Buying A Vacation Condo On Sarasota’s Keys

Dreaming of a beach place on Siesta or Lido Key that you can enjoy and possibly rent when you are away? Sorting out the rules, fees, insurance, and rental logistics can feel overwhelming at first. This guide walks you through the essentials so you can buy with confidence, plan realistic rental income, and avoid costly surprises. Let’s dive in.

Start here: your 3 key checks

Before you fall in love with a view, confirm these items for the exact address:

• City or County: Is the condo inside City of Sarasota limits or in unincorporated Sarasota County? Rules differ. Check the City’s vacation-rental guidance for what is covered and what is not in city limits, then verify the address jurisdiction.
• Zoning and condo rules: Verify parcel zoning and the condo association’s leasing rules. Even neighboring buildings can have different minimum stays and caps.
• Licensing and taxes: Confirm if you need a Florida DBPR vacation rental license and register for local tourist tax if you plan to rent.

A few minutes on these three checks can save months of headaches later.

Rental rules by location

City of Sarasota basics

If the condo is inside city limits, the City of Sarasota requires a vacation-rental certificate of registration for certain single and multi-family dwellings. The city’s program includes application fees, inspections, a designated 24/7 responsible party, and a minimum stay of seven full days for qualifying dwellings. The city’s certificate process excludes condominiums and cooperatives from that specific registration requirement, so always confirm whether your unit is covered by the program and what standards still apply. City-issued certificates do not transfer at closing, so new owners must apply if a certificate is required by the property type. You can review the program details on the City’s official vacation rental page at Vacation Rental Registration and Compliance.

Unincorporated Sarasota County and much of Siesta Key

Most of Siesta Key sits in unincorporated Sarasota County. The county generally prohibits leases shorter than 30 days for single-family residential zoning. Many condo buildings on the barrier islands are in multifamily zoning, which can be treated differently. Do not assume nightly or weekly rentals are allowed until you verify the exact parcel zoning and the building’s leasing rules. For an overview of local zoning issues and barrier-island exceptions, see the Realtor Association’s summary on rental restrictions in Sarasota and Manatee County, then confirm details with county planning and the association documents for the building you are considering.

Florida state licensing

Florida’s Department of Business and Professional Regulation (DBPR) requires a vacation-rental license for transient public lodging in many cases, such as when a property is rented more than three times per year for less than 30 days at a time. State licensing is separate from local rules and often required in addition to city or county registrations. Review definitions and steps in the DBPR’s vacation rental licensing guide.

Local tourist tax registration

If you rent for six months or less, you must register and remit Sarasota County’s Tourist Development Tax, currently 6 percent. Marketplace platforms may collect some taxes, but you are still responsible for correct local registration and filings. Find forms and instructions on the Tax Collector’s page for the Tourist Development Tax.

Ownership costs to expect

HOA and condo fees

Association fees vary widely across the Keys. Recent listings show monthly dues ranging from the low hundreds to well over $1,500, depending on the building’s age, amenities, insurance structure, and what utilities are included. Ask for the current budget, a breakdown of what the fee covers, and any scheduled increases.

Property taxes

Millage rates vary by location and special districts, so use the county tool to estimate taxes for a specific address. The Sarasota County Property Appraiser provides a helpful tax estimator you can use during your short list stage. Revisit the estimate after inspections and final pricing to keep your pro forma current.

Insurance, reserves, and assessments

In a Florida condo, the association carries the master policy for building and common elements, and you carry unit coverage, typically an HO-6, for interior finishes and contents. State law outlines these responsibilities for associations and unit owners. Review the association’s master policy declarations and the deductible schedule, especially wind and hurricane deductibles, because large deductibles can lead to special assessments on owners. See the insurance and budgeting standards in Florida Statute 718.111 on association insurance and reserves.

Flood exposure is also a key factor. Many Keys properties sit in FEMA Special Flood Hazard Areas. Recent FEMA map updates changed base flood elevations for thousands of county parcels, which can affect whether flood insurance is required and how much it costs. Ask for the unit’s FEMA zone and elevation certificate and get current quotes. Local reporting on the map updates is summarized here: FEMA flood map changes affecting Sarasota County parcels.

Rental revenue: what to model

Association rules come first

Your building’s governing documents control what is actually allowed, even if local zoning permits short stays. Read the leasing section for minimum stay length, how often you can rent per year, any first-year ownership restrictions, and whether there are rental caps. If any layer of rules limits short-term use, adjust your plan accordingly.

Seasonality and pricing

Sarasota’s barrier islands perform strongly in peak season, then moderate in shoulder months. A recent market snapshot for nearby Longboat Key shows average daily rates in the low to mid hundreds and occupancy around 30 to 50 percent, illustrating how seasonality impacts cash flow. Treat third-party snapshots as planning data rather than a guarantee and tailor your projections to your building and unit size. You can review a sample market view at AirROI’s Longboat Key report.

Operating and management costs

Build a conservative budget that includes:

• Management fees. Full-service vacation rental managers commonly charge 20 to 40 percent of bookings. Hybrid or co-host models are typically lower. See typical ranges in this overview of Airbnb property manager fees.
• Turnover costs. Cleanings per stay can range from about 75 to 250 dollars depending on size and standard. Add linens, supplies, and periodic deep cleans.
• Utilities and subscription services. Wi-Fi, streaming, electricity, water, and pest service.
• Maintenance reserves. Set aside funds for appliance failures, small repairs, and wear-and-tear.
• Compliance time and fees. In city limits, factor in application fees, inspections, and the cost to maintain a designated 24/7 local contact. State licensing and county tax registration also take time.

Furnishing and remote management

Make it guest-ready and durable

Vacation-ready units do best when they feel complete and easy to use. Plan for durable seating and surfaces, comfortable beds and quality linens, a fully stocked kitchen, reliable Wi-Fi, and small but appreciated items like a hair dryer and iron. Provide a clear guest guide with parking, trash, and evacuation information. For coastal buildings, confirm impact-rated windows or a documented shutter system and know the building’s hurricane procedures.

Build your remote toolkit

If you will not be local, put systems in place so issues do not become emergencies:

• A 24/7 local contact or licensed manager. In city-registered cases, a designated 24/7 responsible party is required.
• Smart lock and temperature control with remote access and an audit trail.
• A leak plan and routine maintenance checks, plus a vetted handyman and vendor list.
• Professional cleaners with quality control and photo documentation after each turnover.
• Privacy-compliant noise or occupancy monitoring to help deter nuisance issues and protect your standing with the association and neighbors.

Due diligence checklist before you offer

Use this list to request documents up front and avoid surprises at closing.

• Association estoppel or resale certificate. Confirms dues, special assessments, and any violations or fees that could affect you. Florida Statute 718.116 outlines estoppel contents and timelines. Review the statute here: Condominium estoppel certificates.
• Governing documents and rules. Read the Declaration, Bylaws, and Rules and Regulations, including all amendments. Focus on leasing language, minimum stays, caps, and any right of first refusal.
• Financials, budget, and reserve study. Look for underfunded reserves, recent or planned special assessments, and the timing of big projects like roofs, elevators, balconies, and exterior paint. Florida Statute 718.111 details reserve and insurance provisions for associations.
• Association insurance summary and deductibles. Get the master policy declarations, deductible schedule, and any recent claim history. Large wind deductibles can translate into owner assessments after a major storm.
• Board meeting minutes. Ask for at least the last 12 months. Minutes often reveal vendor changes, project scopes, and any pending disputes or litigation.
• Structural or milestone inspection reports. If the building is subject to milestone inspections, request the latest report and the plan and budget for any Phase II work.
• Rental history and caps. Request any rental ledger, occupancy summary, and an association count of rented units to confirm you are not over a building cap.
• Open violations or compliance items. Confirm there are no unresolved issues that could delay closing or cost you money.
• FEMA flood zone and elevation certificate. Ask for the zone, elevation certificate, and recent flood premium quotes, then get an independent quote to verify.
• Licensing and tax steps. Confirm whether you will need a DBPR vacation rental license, a local business tax receipt if applicable, and registration for Sarasota County’s Tourist Development Tax. Add expected timelines for any required inspections or approvals.

Buying a vacation condo on Siesta or Lido Key can be both a lifestyle win and a smart long-term hold if you plan ahead. When you understand the rules, nail down the true cost of ownership, and select the right building for your goals, you set yourself up for a smooth purchase and confident rental operations. If you want a local, finance-savvy partner to help you evaluate buildings, interpret condo documents, and coordinate your closing, connect with Dianne Anderson for concierge-level buyer representation.

FAQs

Can I run a nightly or weekly Airbnb on Siesta Key?

• It depends on location, zoning, and your building’s rules. Much of Siesta Key is in unincorporated Sarasota County where single-family zones often have a 30-day minimum, while some multifamily-zoned condos allow shorter stays. Inside the City of Sarasota, certain vacation rentals require city registration with a seven-day minimum for qualifying dwellings, and certificates do not transfer at sale. Always verify parcel zoning and association documents before you buy.

How big can HOA or condo fees be on the Keys?

• Fees vary widely. Recent examples range from several hundred dollars per month to more than 1,500 dollars in amenity-rich or coastal buildings. Review the budget to see what is included, such as insurance and utilities, and whether fee increases are planned.

Do I need flood insurance for a Keys condo?

• If your unit is in a FEMA Special Flood Hazard Area and you have a mortgage, your lender will require flood insurance. Regardless, many coastal buyers choose to carry it. Ask for the FEMA zone and elevation certificate and get quotes before you finalize your offer.

What surprises do Keys condo buyers run into later?

• The most common are restrictive rental rules discovered late, special assessments tied to underfunded reserves or storm deductibles, and flood-zone driven insurance changes. Reviewing minutes, reserve studies, master policy deductibles, and estoppel documents early helps surface these issues.