Looking to buy outside of the developments, wondering how the rental market is? If a development rental is a better option I would love the advice. Looking to make contacts. Property management / realtor / financing / legal.
Hey @Chris Wan
In my opinion the Sarasota rental market is very healthy. I am from Bradenton just a town over and frequent Sarasota often in meetings, business, and even own a rental there myself. Being home to the #1 Beach in the U.S and others along the gulf coast, it is not a bad place to own a few rentals. Landlords seem to fill vacancies pretty quickly, and rents are usually around 1%. Along with the tourism, jobs, and the beaches I already mentioned, Sarasota has great long term appreciation potential. A fantastic place to do some REI as long as you find the right deal!
Sarasota, Bradenton, St Pete, Clearwater and Tampa are all solid markets for rentals right now. Values are still appreciating and rent rates are historically high. There's so much demand that many skyrise apartments are being built in the downtown areas and big developers cannot keep up with the demand.
I would also look further south in Venice, North Port, and Port Charlotte. (I moved to Sarasota 27 years ago. I am now up in Orlando. But I was a commercial broker there for years.)
That area is going to grow. Prices are more reasonable.
I think Sarasota is in a bubble.
@Joshua Rountree I am from Bradenton but live in Orlando now, I will definitely check out the area for my second purchase.
@Bernadeau C. And let me know when you do!
Very loaded question but I'll do my best.
I believe as we are in a bubble in general when it comes to Real Estate across the nation which means everything should be taken with a grain of salt, especially Sarasota. Historically low rates have inflated everything and cause a sudden drop in very very low inventory rates. That being said I do believe the market across the nation will catch up with itself sooner rather than later. Sarasota is historically a older (age wise) city and therefore not as fast moving and ready to capitalize on the sudden upturn. Keep in mind however Florida specifically coastal city's are highly desirable location for snow birds to look towards in the coming months due to the cooling weather. "WINTER IS COMING" and actually turns out to be an accurate warning in our market being the high point in the season as far as transactions and should be noted with everything being said when talking about the "Market". I still think it's a great market to invest in but as with every where else it all depends on the deal you lock up.
I agree with @Joshua Rountree
The market all over the coast of SW Florida has been going off with many people moving from the cities (New York, Chicago, Atlanta, Etc.) because why sit in your 1/1 500sf apartment, as you work from home when you can work remotely from the beach or have a yard your kids can play in.
For all investors looking for deals in this area please PM me. I have grown up in this area and have been in the construction industry for over 10 years. I would love to help find the properties you are looking for at the correct price point.
@Bernadeau C. Sure! PM me with any details you may need
@Wesley Davis Can you please add me to your wholesale list..I am interested in that area too