You really know what you are doing man, I’m sure you know that! I love Sarasota, my only destination for vacation and I do plan to buy a house there at some point, but there are a lot of unknowns that I need to learn. Thank you so much for amazing info!
$400K mortgage with a 7% fixed rate, the monthly payment on a 15-year loan is $3,595. The payment on a 30-year loan, by comparison, is $2,661. Just keep in mind that neither amount factors in the cost of insurance or property taxes, which will both be included in your monthly payment. There are a very few jobs in Sarasota that pay enough to afford 400k homes
Correct. Most of my clients as well as the people moving to Sarasota fit 1 of 2 demographics. 1. They are moving here from a more expensive state ie. Boston, New York, or California where the real estate prices are much higher than they are here. They may be able to put down more than the standard 20%. Heck, 44.5% of single family homes are payed for in CASH. On that same note people who work remotely but are still getting paid wages for the state they are moving from are happy to pay the $2,661/mo or however much to live in a state where they don’t have to shovel snow, scrape ice, or not see sunlight for 3-4 months out of the year. The 2nd demographic is a retiree. These people are on a fixed income but are downsizing from a “typically” larger more expensive home. And again are able and willing to put a larger down payment down to lower a monthly mortgage. Again the point of this video is to show people where the affordable areas of Sarasota are going to be.
@@adfreeviewer9005 You have to start somewhere, and it surprises me that younger people are obsessed with new houses, even if they get a smaller lot and HOA. Buying a older house and doing some of the work yourself or getting friends in the trades to help will give you equity. No one starting out should get a 15 year fixed, only a 30 year. I also find it funny how people think a 3000 sq ft house is normal, our expectations have gone up since the 60s and 70s.
@@info78115 year fixed is the smartest route to take with these interest rates. The shortest loan possible is always in the consumer's best interest pun intended. Going 30 years at a 6.5% on a 300k house means you will pay 307k in interest throughout the life of the loan. You won't even put a dent into your principal until year 21 of the mortgage: 300k house 20% down (60k) 240k loan @ 6.5% for 30 years = 607,698.73 total paid for a 300k house 😢😢😢 The answer is never longer term when interest rates are high.
Gulf gate is deed restricted, it is not a HOA , but one of the things in the deed restrictions is you can not do airbnb, a rental has to be a certain number of months, this is enforced. That is why it is quiet there.
I grew up in Lake Sarasota, i remember when it was dirt roads in the 90s. no one who lived there when I was there Can afford to buy there now, including myself and I'm an Engineer. It has great schools and no HoA so the prices are nuts.
Most Floridians can't afford to live here currently because Florida has one of the crappiest job markets in the nation. We really don't have jobs. At least, nothing to write home about. But something's got to give, I've seen this movie before back in 2008-2011. I purchased my current property in 2015. Paid sub 150k. Mortgage is currently on easy street, and I have less than 6 years left. This is in Miami too btw. Patience is key in this cycle. I truly believe a buyers market will present itself again for the younger buyers, as it once did for me.
Which areas do you recommend for condo rentals but that are not downtown, near the beach, or too far east? I'm looking to relocate from Miami by want to do a short term rental to check out the place before committing. Also open to the Bradenton area. I'm not really into suburban life or the business of downtown, but looking for a happy medium (if that's possible) lol thanks!
@@CrystalNouveauC I’d love to talk with you more about your relocation! Before I can give you good recommendations I would want to know some more info. Give me a call or text. My personal number is 941-444-1245!
None of these are affordable my friend. Affordable was my townhouse I purchased in 2015. Paid 140, 2.3% rate, mortgage is under 1000.00. That's affordable. Just because a property is in the low 200's-300's does not affordable make. Before the pandemic, you could by property in Sarasota for sub 200k. We need prices to go back to 2017-2019 levels for a home to ever be considered affordable again.
@@LynxStarAuto you can complain about it all you want but this is what is affordable In Sarasota TODAY. Complaining about the past won’t change tomorrow.
@@ZachPayneSarasotaRealEstate Not complaining, just touching feet to ground. This isn't sustainable. Those shitboxes you are calling homes for 300k in borderline meth brewing neighborhoods is not a quality of life. In an area that barely has a job market.... I've been a Floridian since 1988. This is a boom/bust state. Always has been. Money has dried up, listings in Sarasota are the highest they have ever been. Folks just need to be patient and wait for the buyer's cycle to take place. I know that is not in your best interests to say, because it hurts your wallet, but it's the reality of the situation. Florida is tapped out. Buyers need to wait for the market to shift more in their favor.
![Pros and Cons of Living in Sarasota Florida [2023]](/img/n.gif)
Flood zone A usually cheaper
You really know what you are doing man, I’m sure you know that! I love Sarasota, my only destination for vacation and I do plan to buy a house there at some point, but there are a lot of unknowns that I need to learn. Thank you so much for amazing info!
$400K mortgage with a 7% fixed rate, the monthly payment on a 15-year loan is $3,595. The payment on a 30-year loan, by comparison, is $2,661. Just keep in mind that neither amount factors in the cost of insurance or property taxes, which will both be included in your monthly payment. There are a very few jobs in Sarasota that pay enough to afford 400k homes
Correct. Most of my clients as well as the people moving to Sarasota fit 1 of 2 demographics. 1. They are moving here from a more expensive state ie. Boston, New York, or California where the real estate prices are much higher than they are here. They may be able to put down more than the standard 20%. Heck, 44.5% of single family homes are payed for in CASH. On that same note people who work remotely but are still getting paid wages for the state they are moving from are happy to pay the $2,661/mo or however much to live in a state where they don’t have to shovel snow, scrape ice, or not see sunlight for 3-4 months out of the year. The 2nd demographic is a retiree. These people are on a fixed income but are downsizing from a “typically” larger more expensive home. And again are able and willing to put a larger down payment down to lower a monthly mortgage. Again the point of this video is to show people where the affordable areas of Sarasota are going to be.
Most of Floridians are prices out. Out of state buyers are the only ones who can afford these insane prices.
@@adfreeviewer9005 You have to start somewhere, and it surprises me that younger people are obsessed with new houses, even if they get a smaller lot and HOA. Buying a older house and doing some of the work yourself or getting friends in the trades to help will give you equity. No one starting out should get a 15 year fixed, only a 30 year. I also find it funny how people think a 3000 sq ft house is normal, our expectations have gone up since the 60s and 70s.
@@info78115 year fixed is the smartest route to take with these interest rates. The shortest loan possible is always in the consumer's best interest pun intended.
Going 30 years at a 6.5% on a 300k house means you will pay 307k in interest throughout the life of the loan. You won't even put a dent into your principal until year 21 of the mortgage:
300k house
20% down (60k)
240k loan @ 6.5% for 30 years
= 607,698.73 total paid for a 300k house 😢😢😢
The answer is never longer term when interest rates are high.
Awesome video Zach! Keep it up!
Thank you!!
Have you ever heard of the Cocoplum Shoppes in North Port? Lots of shops there. People come from other towns to shop here. Look it up!
Gulf gate is deed restricted, it is not a HOA , but one of the things in the deed restrictions is you can not do airbnb, a rental has to be a certain number of months, this is enforced. That is why it is quiet there.
Thank you ❤ I love all your videos. I want to move to Sarasota soon
Thank you! Give me a call when you’re ready to move down. I’d love to help you! 941-444-1245
I grew up in Lake Sarasota, i remember when it was dirt roads in the 90s. no one who lived there when I was there Can afford to buy there now, including myself and I'm an Engineer. It has great schools and no HoA so the prices are nuts.
Most Floridians can't afford to live here currently because Florida has one of the crappiest job markets in the nation.
We really don't have jobs. At least, nothing to write home about.
But something's got to give, I've seen this movie before back in 2008-2011. I purchased my current property in 2015. Paid sub 150k. Mortgage is currently on easy street, and I have less than 6 years left. This is in Miami too btw.
Patience is key in this cycle. I truly believe a buyers market will present itself again for the younger buyers, as it once did for me.
Which areas do you recommend for condo rentals but that are not downtown, near the beach, or too far east? I'm looking to relocate from Miami by want to do a short term rental to check out the place before committing. Also open to the Bradenton area. I'm not really into suburban life or the business of downtown, but looking for a happy medium (if that's possible) lol thanks!
@@CrystalNouveauC I’d love to talk with you more about your relocation! Before I can give you good recommendations I would want to know some more info. Give me a call or text. My personal number is 941-444-1245!
None of these are affordable my friend. Affordable was my townhouse I purchased in 2015. Paid 140, 2.3% rate, mortgage is under 1000.00.
That's affordable. Just because a property is in the low 200's-300's does not affordable make. Before the pandemic, you could by property in Sarasota for sub 200k.
We need prices to go back to 2017-2019 levels for a home to ever be considered affordable again.
@@LynxStarAuto you can complain about it all you want but this is what is affordable In Sarasota TODAY. Complaining about the past won’t change tomorrow.
@@ZachPayneSarasotaRealEstate
Not complaining, just touching feet to ground. This isn't sustainable. Those shitboxes you are calling homes for 300k in borderline meth brewing neighborhoods is not a quality of life. In an area that barely has a job market....
I've been a Floridian since 1988. This is a boom/bust state. Always has been. Money has dried up, listings in Sarasota are the highest they have ever been. Folks just need to be patient and wait for the buyer's cycle to take place.
I know that is not in your best interests to say, because it hurts your wallet, but it's the reality of the situation. Florida is tapped out. Buyers need to wait for the market to shift more in their favor.
It’s only affordable is you have money lol
In today’s real estate market this is some of the most affordable real estate options in all of Sarasota.