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[quote=Anonymous]Current Sarasota resident who has lived on the east coast of Florida for over 10 years.

Property tax will come out to likely 1.5 percent of the purchase price if it is not your primary residence. If it’s your primary residence, the property tax is 1.2 percent of purchase price.

The term “insane” for insurance is relative to your income. That said, the insurance is higher than DC (I lived in CCMD for 2 years), but also lower in Sarasota than in other coastal Florida cities. The newer the home, the cheaper the insurance. The newer the roof, the cheaper insurance. So, a 1980s block house will be double to insure than a build from 2001. Wood frame homes, even with hardy plank are even higher. For example, we looked at a home west of trail to insure. 1980s with a brand new roof and the insurance was 10k. I looked at a 2006 built house with a new roof and the insurance was $5k. My previous home in Fort Lauderdale was 17k at last renewal (2001 build and completely hurricane proof windows and doors). Florida has an all or nothing hurricane credit (meaning everything must be impact rated or no extra credit). Unless it’s a really new build, you actually don’t see impact glass in many homes (nor the shutters).

Regarding flood…..we looked at a home on one of the keys. The flood insurance was 5k, but the regular insurance was 15k (nothing impact rated, 1950s build, 20 year old roof).

The people that say you *cant* get flood policies are not being truthful. You can’t but depending upon your proximity to the coast, the number of providers is definitely less.

As for the market, yes, there are certainly price decreases happening in Sarasota. Desirable areas, however, are still seeing quick turns with a 92 percent list to sales ratio within 60 days. Hardly a crashing market.

Out east is a different story because there is plenty of land to build on and those homes quickly become outdated. Plus you have HOa fees and CDD fees in many of those communities (looking at you Lakewood ranch) that bring up the overall monthly costs.

And to the people that say - omg, look at Sarasota it just flood. Yes, Sarasota had 11 inches of rain. The coastal neighborhoods are not the ones with the damage you see on the news. Those were the ones near the rivers and lakes and in some newer developments which have been cleared for massive building. Or at least, that’s what the locals are clammering about.

OP - this is the realistic cost of having a second home in Florida. Only you know if you can swing it financially and if it’s worth it.

Florida isn’t cheap anymore but the whole “you’ll never get insurance” comments are largely exaggerated by the Florida haters.

Hope this helps some! 
 
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