[INeedAChange]

I've seen a lot of negative comments on condos on this board--I'm wondering if these people don't like condos in general and are used to living in a house, or is there specifically something wrong with the ones in Florida?

[robeve310]

We have a lot of condo conversions here. Tiny apartments that were converted into a Condo. That is probably the issue.

I have 4 bedroom townhome with 2 car garage in Coral Springs forsale/Rent. PM me if you want more info. This was NOT a condo conversion.

Good luck.

Evelyn

[INeedAChange]

I'm not really ready to move yet but I appreciate it...

I've lived in small apartments for 15 years so the condo conversions probably wouldn't faze me too much...

Originally Posted by robeve310

We have a lot of condo conversions here. Tiny apartments that were converted into a Condo. That is probably the issue.

I have 4 bedroom townhome with 2 car garage in Coral Springs forsale/Rent. PM me if you want more info. This was NOT a condo conversion.

Good luck.

Evelyn

[tallrick]

They are condos! Who would live in a condo instead of a home? Most condos are tiny and cramped, others are full of ridiculous rules. Living with people next to you and on top and bottom of you is not a pleasure. Add to the fact that condos can sell for as much as 10 times what they are really worth. If you could buy a 1000 square foot condo for 50,000 close to the coast it would be worth it. But when apartment conversions on Bird Road sell for 200,000 that's really sad.

[INeedAChange]

I guess it's a matter of perspective then...here in NY there is no stigma to living in an apartment or condo--personally I prefer it because I don't have to worry about yardwork or arranging a lot of major repairs, roofing etc. That's a major advantage, in my opionion.

[seeriously]

It is a matter of perspective! In D.C., a condo would sell quicker than a home because of the ease of care that everyone sought. There are people who come down to Florida from NY and DC and they're looking for the same ease of care they had up north. And in my estimation, a condo provides more privacy than some of the homes I've seen down here on zero lots. At least there's a solid wall between you and your neighbor instead of 6 to 8 feet.

[vpcats]

Apartments are fine with me. I do prefer a apt. I grew in NYC also so I'm quite used to apts. Here (Florida) they're called "condos", if you "own" one. It's different from a "co-op". The biggest drawback I see are all the rules and the association/maintenance fees can be killers, and they're not tax deductible. Condos also, your car is parked far away from your entrance door, usually. You have to carry groceries, wait for the elevator, have to run into people that you may not want to say good morning to one day. Then again, if you have a house, you have a lot of work, a lot of maintenance/repair expenses and it might just add up to the same as if you were in a condo. Everything depends on location too and your finances. You can have a house and pay someone else to do all the extra work.
I think in Florida, if you have kids, pets, and like to BBQ and just sit outside, have your own pool maybe, that's why "most" people here prefer houses. Life is much more conducive to having a house.

[TriMT7]

It depends on whether you buy a "Condo Conversion," which is an apartment complex turned into condos, and therefore in my opinion less suited for permanent living, or whether you buy a condo specifically designed and built for permanent living.

Take most of the highrise condos that have gone up the past couple of years in South Florida. These buildings are perfect for people who want a low maintenance life style with lots of amenities. They include pools, fitness gyms, steam rooms, saunas, valet parking often, conceirge service, security, etc. etc. etc. Add to that no lawn maintenance expenditures and less worries for hurricanes, etc.... and it's a good combination!

For some buyers, they are exactly what they are looking for, especially if located in a downtown area where you can walk to everything and not fight traffic!!

I go back and forth myself when thinking about what I want to buy next time I'm ready to buy again (townhouse, condo, or single family home). For now I'm going to try renting in one of those condo-condo buildings to see how I like it for at least one year!!

The only downsides are condo commandos and lots of rules. But quite frankly, I LIKE order and cleanliness in my surroundings, so it's a sacrifice I'm willing to make.

[vpcats]

TriMT7. Yep, I agree with you. I'd love to live in one of those newer condos with all the amenities. I can't wait to do that someday. I'm really tired of all the "house" problems but I have a lot of pets too that I just won't give up until their time has come. That's my biggest hold-up and basically why I have a house. Otherwise, as a older adult, I don't see the point of all that housework.

I think townhomes are a good compromise too and most have some sort of little outdoor space for a BBQ and a little patio set.

As for the "condo conversions", yes some were rentals originally but there are many, many condo buildings that were always just condos, not a "luxury" building, but condos nonetheless. The recent luxury condo boom is also connected to part-time residents/investors who rent those out too when the owner is not using it and who just want a nice hotel atmosphere when they're in and out of town.

[Prichard]

Actually, for the most part the condos built in Florida are really excelent quality. The problem is that there are way, way too many of them. What most lay people don't know is that there are hoards of investors who bought into the "condo craze" who can't get rid of them - AND THEY ARE STILL BUILDING MORE, SELLING THEM TO NEW NAIVE INVESTORS. But, wait, that's not all folks, when these investors can't sell them, and then start to default on their mortgages one after another, those investors that are left will have to pay "special assessments" to take up the slack of those who haven't paid the bank, let alone the condo association.

Some of you might think: "well, the condo association can just foreclose it's assessment lien and take them back, and sell them, right?" First, this is a lengthy and costly process. Second, who is going to pay the assessments on the foreclosed unit until it can be re-sold to another investor? There could be one to two years of no assessments being paid!!! SOMEONE HAS TO PAY. (hint, it ain't the government). Third, timeshares, condotels, and older condo conversions get hit the hardest, as people will just turn their units over FOR NOTHING just to get rid of the taxes, insurance, and assessments. Think I'm wrong on this? I saw just that during the early '90's when timeshare was oversold. And, that was nothing compared to how overbuilt condos are right now.

Single family homes will ride out the storm ok; but you condo investors are in for one big KABOOM.