Siesta Condos For Sale

Siesta Key Condos for Sale

As the #1 beach in the USA Siesta Key is a great place to visit and a great place to buy a condo.  Wonderful if you use it just for yourself, but even an easier investment if you rent it out.  There are several levels of income-producing condos on Siesta.  The highest producer will be a beachside complex with the shortest term allowed rental ie: 1-3 day rental on the beachside.  The reason being it's the shortest walk to the beach and if parents are traveling with kids they don't have to cross Midnight Pass Road.  Also, these will rent well in the offseason because people may just want to stay for a weekend or a few days then go on to other parts of Florida. You can see that a complex that only allows 1-month min stay might not rent so well in the summer.  Second is the short-term complex on the bayside of the street with deeded beach access across the street - which is usually through an agreement with a beachside complex or maybe a Gulf to Bay complex. Then it goes up (or down if you are counting income) by combinations of the length of stay ie: 1-week minimum, 1-month minimum, 3-month minimum, 6-month minimum, or annual. 

Financing is the other consideration because Siesta condos have a high renter percentage to full-time owner-occupants they are mostly considered (by the banks) as Condo-tel.  This means they won't qualify for government-backed loans.  You will likely need 30% down at a slightly higher interest rate and you will have to find mortgage brokers who deal in this type of product (contact us for a list).  This will be the most fun investment you will have in your portfolio but don't expect it to generate a good cap rate - it won't!  It will however offset your tax and condo fees and can produce a small net income and it will appreciate over time.  Most of all you will get to use it for your own enjoyment.   For help identifying the right condo that will achieve your goals please reach out to us when you are ready to buy your Siesta Key condo.  We will be glad to help you navigate the options and help you buy your piece of the sun and sand on Siesta Key.