fmpden

I am not sure I would want to buy any property in Florida at the moment. Friends of ours have rented a property in Keys for a month to six weeks each winter. While renting last they learned that it was going to into foreclosure. They like it a great deal so thought they smelled opportunity. They offered 1.1 M in cash on a short sale. Everyone agreed but prior to closing the bank withdrew their approval. Actually the bank asked the seller to put another $30,000 in the deal who refused and the contract expired. They are there this year and the property has been foreclosed on. Their agent has hinted that the bank might consider $900,000. They have decided to wait to the end of their lease and maybe offer $750,000 cash. I don't think I would be in a hurry to buy anything in Florida.

dancer0707

Thank you all so much for your feedback! I think I will just rent for now....

SAnParis2

Another thing not mentioned that is very prevalent is HOA fees, they can also add up to big $$$ very quickly.

NeoPatrick

Speaking of Association or Maintenance fees, look at the sad but logical side of this. Let's say you own in a 100 unit condo complex and the cost of maintaining the complex is $1200 per quarter -- or $300 a month per unit. Those fees pay for building maintenance, insurance on the property itself, pool and elevator contracts, usually water, trash and sewer, etc.

Now let's say that 25 of the condos in that complex are in foreclosure. The owners of those units are no longer paying their $1200 per quarter. Does that mean the costs go down for maintaining the complex? No. Guess who has to make up the difference of that now missing $30,000 every quarter? Right -- the other 75 unit owners. So in this case, instead of your quarterly payment of $1200 now you must fork over $1600 every quarter. More units in foreclosure? Much worse.

This is a huge problem right now in many condo complexes in Florida.

expervet

DO NOT BUY A CONDO IN FLORIDA until and unless the Florida legislature reverses its law. Condos that were originally apartments are being converted back to apartments, sometimes against the will of owners. In 2006, the law required 100% of condo owners to agree to the termination of the association. In 2007, FL statute 718.117(3) was changed to permit optional termination if 80% of the owners agreed and fewer than 10% objected. This new law is being applied retro-actively and is being used by wealthy investment firms to increase their profits at the expense of individual owners. Under the law, owners can be forced to accept a portion of the "new" apartment complex or sell their units at current market prices. Either way, you're out of your home. I paid $166,900 in 2006. My unit is now worth $60,000. A large investment company now owns 66% of the units and is buying more. It is possible that I could eventually be forced out, losing a $100,000 or more. So far, our state representative, senator, and governor have not responded to our plea to change the law. Be forewarned, unless the law is changed, in Florida your condo is not your castle.

321go

"So far, our state representative, senator, and governor have not responded to our plea to change the law." This unfortunately not at all surprising. In Florida, money talks (and only money gets its calls returned).

NeoPatrick

I'

expervert, I'm curious what you would believe if you owned a condominium in a complex of 120 units, 70 of which are in foreclosure, or simply abandoned by owners who no longer could keep up with the costs? This is the typical situation that caused the new legislation. Those owners who were still meeting their responsibilities were suddenly faced with things like monthly maintenance tripling in cost to pay the share by the many owners who were either defaulting or simply walking away. When someone's investment is suddenly costing them more than two or three times what it was "supposed" to cost, many were walking away. The situation was snowballing out of control.

I'm sorry that your condo has lost so much value, but it probably would have happened and could be even worse without the legislation. I own an "investment" unit in a complex of 31 units in Naples. The new legislation has allowed the association to take over units that are not being foreclosed on or that were abandoned and the association can now rent them out. No, it's not great to have what would have been a private condo complex suddenly becoming a "rental complex", but in the past year thanks to that legislation, our association has been able to turn things around and even replenish our depleted reserves. Soon, the association will be able to sell some of those units and within a few years, hopefully we will be back on track as a solid condominium complex.

NeoPatrick

Somehow I erased my first paragraph above. What I started to say was "I am glad this old thread was revived. It gives me an opportunity to update my post of almost three years ago. I'm actually glad for the legislation that upsets expervert so much. It has worked out great for my situation."

JCHJThomas1

Try Wynmoor in Cocunut Creek fla. It's 475 Acres of private and quiet community. We love it.

fmpden

Thomas1. It is smart to check the dates of the posting you are responding to. This one started in 09. Pretty out of date given the real estate market of the past five years.

lizaresmith

Yes Sarasota is the best choice among these as it keeps its guests close to Tampa, Kissimee, Davenport, Orlando and St Petersburg that are itself the center of all desired accommodations, theme parks, water parks, restaurants and vacation rentals.

lucyreed

Before you can buy your own condo you must consider many things first. Condos have an appeal that conventional houses lack, as they are often cheaper, never require landscaping and are often nearer to urban places than the suburbs. However, there are some condominium drawbacks a prospective buyer should be familiar with

Katzgar

Without going into the details if you are going to buy in Florida now is the time to do it. Housing is coming back, vacant foreclosures are now being listed. Buy when prices are low which is now.

Ackislander

But Toronto is a bit farther from the beach than most of us prefer, though it is often just as hot and muggy as Florida, so maybe you did not notice that the beach was on a lake.

ComeSailWithME

I grew up vacationing in Sarsota as my uncle owned a condo there. We really love the area and it is great for retired folks. Very quiet, somewhat secluded yet very close to lots of entertainment - beaches, pedestrian friendly shopping (St Armands Circle) and also close to clearwater and tampa for other activities.

I just recently vacationed in Maderia Beach, a small beach town situated between St Pete Beach and Clearwater Beach and just fell in love with it. I was looking at condos for vacation purposes, but we met some folks who were retired and loved it there as well.