Perdido Key Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

April 27, 2023

Tell Me About Lost Key Golf and Beach Club

If you're looking for a luxurious new townhome or luxurious condo in Florida, look no further than the Lost Key Golf and Beach Club. This stunning community offers a wide range of amenities and features that make it the perfect place to call home. Here are just a few of the highlights:

 

World-Class Golf Course

At the heart of the Lost Key Golf and Beach Club is the acclaimed Arnold Palmer-designed golf course. This 18-hole championship course offers a challenging and rewarding experience for golfers of all levels, with breathtaking views of the Gulf of Mexico and the surrounding natural landscape. With exclusive access for residents, you can enjoy a round of golf whenever you like, or join one of the many community events and tournaments held throughout the year.

 

Private Beach Club

Residents of Lost Key Golf and Beach Club also have access to a private beach club, located just minutes away from the community. This pristine beach offers white sands, clear blue waters, and all the amenities you need to relax and unwind, including beach chairs, umbrellas, and food and drink service. Whether you want to spend the day soaking up the sun, swimming in the ocean, or enjoying water sports like kayaking and paddleboarding, the beach club is the perfect place to do it.

 

Resort-Style Pool

If you prefer to stay closer to home, Lost Key Golf and Beach Club has plenty of amenities to keep you entertained. The resort-style pool is the centerpiece of the community, with plenty of space for lounging, swimming, and soaking up the sun. There's also a hot tub, a children's pool, and a tiki bar where you can enjoy a refreshing drink or snack.

 

Fitness Center

Staying active is easy at Lost Key Golf and Beach Club, thanks to the on-site fitness center. This state-of-the-art facility features cardio and strength training equipment, as well as a yoga and Pilates studio. There are also regular fitness classes and personal training available, so you can stay motivated and achieve your fitness goals.

 

Tennis Courts

If you're a tennis enthusiast, you'll love the two Har-Tru tennis courts at Lost Key Golf and Beach Club. These well-maintained courts are perfect for a casual game with friends or a more competitive match. 

 

Nature Trails

One of the unique features of Lost Key Golf and Beach Club is the extensive network of nature trails that wind through the community. These trails offer a chance to explore the local flora and fauna, as well as enjoy some fresh air and exercise. With options for both walking and biking, the trails are perfect for a morning jog or an afternoon stroll.

 

Gated Community

Finally, residents of Lost Key Golf and Beach Club can enjoy the peace of mind that comes with living in a secure, gated community. With 24/7 security and surveillance, you can feel confident that your home and belongings are safe and protected. Plus, the gated entrance adds an extra layer of privacy and exclusivity to the community.

 

In conclusion, if you're looking for a luxurious new townhome in Florida, Lost Key Golf and Beach Club is the perfect choice. With world-class golf, a private beach club, resort-style pool, fitness center, tennis courts, nature trails, and a gated community, it offers everything you need to live your best life. Contact us today to learn more about our available townhome properties and start living the Florida dream.

 

Check out what is for sale at Lost Key

 

JD Hallam
JD Hallam

Broker/Owner Perdido Key Resort Realty

GM Perdido Key Resort Management

Email JD

 

JD is the Broker/Owner of Perdido Key Resort Realty which proudly serves all property owners in and around the Greater Perdido Key and SW Pensacola areas. JD is also the GM for Perdido Key Resort Management which as of this writing manages over 50mil in short-term rental real estate in the Perdido Key area.
 
If that isn't enough... JD Hallam has also been the Board Member serving as the Perdido Key Lodging Representative for the Escambia County Tourism and Destination Marketing Organization, VisitPensacola, and was the organization's FY19 Marketing Committee Chairman after having been the Treasurer for FY17 and FY18 Marketing Committee Chairman.
 

 

 

If you have questions about buying, selling, or general questions about the market then you should speak with JD at your soonest convenience.
April 13, 2023

Why You Should be Investing at The Perdido Sun Resort

If you're considering purchasing a vacation home in Perdido Key, Florida, you have plenty of options to choose from. However, condos for sale at the Perdido Sun Resort are one of the best choices for both vacationers and investors alike. Here are some compelling reasons why you should consider purchasing a condo in this beautiful resort:

 

Prime Location

The Perdido Sun Resort boasts an enviable location right on the beach, providing stunning ocean views and easy access to the sand and surf. The resort is also conveniently located close to a variety of popular local attractions, such as the National Naval Aviation Museum, the Gulf Islands National Seashore, and the Pensacola Lighthouse and Museum.

 

Excellent Amenities

The Perdido Sun Resort offers a wide range of amenities to make your stay as comfortable and enjoyable as possible. These include a large outdoor swimming pool, a hot tub, a fitness center, and a community room with a kitchen. There's also private beach access, so you can enjoy a peaceful and relaxing day by the ocean.

Comfortable Accommodations

Whether you're planning a romantic getaway for two or a family vacation, the Perdido Sun Resort has the perfect accommodations for you. There are one, two, and three-bedroom condos available, each fully furnished and equipped with modern amenities such as a full kitchen, flat-screen TV, and high-speed internet. With spacious living areas and comfortable bedrooms, you'll feel right at home during your stay.

Rental Income Potential

If you're considering purchasing a vacation home as an investment property, the Perdido Sun Resort offers strong potential for rental income. The resort is a popular destination for vacationers, with a well-established reputation for quality and luxury. Plus, the resort has a dedicated on-site management team that can help you maximize your rental income and ensure that your property is always in top condition.

Strong Real Estate Market

Perdido Key has a resilient and stable real estate market, making it an attractive location for vacation home ownership. Despite recent economic challenges, the area has continued to see steady growth in both home values and rental income. As a result, investing in a condo at the Perdido Sun Resort is a smart decision that can provide both short-term and long-term financial benefits.

Community and Lifestyle

Perdido Key offers more than just beautiful beaches - it's also a welcoming community with a fantastic lifestyle. With its laid-back atmosphere, friendly locals, and year-round sunshine, it's the perfect place to relax, unwind, and enjoy the good life. Owning a condo at the Perdido Sun Resort means you'll have access to all the community events and activities, as well as the opportunity to build lasting relationships with your neighbors and fellow vacation homeowners.

 

In conclusion, if you're looking for a vacation home that offers prime location, excellent amenities, and strong potential for rental income, the Perdido Sun Resort is the perfect choice. With its comfortable accommodations, welcoming community, and beautiful surroundings, it's the ideal place to relax and enjoy everything that Perdido Key has to offer.

Check out condos for sale at the Perdido Sun Resort

 

JD Hallam
JD Hallam

Broker/Owner Perdido Key Resort Realty

GM Perdido Key Resort Management

Email JD

 

JD is the Broker/Owner of Perdido Key Resort Realty which proudly serves all property owners in and around the Greater Perdido Key and SW Pensacola areas. JD is also the GM for Perdido Key Resort Management which as of this writing manages over 50mil in short-term rental real estate in the Perdido Key area.
 
If that isn't enough... JD Hallam has also been the Board Member serving as the Perdido Key Lodging Representative for the Escambia County Tourism and Destination Marketing Organization, VisitPensacola, and was the organization's FY19 Marketing Committee Chairman after having been the Treasurer for FY17 and FY18 Marketing Committee Chairman.
 

 

 

If you have questions about buying, selling, or general questions about the market then you should speak with JD at your soonest convenience.
April 6, 2023

Why You Should be Investing at The Purple Parrot Resort

If you're looking for a vacation home that offers both luxury and investment potential, the Purple Parrot Resort in Perdido Key, Florida should be at the top of your list. Located on a stunning stretch of the Gulf Coast, this resort offers an array of amenities and attractions that make it an ideal destination for vacationers from around the world. In this blog, we'll explore some of the reasons why the Purple Parrot Resort is the perfect location for your next vacation home purchase.

 

Location, Location, Location

The Purple Parrot Resort is situated in the heart of Perdido Key, Florida, one of the most sought-after vacation destinations in the world. With its pristine beaches, world-class golf courses, and abundance of water sports, Perdido Key offers something for everyone. Additionally, the resort is conveniently located just a short drive from downtown Pensacola, offering even more attractions and amenities for visitors to enjoy.

World-Class Amenities

One of the most appealing aspects of the Purple Parrot Resort is its extensive array of world-class amenities. The resort features a stunning outdoor pool, a hot tub, a fitness center, and a clubhouse with a community room and kitchen. In addition, guests can take advantage of the resort's tennis courts, playground, and BBQ grills. The resort also offers convenient beach access, making it easy to enjoy the sun, sand, and surf.

Luxury Accommodations

The Purple Parrot Resort offers a range of luxury accommodations to suit the needs and preferences of every traveler. Whether you're looking for a cozy studio or a spacious two-bedroom condo, the resort has a variety of options to choose from. Each unit is fully furnished and equipped with all the modern conveniences you need for a comfortable and enjoyable stay.

Strong Rental Potential

As a vacation home, the Purple Parrot Resort offers an excellent opportunity for rental income. The resort has a well-established reputation for quality and luxury, making it a popular choice for vacationers from around the world. Additionally, the resort has a dedicated on-site management team that can help you maximize your rental income and ensure that your property is always in top condition.

Resilient Real Estate Market

Perdido Key has a strong and resilient real estate market, which makes it an attractive location for vacation home ownership. Despite economic challenges in recent years, Perdido Key has continued to see steady growth in both home values and rental income. As a result, investing in a vacation home at the Purple Parrot Resort is a smart and lucrative decision that can provide both short-term and long-term financial benefits.

 

In conclusion, the Purple Parrot Resort in Perdido Key, Florida is an ideal location for those looking for a luxurious vacation home with strong investment potential. With its stunning location, world-class amenities, and strong rental market, the resort offers the perfect combination of comfort, convenience, and financial opportunity. So if you're looking for the perfect vacation home, look no further than the Purple Parrot Resort.

Check out the condos for sale at the Purple Parrot Resort

 

JD Hallam
JD Hallam

Broker/Owner Perdido Key Resort Realty

GM Perdido Key Resort Management

Email JD

 

JD is the Broker/Owner of Perdido Key Resort Realty which proudly serves all property owners in and around the Greater Perdido Key and SW Pensacola areas. JD is also the GM for Perdido Key Resort Management which as of this writing manages over 50mil in short-term rental real estate in the Perdido Key area.
 
If that isn't enough... JD Hallam has also been the Board Member serving as the Perdido Key Lodging Representative for the Escambia County Tourism and Destination Marketing Organization, VisitPensacola, and was the organization's FY19 Marketing Committee Chairman after having been the Treasurer for FY17 and FY18 Marketing Committee Chairman.
 

 

 

If you have questions about buying, selling, or general questions about the market then you should speak with JD at your soonest convenience.
March 30, 2023

Top 5 Reason To Buy in Perdido Key This Year

If you're considering purchasing a vacation home, there's no better place to do so than Perdido Key, Florida. With its stunning beaches, world-class amenities, and strong real estate market, Perdido Key offers a unique opportunity for both luxury and investment property ownership. Here are the top 5 reasons why you should consider buying a short term rental condo in Perdido Key this year.

Strong Real Estate Market

The Perdido Key real estate market has remained strong over the years, with steady growth in both home values and rental income. According to recent data, the median home value in Perdido Key has increased by 5.5% over the past year, and is projected to continue growing in the years to come. Additionally, short term rental condos in Perdido Key have consistently generated high rental income, making them an excellent investment opportunity.

Attractive Prices

Despite the strong real estate market, Perdido Key still offers attractive prices for vacation homes and investment properties. Compared to other beach destinations such as Miami and Destin, Perdido Key offers lower prices and a more relaxed atmosphere, making it an ideal location for those looking for a more affordable vacation home or investment property.

Stunning Beaches and Amenities

Perdido Key is home to some of the most beautiful beaches in the world, with crystal-clear waters and sugar-white sands. In addition, the area offers an array of world-class amenities, including golf courses, spas, shopping centers, and restaurants. Whether you're looking for relaxation or adventure, Perdido Key has something to offer for everyone.

Short Term Rental Opportunities

With its strong rental market and attractive prices, Perdido Key is an excellent location for short term rental property ownership. Vacation rentals in the area consistently generate high rental income, making it an excellent investment opportunity. Additionally, Perdido Key has a well-established tourism industry, providing ample rental opportunities throughout the year.

Financial Stability

In today's uncertain economic climate, it's important to choose a location that offers financial stability and security. Perdido Key's real estate market has proven to be resilient in the face of economic challenges, and its smaller community offers a sense of stability and security. Additionally, Perdido Key's strong real estate market provides an excellent opportunity for long-term appreciation and financial growth.

 

In conclusion, Perdido Key is an excellent location for those looking to purchase a vacation home or investment property. With its stunning beaches, world-class amenities, and strong real estate market, Perdido Key offers a unique opportunity for luxury and investment property ownership. So if you're considering purchasing a short term rental condo, Perdido Key should definitely be on your list of potential locations.

 

 

JD Hallam
JD Hallam

Broker/Owner Perdido Key Resort Realty

GM Perdido Key Resort Management

Email JD

 

JD is the Broker/Owner of Perdido Key Resort Realty which proudly serves all property owners in and around the Greater Perdido Key and SW Pensacola areas. JD is also the GM for Perdido Key Resort Management which as of this writing manages over 50mil in short-term rental real estate in the Perdido Key area.
 
If that isn't enough... JD Hallam has also been the Board Member serving as the Perdido Key Lodging Representative for the Escambia County Tourism and Destination Marketing Organization, VisitPensacola, and was the organization's FY19 Marketing Committee Chairman after having been the Treasurer for FY17 and FY18 Marketing Committee Chairman.
 

 

If you have questions about buying, selling, or general questions about the market then you should speak with JD at your soonest convenience.
July 8, 2019

5 Questions to Ask Yourself Before Buying That Vacation Home

5 Questions to Ask Yourself Before Buying That Vacation Home

 

You've always dreamed of owning a second home. Whether a cabin nestled in the mountains or a beachside bungalow, a vacation home is a hallmark of success, a token of your hard work. However, a vacation home isn't the right choice for everyone. Before you start looking at homes and shopping for mortgages, ask yourself these five questions to decide if a second home makes financial sense for you.

What's My Vacation Style?

If you vacation several times per year and enjoy visiting the same destinations, a vacation home is a perfect fit for your vacation style. However, if you vacation infrequently or prefer to see a new place each time you travel, buying a vacation home probably isn't right for you.

Can I Afford to Buy a Second Home?

If the answer to this question isn't a definitive “yes,” stop here. Buying another home shouldn't come at the detriment of other important financial goals. Rather, a vacation home should be a bonus after funding retirement accounts, planning for long-term care, and paying for a funeral. (Not sure you've planned for everything? Use US News's checklist to see.)

 

If you have extra money after meeting savings goals, determine how much you can afford to spend on a vacation home. Having a solid understanding of your finances ensures you're not tempted by homes you can't afford. Examine your income and monthly spending to determine how much you can afford to spend on a second home each month. Then, use your down payment savings, loan type, APR, and property taxes to estimate the mortgage size you can afford. Doing this on your own can be complicated, so use an online calculator to help.

Can I Afford to Maintain a Second Home?

The mortgage and property taxes aren't the only second home expenses to account for. Between maintenance and repairs, HOA fees, homeowners insurance, utilities, and security, the costs of maintaining a second home can put a sizable dent in your budget. You also need to think about the costs that will really make your vacation house a home. For example, if you opted to purchase a smaller home, does it make sense to build an additional (yet budget-friendly) bonus space, such as a pre-fabbed steel structure to protect your car or a wooden shed to store seasonal belongings? Both of these options are economical ways to add square footage without paying for it in a mortgage — for example, a small, pre-engineered steel building has low labor costs and is energy efficient, while a wooden structure can be built with inexpensive plywood and paving stones —  but you’ll need to plan for them. Additionally, if you plan to rent your second home to fellow vacationers, include property management, cleaning, and marketing fees in your calculations.

Will I Rent Out My Second Home?

Renting out your property defrays some of the costs associated with a vacation home, but don't expect it to be a money-making venture. There are expenses associated with renting a property, such as property management fees, marketing, lodging and income taxes, vacation rental insurance, an increased rate of wear and tear, and regular cleanings for renters (maid services usually charge $110 - $220 in Pensacola). Managing the rental property yourself only saves money if you live close enough to drive over. Otherwise, travel expenses will eat up what money you save on property management. A property manager can charge a percentage of the rental value or a flat rate (e.g., $100 a month).

 

Before deciding to rent out a second home, ensure the numbers make sense and that you're prepared to sacrifice vacations during peak season. You may also need to make some modifications to accommodate renters and make your home more desirable. For major projects, choose a contractor carefully, and always clearly specify what work you want done and what you’re willing to pay for it.

Can I Sell My Vacation Home for a Profit?

Buying a vacation home in a sleepy town with a declining market might land you a great deal, but it will be hard to sell without losing money. A home in a thriving vacation destination, on the other hand, is costly, but offers great resale potential. If you plan to sell your vacation home in the future, ensure you buy in an area with a strong real estate market. Heed Zacks's warning that if you sell, you're not eligible for a capital gains exclusion unless the home has served as your primary residence for at least two years before selling.

 

Armed with answers to these questions, you're ready to make an informed decision about whether a vacation home is a smart choice for you. If you decide it doesn't fit with your financial goals, don't let that stop you from traveling! There's a whole world out there to see, and your retirement years are the perfect time to explore it.

 

Written by Guest Blogger: Jim McKinley

Image via Unsplash

Posted in Condominiums
Dec. 13, 2018

The Best Pensacola Christmas Card Video

Last night Visit Pensacola sent out their 2018 Christmas card video. In short, it is awesome so I wanted to post it here for everyone to see. Let me know what you think!


 

JD Hallam
JD Hallam

Broker/Owner Perdido Key Resort Realty

GM Perdido Key Resort Management

Email JD

 

JD is the Broker/Owner of Perdido Key Resort Realty which proudly serves all property owners in and around the Greater Perdido Key and SW Pensacola areas. If you have questions about buying, selling or general questions about the market then you should speak with JD at your soonest convenience.
 
If that isn't enough... JD Hallam has also been the Board Member serving as the Perdido Key Lodging Representative for the Escambia County Tourism and Destination Marketing Organization, VisitPensacola, and is the organization's FY19 Marketing Committee Chairman after having been the Treasurer for FY17 and FY18 Marketing Committee Chairman.
Posted in News
July 19, 2018

Tourism is Good For Escambia County

I just received this information below and couldn't help but share it with the world!

I love the idea that tourism works to keep out county running. The idea that vacationers bring money to spend here in our local economy and that this reduces what local residents are burdened with paying is absolutely fantastic. The folks running the show over at VisitPensacola are doing a great job touting our area as one of the premier vacation destinations in the county! I often hear that we're ranked #1 in various polls and it's clear why; we live in paradise.

Come to vacation and leave wondering why you don't live here!

 

Why is tourism important to me as a resident?

Once visitors arrive, their spending has widespread positive effects for our community.

 

Visit Pensacola’s marketing efforts give visibility to prospective residents and business owners that might consider relocating to the area. Our marketing is the front door for Escambia County’s economic development.

Tourism Works for Pensacola is a public service campaign designed to educate citizens about the economic impact and overall value of tourism to the local economy. Click here for more information.

 

 

Our piece of paradise is not only great for the vacationer, but its appeal is great for our county as these vacationers bring their hard-earned money and spend it here in our area. It's money well-spent because our community is able to provide adventure tourism opportunities around Big Lagoon and Perdido Key areas, cultural tourism appeal throughout the county and especially around our historic downtown, sports tourism since we events all throughout the year, and everyone knows that the beaches are amazing. There's truly something for everyone here.

Come to vacation and leave wondering why you don't live here!

 

JD Hallam
JD Hallam

Broker/Owner Perdido Key Resort Realty

GM Perdido Key Resort Management

Email JD

 

JD is the Broker/Owner of Perdido Key Resort Realty which proudly serves all property owners in and around the Greater Perdido Key and SW Pensacola areas. If you have questions about buying, selling or general questions about the market then you should speak with JD at your soonest convenience.
 
If that isn't enough... JD Hallam has also been the Board Member serving as the Perdido Key Lodging Representative for the Escambia County Tourism and Destination Marketing Organization, VisitPensacola, and is the organization's FY19 Marketing Committee Chairman after having been the Treasurer for FY17 and FY18 Marketing Committee Chairman.
Posted in News
July 17, 2018

Owning A Condo at Purple Parrot Resort

I often get calls from people interested in learning specifically about owning a condo at the Purple Parrot Resort. I also get calls from local real estate agents who are unfamiliar with the complex yet have prospective clients asking them questions about the resort. 

This post will help you understand the approximate costs of ownership at the Purple Parrot Resort as of July 2018

If you've read my How Does Condo Ownership Work blog series, you're familiar with the basics of condo ownership and the information provided here will all make sense. If you are new to condo ownership or are toying with the idea of purchasing a condo as a vacation home and rental property, I suggest you grab a Dr. Pepper and some peanuts (or a glass of wine and some fancy crackers) then read the easy-to-understand blog series I put together regarding the in's and out's of condo ownership. It will help the information below to be easily understood. If you're looking for rental information or general information about the amenities, this won't be addressed in the post, however, I've included a link at the bottom which will help!

I get the call about condo ownership at the Purple Parrot Resort so often, that I made a trifold brochure to address most of the frequently asked questions. Feel free to stop by and pick one up when you're in Perdido Key or email me at jd@perdidokeyflorida.com and I'll send you one in the mail. I've included images of the brochure below and it hits all of the most often asked questions by first-time callers.

If you've read my previous posts, you'll know that I value the numbers. If the numbers don't make sense, the purchase doesn't. So, we'll start with the money coming out of your pocket(ownership expenses) then we'll talk about money coming into your pocket(rental income). The difference is what you pocket each year if the condo is paid off OR what goes towards your mortgage principal and interest if you're carrying a note on the property. I won't talk on appreciation in this post, but when you're ready to discuss values be sure to give me a call and we'll set up a time to chat.

The Expenses

When you buy the condo you'll have five ongoing expenses for the time that you own the property; HOA dues, electric, property taxes, insurance and phone. You have these whether it's a rental or not. These are broken down based on the condo sizes on the left-hand side in the image below.

purple parrot resort ownership faq 2

When we sum this up, every year you'll likely spend:

Approximately $8k owning a one-bedroom

Approximately $13k owning a two-bedroom

Approximately $15k owning a three-bedroom

Many owners are able to achieve lesser annual expenses by shopping insurance providers, installing newer more efficient air conditioning systems or tackling other energy-saving measures. I'm trying here to give you a starting point and you can work to achieve savings when you find the right property. A word of advice, you should also budget for maintenance issues which arise however this will vary from condo to condo and owner to owner based upon the age of the equipment along with whether it's a rental or not.

The Income

Assuming you plan to allow the resort's rental program to manage the vacation rentals for you, the rental income ranges on the right-hand side of the image below(same image as above) are a good place to start. While every year there are condos which gross more than these ranges, it would be unwise to assume your condo will be the best performer in year-1. Those are gross rents and it's important to know that the rental office works hard to achieve those revenues for you. They handle every piece of the marketing, check-in, check-out, housekeeping, coordinating maintenance issues, coordinating improvements to the condo for you, taking after-hours calls, collecting taxes on the rentals, reporting and remitting the taxes on the rentals, generating monthly and annual statements, sending 1099's, etc. It's a program set up with an absentee owner(think vacation home) in mind, so they do absolutely everything you could need and for that, they keep 25% of the net rents. The condensed version of the paragraph above is: If the condo's gross rents are $20k, then you get $15k over the course of the year. Not bad.

purple parrot resort ownership faq 2

The other part people ask about is where the condo they're calling about is located in the complex. The back of my trifold has a property map on it so we can easily point out the building.

There are three sections of the resort; the "a" section, the "b" section and the "c" section. These indicate which cluster of buildings in the resort the condo is located. The "a' section are those surrounding the outdoor pool. The "b" section are those on either side of the indoor pool. The "c" section, which has the most number of condos, are those around the perimeter of the complex.

Condos with 1 letter are either a two-bedroom condo or three-bedroom condo and they have the whole building to themselves. example: 2a, 2b, 3c, 15a, 14b, 36c, etc. Condos with 2 letters are either a one-bedroom condo or a one-bedroom with a loft condo. example: 13au, 10au, 4bd, 18cu, etc. The "d" indicates that it's a downstairs condo and a "u" indicates that it's an upstairs condo. 

purple parrot resort ownership faq 1

A lot of information, I know. Now, however, if you've read through my Condo 101 posts and then this post then you can begin to understand how owning a condo at the Purple Parrot Resort works. If you're wanting to vacation at the complex before taking the next steps towards condo ownership, visit this link: Purple Parrot Perdido Key.

If you're ready to get serious, this link remains current in showing all of the Purple Parrot Condos For Sale In Perdido Key.

 

See something you like? Give me a call or email me! We can talk about buying at the Purple Parrot Resort in Perdido Key. I'm always glad to help.

 

JD Hallam
JD Hallam

Broker/Owner Perdido Key Resort Realty

GM Perdido Key Resort Management

Email JD

 

JD is the Broker/Owner of Perdido Key Resort Realty which proudly serves all property owners in and around the Greater Perdido Key and SW Pensacola areas. If you have questions about buying, selling or general questions about the market then you should speak with JD at your soonest convenience.
 
If that isn't enough... JD Hallam has also been the Board Member serving as the Perdido Key Lodging Representative for the Escambia County Tourism and Destination Marketing Organization, VisitPensacola, and is the organization's FY19 Marketing Committee Chairman after having been the Treasurer for FY17 and FY18 Marketing Committee Chairman.
Posted in Condominiums
July 8, 2018

How Does Condo Ownership Work Post 6

This is the sixth post in a 6 part series to help those that have ever wanted to own a condo but didn't know where to begin, understand what it means to own a condo.

This post will address the question about how to select a Perdido Key real estate agent to help you through this journey.

Currently, in reading this series you now understand; what you own, all the things your HOA dues include, what your holding costs are while you own your condo, how to cover these holding costs during the time you own the condo, and how to evaluate property management programs.

Now, the next part is finding the right condo for you and the right real estate professional to guide you through the process.

A good first step would be to visit Perdido Key yourself on vacation. While here take note of the various real estate brokerages, because the last thing you want is to end of with a real estate professional who primarily works and lives 30 miles away that just so happened to get you to click on their Google ad. If you cannot get there soon enough, then be sure you ask the real estate agent up front if they live and work in the Perdido Key area. Working with someone local is, in my opinion, your best bet to ensure that they are familiar with the local market. This may even open up possibilities for finding properties not yet listed that only local agents would know about.

Secondly, know that there are both wonderful as well as lackluster experiences to be had with local professionals in any area. With this in mind, the key element you're searching should be trust. Trust that the Perdido Key real estate agent knows the area, our market, important information about the properties in which you're most interested, rental data if you need it and that when you have a question that he/she will get you answers. Trust also that the Perdido Key real estate agent will not lead you astray by only showing you their own listings. It's okay to ask questions in order to gauge the agent's knowledge of condo ownership, the Perdido Key area as well as various properties along with asking about any listings that they personally have on the market. As a last resort, you could even check for disciplinary actions on Florida's licensing website, however, if you're thinking of checking up on the agent then it's likely that you have not yet found the feeling of trust that I'm working to drive home.

Lastly, it's fair to identify the fact that most real estate professionals are paid on commission, so their time with you is generally free and they are not compensated until a sale closes. This means that the closer you are to being ready to make a purchase, the more they'll be compelled to provide you undivided attention. You having spent this time to understand the basics of condo ownership is a huge step in the right direction! 

Now, at this point, you're now equipped to; ask the right questions, find the right property, run your own numbers and find the right Perdido Key real estate agent for your investment in a condo here in our piece of paradise! And now that you've reached the end of my How Does Condo Ownership Work blog series I'll ask that you take a moment to send me an email and let me know what you thought of these posts. Were they helpful? Do you have any constructive feedback? Or, do you have further questions about condo ownership not addressed? My email is jd@perdidokeyflorida.com and I'm always eager to connect. I've made so many of friends across the country in the past 13 years of managing over 100 vacation rental condos. In owning my own real estate brokerage I get to help folks settle in right here in the paradise I call home! When the time is right, I'm happy to help you too. Just give me a call, send me a text or shoot me an email and I'll be here!

I hope to hear from you soon!

 

JD Hallam
JD Hallam

Broker/Owner Perdido Key Resort Realty

GM Perdido Key Resort Management

Email JD

 

JD is the Broker/Owner of Perdido Key Resort Realty which proudly serves all property owners in and around the Greater Perdido Key and SW Pensacola areas. If you have questions about buying, selling or general questions about the market then you should speak with JD at your soonest convenience.
 
If that isn't enough... JD Hallam has also been the Board Member serving as the Perdido Key Lodging Representative for the Escambia County Tourism and Destination Marketing Organization, VisitPensacola, and is the organization's FY19 Marketing Committee Chairman after having been the Treasurer for FY17 and FY18 Marketing Committee Chairman.
July 5, 2018

How Does Condo Ownership Work Post 5

This is the fifth post in a 6 part series to help those that have ever wanted to own a condo but haven't yet jumped in with both feet.

This post will help you break down a vacation rental management agreement and choose a property manager.

You know just about everything about owning a condo, but now you need to know how to evaluate a rental management agreement to ensure that you feel good about selecting a Perdido Key Property Management Company.

Before I break this down, know that I once was in your chair. As a family we had purchased our first condos in Perdido Key and, because we knew now better, we simply used the property management company which our neighbors had been using. Years later I realize how much revenue we had left on the table in the first years we owned condos and how that revenue would have gone in up our bottom line when we sold the condos.

I initially went with a rental company solely upon the referral from my fellow condo owners. They knew no better than I, but we had a good rapport so I based my faith on their due diligence rather than my own. 

I'm here to tell you that we all have different objectives with regards to generating rental income. It is for that reason that you personally should consider your rental revenue objective, along with the expectations you have of your property manager so that you too are content with your choice. We left a lot of money on the table in the first years of condo ownership. As the adage goes... it was a learning experience and tuition isn't cheap.

You may luck out and decide that the first one you speak with is a good fit. You may not feel that way initially and then speak with three more only to circle back around to the first property manager; that's an OK route too in selecting the right team for you.

Personally, I like the boutique feel of personalized service coupled with the knowledge of someone on top of their profession. I don't like big-box companies which cover large regions thereby watering-down their knowledge of the hyper-local area. Also, once I've made my choice I don't really need much attention. My mentality is that I made a decision I was comfortable with to use a professional and now I'm not going to tell them how to do their job. I'm going to let them do it and then compare the results to the objective in which I provided them with initially.

If the pictures online of my condo aren't perfect, but the property is renting well then there's no reason for me to call or email inquiring about the photographs. If I don't have an ad on a large marketplace website, but the property is renting well then there's no reason for me to call or email asking why my property isn't represented on that site. If the condo was rented for a month when I thought I may have been able to hold out and get 3 week-long rentals (which would've made more rental income), but I'm on track to meet my revenue objective then I'm not going to question the decision to put that month-long stay in my condo. You get the point. If my goal is being met and my property manager is otherwise doing a good job, then I'm going to focus my efforts elsewhere and let the pro do what he/she does. That's why I hired them to begin with, right?

Disclaimer: I'm not an attorney, but I am a vacation rental property manager and real estate broker. I'm not giving you legal advice. Just know that I have to say that :) Read on...

 

When looking at rental management agreements, what you need to ask yourself two questions;

1. Do I like this person? This is paramount, because even if they're making you money hand-over-fist if you dislike the person/people then you'll never be happy. Find another property manager who can meet your revenue objective.

2. What will this cost me? This is important, because there may be many ways in which you could incur an expense in your management agreement. You need to identify those expenses and tally them up in order to compare apples-to-apples.

 

In management agreements money moves through the following labels and phrases; rent, net rent, commission, agent fees/commissions, lodging tax, credit card fee, management fee, housekeeping fee, maintenance fee, blank program, marketing fee, escrow(not a fee), trip insurance, package(s), add-on's, additional rent, the difference in rental rate, out of pocket expense incurred, for promotional use, minimum liability coverage, required notice, and Purchaser will assume this agreement.

 

Rent is part of what the vacationer pays. In most cases, you are paid a percentage of this within 3 weeks following the end of the month in which the rental departs.

Net rent means the rent amount after a travel agent has kept their fee. In most cases, this amount, which may be less than the actual rent, is what the property manager and you split based on the commission amount.

Commission is the percentage in which the property management company keeps for generating the rental.

Agent fees/commissions are typically fees paid from the owner's net proceeds to travel agents.

Lodging Tax is the tax paid to the county, state and sometimes city wherever applicable. Who is responsible for paying this is important - it's usually the renter that pays it to the manager and they pay it to the taxing authority. This it not part of the rent or net rent.

Credit Card fee is a fee charged by some property managers to the property owner and is simply withheld from the owner's net proceeds to cover or help cover, the cost of processing credit cards.

Management fee is usually a fee, not commission, charged to manage the property. This has nothing to do with rent or rental income.

Housekeeping fee is what the owner will pay each time they depart from the condo. The renter typically pays their own cleaning fee which is kept by the property manager to then pay the housekeepers and cover cleaning supplies.

Linen fee is a charge to borrow the property manager's linens. In most cases, this is cheaper than buying your own and the property manager is able to provide faster housekeeping services by not having to wash linens in your condo. They instead have them cleaned in a commercial facility.

Maintenance fee can be a monthly or annual fee to cover predefined maintenance items. These often include batteries, shower liners, light bulbs and other smalls. This fee can often be more expensive than paying for these, along with a labor charge to have someone swap them out, as they are needed.

"_____ program" is something to pay close attention to when you see it as this may obligate you to some varying charge to cover a service/program provided to renters by the management company. Ask questions if you see something about a program.

Marketing fee is a way for a property management company to recoup some of the marketing expenses. This is common with lower-commission models. It's not something I like, because I expect the marketing to be handled entirely by the management company.

Escrow(not a fee) is a sum of your money held in an account to cover repairs which come up through the year. You'll pay this one and later get this back when you roll off the rental program.

Trip insurance is usually paid for by the renter so just be sure you're not being charged to insure their vacation.

Package(s) are extra charges for a program, so ask questions about be sure you're OK with the expense.

Add-on's are also like programs.

The difference in rental rate - If you see this it's likely that the property management company is saying that you will be responsible for any difference in rental rate for a rental that has to be moved for some reason you caused.

Out of pocket expense incurred - Again, if you see this it's likely that the property management company is saying that you will be responsible for any out of pocket expense they incur (higher cleaning fee, resort fees, etc) for a rental that has to be moved for some reason you caused.

For promotional use is a tricky one. This likely means that the property management company can rent out the condo and not pay you for the time used. If they do this is peak season, that's a lot of money you didn't get to earn. Be careful and ask questions when you see this one.

Minimum liability coverage is usually pertaining to the amount of insurance you're required to carry.

Required notice is usually about the minimum notice you must give to terminate the management agreement which is especially important when considering selling. What is the buyer didn't want to rent out the condo? Read on...

Purchaser will assume this agreement - this means that you can ONLY sell the condo to someone who will assume this agreement. It typically only for the duration of the required notice, but what if they have to move future rentals and they incur out of pocket expenses in moving the rentals? This could be expensive.

 

So, how do we come up with an apple-to-apple comparison? Add up the likely expenses and factor in the impact pertaining to each of these terms you see in the rental management agreement! Remember, a 20% commission on $20k worth of rental income is $4000 and an 18% commission on $20k worth of rental income is $3600. If the fees or restrictions between these are more than $400 annually OR the 20% commission company will likely gross you MORE rental income, then you may be better off going with the 20% commission agreement. A common example would be the "credit card fee" charged to you with the 18% agreement. If that credit card fee is 2%, then that means the rental company will charge you 2% of the $20k throughout the year as this fee($400 total) which makes these two contracts equal in terms of net-to-owner revenue.

If you have questions, I can help. Email or call me. I'm always willing to help!

 

JD Hallam
JD Hallam

Broker/Owner Perdido Key Resort Realty

GM Perdido Key Resort Management

Email JD

 

JD is the Broker/Owner of Perdido Key Resort Realty which proudly serves all property owners in and around the Greater Perdido Key and SW Pensacola areas. If you have questions about buying, selling or general questions about the market then you should speak with JD at your soonest convenience.
 
If that isn't enough... JD Hallam has also been the Board Member serving as the Perdido Key Lodging Representative for the Escambia County Tourism and Destination Marketing Organization, VisitPensacola, and is the organization's FY19 Marketing Committee Chairman after having been the Treasurer for FY17 and FY18 Marketing Committee Chairman.