Episode Transcript
[00:00:02] Speaker A: Welcome to Short Term Shopping, where we explore homes for sale in the best vacation markets in America.
Some homes we do like, some homes we don't like.
Brought to you by the Short Term Shop.
It's Short Term Shopping.
All right, here we are.
[00:00:24] Speaker B: Short Term Shopping.
[00:00:25] Speaker A: We're going to look at some houses and I'm excited. We are in the Bradenton area and we have a lovely husband and wife, a couple of rock stars, and John and Christina. How you doing?
[00:00:39] Speaker B: Fantastic.
[00:00:40] Speaker C: Doing good.
[00:00:42] Speaker A: All right. Yeah. So let's start by going over your market, like, you know, as far as geographically, where are we talking about?
[00:00:50] Speaker B: Yeah, so we're in the west coast of Florida.
We're about an hour south of Tampa.
We cover basically from Sarasota on the south side where Siesta Key beaches, up through Bradenton, which is Manatee county, where Honoria island is up to Pinellas county, just west of Tampa, where Clear Water and St. Petersburg are.
[00:01:13] Speaker A: Is there.
And maybe you can show a map, but is there one area that is, you know, like, has more. In other words, do you find yourself selling more homes in one particular area than others, or they're just all kind of spread out?
[00:01:26] Speaker B: Sure. So here's kind of a map again. You know, here's Tampa right here, obviously Florida. And we are.
This is kind of the area we're talking about from Sarasota to kind of like the Clearwater area right here in the central west coast of Florida.
Basically, we sell more properties in Bradenton and Largo, and that's primarily based on regulation.
When you get into Sarasota. Sarasota has some stricter regulations. There's a lot of areas in Pinellas county that have strict regulations or just don't allow short term rentals at all. So, you know, the primary areas that we do sell in are Bradenton, which is down here, and then Largo, which is up here.
But we also do sell some homes, you know, up and down Anna Island, Siesta Key and a few other locations that. That do have some opportunity.
[00:02:20] Speaker C: Yeah. And also, like in that area, it's super convenient to fly into. We have the Tampa Airport, you know, just north of us. And then we also have our local airport, which is the Sarasota Bradenton Airport right down here.
[00:02:33] Speaker A: Okay. And, you know, people ask about Clearwater a lot, and, you know, certain other areas seem to come up a lot, but may or may not be a great idea for single family overnight rentals. Is that. Is that the case in the Clearwater area or.
[00:02:51] Speaker B: Sure. So, for example, the city of Clearwater does not allow short term rentals at all. But there can be a house that is within Clearwater, but it's technically in unincorporated Pinellas, so it does allow short term rentals.
So again, up here in Pinellas county, which is kind of this area I'm circling, it's very spotty, I guess, with where you can and can't rent. It's broken down into 24 different cities, plus unincorporated Pinellas. All these different cities you see named here, and then each one of them have their own sets of rules and regulations governing short term rentals. About 50% of the land area you can rent, 50% you can't.
You know, again, they all have their own rules and regulations, so some are stricter than others. But, you know, right here, Largo and Seminole are kind of the two best areas based on regulations and proximity to attractions.
[00:03:43] Speaker C: I would say a lot of people do mention Clearwater because I feel like it's probably the more well known area. And so we basically just dig in more. Like if they send us a listing or if we're sending them something, sometimes it might say Clearwater, but then when you start digging into it, it'll show. Like unincorporated Pinellas county or Largo.
[00:04:00] Speaker B: Yeah, that's one thing that's a little bit goofy with Pinellas county is if you type in the address, the address might say Clearwater, but you go to the property appraisers site and look it up, it's actually maybe in Largo.
So again, you just gotta double and triple check that stuff.
[00:04:17] Speaker A: Where am I going to the beach? Like if I'm on vacation, where. Where am I hitting the beach?
[00:04:22] Speaker B: So depending on where you're at, you know, like this area and kind of circling is, you know, kind of the, the primary area where we're looking. So you're either going to the Clearwater beach here, or you're going down to the beach down here where all the different beach names are. But basically, wherever you see the bridges, those are kind of the hotspots there.
[00:04:45] Speaker C: Yep,
[00:04:48] Speaker A: got it.
All right, well, what do we have for properties? I'd love to see some things that are for sale.
[00:04:55] Speaker B: So we're going to start kind of down here in Bradenton, which is where most of the stuff that makes sense works. To answer your previous question, you know, when you're down here in Bradenton, you have Manatee Avenue, which goes out to the Manatee public beach here. You've got Cortez Road, which goes out to the Cortez beach here. Coquina beach is a Popular one, but geographically, kind of. This area here is where we're looking.
This is kind of called West Bradenton or Northwest Bradington once you get above Manatee Avenue. So jumping into a couple properties starting off at a lower price points.
This one here, three bedroom, two bath, about 1670 square feet.
This is an existing rental.
Isn't anything super sexy.
It is clean and functional, but the big draw with this property is the potential for the outdoor space.
It does have a very nice pool.
But scroll down here. It has this very big yard here, which is really what moves the needle revenue wise in our area because it allows you to add the outdoor amenities to kind of turn your backyard into a little micro resort.
[00:06:12] Speaker A: Pool looks pretty nice though. It looks like it's not that old.
[00:06:15] Speaker B: No, it's a newer pool. Great shape.
Again, the pool is just one component. It is your main amenity.
But you know, these days, in order to really be competitive and drive top dollar revenue, the pool, it's an absolute must, but you got to do more than that.
This one also has a nice garage that can be converted into a game room or a bunk room. That's very popular to do down here.
And then again, as far as the house itself, nothing fancy, nothing, you know, totally remodeled or brand new, but clean, functional and with some updated design and new furniture, really has some good potential in this price point.
[00:07:01] Speaker A: Based on your experience, where is the price tag?
Good, bad.
[00:07:07] Speaker B: It's a very fair price point. Yeah. For a property this condition, you know, this is a good one.
[00:07:12] Speaker A: How long has it been on the market?
[00:07:14] Speaker C: Just, I think a day or two.
[00:07:16] Speaker A: Oh, brand new?
[00:07:17] Speaker C: Yeah. Oh, four days. Four days, yeah.
[00:07:20] Speaker A: Okay.
So if you want it right now, you probably gotta go somewhere in near the asking price, I guess.
[00:07:28] Speaker B: Yeah, I think it's very competitively priced, so I think it'll go pretty darn close to that 550 point.
[00:07:34] Speaker A: Looks like it was a primary home. Maybe perhaps somebody passed away or something like that.
[00:07:38] Speaker B: It's actually used as a current rental.
[00:07:40] Speaker A: Oh, is it?
[00:07:41] Speaker B: Yeah. So again, very, very poor rental. You know, the owner had his car parked in the garage and you know, not. Not the most attractive, but they are currently renting it.
[00:07:52] Speaker A: I see.
[00:07:54] Speaker C: Yeah.
[00:07:54] Speaker B: Not very successfully. Again, so we wouldn't, we wouldn't care
[00:07:58] Speaker A: about the rental history.
[00:08:00] Speaker B: No, no. You know, the majority of houses, we look at the ones, I always say that they never sell. The good ones, the ones that are doing good, they usually don't sell.
So if it is a previous rental, you know, rental history really doesn't Mean nothing.
Yeah.
[00:08:21] Speaker A: And a, A good three. Two.
What, what, what will this thing rent for? You know, maybe as it sits versus
[00:08:31] Speaker B: what you could turn it into as it sits.
50 or 60 potential.
140 to 160.
[00:08:44] Speaker A: Oh, my.
Huge difference.
[00:08:48] Speaker B: Yeah, yeah, yeah.
[00:08:51] Speaker C: That's why we're always, you know, basically saying, like, don't get too involved with the numbers of how it currently is and, you know, kind of go through what you're going to do to the property and then look at properties that are like that, you know, determine the income.
[00:09:07] Speaker B: Yeah. So, I mean, if you want an example of an existing house and then how it was converted into an Airbnb and actual numbers, I can show you one of ours.
I don't know if that's helpful, but, you know, this is a house Christina and I bought for 630 back in 2023.
The house.
[00:09:35] Speaker C: Needed some updates.
[00:09:36] Speaker B: It was nothing special.
Yeah.
[00:09:40] Speaker A: Blank canvas.
[00:09:41] Speaker B: Blank canvas. Let me get to the backyard here. Here's the pool in the backyard.
A lot of room, but definitely not very attractive.
Here's what that house looks like now.
And this house did $217,000 last year.
So we try to, we try to show examples to our clients so they can have a vision of before and after. Because, you know, again, these houses aren't like a lot of properties that you're just doing interior design work and it's beachfront and that's what sells it.
There's a lot more to it when he gets at the outdoor space.
[00:10:21] Speaker C: So, yeah, a majority of what we get here from a traveler standpoint is, you know, families with young kids. We get a lot of multi generational families, we get a lot of athletes traveling together for IMG Academy. And so we're basically hoping that they, you know, they say they like the house, they enjoy the backyard. Typically, we'll see them go to the beach a day or two. Usually they'll get really sunburned, be like, let's just hang out at the house, let the kids play in the garage game room and, you know, just hang out there. So we're kind of trying to create that environment for them where they don't
[00:10:55] Speaker B: have to leave the house.
[00:10:57] Speaker A: Okay, cool.
[00:10:58] Speaker C: Yeah.
[00:10:59] Speaker A: So what did that, what did that rehab cost you, if you don't mind me asking?
[00:11:03] Speaker B: Sure.
The outdoor space we spent about 75 on, and then on the inside we spent about another 75ish.
[00:11:14] Speaker A: Okay, is beautiful.
[00:11:16] Speaker B: So 630. Purchase price. 150 into it. Again, this was three years ago now, but you know, it performs very well.
[00:11:26] Speaker A: Wonderful, wonderful.
[00:11:28] Speaker B: All right, so take that same train of thought and apply it to, you know, something like this.
This is 3 to 1956 square feet. It's been on the market for one day.
So brand new to the market.
This one has been totally remodeled on the interior.
As you can see, it's got a bunch of space on the exterior.
Interior's got a nice, wide open floor plan.
This is all just staging furniture, but really nothing. Nothing. Not much at least to do on the inside other than furnish it and maybe a little bit of color.
But the real opportunity with this one, like I said, is out here.
You got this big side yard over here where they're not really doing anything.
So moving on.
So this property been on the market for 79 days. It was listed prior to that with a different realtor.
It is priced very high.
And the reason it's priced high is because this one does not have a pool.
This is an existing rental, does not do very good.
Great location or a couple houses up from Pomasolo Bay.
The real opportunity with this one, again, is the backyard. As a massive backyard that has plenty of room for a pool and all the other amenities that really drives revenue.
And the reason I like this one so much is because you get to build the pool. And with the pool being your number one amenity, being able to build something that is actually, you know, attractive and stands out versus a hole in the ground with water, you know, is real appealing to.
To some people. You know, I know it's not for everybody, but for those willing to take on the task, it is. It is a very good opportunity if that's not boring.
We do have a fantastic pool builder that we work with.
We joke that they can get the pool built faster than they can get the interior design done. They'll actually start all the paperwork and engineering while you're still under contract, submitted to the county the day you close.
And usually they can break the ground within two weeks of closing and have it done in about six weeks.
[00:14:03] Speaker C: And, you know, the adding the pool has really been an opportunity that our buyers have taken advantage of because our market is really hot. So, like, what we'll see here is if there's a good house with a pool and a big backyard, it will usually go multiple offers. So when you start looking at non pool homes, you open up a lot more houses that you can look at, and then, like John said, basically build the pool that you want because normally we'll see, like, the house is beautiful and all well and redone. And then the pool is kind of like eh, or it'll be like an amazing pool and the house hasn't been done yet. So like it just gives you the opportunity to really just like when we
[00:14:42] Speaker B: looked at, you know, the house we bought, the pool looked terrible when we bought it.
So.
This one's probably worth closer to the 750 price point.
This owner, I don't think he owes anything on it, so he doesn't have any real motivation to come down.
You know, we've put in a couple offers with a couple clients on this one and he's not really budging at the moment. But you know, the longer it sits, hopefully the more motivation he gets.
[00:15:15] Speaker A: What, what price tag would you like to see this go?
[00:15:18] Speaker B: I think 750 is a fair price for this. Oh, not too far, not too far. But again, he's, he's not moving that much at the moment.
[00:15:27] Speaker A: Where do I go to the beach? Do I go right there? No.
No.
[00:15:31] Speaker B: Right. So back to our map over here.
That house is located pretty much right here. So to get to the beach you go here and then out this way or you go to Cortez Road and go out this way.
You know, like Christina was saying, you know, with, with the majority of our travelers being families, a lot of them with younger kids, the beach isn't where they spend most of their time.
You know, they'll go out there for a couple hours and then, you know, when you got a couple kids running around, one's sunburn, the other one's tired, one's got to eat. You know, whatever it is, it's usually a couple hours they're out there and then they're coming back to their beautiful Airbnb with their resort style backyard that they really don't need too many reasons to leave.
So moving on to the next one, this next one is a couple houses up the road or a couple streets up the road. I'm sorry, this one's another four bedroom, two bath, about 2,000 square feet. Been on the market for 19 days.
This house was a previous or is a previous short term rental.
The owner is an interior designer, so she spent a lot of time decorating the interior.
However, she felt that it is not her style to do anything on the exterior.
So the exterior could definitely use some love. It does have a pool, but there's a huge yard here that she is not taking advantage of.
And because of that, it is costing her about 50% of the potential revenue that she could be making.
You Know, this home last year, I want to say did around 80,000.
Whereas, you know, our property that I showed you a minute ago is three streets up the road and did over 200. So very, very similar house. When you're talking specs, both four bedrooms, two baths, around 2,000 square feet.
The real difference is the outdoor space.
And you know, this is a good opportunity for somebody who's willing to basically take over something that's three quarters of the way done. You know, on the interior. I mean, if you want to put a different design twist on it, that's fine, but you really don't need to. You really just need to make the investment in the backyard. And this one will be a home run.
[00:17:58] Speaker A: And how long has this one been for sale?
Does this one seem a little bit high too, or not? Not really.
[00:18:04] Speaker B: 19 days. This one's a little bit high, you know.
Yeah, I mean, not much like 800 would be a fair price for this at the moment. Again, this owner really doesn't want to budge either.
So hopefully that will change in the near future.
We do have a couple people potentially interested in it, but trying to get a little bit of concessions and currently they're not having it.
[00:18:30] Speaker A: I hear you. Yeah, well. And she may need to let it sit for a minute before she comes around.
[00:18:38] Speaker B: Yeah, yeah. I mean, obviously nobody wants to drop the price on day one. So.
[00:18:43] Speaker A: Right.
[00:18:44] Speaker B: Longer it sits, the more flexible, you know, she gets.
All right, so moving on.
So now we're jumping up to Largo, where we were talking about earlier. Again, showing you where that's on the map going up north across the Skyway bridge.
This is kind of the area we're talking about here.
Clearwater beach is right there and Bel Air beach is right here as well.
So this one. Whoops, you jump back 43, 24, 30 square feet. Been on the market 19 days.
Don't have too much history on this one. I think it might be a flip. This looks like some virtual staging here. The pool is brand new.
It doesn't even show it on the property appraisers site yet. So did a pretty decent job with the remodel.
I don't know if this is like a separate mother in law suite here, little kitchenette, but you know, that's.
That's always nice.
[00:20:09] Speaker C: Yeah, so like, you know, most of the houses in our area are for the most part single family houses built November. I mean, as far as yours go, you know, we usually typically 60s and 70s for the most part.
[00:20:25] Speaker B: The newer stuff is usually in hoas. That do not allow short term rentals.
So.
[00:20:30] Speaker A: Oh, there's your little mother in law.
[00:20:32] Speaker B: Yeah, yeah, that's kind of
[00:20:38] Speaker A: like a. More like a treehouse thing.
[00:20:40] Speaker C: Yeah, it looks like a little lifeguard shack or something.
[00:20:43] Speaker B: Yeah, but you know, this one does have some outdoor space, as you can see. So remodeled interior outdoor space to build out there.
Definitely, you know, a pretty decent option.
Argo is extremely short term rental friendly. One of the most friendly in the area. So definitely, definitely a good one.
Another one up in that area. This one's in Seminole.
Seminole is kind of this area right here.
So again, just a short trip over the bridge to get out the beach.
This one is an existing rental. Does have pretty good rental history. Didn't add up the total, but appeared to be around 150, I believe as it currently stands.
Almost like there's still opportunity and there's still opportunity. I mean, you can see right here you got your lounge chairs in the dirt.
So I'm sure that's not the most enjoyable experience over here. Some opportunity.
Apparently they really liked their mini golf course because they took up the majority of the backyard with it.
But it's performing pretty well.
You know, it's turnkey furnished, so don't have to buy all of your kitchen stuff and all the little things that add up after a while, Really. Just some, some updates to the backyard or all I would do with this one, then I would expect it to do pretty good.
[00:22:28] Speaker A: Yeah, this one's got all the fun stuff and the great furniture.
[00:22:31] Speaker B: Yeah, yeah, yeah.
[00:22:33] Speaker A: So how long is this one? What's the days on market and what'd they pay for it?
[00:22:42] Speaker B: 45 days on market
[00:22:47] Speaker C: there. 599, 20, 24.
[00:22:50] Speaker B: Right. So I'm sure they put up, put a bunch of money into it, remodeling it. From that 600 price point, it looks
[00:22:56] Speaker C: like they've gone down in price since they listed it already.
[00:22:58] Speaker B: Yeah, down about 46,000 in two weeks.
Yeah, they got some flexibility there, it looks like.
[00:23:08] Speaker A: Also a flip of sorts.
Probably rented it in the meantime.
[00:23:13] Speaker B: Yeah, like I said, there is, there is existing rental history for this one.
Again, the numbers were pretty good.
I don't think it says it in here, but 5%.
So this is for somebody looking for a turnkey option that, you know, cash flows, they can swing that price point. There's. It's definitely an opportunity.
Okay, moving on.
So this is a super unique experience or house, I guess I should say.
The story with this one is that the previous owner owned this house and he was Looking for a condo for his mother in law, he couldn't find a condo for her, but the house next door came available. So he bought the house next door.
After he bought the house next door the next year when he got his tax bill, he realized that his taxes for this one were extremely high because it wasn't homesteaded.
So what he did was he combined the two parcels into one parcel so he could homestead the whole thing.
So right now this is two single family homes on one parcel. Because of that. So it provides a unique opportunity to rent both houses together as a combined nine bedroom, five bath, over 5,000 square feet.
As the house currently stands, it is not the best maintained. It definitely use some updates.
But because of what it is meaning again, a nine bedroom house, there's tons of potential there.
As it currently stands, I believe it was doing around 215 last year.
But you know, as you can see from these pictures, there's, there's tons of room for improvement.
You know, instead of doing anything fun or in the garage, they just have old paint cans.
[00:25:25] Speaker C: Yeah. And they're currently renting it like this.
[00:25:29] Speaker B: Yeah.
[00:25:29] Speaker A: With the paint cans.
[00:25:31] Speaker B: Yeah. We always talk clients that, you know, stuff that's not for the guests put out of the guest room, don't leave your old paint cans and you know, power tools for the guests, kids to play with.
So a lot of pictures because it's a big house, but definitely unique and tremendous opportunity for the right buyer who is willing to make the updates both inside and outside.
Really? I've never seen anyone like this on the market in our area. So again, it's a unique opportunity because of it being the two houses together
[00:26:13] Speaker A: and sometimes this guy lived in it for a period of time. Right.
[00:26:20] Speaker B: The current owners bought it about a year ago. I'll go down to the price history and they use it strictly as a rental. Previously it was an owner occupied home.
So when it was sold in 23. 1, 2, 5 5.
[00:26:38] Speaker C: Yeah, it was sold to an investor in 2023.
[00:26:41] Speaker B: Right. There was an owner occupied home up until this point. And then an investor bought it and then they start renting it.
[00:26:52] Speaker A: Okay, cool. That's an interesting one for sure.
[00:26:55] Speaker C: Yeah, that's cool.
[00:26:59] Speaker B: All right, so let's jump here.
So this is one of the properties we have listed and this is a super unique opportunity, this house.
Let me see if I can get to the photos.
So combined under air square footage is over 7,000 square feet. The house is on 3.6 acres. It is on the water. As you can see, the current Owner built it from the ground up, raised his family and raised his family there. And then, you know, when his kids went off to school, basically moved it to something smaller and converted it to a rental.
The property currently operates as a vacation rental, but they also host a lot of weddings here.
So they have this huge tiki hut, this huge backdoor space.
And weddings are super popular or a big source of the revenue for this one.
In the past 12 months, this one did over $407,000.
And combine revenue between just regular reservations and the events.
[00:28:14] Speaker C: They have this really cool dance floor.
We have a five year old and I'm always like, we should take him here to check this out because it was almost like trippy in a way because you literally feel like it's like this 3D floor, like you're going to fall in.
[00:28:27] Speaker A: It's very cool.
[00:28:28] Speaker B: He just spent like $30,000 putting in this new dance floor here.
But as you can see, he's got all kinds of, you know, unique memorabilia. This is a huge theater room.
Very, very unique property. The interior of it isn't the most updated, but you know, again it's, it's really not about that.
It's about, you know, the outdoor space.
[00:28:55] Speaker A: This would be almost potentially like a full time job for somebody or at least a part time job for somebody. Like probably would need to be there.
Wouldn't have to, I suppose, but seems like this would be for somebody who's like this is like a traditional real deal bed and breakfast kind of a thing. Maybe without the breakfast, but you know.
[00:29:16] Speaker B: Yeah, so they do have somebody who you know, is kind of their boots on the ground.
House manager, property manager, but house manager. He would be willing to stay on. They just pay him an hourly rate. He knows the house inside it out. He's been there since it was built, but you know, he's kind of the guy to handle anything, you know, where you need somebody in person. So all that infrastructure and you know, support system is already in place.
You know, they have reservations going into 2027 for weddings.
So it's really a true turnkey opportunity.
[00:29:54] Speaker A: I would like to have been raised in this house.
[00:29:57] Speaker C: It's really cool.
[00:29:58] Speaker A: It's super cool.
[00:29:59] Speaker C: It's like all like when, when we were there and we've been there multiple times, but it's like old school Florida. You know, like you, you know, you're on a little bit of land so you don't have neighbors right on top of you or anything. And, and it's the way it's decorated too. Is like every room has a theme. There's one like a car room and a fishing room. And it just, it reminded me of. I grew up in Michigan, but it reminded me of, like growing up and being like up north in a cabin. So it was pretty neat house.
[00:30:25] Speaker B: We've been on the market for 22 days.
[00:30:28] Speaker A: Any action?
[00:30:30] Speaker B: I have a showing today.
[00:30:32] Speaker C: Oh, we did have a verbal.
[00:30:35] Speaker B: We did have a verbal.
I do have an appraisal at 3.1 for this one. So it is priced pretty competitively.
The owner's selling everything he owns here and he's moving to Costa Rica.
So he's got a fair sized portfolio of both residential and commercial properties and he's just moving on to the next stage of his life. They do have some vacation rentals in Costa Rica.
They're building some kind of wellness huts over there. So he's, he's selling what he's got over here and ready to hand it off to the next guy.
But again, pretty, pretty unique property. Does really well and there's tons of upside. If you looked at the listing at this one, Luke, you would freak out. Like, the listing is so bad.
[00:31:21] Speaker C: Oh, the Airbnb listing.
[00:31:22] Speaker A: Oh, really?
[00:31:23] Speaker C: Can we, can you just take our photos that we just had done and change that?
[00:31:27] Speaker B: Yeah, they're doing 407,000 with terrible photos. Terrible listing. Like, they have pictures of their Costa Rica house and the listing for this house.
[00:31:37] Speaker A: Oh, my.
[00:31:38] Speaker B: What do you. What are you advertising here?
[00:31:40] Speaker A: Yeah.
Did the verbal come from somebody who wanted to rent it or a primary
[00:31:47] Speaker B: rent it.
[00:31:48] Speaker A: Okay.
And the showing today, they want to rent it too.
[00:31:53] Speaker B: This one? This one, I'm not sure.
I think this one wants it more for a primary.
[00:31:59] Speaker A: It's really cool.
[00:32:00] Speaker B: Yeah.
[00:32:02] Speaker A: Tell me about that body of water. Does it go out to the, to the Gulf or.
[00:32:06] Speaker B: It does.
[00:32:07] Speaker C: Eventually. It does.
[00:32:08] Speaker B: It is a. I'll show you on the map. It's a little bit more inland then.
[00:32:15] Speaker C: Yeah.
[00:32:16] Speaker B: So it's kind of like up here in this area.
[00:32:18] Speaker A: But if I had a boat, I could get out there.
[00:32:20] Speaker C: Yeah.
[00:32:21] Speaker B: Yes, sir. Yep.
The dock that they had it on, they used to have a boat lift there, but they just got rid of the lift and turned it into a, a platform so they could, the people could hang out on it, basically.
[00:32:34] Speaker C: Right. And there's kayaks there and.
[00:32:36] Speaker B: Yeah, this used to be a little boathouse here, but they just kind of boarded over it and put some, put like a little fire pit and some chairs out there.
I can definitely get out.
[00:32:48] Speaker A: Super interesting.
[00:32:51] Speaker B: All right. What do we got next.
So this is a house on Siesta Key that a client of ours sent us.
They were interested in it. It's a beautiful home. It's right on the water.
Trying to get some better pictures.
Location.
[00:33:20] Speaker A: Lots of white, Lots of white, Lots of white.
[00:33:24] Speaker B: That's not a good picture.
Anyway, where I was going with this is this house, Which the clients thought was a, you know, a very good opportunity.
Once we dug into it a little bit more, we realized that this is actually in Sarasota County.
So even on Siesta Key, when you're in Sarasota county, you cannot rent for less than 30 nights unless you're zoned multifamily.
So while this house is beautiful, great location, has a pool and everything, this is an example of what doesn't work as a short term rental.
[00:34:09] Speaker A: And that Siesta Key as a whole,
[00:34:13] Speaker C: the 30 day thing, there's a hack to that.
[00:34:17] Speaker B: The northern. The northern end of Siesta Key is the city of Sarasota, which is a 30 night minimum. I'm sorry, which is a seven night minimum stay.
The southern part is the county, which is a 30 night minimum stay.
The exception to the rule is if the property is zoned multifamily, if it's zoned multifamily, whether it's in the county or the city, then there's no minimum stay requirements. You can rent for one night.
However, those properties out there that are zoned multifamily that you could rent for one night, generate huge amounts of revenue and in turn go for a much higher price point.
[00:34:55] Speaker C: Leading us to this one.
[00:34:56] Speaker B: Right.
So this one, it says six bedrooms, but technically it's multifamily zoning. So technically it is a duplex, but because of that nightly rentable vacation property.
[00:35:18] Speaker C: So. And we, you know, will sometimes get calls about Sarasota or someone's purchased a house in Sarasota and unfortunately they. They purchased it in a 30 night minimum and thought that they could rent it nightly or even weekly. And so it is very confusing to just somebody that's not working with a short term rental realtor to know those rules and regulations, because you could have one street over or even your neighbor if it, you know, depending on how it's zoned, can rent and you couldn't. So there's definitely nuances out there that you need to just be careful.
[00:35:53] Speaker A: You think, was this built to get that zoning looks fairly new?
[00:35:57] Speaker B: Yeah, this is a newer construction. I don't know the exact year after this, after the hurricane in 2004, there were people who came in who purchased some lots, and particularly the multifamily ones were a huge, you know, very desirable, but they purchased lots and they started building.
You know, we have another short term shop client who just purchased one of these multifamily lots and built a, you know, $4.6 million house on it.
But because it's multifamily and because you could rent it, I mean, something like this could potentially do six to eight hundred thousand dollars a year.
[00:36:46] Speaker A: One house.
[00:36:47] Speaker B: One house.
[00:36:48] Speaker A: My goodness.
[00:36:49] Speaker B: Technically two if the city's asking, but one house. Yes.
So higher price point, but obviously a higher opportunity.
Siesta keys still rated on TripAdvisor is the number one beach in the country. So fantastic place to vacation, fantastic place to own.
Just a little bit higher price point for the more expensive stuff that you can rent. 20, 22 build. There you go.
So that's all we have for you today, Luke.
[00:37:24] Speaker A: Oh, okay. All right, well, listen, some great options.
I appreciate your time. So if you got any words of wisdom for somebody that's buying in today's market, what do you have?
[00:37:38] Speaker B: Be prepared, but be patient.
We always tell people to be prepared. Have your finances lined up. Be comfortable analyzing deals, but be patient, because the good ones come up, but just not every day. So when they do come up, be ready to act. Be comfortable pulling the trigger, and that's how you get a good one.
[00:37:58] Speaker A: All right, now, how do we find you guys?
[00:38:02] Speaker B: Well, you can find us on the short term shop website.
John and Christina McNaught, Sarasota, Bradenton Market.
[00:38:09] Speaker A: Right.
[00:38:09] Speaker B: And email johntheshorttermshop.com or christinatheshortermshop.com with a
[00:38:16] Speaker A: C. All right, wonderful. Well, thank you so much, guys, and we'll catch you next time.
[00:38:20] Speaker B: All righty. Thank you. Take care.
[00:38:22] Speaker A: Bye now.
