Since we live on the water (after looking at waterfront homes all over Tampa Bay when buying our home!) waterfront and beachfront properties have become my specialty.  To take a look at the Waterfront Properties listed now in the MLS, follow these simple steps:

North Beaches

(Clearwater Beach to Indian Shores/Park Blvd)

South Beaches

(Indian Shores to St. Pete Beach)

An Overview of Waterfront Property in Pinellas County
Can I Afford Waterfront Property?
In general, condo's and townhomes on the Gulf side (directly facing the water or in a second building with less (or no) view cost in the $400,000 and up range  - down significantly from a few years ago.  If you opt for a unit on other side of the street on the Intracoastal waterway, you might find properties starting at $250,000.
 
Can I Rent My Condo to Others?
Typically yes, you can.  Each complex has a minimum number of days you may lease it out.  While some condo's rent more than others depending on price and location, make sure you don't overestimate the amount of money you will bring in from rentals.  There are some factors to consider:

• A condo on the Gulf side will rent out more often throughout the year.  For number-crunching purposes, you might use 60% as the amount of days during the year you will rent it out.

• A unit on the Intracoastal side will probably rent out for 2-3 months during the winter "Season" since there is such high demand everywhere on the beach.  The rest of the year most visitors will choose to rent on the Gulf side to be closer to the beach.

• If you want to rent your condo out as much as possible, look for condo's that have a 7 day minimum rental period.  There are very few of these so your selection is limited.  On the other hand, you might be able to afford a higher-priced unit since you will receive more money from rentals.

• The majority of the condo's have at least a 30 day rental period which makes them harder to rent out during the Summer months when people take shorter vacations.

Should I Invest in Waterfront Property?
Waterfront has historically been a good investment - especially now that prices are adjusting downward from the peak. Will they drop lower?  Maybe. But waterfront has always come back over the years. And don't we all wish we had held onto that condo that we bought for $70,000 15 years ago? 

While the income from rentals provide cash flow, you may find that the real payback comes from the increasing price of the property when it comes time to sell.  It is still almost impossible to get a positive cash flow on waterfront.