Siesta Key Condo Real Estate
As the #1 beach in the USA, Siesta Key is a great place to visit and a great place to buy a condo. These condos are a beautiful way to relax for yourself, and can also be a wonderfully easy investment if you rent it out. Find a brief Siesta Key Condo renting guide below for more information!
Condos for Sale on Siesta Key
Siesta Key Condo Guide
There are several levels of income-producing condos on Siesta Key: the highest producer will be a beachside complex with the shortest term allowed for renting (1 - 3 days per rental), direct access to the beach, and the convenience of not having to cross Midnight Pass Road (a bonus for safe family vacationing). The shorter-term renting regulations of these properties actually help them stay well-rented in the off-season too - for people taking weekend trips, locals taking a "staycation", or Florida explorers hopping around the state. Second best for investing are the short-term complexes on the bayside with deeded beach access across the street (Midnight Pass Road) - which are usually through an agreement with a beachside complex or a Gulf to Bay complex. From there, the lengths of stay of different properties go from 1 week all the way up to annual renting, with an inverse direction of profit potential.
Financing is often a consideration for Siesta Key condos because of their high renter to full-time owner-occupant ratio, which makes the banks consider them "Condo-tels" and therefore disqualified for government-backed loans. To finance, you will likely need 30% down at a slightly higher interest rate and a specialized mortgage broker (contact us for a list). This will be the most fun investment you will have in your portfolio, although it may not generate a good cap rate - it will however offset your tax and condo fees, may produce you a small net income, and can appreciate over time. The best part of this type of investment property is enjoying it for yourself, with friends, or with family.
For help identifying the right condo to achieve your goals on Siesta Key, please reach out to us. We are happy to help you navigate the options, buy, and rent your piece of sun and sand on gorgeous Siesta Key.
