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Anyone own a beach condo in Florida? Or if you could, where?

Always been interested in getting a piece of property close to the beach, not necessarily on the beach. But have no idea what to expect in terms of restrictions on building in a county like Wakulla or Franklin.

If you were willing to assume the risk (no insurance) will they even let you throw a 50's style cinderblock house on it?
 
I would recommend doing your homework. Real estate taxes, insurance, condo dues and assessments may be more expensive than you realize. Salt air works its magic on air conditioners, sliding glass doors and anything else it touches. So maintenance is a bigger nut than you may think.

If you have the wallet to comfortably fund it, go for it. But lots of people jump into these ideas without fully understanding how much time and attention is really needed.
 
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JohnnieHolmesNole said:
I would recommend doing your homework. Real estate taxes, insurance, condo dues and assessment may be more expensive than you realize. Salt air works its magic on air conditioners, sliding glass doors and anything else it touches. So maintenance is a bigger nut than you may think.

If you have the wallet to comfortably fund it, go for it. But lots of people jump into these ideas without fully understanding how much time and attention is really needed.
Click to expand...

I’m sure the poster will take it under advisement o_O
 
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Our house is at 165' and I'm glad for it.

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JohnnieHolmesNole said:
I would recommend doing your homework. Real estate taxes, insurance, condo dues and assessments may be more expensive than you realize. Salt air works its magic on air conditioners, sliding glass doors and anything else it touches. So maintenance is a bigger nut than you may think.

If you have the wallet to comfortably fund it, go for it. But lots of people jump into these ideas without fully understanding how much time and attention is really needed.
Click to expand...

My biggest concern behind a market correction is the residual expenses. I'm wondering if a newer high rise unit would eliminate some of the burden (things like exterior windows, AC units) or somehow make it worse.
 
I am counting the days until I can move to the beachfront condo of my dreams. Just waiting for the daughter to go to college (T minus 1 year) and the dogs to die (that is going to be some time longer).
 
APK Nole said:
Good point. From what I've read it would cover rebuilding the entire building to the drywall and doors and would include toilets/plumbing. Owners would possibly be responsible for kitchen fixtures and flooring.
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On condo's the owners are required to carry an HO-6 policy....basically walls in. Not sure why it would be an issue for anyone to get as it's usually relatively inexpensive. The HOA has master policies which cover the buildings itself.
 
Geez you guys are missing out. I do not understand the bad vibes for a second/vacation condo.

I have one, have had it since 2005. Although its in the Outer Banks of NC, its a 100 miles or exactly 2 hours away door to door. I live in the Hampton Roads area of Virginia. We are not right on the beach, but in a nice development called Pirates Cove. Our condo is on the Marina overlooking all the sportfishing boats. Not one POS sail boat in the marina, its very nice.

We are kind of the split couple, she loves the beach and sand. I hate the sand but am a boat person and would rather spend time piddling on our boat or offshore fishing. This development works great as its has a very nice marina, our boat is in a slip right behind our condo, and we are only two miles from a nice beach access for her.

We do not rent it out as part of the vacation rental pool in the OBX, because we go there as often as possible. Our view was, if we had to rent it out to afford it, we couldn't afford it. We where there for the long Memorial Day weekend (Thursday-Tuesday). We do rent it occasionally to friends when our schedule allows it, we handle that ourselves and charge slightly less then the going rate as we ask our guests to clean up after themselves.

Regarding insurance, we insure ourselves for contents, as our HOA dues cover wind, hail and flood. If the building burns down our HOA policies will build the building back to as close to original developer specs, basically everything but your furniture.

We do pay a crap ton of HOA fees, right now its $5700 per year. Its steep, but you get what you pay for, we have a great management company that handles everything. The entire development looks spectacular all year, they keep up the pools, fitness centers etc. We also have a reserve fund, where 20% of our dues are reserved for this fund for big ticket items for the building such as painting, etc. We just had a new roof installed this spring. Our management does a good job of forecasting future costs for the big ticket items. We have not had a special assessment of our dues since I have owned our condo.

I would highly recommend it if its the right setup. With all the stress me and my wife have for our jobs, its a great get away, that's far enough for it to be an actual get away, but close enough that you don't waste a day on each end to travel.
 
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APK Nole said:
My biggest concern behind a market correction is the residual expenses. I'm wondering if a newer high rise unit would eliminate some of the burden (things like exterior windows, AC units) or somehow make it worse.
Click to expand...
In the majority of condos, YOU own your windows and A/C's.

I managed oceanfront condo associations in Ponte Vedra Beach for 12 years. 80-85% were second (or third or fourth) homes for folks who had a LOT of money. Prices of things did not affect them. If you're one of those with very deep pockets and you want to scratch that itch, go for it. Poster above paid $5700 a year for Condo dues. My owners paid triple that on average. Of course the condos started at $700K and went to $2M. And Florida insurance is $$$$$.
 
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goldmom said:
In the majority of condos, YOU own your windows and A/C's.

I managed oceanfront condo associations in Ponte Vedra Beach for 12 years. 80-85% were second (or third or fourth) homes for folks who had a LOT of money. Prices of things did not affect them. If you're one of those with very deep pockets and you want to scratch that itch, go for it. Poster above paid $5700 a year for Condo dues. My owners paid triple that on average. Of course the condos started at $700K and went to $2M. And Florida insurance is $$$$$.
Click to expand...

No Waffle Houses nearby, huh?
 
APK Nole said:
My biggest concern behind a market correction is the residual expenses. I'm wondering if a newer high rise unit would eliminate some of the burden (things like exterior windows, AC units) or somehow make it worse.
Click to expand...

“New” probably minimizes the chances of any significant assessment coming down for a while, but oceanfront condo ownership is not for the poors. I am happy to send wifey to Robb and Stuckey for you to get that thing furnished and decorated. If you survive the sticker shock, you can cancel your EKG tests for 12 months......you’ll know your heart is very sound. :)
 
VirginiaNole said:
Geez you guys are missing out. I do not understand the bad vibes for a second/vacation condo.

I have one, have had it since 2005. Although its in the Outer Banks of NC, its a 100 miles or exactly 2 hours away door to door. I live in the Hampton Roads area of Virginia. We are not right on the beach, but in a nice development called Pirates Cove. Our condo is on the Marina overlooking all the sportfishing boats. Not one POS sail boat in the marina, its very nice.

We are kind of the split couple, she loves the beach and sand. I hate the sand but am a boat person and would rather spend time piddling on our boat or offshore fishing. This development works great as its has a very nice marina, our boat is in a slip right behind our condo, and we are only two miles from a nice beach access for her.

We do not rent it out as part of the vacation rental pool in the OBX, because we go there as often as possible. Our view was, if we had to rent it out to afford it, we couldn't afford it. We where there for the long Memorial Day weekend (Thursday-Tuesday). We do rent it occasionally to friends when our schedule allows it, we handle that ourselves and charge slightly less then the going rate as we ask our guests to clean up after themselves.

Regarding insurance, we insure ourselves for contents, as our HOA dues cover wind, hail and flood. If the building burns down our HOA policies will build the building back to as close to original developer specs, basically everything but your furniture.

We do pay a crap ton of HOA fees, right now its $5700 per year. Its steep, but you get what you pay for, we have a great management company that handles everything. The entire development looks spectacular all year, they keep up the pools, fitness centers etc. We also have a reserve fund, where 20% of our dues are reserved for this fund for big ticket items for the building such as painting, etc. We just had a new roof installed this spring. Our management does a good job of forecasting future costs for the big ticket items. We have not had a special assessment of our dues since I have owned our condo.

I would highly recommend it if its the right setup. With all the stress me and my wife have for our jobs, its a great get away, that's far enough for it to be an actual get away, but close enough that you don't waste a day on each end to travel.
Click to expand...

No bad vibes for vacation homes, bad vibes for vacation homes that people can't afford but think will be investment opportunities. You said it yourself, if you needed to rent it out to afford it you couldn't afford it.
 
goldmom said:
In the majority of condos, YOU own your windows and A/C's.

I managed oceanfront condo associations in Ponte Vedra Beach for 12 years. 80-85% were second (or third or fourth) homes for folks who had a LOT of money. Prices of things did not affect them. If you're one of those with very deep pockets and you want to scratch that itch, go for it. Poster above paid $5700 a year for Condo dues. My owners paid triple that on average. Of course the condos started at $700K and went to $2M. And Florida insurance is $$$$$.
Click to expand...

Do you know how the HVAC coverage works for high rises that have a single central system.
 
seminole4life1 said:
No bad vibes for vacation homes, bad vibes for vacation homes that people can't afford but think will be investment opportunities. You said it yourself, if you needed to rent it out to afford it you couldn't afford it.
Click to expand...

Well that philosophy applies to Big Macs as much as it does to beach condos. You should never buy something you can’t afford.
 
JohnnieHolmesNole said:
“New” probably minimizes the chances of any significant assessment coming down for a while, but oceanfront condo ownership is not for the poors. I am happy to send wifey to Robb and Stuckey for you to get that thing furnished and decorated. If you survive the sticker shock, you can cancel your EKG tests for 12 months......you’ll know your heart is very sound. :)
Click to expand...

What is the point of buying a second home if I dont get to enjoy furniture shopping with my wife?
 
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seminole4life1 said:
No bad vibes for vacation homes, bad vibes for vacation homes that people can't afford but think will be investment opportunities. You said it yourself, if you needed to rent it out to afford it you couldn't afford it.
Click to expand...

Maybe I didn’t get my point across clearly. For us it was/is a great investment opportunity as well as a great get a way. Like I also said in my post, I would support it if it’s the right setup. That would infere sales price, location and your goals. For us the family experiences are as much of an ROI as the money. I wouldn’t trade the times there for a condo I couldn’t use during tourist season.

Again...if you have to rent it to afford it, you can’t afford it.

BUT....that’s not to say you shouldn’t buy one for an investment opportunity as long as the cash flow works if it’s say a ski in ski out condo in Aspen.

Location, location, location
 
VirginiaNole said:
Maybe I didn’t get my point across clearly. For us it was/is a great investment opportunity as well as a great get a way. Like I also said in my post, I would support it if it’s the right setup. That would infere sales price, location and your goals. For us the family experiences are as much of an ROI as the money. I wouldn’t trade the times there for a condo I couldn’t use during tourist season.

Again...if you have to rent it to afford it, you can’t afford it.

BUT....that’s not to say you shouldn’t buy one for an investment opportunity as long as the cash flow works if it’s say a ski in ski out condo in Aspen.

Location, location, location
Click to expand...

From reddit/google, about 50% of condos are going to hit + cash flow in Florida. If I move forward I'm planning > 6 months for the search to find the right place. There's a little confusion here about good, bad and non investment. Also, skiing on frozen water? Who would want to do that? Did you mention where you were located?
 
Just me, but no way in hell would I want a parade of unknown “renters” coming in and out of any property that I ever intended to personally occupy part of the year (or “later”). The wear and tear would be huge, and never mind the sheer nastiness of the general population.
 
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JohnnieHolmesNole said:
Just me, but no way in hell would I want a parade of unknown “renters” coming in and out of any property that I ever intended to personally occupy part of the year (or “later”). The wear and tear would be huge, and never mind the sheer nastiness of the general population.
Click to expand...

Highly doubt any of them would be nastier than me. Plus I stay in hotels quite a bit which aren't much different.
 
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APK Nole said:
From reddit/google, about 50% of condos are going to hit + cash flow in Florida. If I move forward I'm planning > 6 months for the search to find the right place. There's a little confusion here about good, bad and non investment. Also, skiing on frozen water? Who would want to do that? Did you mention where you were located?
Click to expand...

Yes, see my first post above, its in the Outer Banks of NC, its a 100 miles or exactly 2 hours away door to door. I live in the Hampton Roads area of Virginia. 100 Miles between home and the condo, just far enough away to be a get away but close enough not to take a day to get there and back.
 
goldmom said:
No, but I wouldn't be surprised to learn that one of them OWNED the Waffle House Corporation.
Click to expand...

Privately owned, primarily by the families of the two (deceased) founders, Joe Rogers, Sr. and Tom Forkner. The company is located in Norcross, Georgia, and basically just prints money. I am a limited partner in some of the franchises.....can probably get you a job — either at the grill or waitressing — if you are bored and still looking. Let me know. :)
 
JohnnieHolmesNole said:
Privately owned, primarily by the families of the two (deceased) founders, Joe Rogers, Sr. and Tom Forkner. The company is located in Norcross, Georgia, and basically just prints money. I am a limited partner in some of the franchises.....can probably get you a job — either at the grill or waitressing — if you are bored and still looking. Let me know. :)
Click to expand...
It's Chimp, not Goldie, who is looking for the career change.
 
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I owned some short term and long term properties on HHI and managed a few short term homes for a while. Honestly just not worth it unless you are loaded enough to have someone else handle all the headaches every week. Everything will go wrong and almost always at a bad time. Cleaners don't show, previous renters leave late, trash the place, renters open windows and turn A/C to 60, kid puts a toy in the toilet, major appliance breaks on a holiday weekend. I could go on and on. I guess if I really wanted a beach condo I would go with HHI, but anything nice is 600k or more plus a regime fee of $400-$600 monthly. Also like Amelia Island mainly since you can draw renters from a large area and it is a laid back area.
 
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JohnnieHolmesNole said:
Privately owned, primarily by the families of the two (deceased) founders, Joe Rogers, Sr. and Tom Forkner. The company is located in Norcross, Georgia, and basically just prints money. I am a limited partner in some of the franchises.....can probably get you a job — either at the grill or waitressing — if you are bored and still looking. Let me know. :)
Click to expand...
Since my suspicions about who you really are continue to grow at a rapid clip, I suspect you also know I don't really need such employment, although my legendary sassiness would serve me well up until I was fired.
 
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PoopandBoogers said:
Am I crazy to think that a 2nd home should only be purchased if you have enough straight cash to just walk up and buy outright?
Click to expand...

No (other than you inherit it). I own two other houses (one in Brooksville FL and one in Shelby NC) with my sister as we inherited them, but I won’t purchase another home unless I can straight buy it outright and I’m using it to “hold” cash value not as a true investment where I expect it to go up. The billionaires I know personally (3 of them) all own multiple properties and giant fleets of antique cars BUT they are doing it just to hold cash equivalents and preserve purchasing power not as true investments. Now all three of the billionaires also own true commercial and “residential” that they flip for commercial reasons and one even owns industrial property that ARE for investment purposes. But that’s because they’re either long term insterested in a business associated with those investment properties OR they just are in it short term to prop up or create a company and then flip it. But none of them own their own residential property that they expect to go up in value. The closest I can think of is one of them owns a castle in Italy that they use about two weeks out of the year for their own house and rent out for corporate events and weddings the rest of the time.
 
goldmom said:
Since my suspicions about who you really are continue to grow at a rapid clip, I suspect you also know I don't really need such employment, although my legendary sassiness would serve me well up until I was fired.
Click to expand...
Legendary is good, especially served up hot.
 
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goldmom said:
Since my suspicions about who you really are continue to grow at a rapid clip, I suspect you also know I don't really need such employment, although my legendary sassiness would serve me well up until I was fired.
Click to expand...

You are the one who said you wanted a part-time job to combat your boredom. Truckers love sassy chicks. Think a size medium uniform will work? When can you start?
 
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