Naples Real Estate

plenty in Sarasota

 

If your budget really is $3,000,000 you shouldn't have any trouble finding a 2-3 bedroom condo on the water in Naples.

Scott

 

SW FL is not exactly a hotbed of activity. If you want action, the other side of the peninsula is a lot more active.

On the other hand, if hanging on the beach, catching some great fish, and dining out at 4:30 to catch the senior special is your thing, then come on down.

$2MM will buy you some pretty terrific stuff down here, and leave room for a nifty boat as well.

If you have your heart set on the Gulf Coast, I'd think Tampa St. Pete might be a little more, um, hip.

D

 

Try realtor.com and type Naples, FL in location search. You can then filter by condo and price range.

 

Having just concluded this exercise yesterday, I have a few comments to pass on and concur with all the above advice.

In our particular situation, my wife has recently developed health problems and now needs to spend winters in the warmth. I gave her a budget and a few other criteria since it will be mostly her space and I'll only be an occasional visitor. Other than giving her thumbs up or down on photos she passed by me, my only part of the process was to sign my name a few times and drive to the bank to wire the funds south. Since our time horizon is 5-7 years of ownership, we looked at the lower end of the market to minimize potential loss should the real estate market be in the doldrums when we chose or needed to sell. I did not go into this thing as an investment, although the area we chose might show some appreciation and we might break even in a good case. Sort of like owning a classic car.

The first thing you need to decide if you want sun rises on the Atlantic coast or sun sets on the Gulf side. Then there is the house or condo choice and condo seemed the more logical for us since this will be a 3rd home. My wife likes sun sets and beaches, so she looked from the Keys up to about Tampa. She chose Sarasota because of the Siesta Key Beach, which someone has rated as the best beach, blah, blah, blah. They are also building some sort of sports center in Sarasota and the town fathers have visions of growth. Time will tell. I asked her why she did not pick Naples or Tampa and she responded that she considered the relative crime levels and frequency of hurricane strikes. She picked a gated community, so crime is likely not a serious concern, but I can see where the actual level might impact one's car parked in a shopping center somewhere. Sarasota had the lowest crime scoring levels and most of the realtor sites readily provide this info for comparison of neighborhoods. She also did research on hurricanes and Sarasota had a lower incidence of strikes, although with my luck the statistics could still yet revert to the mean as the future unfolds. She also looked at avoiding sink holes, most of which seem to be up to the north.

I would strongly advise a trip to the area and not to buy sight unseen (we almost did as some units on the beach become available only infrequently and there was a bidding war underway). Some of the places in person are not as nice as photos would lead one to believe and some due diligence can uncover other concerns. By all means get an inspection as mold and corrosion are prevalent due to the moisture present. In Sarasota (and maybe other Florida) one can check the building permits to see when AC, roof, etc. were last addressed. Places built in recent years are better constructed to resist hurricanes.

HOA fees seemed high to me on everything I reviewed, but I guess you get what you pay for. A large part of the HOA expense is likely due to hurricane insurance on the complex. One caveat noted, the developer is usually the HOA on new projects and may understate the fee to attract buyers. Once the HOA is turned over to the residents, there may be a surprise assessment if the reserves are underfunded. The place we moved into required us to undergo a background check, which is probably a good thing. On the downside, the turnover in condos is probably high and it took our seller nearly two weeks to get a release from the Association that the unit was free of liens. Look on the internet to see if there is news on any potential HOAs you are considering.

The Fall is probably a good time to shop and in retrospect, we could have saved a few dollars, but nothing really material. The Sarasota market got hot in Feb/Mar/Apr and some units were selling in a matter of days and for list price. There always seemed to me to be plenty of supply available, but the ones the wife picked always seemed to go first and she became quite distressed that "the train was leaving the station." I believe the market cooled in May and may still be cooling now. We offered about 5% below listing price and might have been able to do even better since we were paying cash, but wanted to get this project finished.

So, take a trip to your areas of interest, find a good realtor, and do lots of research. Happy hunting!

 

I am a builder in Naples for the last 17 years. I mostly build in downtown Naples. I agree with the advice above.

I would first decide on the area in which you want to reside before making a purchase.

I prefer living downtown. You have the shops, beaches and restaurants within walking distance of your home.

 

You should be able to find something nice in Bay Colony for less than $3M. Prices have been going up as of late so don't take too long.

Another consideration are the numerous golf communities in the area. They are not on the gulf but you can still enjoy the gulf with a membership at the Spa at the higher end hotels (i.e. Ritz). We looked at several of the condos on the gulf but it felt like we would be living in a hotel room.

As said before, come down take a look and possibly rent before you buy. It is a great area that is growing fast.

 

If you want the best downtown, walk to everything, then it is downtown Naples, but you won't be directly on the gulf, maybe a block or two in. Only houses on the gulf there, as you probably know.

If you want boating or fishing or cycling, I would recommend my home, Sanibel and our neighbor, Captiva. I have lived and worked here year round for the last 8 years.
Much more natural than surrounding areas to the north or south. Great water between here and Boca Grande.

Sarasota is very nice, but it is a pretty busy place.

Tennis? Golf? Fishing? Biking? Running? Swimming?

Scott

 

All great advice.

 

A bit of caution. When we bought down here, you might consider the flood levels.

This is why we didn't buy down there when prices were $250k for 2.5 acres and a 3800 sq ft house 3 years ago.

There is a lot of info out there.

 

Yep, older single family homes that are built on a slab (not elevated) have gotten slammed since the fed govt started to reduce their subsidy for flood insurance. Be sure you check with an insurance guy before you finalize anything. If you pay cash, then you can forego the insurance and take the risk. But, if you finance any portion, you are required to have flood in most areas. But it depends what flood zone you are in. The flood maps are made by FEMA and revised every once in a while.

A condo on an upper floor would be fine as would a single family home that is elevated (my house is built on pilings).

Scott

 

I live in Naples, and my wife is a realtor in Naples who deals in high-end properties. With your budget, you have a lot of great options. Feel free to PM me if you'd like the help of a fantastic agent.

 

+ 1

 

PM me if your interested in the Pinellas Beaches of Tampa Bay. Plenty of higher end condo's available. Pinellas County (St. Pete/Clearwater area) is a beautiful option with all big city amenities readily available. Boater paradise. Licensed Florida Agent in Luxury Real Estate.

 

Sarasota sounds like a plan. I never have heard any complaints from anyone living there. There are some nice amenities, and you can still hit Tampa in a hour for a concert or game.

 

Kirk, it's crazy, since we moved here 4 more friends, from Seattle, San Diego and NYC area have now all moved to Sarasota. It is the ONLY place I will live in the U.S. at this point (for everything that we want/need).

When people ask us how we like it here, my response is always "we left Oahu to live here.."