Buying a Beach Condo - Tips?

#26
#26
PrattvilleVol said:
I'm sure at that age they wouldn't want to listen to frat monkeys next door 24/7 week after week. Turquoise Place in Orange Beach would be one of select options to reduce college punks based on high costs.
Click to expand...

Shouldn't be a problem - they'll use it most in the off season. They've been going for years and never had a problem.

TP is nice for sure but way out of the price range for us. Plus the folks want Destin; not OB though I'd prefer OB.
 
  • Like
Reactions: 1 person
#27
#27
volinbham said:
They love Destin (Miramar area). Santa Rosa would be an option but they prefer Destin.
Click to expand...

From what I have seen the Santa Rosa and 30A areas are priced a little more than the Destin area. Though SR and 30A are very nice areas. Very quiet.
 
#28
#28
What are you going to do with the property when it's not being used? Is time-share an option?

My impression of the Destin area is that it's extremely pricey. My grandparents moved to Pensacola for retirement. Maybe better deals are available in similar areas if you can be a bit flexible about location.
 
#30
#30
jvol1 said:
What are you going to do with the property when it's not being used? Is time-share an option?

My impression of the Destin area is that it's extremely pricey. My grandparents moved to Pensacola for retirement. Maybe better deals are available in similar areas if you can be a bit flexible about location.
Click to expand...

Basically, it's for personal use primarily by my folks. They want to be able to go at the drop of a hat so to speak so time share is out. I'm in to help them (long time dream for them) and to have it as a future investment.

Have checked from Pensacola to PCB: prices don't vary a whole lot.

We have a couple spots in Destin in mind that have reasonable HOAs.

When they can't use it anymore we'll put it into a rental program. Where we are looking we should be able to at least cover all the costs and have some positive cash flow potential if we push it.
 
#31
#31
I've been going down there 20+ years...It's great your in a position to help them.

My ex- inlaws live in Miramar, basically next to the silver sands outlets...They are off the beach, and retired there about 17 years ago
 
#32
#32
vol_in_ar said:
I've been going down there 20+ years...It's great your in a position to help them.

My ex- inlaws live in Miramar, basically next to the silver sands outlets...They are off the beach, and retired there about 17 years ago
Click to expand...

Wonder if they're interested in adopting another daughter
 
#34
#34
vol_in_ar said:
I've been going down there 20+ years...It's great your in a position to help them.

My ex- inlaws live in Miramar, basically next to the silver sands outlets...They are off the beach, and retired there about 17 years ago
Click to expand...

Thanks. They've been going there for about the same.

We started going to Pensacola back in the 70s (grandmother lived there). At some point my folks drifted over to Destin and that's where they like it best.

I'm up for anything from Orange Beach to Cape San Blas but like I said in another post their dream has been to have a place in Destin and that works for me. Life is short.
 
#39
#39
I know you said condo because of the maintenance but that little development with my ex-inlaws have pretty nice single family homes, and the neighborhood has a lot of retirees, with an active dinner club, and the men and women have little groups that do breakfast's once a week.

The houses are a pretty good value, and there's a couple of services that do a lot of the yard maintenance for several of the owners...

You could put Bay Haven Court or Bay Tree Dr, into Zillow to get an idea of the neighborhood
 
#40
#40
vol_in_ar said:
I know you said condo because of the maintenance but that little development with my ex-inlaws have pretty nice single family homes, and the neighborhood has a lot of retirees, with an active dinner club, and the men and women have little groups that do breakfast's once a week.

The houses are a pretty good value, and there's a couple of services that do a lot of the yard maintenance for several of the owners...

You could put Bay Haven Court or Bay Tree Dr, into Zillow to get an idea of the neighborhood
Click to expand...

Thanks
 
#41
#41
volinbham said:
They love Destin (Miramar area). Santa Rosa would be an option but they prefer Destin.
Click to expand...

I was looking at Watercolor and Seaside. I would like to retire there myself. Please keep us posted as you learn more. I wanted to live there in the summer and rent rest of the year but u think thats a bad idea?
 
#42
#42
NEOCON said:
I was looking at Watercolor and Seaside. I would like to retire there myself. Please keep us posted as you learn more. I wanted to live there in the summer and rent rest of the year but u think thats a bad idea?
Click to expand...

Sounds good to me but I think summer is the peak rental season there. I'm sure Spring is busy but I stayed in a rental condo in both Oct and Nov with perfect weather and there was hardly anyone else renting in the development I stayed at in Destin.
 
#43
#43
NEOCON said:
I was looking at Watercolor and Seaside. I would like to retire there myself. Please keep us posted as you learn more. I wanted to live there in the summer and rent rest of the year but u think thats a bad idea?
Click to expand...

Those are nice areas. Too pricey for me.

Agree with Old and Stilla Vol - summer is peak rental time so if you want to cover your costs with rent it would be tough to take peak out of the picture.

As I understand it, if you use part time and rent part time you can only defer/deduct rental income and costs for the proportion of the time it was available for rent. So if you use it 25% of the time you could only max take 75% of the costs as deductions. (Maybe less).

You can rent for 14 days for "free" (don't have to report the income, can still take your mortgage, etc deductions 100%). If you go over 14 you are into a "rental property" and the rules change to the proportionality deal.
 
#44
#44
As an update - we are about to put an offer in on a place.

One thing I learned that others may want to know is that getting mortgages on condos (in FL in particular) is not like getting a vacation home mortgage. After the recession the FHA changed the rules for conventional loans and if the condo is largely rental properties then traditional conventional mortgages are either not available or are priced at a premium.

We found a lender but many traditional sources simply won't lend at all or if they do they package it as a portfolio loan with a pretty substantial interest rate increase. I contacted two mortgage brokers and both said they couldn't do it.

Just a heads up. Amazingly, over 80% of condos in FL are bought for cash!
 
#45
#45
Hey B-ham,
I am in the Destin area now and there are some "rental restricted" complexes that are great for reducing the spring break effect and they are better for getting to know your neighbors as they own and live there basically full time. If you have not put in that offer, let me know and I can give some suggestions.
I bought a house on the top side of the bay and sit out by the pool and look across at the lights of Destin. Saved 30% over south of the bay prices. Driveway to "toes in the sand" is less than 6 miles.
 
#46
#46
T-TownVol said:
Hey B-ham,
I am in the Destin area now and there are some "rental restricted" complexes that are great for reducing the spring break effect and they are better for getting to know your neighbors as they own and live there basically full time. If you have not put in that offer, let me know and I can give some suggestions.
I bought a house on the top side of the bay and sit out by the pool and look across at the lights of Destin. Saved 30% over south of the bay prices. Driveway to "toes in the sand" is less than 6 miles.
Click to expand...

Thanks.

For what my folks are looking for we are pretty set on the high rise we are looking at.

If it was me I'd be doing what you are doing!
 
#47
#47
volinbham said:
Thanks.

For what my folks are looking for we are pretty set on the high rise we are looking at.

If it was me I'd be doing what you are doing!
Click to expand...

Good for them!
Let me know when you head this way again. We are learning the best places for each type of food down here. First one is on me.
 
  • Like
Reactions: 1 person
#48
#48
Don't get one in Kansas or Arizona. I hear the ocean views are overrated in those states.
 
#50
#50
T-TownVol said:
Hey B-ham,
I am in the Destin area now and there are some "rental restricted" complexes that are great for reducing the spring break effect and they are better for getting to know your neighbors as they own and live there basically full time. If you have not put in that offer, let me know and I can give some suggestions.
I bought a house on the top side of the bay and sit out by the pool and look across at the lights of Destin. Saved 30% over south of the bay prices. Driveway to "toes in the sand" is less than 6 miles.
Click to expand...

for great food check out the red bar, in grayton beach
 
New posts
You must log in or register to reply here.

VN Store



Back
Top