It’s wild out there, and if you read my column last week, you’ll understand just how wild it is. The value of homes on Anna Maria Island is soaring, and it’s not uncommon to see listings not just over $1 million but also $2 million, $3 million and $4 million. Last week, I even reported $5 million and $6 million sales or listings on the Island.
So, what’s a person to do? Most of the high-end properties are single-family with some high-end condos mixed in, but maybe the way to get on the Island near the water in a more affordable price range is to take condo living more seriously.
In the waterfront areas that I report on, Cortez and the three cities on Anna Maria Island, there are several condo communities, some with excellent waterfront, water view or water access with close proximity to the beach. Condos generally are priced lower than single-family homes in these areas and may give you a greater bang for your buck. But the real question is, are you a condo person?
I’ve written about condo living before, but at this point in time, it seems to be even more important to buyers who are priced out of single-family homes. It’s not that complicated and, in many respects, more advantageous to own a condo – especially if it’s a second home.
First of all, if you have never owned or lived in a condo association, you have a lot of research to do, starting with a lack of privacy. Not everyone is comfortable with someone living over their heads or on the other side of a common wall. Getting your newspaper in the morning could be embarrassing if you’re not appropriately dressed and it’s time for Fido down the hall to go for his morning walk. And, while we’re on the subject of pets, how do you feel about pets in close proximity to where you live? There are condos that have pet restrictions including no pets, small pets or a cap on the number of pets – something else to research.
Condo ownership is very much like communal living. A board of directors makes a lot of decisions that could affect your lifestyle and finances. Not that you can’t have a say in the operations of the association, but, as in most communal situations, the majority rules. There are rules and regulations that may or may not be a problem for you. For example, your teenage grandchildren visiting and using the pool after hours or hosting parties may guarantee you a letter from the association.
Of course, the advantages – especially for part-time residents – is walking out your front door and not worrying who’s cutting the lawn and cleaning the pool for several months. Association fees will cover all maintenance and repairs in regular condos; townhouse condo owners could be responsible for a larger share of the expenses. In addition, insurance and the all-important flood insurance for the association are paid for in the maintenance fees, therefore, you only need to carry a homeowner’s policy for your individual unit.
Life is always a compromise, and if you can’t find what you want within your price range in a single-family home, consider looking at condos even if you never thought you were a condo person. Granted, you have to assume you will have limited control, but if you can adopt a “live and let live” psychology you will be just fine and eventually learn to love the freedom. Stay safe.
