[macguy]

Originally Posted by RedWingsFan

But all real estate was way cheaper 10 years ago. We are talking about now. The going rate is whatever people are willing to pay for it...

Just responding to your post
Quote
"I've never heard of a $50k condo, at least not in a decent area. I'd be afraid to see where it's at or what it looks like for that price".
end quote

I will add I said 10 years but it was more like just 5 or 6 years ago. My mother-in-law was looking at an ocean front condo on like the 20 floor about 7 years ago for $200,000. Today, even in this market it would be over a million.

They were cheap because they build them like crazy and no one wanted to live in them. I doubt even today given a choice many people would want to live in a condo.

[Need_affordable_home]

Like I said before, if 100 people got together and paid a contractor to build them a condo, they could cut out the developer as the middle man and get their condos for like half price. Its mostly the speculators who were willing to pay those insane prices. Theres a rental to condo conversion and they want $155k for a small ~700 square feet 1/1 unit For that money I can get a 4 bedroom house in Texas

[Magnolia Bloom]

Originally Posted by Need_affordable_home

I had asked this question in another thread but everyone is going off topic so im going to try again and start this thread. Please stay on topic and only discuss overpriced condos, nothing else. Thanks.

Condos are even more overpriced. They should cost 3/4th as much per living square feet as houses. But yet they cost the same! A few days ago I was driving past a huge billboard sign that said "new development condos for $229,000" Those condos are probably 2/2 maybe 3/2 and about 1200 living square feet. LOL you can get a bigger house with a backyard than those condos for just a few thousand more at a lower cost per living square foot!

Small 1/1 condos should be priced at $50k to $75k to be correctly priced. You can build 100 1/1 condos per acre of land for low rise and much more than that for high rise. Lets assume an acre of land costs $500k for condo developments, then this comes to only $5k of land per 1/1 condo. The construction costs should be $30k to $50k per 1/1 condo at a total cost of $3-5 million to build a complex of 100 condos. If I am wrong, let me know.

Larger 2/2 condos may be priced at $66k to $110k due to the increased space and the fact you cant build as many units per acre of land. I dont know if this is apples to apples but I have compared condos in Texas and you can easily get a 2/2 for $50k. I already know the land costs are much less but each condo only occupies a tiny fraction of an acre so not much saving there. Construction costs in Texas appear to be half to two thirds that of Florida. So the developers pay like $15k to $30k average each 1/1 condo and the land costs come out to $1,500 per condo. They are priced at $25k to $50k from what ive seen which is fair and gives them a big 50% plus profit over wholesale costs!

Okay, but you are speaking of construction in La-La land. In the real world, Florida to be exact, we have concurrency. What about that?

Where, exactly do you live?

[joker]

Originally Posted by Need_affordable_home

I had asked this question in another thread but everyone is going off topic so im going to try again and start this thread. Please stay on topic and only discuss overpriced condos, nothing else. Thanks.

Condos are even more overpriced. They should cost 3/4th as much per living square feet as houses. But yet they cost the same! A few days ago I was driving past a huge billboard sign that said "new development condos for $229,000" Those condos are probably 2/2 maybe 3/2 and about 1200 living square feet. LOL you can get a bigger house with a backyard than those condos for just a few thousand more at a lower cost per living square foot!

Small 1/1 condos should be priced at $50k to $75k to be correctly priced. You can build 100 1/1 condos per acre of land for low rise and much more than that for high rise. Lets assume an acre of land costs $500k for condo developments, then this comes to only $5k of land per 1/1 condo. The construction costs should be $30k to $50k per 1/1 condo at a total cost of $3-5 million to build a complex of 100 condos. If I am wrong, let me know.

Larger 2/2 condos may be priced at $66k to $110k due to the increased space and the fact you cant build as many units per acre of land. I dont know if this is apples to apples but I have compared condos in Texas and you can easily get a 2/2 for $50k. I already know the land costs are much less but each condo only occupies a tiny fraction of an acre so not much saving there. Construction costs in Texas appear to be half to two thirds that of Florida. So the developers pay like $15k to $30k average each 1/1 condo and the land costs come out to $1,500 per condo. They are priced at $25k to $50k from what ive seen which is fair and gives them a big 50% plus profit over wholesale costs!

are you psycho or something??!!! i've seen condos for as low as 10K as far south as key west!!!

[Need_affordable_home]

Originally Posted by joker

are you psycho or something??!!! i've seen condos for as low as 10K as far south as key west!!!

Cheapest I have seen was a $35k 1/1 condo for 55+ "active adults" but even most of the 55+ condos are priced at $75k to $100k+

Cheapest condo ive seen without the "age restriction" was $69k for a studio in a high crime neighboorhood. Ive personally seen a $95k 1/1 condo that was about 600 square and needed a little TLC. The kitchen counter was falling apart, the bathroom cabinet was rotten with water damage, the toilet you wouldnt even wanna use and neither the shower which was scratched and rusty and the bathroom mirror was cracked. The neighboorhood was so-so. I would never pay $95k plus more money and time in repairs to live in a cramped old condo like that! I can get a huge 4 bedroom house for less than that in a different city/state!

[Figment 07]

Originally Posted by Need_affordable_home

Please stay on topic and only discuss overpriced condos, nothing else. Thanks.

Condos ... should cost 3/4th as much per living square feet as houses. But yet they cost the same!

Small 1/1 condos should be priced at $50k to $75k to be correctly priced.

Lets assume an acre of land costs $500k for condo developments, then this comes to only $5k of land per 1/1 condo. The construction costs should be $30k to $50k per 1/1 condo at a total cost of $3-5 million to build a complex of 100 condos.

... if 100 people got together and paid a contractor to build them a condo, they could cut out the developer as the middle man and get their condos for like half price.

Will our 100 new overpriced condos have elevators and balconies? Drive-under parking or open parking spaces on a parking lot (did you allow space for 200 cars on your acre along with the condominium buildings?

Gated entry for security? Landscaped gardens? Swimming pool?

Only one acre?

What about my gardens? If I'm cooped up in an overpriced condo with no lawn and gardens of my own, I'll require some beautifully landscaped common areas. At least a small, private park for residents with pets.

You've marked me off your potential occupant list already. I just know it.

[nothingman]

You’ll pay anything from $180-$300k for an average / crappy condo here in Miami…a condo with walls so think that you’ll be able to hear your neighbor take a leak and you’ll spend much of your time wanting to kill the b**tard who took your parking spot, for the 1,000th time!

Personally, I hate most condo buildings. They’re bland, faceless and many of them are built on the cheap. The skyline of Miami is going to be completely dominated by these monstrosities – it’s a disgrace. What happened to creative modern architecture?

[Need_affordable_home]

Dont expect much room for parking. In fact you pay to reserve your parking space and someone can take it, then gotta call a tow truck to haul the car away. Ever seen those condos in NYC? Thats what Miami is getting to look like. Condos on zero lot lines. The spacious high rise condos can sometimes be nice as a second home for the rich, otherwise its detached house on an acre lot anyday

[carolac]

In 2004 - 2005, a LOT of apartment complexes converted to condos. What a mess! The complexes upgraded the landscaping, put up newer nicer signs, repainted the apartments, cleaned or replaced the carpet, some tiled, but not with expensive carpet or tile, put up some new mini-blinds and then started charging about $150,000 for 1 bedroom units. Those conversions near the Disney area were selling pretty rapidly then to foreign investors,but not so elsewhere in Orlando. People could not find a placed to rent,a nd the rent was SO high. What a difference a year has made. The condo complexes are now trying to rent their unsold units, which are many, and the apt. complexes are running specials and lowering rent, competing for residents, handing our flyers and paying referral fees to current residents if they bring in a resident.

I was seeing the lowest price for condos at $149,000, but I saw one complex a few days ago starting at $100,000. People are concerned for the 16+ month backlog of "residences" waiting to be sold. Per the Orlando Regional Realtor Association, that backlog consists of these unsold condo units, and not just houses.

[Jammie]

Originally Posted by joker

are you psycho or something??!!! i've seen condos for as low as 10K as far south as key west!!!

Joker, are you talking about condos for that price in Florida? If so, would you give us the MLS numbers and the cities so we can check them out? Thank you and have a nice day!~