New vs Resale - REALity Check! by Christy May of the May Group of Coldwell Banker
New vs. Resale: A Florida Real Estate REALity Check
by Christy May, The May Group of Coldwell Banker
So, you want to buy a home in Florida? Welcome! The weather is gorgeous, the lifestyle is unmatched, and the excitement is palpable. Every single day, roughly 1,000 people pack their bags and move to the Sunshine State, with a massive wave landing right here on our stunning Gulf Coast.
If you are looking at Sarasota or Lakewood Ranch, you have undoubtedly noticed the changing skyline. There is a staggering number of spectacular new high-rise, multi-unit developments popping up. In fact, if you stand at my office and draw a half-mile radius, you will find roughly 20 new developments either planned or actively under construction.
It is easy to see why buyers get starry-eyed. These new models are staged to absolute perfection, pristine, and dripping with modern luxury. But before you get swept away by that "new home smell" and rush to hit the buy button, we need to have a REALity check. You need to know which of these projects are the real deal, and you absolutely have to do the math.
The Hidden Math of New Construction
When you buy new, the advertised base price is rarely your final number. In a new development, you are navigating a complex puzzle of payment schedules, lot premiums, and structural upgrades. But the real surprise usually lurks in the ongoing monthly charges.
To truly understand your cost of living, you have to look beyond the basic mortgage. You must factor in:
- Community Fees: COA/HOA fees, mandatory reserves, and capital assessments.
- Lifestyle Amenities: Memberships for golf, sports, social clubs, or boat docks.
- Everyday Costs: Parking, support staff, utilities, high-speed internet, and insurance.
- The CDD: Community Development District fees, which are added to your tax bill to pay for infrastructure.
At The May Group, we keep a comprehensive, real-time spreadsheet tracking all of these moving parts across Sarasota and Lakewood Ranch—from exact payment structures to completion timelines and occupancy dates—so our clients are never caught off guard.
The Resale Landscape: A Different Kind of Risk
On the flip side, resale properties offer a distinct advantage: full disclosure. When you buy an existing home or condo, the seller must provide a clear history of actual past costs and fees.
However, out-of-state buyers are often blindsided by the new reality of the Florida resale market. Following recent high-rise structural failures in Miami, Florida passed strict new laws. Older condominiums now face mandatory Milestone Inspections, strict structural integrity assessments, and required financial reserves to fund immediate repairs.
Because of this, some older condos are seeing their market values heavily impacted—sometimes worth significantly less than they were just a few years ago—because buyers could be hit with massive, unexpected assessments to fund building repairs. Combine that with recent hurricane history and a volatile property insurance market, and resales require just as much scrutiny as new builds.
Get the REAL Info Before You Buy
Whether you choose the sleek, pristine allure of a brand-new high-rise or the established character of a resale property, success comes down to having the facts especially on new. You need to know the percent of units sold, when a building will actually be completed, and what your true monthly carry cost will look like.
Don't guess on the biggest investment of your life. Call me today to get the REAL information you need for buying and selling on the Gulf Coast! Or let our bot, MAI - at the bottom of the page know what you are wondering MayGroupRE.com
Christy May on my cell 781-258-6022
May Group of Coldwell Banker 941-462-4060
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