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Beach Condo Ownership
Posted on 9/7/21 at 11:18 pm
Posted on 9/7/21 at 11:18 pm
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?
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?
5
Posted on 9/8/21 at 7:56 am to WilsonPickett
quote: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.
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?
Posted on 9/8/21 at 8:39 am to greygoose
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.
Posted on 9/8/21 at 9:43 am to WilsonPickett
Wait until after hurricane season.
Posted on 9/8/21 at 12:15 pm to WilsonPickett
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. 
Posted on 9/8/21 at 12:49 pm to baldona
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 9/9/21 at 8:43 am
Posted on 9/8/21 at 3:26 pm to baldona
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.
Posted on 9/8/21 at 4:40 pm to WilsonPickett
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…
Posted on 9/9/21 at 11:53 am to Gaston
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
Posted on 9/9/21 at 8:48 pm to WilsonPickett
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.
Posted on 9/14/21 at 6:29 am to Gaston
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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