Best Safe Place for Buying Condo/Townhouse Orlando (Winter Garden, Mount Dora: mortgage, real estate)

[Christine1229]

MY 20 year old is trying to buy his 1st condo. He is presently renting in Metrowest area (the nicer part). He wants purchase a 2 bedroom condo/townhouse. I saw some great condos in Huntercreek for about $130,000-$150,000 however the taxes are very high (around $3500 per year) plus HOA fees of approx. $250 per month. He could afford the mortgage but not the taxes and HOA fees (only about 1/2 of the taxes)

He wants to stay in that area or near Windermere, Bay Hill even Lake Buena Vista. He would even consider staying in Metrowest / Millenia however I heard that it is getting a little "shady" there.

Does anyone know of any other areas with condos for approx. $120,000-$140,000 with lower taxes and/or HOA fees ? I want him in a safe area that will increase the value of his condo.

He works near the Orlando Convention center.

Thank you.

[cfIfan]

Well i specialize in Winter Garden, and to give you an example, we are actually more Windermere than Winter Garden. We have a town home which to build would cost about $190,000 but there are deals out there at the moment for $150,000. Our taxes with homestead are approx $1900 per year and our HOA is $280 per month. But we also get basic cable TV and high speed internet included in that price. Condos are always going to have relatively high HOA because there is so much communal area. For example, houses in the same area the HOA is $155 per month and that also included the cable and internet.

If you need any further info let me know

[GregTraub]

He can acutally find Townhomes in Winter Garden near Fowlers Grove as well as Townhomes in East Orlando, Waterford lakes and Avalon Park, and some other area's...for that price. Most of the dues for these townhomes are just under 200/mo. As for taxes, seeing $3500/mo for properties now selling in the low 100's is getting pretty common. The tax is based on last years assesed value, which is usually quite inflated. After you purchase the property the tax assesor is supposed to come out Jan 1 and re-assess the taxable value, what you purchased the home for is usually a heavy factor in the value they come up with. And if they don't you can always challenge the assessors value.

For a 140,000 property with a homestead exemption your taxes should only be $1500-$2000/yr after re-assessment....ESTIMATED.

[cfIfan]

Originally Posted by GregTraub

He can acutally find Townhomes in Winter Garden near Fowlers Grove as well as Townhomes in East Orlando, Waterford lakes and Avalon Park, and some other area's...for that price. Most of the dues for these townhomes are just under 200/mo. As for taxes, seeing $3500/mo for properties now selling in the low 100's is getting pretty common. The tax is based on last years assesed value, which is usually quite inflated. After you purchase the property the tax assesor is supposed to come out Jan 1 and re-assess the taxable value, what you purchased the home for is usually a heavy factor in the value they come up with. And if they don't you can always challenge the assessors value.

For a 140,000 property with a homestead exemption your taxes should only be $1500-$2000/yr after re-assessment....ESTIMATED.

I would keep away from Southern Pines. It is far too close to 50 (West Colonial) and if you go by that way you will find the condos are expensive for what you get

[Christine1229]

Thank you for all the information.

do you think he should wait a little bit before buying (like 9-12 months) ? I hear the prices are still going down ... that they haven't hit rock bottom yet.

$2000 in taxes sounds more reasonable than $3500. I want him in a good area but also one that he can afford. Yes - a house would be better but he is 20 years old and living alone so I would feel better if he was in a "community" setting. Socially - a condo/townhome is better for him to meet other people as well. (pool / clubhouse)

I appreciate all the advice.

[cfIfan]

To be honest with you, each area is different. For example, areas like kissimmee and davenport still have a little way to fall in my opinion, perhaps 20%. parts of Winter Garden which we discussed before, there are properties which are at the lowest i believe they will go. It all depends on the location you are looking at. It wont hurt you to wait because these properties wont be going up in price anytime soon in my opinion, it depends on many things. If you need to wait to save a deposit etc etc

[jemelb]

Both Real Estate Agents are right on track.

Please use a Real Estate Agent as they will know the market and assist with the decision.

Any Real Estate purchases in this market should be made with the mindset of staying in the property for at least 5 years. Every subdivision/neighborhood is different, some of them are stable, and most are not…

If you choose not to use a Real Estate Agent, make sure you get an appraisal done prior to the purchase. Not the appraisal needed for the Mortgage, I mean one prior to signing the contract.

[GregTraub]

CFI is always right on. And I share his opinions about further price declines. It all depends on the area. There are a few area's I'd say won't drop any more, while others will continue to languish. Of course neither of us have a crystal ball.

Many factors are putting pressure on home prices to continue to fall, but keep in mind there are also many factors that are pressuring mortgages rates to rise too! Since your son will most likely be financing at least 80% of the purchase price...keep in mind that if interest rates go up 1/2%, the increase in his monthly payments would offset a full 5% drop in purchase price.

[besmart]

Thinking of purchasing in Lakes of Mount Dora in Florida. The builder is asking for $350,000 for a three bm/2bh house, incl. lot with cinder block construction. Is this a good deal, and does anyone know about the subdivision? It is by Pringle Developers. We
don't know Fla. so we are a little apprehensive. Please Help, thanks.

[besmart]

Thinking of purchasing in Lakes of Mount Dora, Fla. Builder wants $350,000 for 3bm/2/bh,
cinder block construction, incls. land. with view of lake. This is a Pringle development.
Is this a good builder? Is the house priced right, or should we counteroffer? Any info you
can give will be greatly appreciated as we are unfamiliar with the area and don't want to
make a mistake. Thanks.