Law student coming to Orlando (Pine Hills, Winter Park: real estate, rentals, condos)

[Lawstudent]

I will be moving to Orlando this coming summer and had a few questions to ask.
I have physically seen the FAMU school of law campus during the day and they had police patrolling pretty heavily. Is the area safe? (It is located downtown)
We drove around Lake Eola and loved the neighborhood very metropolitan (We have never lived in the city per se) it seemed nice but same question. Is it a safe area?
I would like to be as close to the Law school as possible so if this area is not acceptable where would you suggest.
Our budget dictates that we stay under 250k. I would prefer to stay way under that but from what I have seen in the real esate market there that may be hard.
My fiance is an OR nurse. What is the consensus on hospitals there? We haven't heard yet on the pay scale. Any input is appreciated.

All responses appreciated

[Prichard]

The FAMU law school is on the west side of I-4, and as such backs up to some rough neighborhoods. I wouldn't be too concerned about attending school there, but I wouldn't live near the school. If you are there late at night, you should be fairly cautious about walking out to your car, and don't walk around that neighborhood back there at night. I know that there are a bunch of rental properties west of I-4 behind the FAMU school, but like I said, I would never live back there.

You won't find any houses around the Lake Eola area and Thorton Park for $250,000 or less - more likely they would be going for in excess of $500,000.

For $250,000 you might find an older condo or 1/2 of a duplex behind lake Eola. But, be careful of larger old condos, as the special assessments can be outrageous. The old Harley Hotel (I forget the new name) on Rosiland and Washington was a cond conversion that has major plumbing, heating and air issues. I believe that you should be able to find a lower-end condo in a decent area in the $250,000 price range, that's either in the downtown area or right around it.

Orlando has a very substantial medical industry. Just south of downtown, you have Orlando Regional Medical Center, Arnold Palmer Hospital, and Winnie Palmer Hospital. Just North of Downtown, there is the Huge Florida Hospital complex. Florida Hospital also has hospitals in Altamonte, Longwood, East Orlando and Winter Park. There may be some other hospitals around, but those are the ones I'm aware of. Not to mention that UCF is getting a new medical school. Your Husband should have no problem finding work. I have no idea what the pay schedule is, though.

[Lawstudent]

I found a couple of rentals around lake eola and that may ne the way we have to go.
If you were to suggest an area with a decent commute within our budget what area would that be? (lower end condo doesn't sound like ouor cup of tea)
Thank you for your response.

[Prichard]

If you're attending FAMU Law School, and your husband is working for one of the hospitals, and you don't have children, this might be one of those rare instances that I might suggest really taking a good hard look at the condos available downtown. Unless you really don't like condo living, then this might be a good solution for the next 3-4 years. The condo market is getting hit the hardest around here, old and new, and this is where a knowledgable person probably could work a pretty good deal.

The biggest problem with shopping for condos downtown (forget speculating on anything that isn't ready to move in immediately) is that unless you have someone who can guide you through this process you may get screwed. FWIW, the most important thing to know right from the start with existing condos is 1) Regular assessments and fees; 2) facilities fees; 3) special assessments; 4) building maintenance problems; 5) restrictions; 6) rules and regulations. Of course this is in addition to everything you need to know about buying and closing on a house.

You're going to have a struggle finding any single family home in a half-decent area for $250,000. You really are better off renting - it is a renter's market when it comes to houses right now. Most landlords can't even get rent enough to pay the mortgages, unless they have alot of equity in their house. This means that you can find a house to live in and pay less than you would if you were paying a mortgage, without having to sink equity into the house - not a bad deal! If you were in the $350 - 450K range, I'd suggest looking around college park, up off of Edgewater Drive. Also Colonial town, just northeast of Colonial Ave and 17-92, would be a good bet, or perhaps east of Delaney Park.

[Lawstudent]

WOW nothing for around 250k. Are you talking all around Orlando or just the downtown area. What would you suggest if we wanted to move within 30 minutes of FAMU. I looked at property in lake mary and thought I saw some nice houses for under 250k but maybe I am wrong. Thanks for your insight any and all comments are welcome

[Prichard]

$250,000 really doesn't get you a single family home in a decent neighborhood, even in Greator Orlando. There are some marginal neighborhoods where you may be able to find an older house for about $250,000. For example just east of Winter Park on Aloma, between Lakemont and 436 there is a neighborhood called Winter Park Estates, and just past 436 on Aloma is Eastbrook. Maybe in those neighborhoods you would find something in that price range. These houses were built in the Early '60's; crime is not real bad there, but it's not great either. Winter Park Pines, on the other hand (south side of Aloma across from WP Estates) is likely starting in the $350 range - maybe higher - and those houses are also about 40 years old. There are some neighborhoods in North Maitland/South Altamonte in Seminole County along the west side of Maitland Avenue (north of Maitland Blvd.) where some older homes may go in the $275,000-300,000 range - if schools aren't a real concern, I'd look around there.

Even in the high crime areas like Pine Hills, houses are selling around $200,000, last I checked. I'm sure some of the realtors on this site could give you more accurate price information than I can, but I believe I'm in the ballpark. I wish I could be more help. If you really are not familiar with the Greator Orlando area, you might want to get a real estate agent to help you look at various neighbohoods.

[Lawstudent]

Well you have given me alot to think about. maybe renting will be the way to go. That or move further out. Any thoughts on Lake Mary? how far? etc.

Thank you for your response

[Prichard]

Lake Mary is one of the more expensive areas - doubt you will find anything in that area near $250K. I'm not saying that you can't find houses for $250K, but if they are in a decent area, they will definitely be time and money sucking fixer-upprs. If they are in ok condition, they will likely be in undesirable high-crime areas.

If you are not familiar with Orlando, (don't know where you are moving from), then I'd strongly suggest renting for a year. The general concensus is that house prices are not going to go up very much over the next year or so. There is a chance that prices may even drop a little more. That way you can become much more familiar with the area and not have to rely on what others tell you. Also, you will only be at FAMU for several years, at most, and depending on where you get a job, you may have to move or want to move again. You're not really going to gain all that much by owning a $250,000 house for a few years, even if house prices rise a little. The closing costs and realtor commissions will eat up any gains.

[Lawstudent]

Well said thank you so much Prichard