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View Poll Results: Would you spewnd $500,000 for a 2/2 apt in Altamonte??
NO, I am not an idiot. 24 92.31%
YES, I think that would be about the right price. 1 3.85%
YES, I have more money than brains. 1 3.85%
Voters: 26. You may not vote on this poll

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Old 05-01-2007, 09:00 AM
 
Location: Central Florida
800 posts, read 3,078,545 times
Reputation: 315

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Quote:
Originally Posted by Prichard View Post
At some point, condos will be a good deal. Someone will get rich buying up the right condos at rock bottom prices. There's not much that is a "bad idea" regardless of price.
Buying anything at the right price is a good idea. Just be sure you can afford what you buy. That includes the HOA fees, insurance, and taxes.

Many people have over bought, got the wrong mortgage product, and did not have a clue about other expenses of ownership.

There is more to ownership than a mortgage payment!
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Old 05-01-2007, 09:16 AM
 
Location: Heartland Florida
9,324 posts, read 26,658,813 times
Reputation: 5038
I am eager to see what happens after thousands of condos are destroyed or rendered uninhabitable after a hurricane. If your single-family home is destroyed, you can always patch it up or camp out, the communists can't keep you off the land you "own" but in a condo they can just shut you out and you're homeless. Condos didn't exist before the 1970's in Florida and are a scam. You don't own anything, just a share in an investment. If it's gone you lose. Even if the building is standing those ocean front condos can be swamped by storm surge, knocking out power and making them uninhabitable for months. Anyone who buys a condo is buying into trouble.
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Old 05-01-2007, 09:47 AM
 
Location: Central Florida
800 posts, read 3,078,545 times
Reputation: 315
Quote:
Originally Posted by tallrick View Post
I am eager to see what happens after thousands of condos are destroyed or rendered uninhabitable after a hurricane. If your single-family home is destroyed, you can always patch it up or camp out, the communists can't keep you off the land you "own" but in a condo they can just shut you out and you're homeless. Condos didn't exist before the 1970's in Florida and are a scam. You don't own anything, just a share in an investment. If it's gone you lose. Even if the building is standing those ocean front condos can be swamped by storm surge, knocking out power and making them uninhabitable for months. Anyone who buys a condo is buying into trouble.

Your information is not completely correct. Even if you own your home, if it is deemed uninhabitable, you cannot patch it up and continue to live there. Ask Wilma, Rita, Katrina, Frances, Charley, Ivan survivors! Once your propertty is condemned, you cannot enter it. You can clear the land and pitch a tent, however.

Be aware there are differences in ownership with condos and cooperatives.

In a condominium, each unit owner owns an individual apartment in fee simple. Additionally, the buyer owns an interest in the common elements such as the exterior walls, roof, pool and other recreational areas.

In a Co-op, you own shares of the non-profit corporation which let you lease your space. The corporation owns the common areas.

The biggest difference is in how the unit passes to your heirs. Real property, like a condo, is willed like other assets. However, with a cooperative, the stock transfers to your heirs under different tax laws and is considered intangible property.

In a condo, you pay your own property taxes and the common area taxes are paid via your HOA dues. In a Co-op, the corporation owns the property and pays all taxes on the property form your Co-op dues. Co-op sales are really a transfer of stock and are not recorded as property sales unless the corporation sells the entire unit. Co-ops are more difficult to finance since you only own stock.

In either case, if the building is deems unsafe, you cannot live there until it is restored. In the case of a Co-op, the corporation will have an easier time borrowing money for the common restorations than a Condo Association will.

People buy these type of properties to maintain a lifestyle where they don't have to worry about exterior maintenance, yard work, pool maintenance, etc.

They are not for everyone but they will not be going away anytime soon.
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Old 05-01-2007, 12:00 PM
 
23 posts, read 111,364 times
Reputation: 22
Quote:
Originally Posted by Nirvana-Guy View Post
I'd rather DIE than live in NJ, NY, CT, or MA!! Specially Massachussetts... that state has some real crazies! Not the whole state, but man....

I kid you not.

I would never live in NJ... but really WHO make sthe kind of cash to live in a $500,000 apt?!?
I LOVE NEW JERSEY. I'm glad that you don't live here, because you will be complaining about NJ as you do about FL.
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Old 05-01-2007, 12:01 PM
 
Location: Central Florida
800 posts, read 3,078,545 times
Reputation: 315
Quote:
Originally Posted by NJ91 View Post
I LOVE NEW JERSEY. I'm glad that you don't live here, because you will be complaining about NJ as you do about FL.
This wins the best post I've seen in awhile award!!!
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