Understanding Condos on Siesta Key
Siesta Key Condo purchases are excellent options for both second home buyers and investors. Condos are typically less maintenance and provide income to offset most costs. Below are some items to think about when starting your search for your condo.
Rental Policy & Rental Income: Rental income is an important feature to many of the complexes on Siesta Key. It helps determine value for each condo. Example: If 2 units are exactly alike (2 bedrooms, 2 baths, 1,000 sq ft, 
gulf side, built the same year) you would assume they would be comparable in price. Now let’s add in the equation of one unit offering a one week minimum rental policy and generates an average of $40,000 in annual income. The other unit offers a monthly rental minimum policy and generates $15,000 in annual income. It would suffice to say, the one that has the one week minimum would be worth more then the monthly minimum. When looking for a condo, you must decide whether rental income is important to you or not and how much time you plan on staying in your unit. Our high season here is January through April. These months generate a significant portion of the annual income. Rental income often will cover the majority of the association fees, taxes and sometimes contribute to a mortgage. These factors will determine if you should be looking for a daily, weekly, or monthly minimum rental.
gulf side, built the same year) you would assume they would be comparable in price. Now let’s add in the equation of one unit offering a one week minimum rental policy and generates an average of $40,000 in annual income. The other unit offers a monthly rental minimum policy and generates $15,000 in annual income. It would suffice to say, the one that has the one week minimum would be worth more then the monthly minimum. When looking for a condo, you must decide whether rental income is important to you or not and how much time you plan on staying in your unit. Our high season here is January through April. These months generate a significant portion of the annual income. Rental income often will cover the majority of the association fees, taxes and sometimes contribute to a mortgage. These factors will determine if you should be looking for a daily, weekly, or monthly minimum rental. High Rise, Mid Rise, Low Rise, Villas, and Townhouses: There are different types of complexes on Siesta Key. 
There are High Rise’s, with up to 12 stories, Mid Rises, that are up to 5 stories and low rises, that are 2-3 stories. There are villas, which are free standing or attached one story units and townhouses, which are multi story units side by side with another unit. Each has its own benefits and you need to decide which is best for you. High Rises offer elevated views which most often will offer full Gulf and Bay views. Some people don’t care for the “high rise” feel and opt for low Rise communities. There are also Villas, which are like small homes. Townhouses have more then one floor and either have stairs (sometimes an elevator) to access the other floors.
There are High Rise’s, with up to 12 stories, Mid Rises, that are up to 5 stories and low rises, that are 2-3 stories. There are villas, which are free standing or attached one story units and townhouses, which are multi story units side by side with another unit. Each has its own benefits and you need to decide which is best for you. High Rises offer elevated views which most often will offer full Gulf and Bay views. Some people don’t care for the “high rise” feel and opt for low Rise communities. There are also Villas, which are like small homes. Townhouses have more then one floor and either have stairs (sometimes an elevator) to access the other floors. Large Complex and Smaller Complex: Large complexes are 100+ units. The benefits to larger complexes are when an assessment comes up for repair; say a roof, the cost of repair is divided between 100+ unit owners. Of course with 100+ units, there are a lot of people around you. Small complex’s offer the quaintness of a smaller community.
Gulf Side, Bay Side, and Gulf to Bay: On Siesta Key, Midnight Pass Road is the main road 
that divides the Gulf Side from the Bay Side of the Island. Gulf side condos are typically more expensive compared to the Bay Side condos because of gulf access and views. The difference between the two is Gulf side offers the beach and some gulf views while the Bay side offers potential boating opportunities and Bay views. Many Bay side properties have deeded beach accesses, some do not. It is important to know if it does or not (if you are using it for rental, this is an important amenity). Some properties are what we call “Gulf to Bay” communities. That means the complex is on both sides of the road. These are excellent communities because they offer both gulf and bay side amenities; often including beach, boating, fishing, pools on both sides, tennis, etc.
that divides the Gulf Side from the Bay Side of the Island. Gulf side condos are typically more expensive compared to the Bay Side condos because of gulf access and views. The difference between the two is Gulf side offers the beach and some gulf views while the Bay side offers potential boating opportunities and Bay views. Many Bay side properties have deeded beach accesses, some do not. It is important to know if it does or not (if you are using it for rental, this is an important amenity). Some properties are what we call “Gulf to Bay” communities. That means the complex is on both sides of the road. These are excellent communities because they offer both gulf and bay side amenities; often including beach, boating, fishing, pools on both sides, tennis, etc.Association Fees: Association fees cover the costs to maintain your unit and complex. The majority of the association fee is going to be for the master insurance policy. As a single family home owner, you know that this would be expensive if you had to carry this on your own. The insurance that is recommended for an individual condo owner is for the interior, like renters insurance. Other items that the association fees could cover are: grounds maintenance, managers, cable, pest control, water, pool maintenance, roof, and reserves, etc. The average association fee on Siesta Key ranges from $400-500 per month. Some are as low as $250 and as high as $1,250 a month. You get what you pay for, so don’t choose a condo solely on low association fees!
Special Assessments: 
Special assessments happen when something needs to be repaired or replaced at the complex. Maybe a hike in cost for insurance, a new roof, replacing docks, remodeling and painting the buildings, replacing the windows, or maybe the stacks. Each has a cost to them and can vary. A special assessment could be as low as an extra $100 or as high as tens of thousands. Condo associations sometimes try to make financial payment arrangements when assessments are significant. When buying a condo if a special assessment has been approved by the condominium association but has not been paid yet by the seller. It is often the seller’s responsibility to pay that at closing unless otherwise negotiated between the buyer and seller.
Special assessments happen when something needs to be repaired or replaced at the complex. Maybe a hike in cost for insurance, a new roof, replacing docks, remodeling and painting the buildings, replacing the windows, or maybe the stacks. Each has a cost to them and can vary. A special assessment could be as low as an extra $100 or as high as tens of thousands. Condo associations sometimes try to make financial payment arrangements when assessments are significant. When buying a condo if a special assessment has been approved by the condominium association but has not been paid yet by the seller. It is often the seller’s responsibility to pay that at closing unless otherwise negotiated between the buyer and seller.After deciding which condo works well from the above information, the things to then start thinking about are:
• Unit View
• How many Bedrooms and Baths
• Minimum Sq Footage
• Rental Restriction
• Pet Policy
• Beach Access
• Amenities (tennis, boating, pool, fitness)
Originally from Michigan, Geoff Rossman has lived and worked in Sarasota on Siesta Key for over 15 years and specializes in the sale of Siesta Key property.
Whether you’re buying or selling a condo or an investment property, Geoff has experience and expertise to help you find the property of your dreams!
If you have any real estate questions, please give Geoff a call.
GEOFF ROSSMAN(941) 544-3232
RE/MAX Tropical Sands
1211 Old Stickney Pt Rd
Siesta Key FL 34242
(941) 544-3232 Direct
Siesta Key News
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