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WilsonPickett
LSU Fan
St Amant, LA
Member since Oct 2009
1340 posts
 Online 

Beach Condo Ownership
Wife and have started looking for a beach condo along the gulf coast. Not a fan of Orange Beach but looking from Pensacola to Destin. Really like Navarre Beach.

Market is high right now, just like everything else. We’re not really looking to rent the unit, more of a 2nd home. We don’t mind a summer crowd because we’re not big restaurant people and we own our own business and can travel on off days and times and work from anywhere’s. Anyone own one?

Recommendations? Things to lookout for?


greygoose
Auburn Fan
Member since Aug 2013
6743 posts

re: Beach Condo Ownership
quote:

Wife and have started looking for a beach condo along the gulf coast. Not a fan of Orange Beach but looking from Pensacola to Destin. Really like Navarre Beach.

Market is high right now, just like everything else. We’re not really looking to rent the unit, more of a 2nd home. We don’t mind a summer crowd because we’re not big restaurant people and we own our own business and can travel on off days and times and work from anywhere’s. Anyone own one?

Recommendations? Things to lookout for?


I don't own one, but one of my very good friends does. The price you pay to buy it, is just the tip of the iceberg. You need to factor in the assessments that will surely raise their ugly head.


baldona
Auburn Fan
Florida
Member since Feb 2016
15632 posts
 Online 

re: Beach Condo Ownership
quote:

factor in the assessments


These are no different than owning a home, except generally the exterior of a condo are kept in the same condition as when you buy it and the work done by a 3rd party which isn't cheap.

The market is stupid right now so I can't recommend anyone buying unless its a building you have a history with that you love.

But I always recommend getting the HOA annual meeting minutes as they are public record and will show any potential upcoming major expenses/ issues. Most maintenance should be covered in HOA dues and assessments due to a healthy escrow account.


DWaginHTown
USA Fan
Houston, TX
Member since Jan 2006
9242 posts

re: Beach Condo Ownership
Wait until after hurricane season.


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70
PURPLE&GOLDFINGER
LSU Fan
Baton Rouge, La.
Member since Aug 2004
1172 posts

re: Beach Condo Ownership
Brother in law bought their condo in Pensacola around March. He was on a Zoom call last night with the HOA meeting. Board decided to replace all the roofs on all condo's and repair a elevator which isn't part of his part of his location. Assessed each owner $7500.


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140
NYCAuburn
Auburn Fan
TD Platinum Membership/SECr Sheriff
Member since Feb 2011
56768 posts

re: Beach Condo Ownership
quote:

These are no different than owning a home, except generally the exterior of a condo are kept in the same condition as when you buy it and the work done by a 3rd party which isn't cheap.


Assessments can be quite steep. Also consider the monthly condo fees. usually dictated by size/# of bedrooms in unit


Main thing to consider is when are you trying to go and are you trying to rent/make money on it. if you are trying to make money on it, expect to really only have open dates in the offseason
This post was edited on 9/9 at 8:43 am


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WilsonPickett
LSU Fan
St Amant, LA
Member since Oct 2009
1340 posts
 Online 

re: Beach Condo Ownership
quote:

The market is stupid right now so I can't recommend anyone buying unless its a building you have a history with that you love.


Yeah it is. There has been several units with price reductinos in the last 30 days or so but some are asking way too much.


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Gaston
LSU Fan
Dirty Coast
Member since Aug 2008
33817 posts

re: Beach Condo Ownership
Just buy a house. Condos aren’t what I’d want to escape to. I’d probably go past Destin too. Mexico Beach, Port St Joe, St George Island, Apalachicola…


baldona
Auburn Fan
Florida
Member since Feb 2016
15632 posts
 Online 

re: Beach Condo Ownership
quote:

Just buy a house


If you think HOA dues for condos are expensive, try owning a beach house within 2 blocks of the beach. The salt is absolutely hell on exteriors.

Condo HOA dues are for the most part actually very reasonable when you consider you get multiple utilities generally and sometimes you get everything but Electricity. On a beach property getting cable tv, internet, water, and trash is worth $250 or more a month. That could be upwards of 50% of your HOA dues for a smaller unit.

Condo Assessments are for the most part pretty rare, and certainly less often than the price of maintaining a property on your own. If assessments are not rare then you


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61
Drizzt
LSU Fan
Cimmeria
Member since Aug 2013
9194 posts

re: Beach Condo Ownership
I have a realtor who keeps an eye out for property in that area for me. He told me many of the condos there haven’t done assessments yet for damage from the hurricane last year. He expects many of these to be in the $10,000 range per unit. I’d wait for these to go through because if you buy now you have to pay any assessment to the HOA.


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60
WilsonPickett
LSU Fan
St Amant, LA
Member since Oct 2009
1340 posts
 Online 

re: Beach Condo Ownership
quote:

Just buy a house. Condos aren’t what I’d want to escape to. I’d probably go past Destin too. Mexico Beach, Port St Joe, St George Island, Apalachicola…


Yeah, we’re looking at that also. Probably don’t really wanna go any further. Driving to Destin is about as far as we wanna go. If we found a house/condo in Perdido Key-Pensacola we’d be cool with that also.


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