[Terrible_Mike]

Can anyone tell me about the units that are for sale at the Flamingo Palms Villas, located on 4200 S VALLEY VIEW BL. It is close to the Rio.

There are many for sale in here. Anyone know exactly what the problem is?

Would you recommend buying a unit here?

Thanks

[Terrible_Mike]

I believe I have the name wrong on this complex. I believe it is now called Desert Tides.

[YS ADVANTAGE]

Mike,
It seems to be a condotel. Or advertises that it is a "hotel & condo resort" when you drive up to the front. I went there today. It was like a ghost town. No cars in the parking lot. I saw 4 people on the premises. 2 were maids and one was the front desk clerk. She said that it was busier on the weekends. Well, I would hope so. As I could see only one other person around today that didn't work there. Kinda eerie.
These were actually pretty high priced properties a couple of years ago. I'm talking anywhere from $250K- $450K per unit back in 06. Now owners are dropping them like hotcakes. Problem is, unless you can pay all cash you won't be able to buy one. No way will a bank finance one of these. Every one that has been sold has been bought w/ cash. Because there are liens and encumbrences.

See, the property is the subject of many lawsuits. Owners sueing the developers,an HOA (Home Owners Association) suit, the common grounds are owned by another entity. A deed in lieu of foreclosure of deed of trust from Flamingo Palms Villas,LLC to Sarasota Coast Investors,LLC. was filed at the Clark County Recorders Office 3/21/08. And that's just what I could see to start.
I would recommend you get the advice of a good REALTOR or attorney, or BOTH.

[lostaddict]

any new info on these? they are really cheap now, but the last post on here scares me

[jlady]

I looked into these also, the HOA monthly dues is 400-500 a month.There is also a complex at 3318 n. decatur that has tons for sale 30-50K. (I think that is the address, info is at home).

[flyingtigers]

Weirdly written HOA there. Something like the HOA actually controls nothing,even trhough dues are $400 a month. Lawsuits galore. No one and I mean no one is going to finance there, cash only. Was to be part of an ambitios plan for redevelopment, of course it all sell through. Cay Clubs I beleive was behind it.

You might try starting here to understand them: Flamingo Palms

[lookingforagooddeal]

Heavy litigation pushing HOA fees up. There are rumors that owners won't be allowed to use any ammenities because HOA does not own the land. $400 HOA fees and you can't use the pool... I'd be worried about special assessments due to all of the litigation.

[Mali_nka]

This community is in multiple lawsuits which seem to complicate things even further. Originally, it was an apartment complex, then it got converted into a condominium complex and was sold as individual units. Lately, they've been trying to convert it into condo-hotel, but were unsuccessful.

If you'd to buy this condo, it would have to be cash as no lender will give you loan to purchase in this community. Also, the outcome of the lawsuits is hard to predict and it will strongly affect the prices and rent-ability.

One of the lawsuits is regarding the common grounds which belong to a different entity other than HOA.

HOA fees are extremely high( about $350-$450/m) which diminishes the value you are getting by buying it so low. You'd better off buying a condo for $65,000-$85,000 and paying $120-160/m, then paying $35,000 and paying $350 every month to the association. Also, the uncertainty of the litigation outcome makes it even harder to determine the feasibility of such investment.

If you have any further questions about real estate, please don't hesitate to ask.

[Wing Feathers]

Thanks guys - this is the very $20k condo I referred to in a previous post.

I KNEW there was a catch...

[Mali_nka]

Well, it's more of a problematic community that I'd not advise my clients to get into. The outcome of the lawsuit is not clear and nor predictable.

Originally Posted by drinkme

Thanks guys - this is the very $20k condo I referred to in a previous post.

I KNEW there was a catch...