PCB CONDO vs SFR
Member since 2020 · 20 posts · 8 votes
PCB CONDO vs SFR
Most Popular Reply
Real Estate Agent · Rosemary Beach, FL · Member since 2010 · 14 posts · 13 votes
3yI am a Realtor in the area, my husband and I own a SFR in Laguna Beach, and we owned and operated a vacation rental company along 30A and the west end of PCB for about 10 years (Sold the company last year). That being said, there are some differences in SFR and Condos.
In general, figure 24-26 weeks per year for rentals. Northside of 98 won't rent short term. Too far to the beach. There is way to much competition. Ideally you want to be less then 1/3 of a mile to the beach. Ideally around 1/4.
Keep in mind that you can't be all things to all people. Those wanting to be beach front, a home won't do. Those that don't want to deal with elevators and want their own space, a condo won't do. Regarding condos, definitely get onto VRBO.com and read reviews. Some complain that they had to wait 30 minutes to get an elevator, other complexes are fine. The larger the condo, the higher the association fees. There are now new laws in place, due to the collapse of the south Florida condo building, regarding the reserves the condo needs to have and getting maintenance completed. Make sure to ask if there are any special assessments.
For a SFR, the 'trifecta' for rentals is, pet friendly (dogs only), fenced yard and private heated pool. When we had our company, about half of the rentals were pet friendly. It is very hard for people to find 'nice' pet friendly homes. Condos do not allow guests to bring pets, only owners. Our rental is not a large home, 3/2 plus bunks (sleeps 8) and about 1,100 SF. Huge backyard, screened porch and updated. We are completely booked from now till early Sept and then about 3 weeks in the fall.
When looking at SFR in PCB, make sure the street allows short term rentals as some streets don't. All in all, it's going to be a personal preference as to whether you buy a condo vs. home. Do you want to use the property? If so, what fits your families needs?
I will also mention that we are purchasing a 1-bedroom condo in Port St. Joe. New construction, great location and that condo complex will allow guests to bring pets. I'm not against condos, but you need to decide what's right for you.
Hope this all makes sense and helps. Let me know if you have other questions.
28 Replies
- Real Estate Agent · Rosemary Beach, FL · Member since 2010 · 14 posts · 13 votes3y
I am a Realtor in the area, my husband and I own a SFR in Laguna Beach, and we owned and operated a vacation rental company along 30A and the west end of PCB for about 10 years (Sold the company last year). That being said, there are some differences in SFR and Condos.
In general, figure 24-26 weeks per year for rentals. Northside of 98 won't rent short term. Too far to the beach. There is way to much competition. Ideally you want to be less then 1/3 of a mile to the beach. Ideally around 1/4.
Keep in mind that you can't be all things to all people. Those wanting to be beach front, a home won't do. Those that don't want to deal with elevators and want their own space, a condo won't do. Regarding condos, definitely get onto VRBO.com and read reviews. Some complain that they had to wait 30 minutes to get an elevator, other complexes are fine. The larger the condo, the higher the association fees. There are now new laws in place, due to the collapse of the south Florida condo building, regarding the reserves the condo needs to have and getting maintenance completed. Make sure to ask if there are any special assessments.
For a SFR, the 'trifecta' for rentals is, pet friendly (dogs only), fenced yard and private heated pool. When we had our company, about half of the rentals were pet friendly. It is very hard for people to find 'nice' pet friendly homes. Condos do not allow guests to bring pets, only owners. Our rental is not a large home, 3/2 plus bunks (sleeps 8) and about 1,100 SF. Huge backyard, screened porch and updated. We are completely booked from now till early Sept and then about 3 weeks in the fall.
When looking at SFR in PCB, make sure the street allows short term rentals as some streets don't. All in all, it's going to be a personal preference as to whether you buy a condo vs. home. Do you want to use the property? If so, what fits your families needs?I will also mention that we are purchasing a 1-bedroom condo in Port St. Joe. New construction, great location and that condo complex will allow guests to bring pets. I'm not against condos, but you need to decide what's right for you.
Hope this all makes sense and helps. Let me know if you have other questions.
- Investor · Member since 2022 · 1k+ posts · 754 votes3y
@January Johnson is who you want for this question!
- 3yMichael BaumPro MemberOlympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
Plus one on JJ. Plus one of her team @Napoleon DeCiutiis.
- 3yRaymond J. RodriguesBusiness MemberLender · Miami, FL · Member since 2017 · 1k+ posts · 797 votes
Hi @Mike Downey, reach out to @January Johnson. I am also happy to answer any lending questions that you may have!
Helm Mortgage Corp.5125 Reviews - Real Estate Agent · The Short Term Shop / Florida Emerald and Forgotten Coasts · Member since 2022 · 217 posts · 126 votes3y
Quote from @Mike Downey:
Hello,
I am looking to purchase an investment property in PCB that I will use for STR. I have seen a lot of mixed reviews on whether to go CONDO or SFR. I spoke with a realtor in the area and he is saying that a CONDO will have better cash flow due to occupancy rates. I am looking for a place $700k and under. I can get a condo on the beach or a SFR several blocks from the beach from what I am seeing. Does anyone have any SFR in this area that can validate occupancy rates on STR? The realtor is telling me that even for a CONDO I should not plan more than 60% and that if I get a SFR north of HWY 98, it will be closer to 20% occupancy rate.@Mike, if you look at the current occupancy rates for PCB through Air DNA, they are at 64%. I would also take those numbers with a grain of salt b/c Vacasa and Soleil/Walmart Management Companies will skew those numbers, so as someone who solely sells STRs, I disagree with the estimates you were given. I have clients right now with 70% occupancy rates. With proper targeting and self management you can do that. The Short Term Shop will help you excel in both of those areas.
North of 98 is the Death Zone for STR, with the exception of a few spots closer to 30a/Inlet Beach.
Between @January Johnson and myself, we can answer any questions that you may have. Good luck! Let us know if you'd like any help and keep us updated on the forum with your progress! - Member since 2020 · 20 posts · 8 votes3y
Quote from @Debbie James:
I am a Realtor in the area, my husband and I own a SFR in Laguna Beach, and we owned and operated a vacation rental company along 30A and the west end of PCB for about 10 years (Sold the company last year). That being said, there are some differences in SFR and Condos.
In general, figure 24-26 weeks per year for rentals. Northside of 98 won't rent short term. Too far to the beach. There is way to much competition. Ideally you want to be less then 1/3 of a mile to the beach. Ideally around 1/4.
Keep in mind that you can't be all things to all people. Those wanting to be beach front, a home won't do. Those that don't want to deal with elevators and want their own space, a condo won't do. Regarding condos, definitely get onto VRBO.com and read reviews. Some complain that they had to wait 30 minutes to get an elevator, other complexes are fine. The larger the condo, the higher the association fees. There are now new laws in place, due to the collapse of the south Florida condo building, regarding the reserves the condo needs to have and getting maintenance completed. Make sure to ask if there are any special assessments.
For a SFR, the 'trifecta' for rentals is, pet friendly (dogs only), fenced yard and private heated pool. When we had our company, about half of the rentals were pet friendly. It is very hard for people to find 'nice' pet friendly homes. Condos do not allow guests to bring pets, only owners. Our rental is not a large home, 3/2 plus bunks (sleeps 8) and about 1,100 SF. Huge backyard, screened porch and updated. We are completely booked from now till early Sept and then about 3 weeks in the fall.
When looking at SFR in PCB, make sure the street allows short term rentals as some streets don't. All in all, it's going to be a personal preference as to whether you buy a condo vs. home. Do you want to use the property? If so, what fits your families needs?I will also mention that we are purchasing a 1-bedroom condo in Port St. Joe. New construction, great location and that condo complex will allow guests to bring pets. I'm not against condos, but you need to decide what's right for you.
Hope this all makes sense and helps. Let me know if you have other questions.
Thank you Debbie. That is great information. We will definitely do solid research on the reviews for Condominiums. Is that your SFR in Laguna that is fully booked out through September? That sounds like a great occupancy rate. How close is that rental to the beach?
- Member since 2020 · 20 posts · 8 votes3y
Quote from @Michael Baum:
Plus one on JJ. Plus one of her team @Napoleon DeCiutiis.
Will do. Thank you for the tip!
- Member since 2020 · 20 posts · 8 votes3y
Quote from @Brooklyn McCarty:
@January Johnson is who you want for this question!
Will do. Thank you!
- Member since 2020 · 20 posts · 8 votes3y
Quote from @Raymond J. Rodrigues:
Hi @Mike Downey, reach out to @January Johnson. I am also happy to answer any lending questions that you may have!
Thanks Raymond. JJ sounds highly recommended.
- Member since 2020 · 20 posts · 8 votes3y
Quote from @Napoleon DeCiutiis:
Quote from @Mike Downey:
Hello,
I am looking to purchase an investment property in PCB that I will use for STR. I have seen a lot of mixed reviews on whether to go CONDO or SFR. I spoke with a realtor in the area and he is saying that a CONDO will have better cash flow due to occupancy rates. I am looking for a place $700k and under. I can get a condo on the beach or a SFR several blocks from the beach from what I am seeing. Does anyone have any SFR in this area that can validate occupancy rates on STR? The realtor is telling me that even for a CONDO I should not plan more than 60% and that if I get a SFR north of HWY 98, it will be closer to 20% occupancy rate.@Mike, if you look at the current occupancy rates for PCB through Air DNA, they are at 64%. I would also take those numbers with a grain of salt b/c Vacasa and Soleil/Walmart Management Companies will skew those numbers, so as someone who solely sells STRs, I disagree with the estimates you were given. I have clients right now with 70% occupancy rates. With proper targeting and self management you can do that. The Short Term Shop will help you excel in both of those areas.
North of 98 is the Death Zone for STR, with the exception of a few spots closer to 30a/Inlet Beach.
Between @January Johnson and myself, we can answer any questions that you may have. Good luck! Let us know if you'd like any help and keep us updated on the forum with your progress!Thanks for the guidance Napoleon. It's great to hear from people with skin in the STR game. How do you feel about SFR vs CONDO for STR in Panama City Beach area? Will one produce higher cash flow? From my research and using my budget, it appears that I will be able to charge more for SFR but will have less occupancy and vice versa for a CONDO, so it is difficult to determine which asset will be the most profitable.
- Lender · New York, NY · Member since 2022 · 1k+ posts · 1k+ votes3y
I'd recommend reaching out to Caleb Drake with the Five Pillars Team.
- 3ySarah KensingerPro MemberReal Estate Consultant · OH · Member since 2023 · 2k+ posts · 1k+ votes
Love the "north of 98 is the death zone for STR"! We had a realtor pretty much tell us the same thing. Unfortunately, everything south of 98 in PCB is usually a condo or townhouse but usually they are a short ride or walk to the beach, which does makes them book quicker. Beware that most condos are non-warrantable, so be prepared for that if you choose to go the condo route.
- Member since 2020 · 20 posts · 8 votes3y
Quote from @Sarah Kensinger:
Love the "north of 98 is the death zone for STR"! We had a realtor pretty much tell us the same thing. Unfortunately, everything south of 98 in PCB is usually a condo or townhouse but usually they are a short ride or walk to the beach, which does makes them book quicker. Beware that most condos are non-warrantable, so be prepared for that if you choose to go the condo route.
Hey Sarah,
Is the major downside to "non-warrantable" that lenders do not want to finance, so it will be difficult getting a loan? I am not very familiar with this concept. Thank you.
- Miami, FL · Member since 2022 · 83 posts · 68 votes3y
One thing to look out for with condos vs. SFR is how much of the guest experience you can control. Do a lot of research to make sure there aren't problems with the building / building management before choosing a condo. Things like condos charging extra guest fees, raising hoa fees for owners, poor building maintenance, etc. can all impact your STR cash flows
- 3ySarah KensingerPro MemberReal Estate Consultant · OH · Member since 2023 · 2k+ posts · 1k+ votesNon-warrantable condos are harder to get lending on, but The Lender and Host Financial do provide STR loans with 25% down. You also do need at least 20% preferably 25% down on non-warrantable condo and down the road it could be harder to sell. But it could also flip back to warrantable too. For the most part all condos in FL are non-warrantable so it's not that big of a deal, you just need to make sure you have the down payment and sometimes patience for a couple extra hoops during the loan processes.
Quote from @Mike Downey:
Quote from @Sarah Kensinger:
Love the "north of 98 is the death zone for STR"! We had a realtor pretty much tell us the same thing. Unfortunately, everything south of 98 in PCB is usually a condo or townhouse but usually they are a short ride or walk to the beach, which does makes them book quicker. Beware that most condos are non-warrantable, so be prepared for that if you choose to go the condo route.
Hey Sarah,
Is the major downside to "non-warrantable" that lenders do not want to finance, so it will be difficult getting a loan? I am not very familiar with this concept. Thank you.
- Property Manager · Tampa, FL · Member since 2022 · 147 posts · 66 votes3y
@Steve Lovelace is a rock start STR property manager in PCB, he would be a great resource and could give some great pointers.
- Real Estate Agent · Member since 2019 · 569 posts · 257 votes3yThings to consider when buying condos and the future assessments: This section outlines the requirement for mandatory structural inspections of condominium and cooperative buildings in the state of Florida. The law requires a milestone inspection to be performed every 10 years for each building that is three stories or more in height, beginning at the 30-year mark from the date the certificate of occupancy was issued. Buildings located within 3 miles of a coastline must have their first milestone inspection at 25 years. The condominium or cooperative association must arrange for the milestone inspection and is responsible for all costs associated with the inspection. The inspection must be performed by a licensed architect or engineer authorized to practice in the state of Florida. The milestone inspection consists of two phases: a visual examination of habitable and nonhabitable areas of the building in phase one and, if needed, a phase two inspection that may involve destructive or nondestructive testing to fully assess areas of structural distress. Upon completion of the milestone inspection, the architect or engineer must submit a sealed copy of the inspection report with a separate summary of the material findings and recommendations to the condominium association or cooperative association and the building official of the local government which has jurisdiction. Condo unit owners may see higher premiums and now face the added cost of flood insurance if they move to Citizens, which is the alternative insurer. Senate Bill 2A and previous reforms are expected to stabilize the market, but officials have said it may take another year or two before the full effect is felt.
Quote from @Mike Downey:
Hello,
I am looking to purchase an investment property in PCB that I will use for STR. I have seen a lot of mixed reviews on whether to go CONDO or SFR. I spoke with a realtor in the area and he is saying that a CONDO will have better cash flow due to occupancy rates. I am looking for a place $700k and under. I can get a condo on the beach or a SFR several blocks from the beach from what I am seeing. Does anyone have any SFR in this area that can validate occupancy rates on STR? The realtor is telling me that even for a CONDO I should not plan more than 60% and that if I get a SFR north of HWY 98, it will be closer to 20% occupancy rate.
I prefer townhomes or single family residences close to the beach. We current bought one in gulf highlands and 30A! Reaching 10% gross or purchase or more. - 3yMichael BaumPro MemberOlympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
Paragraphs please! Easy to get lost in the wall.
- Real Estate Agent · The Short Term Shop / Florida Emerald and Forgotten Coasts · Member since 2022 · 217 posts · 126 votes3y
Quote from @Mike Downey:
Quote from @Napoleon DeCiutiis:
Quote from @Mike Downey:
Hello,
I am looking to purchase an investment property in PCB that I will use for STR. I have seen a lot of mixed reviews on whether to go CONDO or SFR. I spoke with a realtor in the area and he is saying that a CONDO will have better cash flow due to occupancy rates. I am looking for a place $700k and under. I can get a condo on the beach or a SFR several blocks from the beach from what I am seeing. Does anyone have any SFR in this area that can validate occupancy rates on STR? The realtor is telling me that even for a CONDO I should not plan more than 60% and that if I get a SFR north of HWY 98, it will be closer to 20% occupancy rate.@Mike, if you look at the current occupancy rates for PCB through Air DNA, they are at 64%. I would also take those numbers with a grain of salt b/c Vacasa and Soleil/Walmart Management Companies will skew those numbers, so as someone who solely sells STRs, I disagree with the estimates you were given. I have clients right now with 70% occupancy rates. With proper targeting and self management you can do that. The Short Term Shop will help you excel in both of those areas.
North of 98 is the Death Zone for STR, with the exception of a few spots closer to 30a/Inlet Beach.
Between @January Johnson and myself, we can answer any questions that you may have. Good luck! Let us know if you'd like any help and keep us updated on the forum with your progress!Thanks for the guidance Napoleon. It's great to hear from people with skin in the STR game. How do you feel about SFR vs CONDO for STR in Panama City Beach area? Will one produce higher cash flow? From my research and using my budget, it appears that I will be able to charge more for SFR but will have less occupancy and vice versa for a CONDO, so it is difficult to determine which asset will be the most profitable.
There is a market for both condos and SFRs here in PCB. What do YOU want and where do your NUMBERS work the best for your situation? As far as cash flow- that is on the location/your diligence and drive/size of property in bedrooms....
If you use your STRs, do you like drinking a coffee looking at white sand and clear water or do you want to go out on your deck away from the beach for a second and not riding an elevator?
Another thing to consider is insurance is destroying the SFR market for investors, if the home is older than 2001. If you are considering a SFR, then you should be getting insurance quotes for that specific address (from a local broker- national companies are twice the price) to work into your numbers. Condos are covered by their HOA fees for insurance, and you'll only have to insure your contents. THat being said, there are still plenty of SFRs on the beach for sale that will meet numbers- you just have to put in the work to find them.
I hope that answers your question! - Real Estate Agent · The Short Term Shop / Florida Emerald and Forgotten Coasts · Member since 2022 · 217 posts · 126 votes3yMike,
Quote from @Mike Downey:
Quote from @Napoleon DeCiutiis:
Quote from @Mike Downey:
Hello,
I am looking to purchase an investment property in PCB that I will use for STR. I have seen a lot of mixed reviews on whether to go CONDO or SFR. I spoke with a realtor in the area and he is saying that a CONDO will have better cash flow due to occupancy rates. I am looking for a place $700k and under. I can get a condo on the beach or a SFR several blocks from the beach from what I am seeing. Does anyone have any SFR in this area that can validate occupancy rates on STR? The realtor is telling me that even for a CONDO I should not plan more than 60% and that if I get a SFR north of HWY 98, it will be closer to 20% occupancy rate.@Mike, if you look at the current occupancy rates for PCB through Air DNA, they are at 64%. I would also take those numbers with a grain of salt b/c Vacasa and Soleil/Walmart Management Companies will skew those numbers, so as someone who solely sells STRs, I disagree with the estimates you were given. I have clients right now with 70% occupancy rates. With proper targeting and self management you can do that. The Short Term Shop will help you excel in both of those areas.
North of 98 is the Death Zone for STR, with the exception of a few spots closer to 30a/Inlet Beach.
Between @January Johnson and myself, we can answer any questions that you may have. Good luck! Let us know if you'd like any help and keep us updated on the forum with your progress!Thanks for the guidance Napoleon. It's great to hear from people with skin in the STR game. How do you feel about SFR vs CONDO for STR in Panama City Beach area? Will one produce higher cash flow? From my research and using my budget, it appears that I will be able to charge more for SFR but will have less occupancy and vice versa for a CONDO, so it is difficult to determine which asset will be the most profitable.
Great question. Right now SFRs older than 2001 are getting destroyed on insurance rates. That puts a lot of properties out of the numbers. That being said, What do YOU want when you imagine your beach STR? Coffee on the balcony watching sugar white sand and clear emerald waters? Away from the elevators and next door neighbors and a beach break in a SFR? A part of you needs to love the place, because it will greatly affect the amount of effort you put into your business!
My advice is to let the numbers speak for you. If you are interested in a SFR, make sure you get an insurance quote for that address (from local brokers, not national) and see how it works financially for you. Condos HOA covers the building insurance, so you only need to buy content insurance for them.
There are benefits to BOTH condos and SFRs, and here on the Emerald Coast, there is a market for both. Visitors spent over $3.1B here in 2022, with 19.2 Million Visitor Stays (source: 4thQuarter TOURISM IMPACT and year-end report for Panama City Beach).
Your money still goes a long way here and you can definitely make it work for you! - Real Estate Agent · Emerald Coast, FL · Member since 2016 · 820 posts · 486 votes3y
@Mike Downey To get an accurate insurance quote, you're going to need a current (within the last 3 years, I think) 4-point inspection and a wind mitigation report (so you can know what kind of fasteners the roof has). If the current seller will share those, great. If not, you're going to have to wait until you are under contract and have your own inspections done.
- Real Estate Agent · Rosemary Beach, FL · Member since 2010 · 14 posts · 13 votes3y
Quote from @Mike Downey:
Quote from @Debbie James:
I am a Realtor in the area, my husband and I own a SFR in Laguna Beach, and we owned and operated a vacation rental company along 30A and the west end of PCB for about 10 years (Sold the company last year). That being said, there are some differences in SFR and Condos.
In general, figure 24-26 weeks per year for rentals. Northside of 98 won't rent short term. Too far to the beach. There is way to much competition. Ideally you want to be less then 1/3 of a mile to the beach. Ideally around 1/4.
Keep in mind that you can't be all things to all people. Those wanting to be beach front, a home won't do. Those that don't want to deal with elevators and want their own space, a condo won't do. Regarding condos, definitely get onto VRBO.com and read reviews. Some complain that they had to wait 30 minutes to get an elevator, other complexes are fine. The larger the condo, the higher the association fees. There are now new laws in place, due to the collapse of the south Florida condo building, regarding the reserves the condo needs to have and getting maintenance completed. Make sure to ask if there are any special assessments.
For a SFR, the 'trifecta' for rentals is, pet friendly (dogs only), fenced yard and private heated pool. When we had our company, about half of the rentals were pet friendly. It is very hard for people to find 'nice' pet friendly homes. Condos do not allow guests to bring pets, only owners. Our rental is not a large home, 3/2 plus bunks (sleeps 8) and about 1,100 SF. Huge backyard, screened porch and updated. We are completely booked from now till early Sept and then about 3 weeks in the fall.
When looking at SFR in PCB, make sure the street allows short term rentals as some streets don't. All in all, it's going to be a personal preference as to whether you buy a condo vs. home. Do you want to use the property? If so, what fits your families needs?I will also mention that we are purchasing a 1-bedroom condo in Port St. Joe. New construction, great location and that condo complex will allow guests to bring pets. I'm not against condos, but you need to decide what's right for you.
Hope this all makes sense and helps. Let me know if you have other questions.
Thank you Debbie. That is great information. We will definitely do solid research on the reviews for Condominiums. Is that your SFR in Laguna that is fully booked out through September? That sounds like a great occupancy rate. How close is that rental to the beach?
Yes, it's our personal rental. We have a management company handling the rentals as when we sold our company, my Husband didn't want to deal with it :-). He gives them his thoughts on pricing as well. Earlier this year he had them reduce the rates as they had them too high.
The home is about 6 homes from the beach. Here's a link: Leo's Hideaway
- Real Estate Agent · Rosemary Beach, FL · Member since 2010 · 14 posts · 13 votes3y
Quote from @Mike Downey:
Quote from @Sarah Kensinger:
Love the "north of 98 is the death zone for STR"! We had a realtor pretty much tell us the same thing. Unfortunately, everything south of 98 in PCB is usually a condo or townhouse but usually they are a short ride or walk to the beach, which does makes them book quicker. Beware that most condos are non-warrantable, so be prepared for that if you choose to go the condo route.
Hey Sarah,
Is the major downside to "non-warrantable" that lenders do not want to finance, so it will be difficult getting a loan? I am not very familiar with this concept. Thank you.
Most condos in our area are non-warrantable. Basically, Fannie Mae and Freddie Mac (Gov't entities) aren't buying the loans so the banks have to keep them in-house...which is called a portfolio loan. Not all banks will do condo loans. And interest rates are higher then SFR.
- Real Estate Agent · Emerald Coast, FL · Member since 2016 · 820 posts · 486 votes3y
@Mike Downey I think the first question you should ask Mr. DeCiutiis is how in the world he manages to earn a $12,500 monthly cash flow on his $900K primary residence and $3,500 a month on the $350,000 home his wife and kids live in as noted in the public DEALS section of his BP profile. If he can answer that one, then maybe ask a second question...
; ) - Member since 2020 · 20 posts · 8 votes3y
Quote from @Debbie James:
Quote from @Mike Downey:
Quote from @Debbie James:
I am a Realtor in the area, my husband and I own a SFR in Laguna Beach, and we owned and operated a vacation rental company along 30A and the west end of PCB for about 10 years (Sold the company last year). That being said, there are some differences in SFR and Condos.
In general, figure 24-26 weeks per year for rentals. Northside of 98 won't rent short term. Too far to the beach. There is way to much competition. Ideally you want to be less then 1/3 of a mile to the beach. Ideally around 1/4.
Keep in mind that you can't be all things to all people. Those wanting to be beach front, a home won't do. Those that don't want to deal with elevators and want their own space, a condo won't do. Regarding condos, definitely get onto VRBO.com and read reviews. Some complain that they had to wait 30 minutes to get an elevator, other complexes are fine. The larger the condo, the higher the association fees. There are now new laws in place, due to the collapse of the south Florida condo building, regarding the reserves the condo needs to have and getting maintenance completed. Make sure to ask if there are any special assessments.
For a SFR, the 'trifecta' for rentals is, pet friendly (dogs only), fenced yard and private heated pool. When we had our company, about half of the rentals were pet friendly. It is very hard for people to find 'nice' pet friendly homes. Condos do not allow guests to bring pets, only owners. Our rental is not a large home, 3/2 plus bunks (sleeps 8) and about 1,100 SF. Huge backyard, screened porch and updated. We are completely booked from now till early Sept and then about 3 weeks in the fall.
When looking at SFR in PCB, make sure the street allows short term rentals as some streets don't. All in all, it's going to be a personal preference as to whether you buy a condo vs. home. Do you want to use the property? If so, what fits your families needs?I will also mention that we are purchasing a 1-bedroom condo in Port St. Joe. New construction, great location and that condo complex will allow guests to bring pets. I'm not against condos, but you need to decide what's right for you.
Hope this all makes sense and helps. Let me know if you have other questions.
Thank you Debbie. That is great information. We will definitely do solid research on the reviews for Condominiums. Is that your SFR in Laguna that is fully booked out through September? That sounds like a great occupancy rate. How close is that rental to the beach?
Yes, it's our personal rental. We have a management company handling the rentals as when we sold our company, my Husband didn't want to deal with it :-). He gives them his thoughts on pricing as well. Earlier this year he had them reduce the rates as they had them too high.
The home is about 6 homes from the beach. Here's a link: Leo's Hideaway
Thank you Debbie!
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