Looking for a Condo Downtown...advice (Orlando, Waverly: loans, highrise, foreclosure)

[ORLguy]

I'm loking to drop around 220-250k on a Condo. I want to get something new (2000 or later). I see good deals at the Waverly and most likely can get a better price then listed. I was wondering pros and cons of the newer condos..which builings are better then others..etc.

For example, the Vue looks amazing. But I hear a bigger building may be built right in front of it, erasing it's glimpse of Lake Eola.

Also, I see these 2 level condos that are small (like 770 sq feet, but 2 levels) , I believe that's called 101 Eola. That could be cool for a single guy, since I am imagining it is like doubling your square feet having the 2 levels.

I love the modern interiors and nice kitchens. I like the security, parking garage and having a high rise view. I think now is the time to buy something, but if there are any downtown dwellers, I would love to hear the inside scoop on the different places.

I am not into the Grand or The Met...figured I'd throw that out there. I don't think they are that nice.

[cfIfan]

There are some great priced condos out there at the moment downtown. Its ashame you wernt here a few weeks ago. I took 3 clients over to the Orange county convention center for the foreclosure sale they were having and 2 of them got downtown condos at a steal, under $150,000 which were built only a few years ago, after 2000 i think it was

[ORLguy]

Originally Posted by cfIfan

There are some great priced condos out there at the moment downtown. Its ashame you wernt here a few weeks ago. I took 3 clients over to the Orange county convention center for the foreclosure sale they were having and 2 of them got downtown condos at a steal, under $150,000 which were built only a few years ago, after 2000 i think it was

wow

Wow..nice, I am not going to buy just yet though.

How much do you know about the Cherokee units of 101 Eola? Are they 2 levels? I ask because they are 250 plus for a 644 square foot apartment. But if they are 2 levels that makes it a much bigger place. They were built in 2008, and look very cool.

[Silence Dogood]

Don't even think of buying anything close to what they are asking. If you are paying more than $200 a square foot you will never get your money out. Orlando has the highest condo vacancy rate in the country. Offer half of what these greedy speculators are asking and someone will take your offer. Don't let any realtor tell you differently, you know what they are in it for. I lived in the Waverly the water pressure was awful and the walls were so thin you could hear your neighbors toilet every time he flushed. ALSO some of these parking garages are horribly designed and it can take you several minutes to get out of the garage. Make sure you test run your space in high traffic times before you make an offer.

[cfIfan]

Wow, i guess all realtors are bad then silence huh. You really shouldnt generalize everybody because it just makes you sound ignorant.

If you want to live in a condo, then they are going to cost more than in the suburbs. Its just a simple fact. Are there deals to be had, of course there are. You need to do whats right for your particular circumstances. Are some places over priced. Yes, absolutly, but if you do your homework, you wont get into a situation where you offer half the price of a condo that maybe only 20% overpriced, because it just doesnt make you look like a serious buyer. The problem is there are alot of people who do have over priced properties, but there are also alot of people who expect to get something for nothing.

[ORLguy]

Originally Posted by Silence Dogood

Don't even think of buying anything close to what they are asking. If you are paying more than $200 a square foot you will never get your money out. Orlando has the highest condo vacancy rate in the country. Offer half of what these greedy speculators are asking and someone will take your offer. Don't let any realtor tell you differently, you know what they are in it for. I lived in the Waverly the water pressure was awful and the walls were so thin you could hear your neighbors toilet every time he flushed. ALSO some of these parking garages are horribly designed and it can take you several minutes to get out of the garage. Make sure you test run your space in high traffic times before you make an offer.

As negative as you are about the City, I appreciate your feedback on the Waverly. If the walls are truly that thin, then I would hate to live there. Also, good point about the garage and water pressure.

Right now the condos are way overpriced. I understand these are newer buildings, but 265k for under 700 square feet is a joke. I would offer 190k and if they did not take me seriously, that is no loss to me at all.

Is there a forum where people discuss the pros and cons of the downtown condos? I want to read people's opinions that live there.

[Silence Dogood]

Originally Posted by ORLguy

As negative as you are about the City, I appreciate your feedback on the Waverly. If the walls are truly that thin, then I would hate to live there. Also, good point about the garage and water pressure.

Right now the condos are way overpriced. I understand these are newer buildings, but 265k for under 700 square feet is a joke. I would offer 190k and if they did not take me seriously, that is no loss to me at all.

Is there a forum where people discuss the pros and cons of the downtown condos? I want to read people's opinions that live there.

No such forum. First of all if you are over 30 don't even think about living downtown with the exception being the Thornton Park area. Orange avenue is full of rogue's and if you don't feel that way now you will in five years. That being said Thornton Park has a publix coming in which means the buildings closest two it will offer the ability to walk to something that you may actually use which is a full size supermarket. Downtown in generally has nothing that the average person can use. You can live near a strip mall in any suberb and it will have more useful things than the entirety of downtown, that is why I value the coming of the Thornton Park Publix. Walking to work would be the only consideration to possibly want to live downtown. With the highest vacancy rate in the country I would look for people to get desparate in the next six months two a year when they realize that the market will not rebound in that time (THERE IS NO CHANCE IT WILL) Remember the only reason that the market got inflated is that speculators were buying and that they were giving ridiculous loans to people who couldn't afford them. You take those two classes of buyers away and that leaves us what we had in about 2000. Prices back then were about half of what they are now and they will return to those levels because with the increased taxes and outrageous post hurricane insurance rates combined with the overbuilding, rapid inflation and very low salaries in the area it is clear that the market cannot come back, not now, not in five years. Therefore, do yourself the biggest favor you can ever do. Rent for a year in the building you think you want to buy in and sit back and something fair will fall in your lap for a fraction you will pay now. Who knows, after renting there you may decide you don't like that building, meet people in other buildings and make a more informed decision now. Don't let these realtors tell you bargains can be had downtown. Remember, if a 1,000 square foot condo is only worth $200,000 it is not a bargain at $250,000 just because it was once priced at 400,000. Realtors won't tell you that and will always paint a rosy picture of how the market will be. Let them back it up with facts, we are in a full recession with a depression looming. Sit back and wait, as they say, "YOU AIN'T SEEN NOTHING YET"

[cagman]

why buy a downtown condo, I thought they were giving them away? And are having trouble doing that.

[cfIfan]

Well, there are certain properties downtown where they are so desperate to get rid of them that they are very reasonably priced, but there are also alot of properties that are outrageously priced. Its just a matter of sifting through them all and finding the steals. Regardless of what anyone says, if you have a realtor who is willing to put the had work in there are fantastic deals to be had everywhere. The problem is, downtown will always be more expensive, although ive seen condos there for less than what celebration charges for a 1 bed 600 sq ft. Unfortunatly there are some here who have nothing better to do than slam all realtors and are convinced they can wait long enough that downtown condos or properties everywhere will be given away. Unfortunatly one cant argue with these people so i just tell people if they think that is going to happen then wait, and wait, and wait.

[GregTraub]

The Condo's at the Solaire were recently auctioned off in the 100's for the 1 bedroom's. You may still be able to pick up a few at that price, there are a few 1/1's listed there right now starting at 189K (obviously wouldn't pay that much).

The only main thing you want to stay away from, which it looks like you've already figured out, are the condo's that were just converted from apartments. The Waverly, The Grande, Park North at Cheney, uptown, and The Metropolitan (converted from hotel). You also have to be careful about which of the many condo buildings have had the banks reposess the entire project as you may have some unit's finished out much nicer than other unit's bought after the foreclosure....and you don't know what the bank will eventually do with the property, turn more into office's, hotel rooms, etc. The most public one of course being 55 west, now bank owned.

This brings up another problem with the downtown condo market, whether your in a building that actually foreclosed or not, your prices will be effected by the banks eventually putting these unit's up for "fire sale". There are just WAY to many condo unit's coming online, without much demand for them, over the next few years for prices to remain at all stable. 101 Eola, The paramount, the Solaire, 55 west, The Sanctuary, The Vue, The Jackson, Star Tower, possibly the Tradition Towers.....All new condo's at different stages of construction or built within the last few years, and for the smallest of them HOA dues start close to $400/mo. Then you have all the established condo's built before the boom as well, to consider and compete with.

I also really like the idea of living in a high rise downtown. But if your going to be purchasing a condo downtown in the next few years, tread carefully, it's a mess. Just looking at the properties themselves, I personally like The Paramount, The Vue, Solaire for price, and The Osceola Brownstones. The Sanctuary is also pretty nice and I like the location of Thornton Park Central.
Brownstones aren't your typical downtown condo, look more like townhomes with rooftop terraces, private garages, and lower association fee's than the highrises.

In any event, when these condo's still under construction do come online I think there will be even better deals to be had. If looking for the best deal right now...which there are many out there.....go for the condo's already foreclosed on, or at least in short sale or in a building already built out with owners living in them with just a few units left still available from the builder. We can look at and quote the stats of the glut of condo's on the market, but that does nothing to convince an unmotivated seller to sell. The key is finding those motivated to actually sell. And if you were planning on financing the purchase, another thing to consider is that while prices are being pressured downward, interest rates are being pressured upward......a .5% increase in rate can whipe out the savings of a 5+% drop in price.