Siesta Key Condominiums with Rental Income

August 7, 2007

The condominium inventory on Siesta Key continues to improve.  Currently there are 522 condominiums for sale.  Down from the 600 plus that we had at the beginning of the year.  During this year 139 condominiums have closed escrow on Siesta Key and an additional 40 units are currently under contract.  Prices have come down from the markets peak in the late summer of 2005 and there are some good deals to be had.  I have recently seen a dramatic increase in inquiries for Siesta Key condominiums.  Especially those with good rental incomes like Palm Bay Club and Sarasota Surf & Racquet. 

Palm Bay Club has a great on-site rental office which charges 30% of the rental revenue.  The going rate for such services is 20% but the Palm Bay Club’s 30% fee includes maid services which often will amount to 10% to 12% percent of the revenue on short term rentals.  Sarasota Surf & Racquet also offers a good on-site rental program for a 20% fee.  Maid services are billed separately.  In the end owner will have received about 70% of the gross revenue at either property.

At Palm Bay Club, there are 10 condominiums for sale on the Gulf side of Midnight Pass.  The average price is $748,530.  Prices range from $579,900 to $1,125,000.  You can click here to view these properties.

 At Sarasota Surf & Racquet there are 14 properties for sale at an average price of $939,857.  The prices range from $469,000 to $1,399,998.  You can click here to view these properties.

For more information about these and other condominiums on Siesta Key, visit http://www.siestakeycondominiums.com


One comment

  1. Glad I came across this blog! Well Written.

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