Dennis Norman
By: Dennis Norman
This is my final post of a series about Florida real estate and the second part of my interview with Bob Radigan with VIP Realty Group in the Sanibel/Captiva area.
For part one of this series click here, part two click here and part three click here.
Following is the continuation of my E-View TM with Bob:
Q-Over the past couple of years there has been a lot of attention to the cost of, or difficulty in obtaining, property and flood insurance for Florida property. Please give me your comments with regard to the availability of insurance and typical cost.
A- I can’t quote rates, I always rely on all my insurance
professionals. All I know is that it is available and it can be expensive
depending on many factors with the property…elevation, age,
conforming/non-conforming, rental, etc. , For the most part it is not as big an issue for most properties.
Q- For people considering buying a home or condo for vacation rental can you please share with me the following information?
a. How are vacation rentals doing?
b. How have condos and homes that are vacation rentals been doing value-wise?
A-Vacation rentals were down this season, but are you surprised? Most of the country has been in “staycation” mode and the fear in the economy trickles everywhere.
What I’ have heard is that the season has somewhat extended this year and more travelers are vacationing later. I have a few customers who reported better than average rentals this year…so just like the “bottom” theory, it’s not all inclusive.
(b) Condos versus homes…as I mentioned above, homes have been more popular than condos, but the income producing units have not necessarily done better. Many, high-end condos or non-rental units have sold. Some buyers are less interested in income producing and more interested in lifestyle
improving!Q- Is there anything else you would like to share about the Florida market?
A-This might be the toughest question. I think that the
lack of confidence in the economy spawned a surplus of ambivalence. I see that starting to turn and I’m sensing a real serious interest from buyers and more realistic expectations from sellers. I’m excited about the future in real estate, buyers should be very excited.
If you would like to contact Bob and Viv Radigan with your questions about the Southwest Florida market you can contact them on their cell phone phone at 239-691-6240 or via email at email-paradise@coconet.com. You can also visit their website at www.SanibelandCaptivaIslands.com.
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