave that for another time. thank you for taking the time to read my post!
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