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Old 03-02-2011, 09:46 AM
 
54 posts, read 108,098 times
Reputation: 38

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Hi. My husband and I are considering buying a condo in Legacy Dunes to use as a vacation place for us as well as possibly an investment. Does anybody have any thoughts on this? It seems like a good deal but we are a little concerned about the management since the condos are looking a little run down. We would love to hear the opinions of those people who might be familiar with this complex. Thanks in advance.
Irene
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Old 03-02-2011, 06:53 PM
 
Location: Lake Mary, Florida
793 posts, read 2,151,234 times
Reputation: 264
It's like most that got hit by short sales and foreclosures, owners quit paying not only the bank but the community fee's also.

Just spent the day with an investor in the area in and around Legacy Dunes showing short term rental properties and he opted for Emerald Island and Celebration for his selections.

You just need to get full disclosure of the status of the communities financials for strength, discover if any any special assessments are lurking and the doc's for rules and regs.

Hope this helps,
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Old 03-03-2011, 07:41 AM
 
54 posts, read 108,098 times
Reputation: 38
Thank you for your reply. Do you (as a broker) feel that emerald island and celebration have more potential as an investment?
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Old 03-03-2011, 07:56 AM
 
Location: Lake Mary, Florida
793 posts, read 2,151,234 times
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Well I've not had a reason to see financials for Legacy in a while but Emerald Island and Celebration is well known and I've seen their financials in the past month.

Hope this helps,
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Old 03-03-2011, 09:30 AM
 
26,589 posts, read 52,947,716 times
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Don't think you'll make much on teh investment. The market is so oversaturated that you'll be lucky to rent it 50%, 10-25% is more likely. By the time you pay taxes, utilities, HOA, property manager, etc. there won't be much left, and you could easily be upside down.
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Old 03-03-2011, 10:24 AM
 
Location: Orlando
8,221 posts, read 10,947,521 times
Reputation: 4022
I have both listed and sold several places in Legacy as well as numerous other short term communities.
Short term needs some specific things to make it work well and It is not for most investors that aren't prepared. Most lose their shirts and as can be seen with the short sales and foreclosures...their condos. Legacy's issues are pipes in units can break and cause a great deal of damage... it happens more than it should. and the mgmt co does not care for the property for what the $400+ monthly HOA should provide.

I have other suggestions I give my clients but I suggest caution for anyone working towards short term rentals.
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