The Millstone Times April 2022



Are Florida Beach Condos a Good Investment? By, Heather Smith Having a beachfront condo in Florida as an investment property can be a great thing if you know how to buy it. Owning a condo directly on the beach in Florida is different than even a few blocks away. There are two assumptions I have to make in order to talk about property values for condominiums by the water. First is that the building is being properly maintained. There are no delayed maintenance issues, for instance. Second, the building is fi- nancially solvent (financially healthy). There is not a high rate of delin- quencies in terms of dues and defaults. Therefore, if the building you are considering is financially healthy and well maintained, you should expect the following: -High Rental Rates. Beach Condos in Florida do have higher rental rates and a steady stream of tenants too. Many buildings have rental restric- tions so keep that in mind. When people go on vacation, they want the dream of waking up and looking at the ocean, the convenience of just walking out to the beach or catching a spectacular sunset are just a few reasons tenants are will- ing to pay for it short term. -Appreciation rates: Location, location, Location. That definitely ap- plies to beachfront property. There is only so much of it. If you have a nice, wide sandy beach and the condo building has nice amenities, then your beachfront condo should have you nice residual income. -View: What is your view from your condo? Views cost money when you are considering buying a beach condo. When looking on the East coast of Florida, some people love the beautiful ocean views during the day but at night it’s just a vast of blackness. Nighttime if you face West, you get the twinkling lights of the city but no pretty ocean views…. what do you prefer? (Here’s a hint, if you purchase a corner unit, you can have both!) How much are you willing to spend to have a view of your choice and how much of that will be recaptured when you sell your condo? I have over 25 years of experience in the South Florida Real Estate Mar- ket, and I am happy to help you with these questions and many more!

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