Renaissance building: Issues? (Hudson: bank owned, for sale, foreclosures)

[Ourdreamhouse]

I notice that there are a lot of units for sale in the Renaissance building downtown, some REOs and two auction situations. Is there an issue (or issues) with that building? Impending jump in HOA fees? Bad financial situation? Too many renters vs. owners in residence? Physical problems?

Any information would be welcome. PM me is you like. Thanks.

[SoFLGal]

Originally Posted by Ourdreamhouse

I notice that there are a lot of units for sale in the Renaissance building downtown, some REOs and two auction situations. Is there an issue (or issues) with that building? Impending jump in HOA fees? Bad financial situation? Too many renters vs. owners in residence? Physical problems?

Any information would be welcome. PM me is you like. Thanks.

I know there was an issue an a few years back with water intrusion and they coated the whole building and replaced all the windows in the building. They brought in a special team to complete this. From what I understand everything has been resolved.

This complex has a pretty large social committee. They just had a Kentucky Derby party where they all made mint juleps, etc. There's a pretty good mix of ages as well. I believe you are also allowed two pets.

I don't believe this building is in a bad financial situation but I would surely ask to see the reporting if I were considering making an offer.

On the REO/Short sale part, there are currently 11 that are owner sales, 5 short sales and one bank owned.

There are 3 pending sales in there. One is bank owned, one is a short sale and one is an owner sale.

In the past 6 months there have been six sales in Renaissance. Four were regular sales, one was bank owned and one was a short sale.

[Ourdreamhouse]

Thank you, SFG, for your usual objective and generous information. As many others have written, this forum is very lucky to have you as a regular contributor, not only for the knowledge you provide, but for the positive maturity you infuse into the various discussions. I appreciate posters who are informed and civil, and you're a great example.

Your statistics confirm what i suspected. Isn't that level of selling activity unusual for a building of 244 units? I don't know which of the other downtown and near-downtown high-rises are comparable, but i don't see nearly as many units on the market in some of the others.

As for a Kentucky Derby party in April, they've gotten a three week head start. Will they be drinking until race day?

[SoFLGal]

Originally Posted by Ourdreamhouse

Thank you, SFG, for your usual objective and generous information. As many others have written, this forum is very lucky to have you as a regular contributor, not only for the knowledge you provide, but for the positive maturity you infuse into the various discussions. I appreciate posters who are informed and civil, and you're a great example.

Your statistics confirm what i suspected. Isn't that level of selling activity unusual for a building of 244 units? I don't know which of the other downtown and near-downtown high-rises are comparable, but i don't see nearly as many units on the market in some of the others.

As for a Kentucky Derby party in April, they've gotten a three week head start. Will they be drinking until race day?

After reviewing the stats the only thing I find unusual is the amount of active short sales. Obviously, many short sales turn into foreclosures and in my opinion (and most mortgage companies opinion) it's not good to have a complex with a large amount of foreclosures. If they're not making their mortgage payment as a short sale they're probably not paying their condo fees either. Once the unit has been foreclosed on these fees are all settled up. To me short sales are more troubling then foreclosures for this reason.

I just looked at a few others for comparison. I thought I'd pull all of the condos in the downtown area that are over $100K that are bank owned. There's 1 in Renaissance, 1 in Cityscape, 2 in Bay Plaza and 1 in One Watergate.

Then I decided to look at the short sale situation with active downtown condos. There's 4 in Renaissance (1 went pending since my last post), 2 in Gulfstream Towers, 1 in Versailles, 1 in Condo on the Bay Tower 1, 1 in 1350 Main, 1 in Hudson Landings, 1 in Bay Plaza. So, Renaissance has more than double the amount of active short sales than any other downtown condo complex.

I just pulled a few complexes at random in the downtown area. Here's what I used:

Alinari: 11 active listings
10 units sold in the last 6 months
205 units

Broadway Promenade: 9 active listings
7 sold in the last 6 months
187 units

Condo on the Bay: 15 active listings
5 sold units in the last 6 months
272 units

Then you have Renaissance: 16 active listings
6 sold units in the last 6 months
244 units

That's funny about the Kentucky Derby Party. I called up a friend I know in there are that's what she told me. Maybe it was a pre-party kind of thing? I imagine they should be good and sloshed by the day of the derby

[Coachgns]

I rented in the Renaissance last year.
It is a nice mix of people, it Looks nice, good services, pool & gym.
Location not ideal but pretty good.
BUT - we could hear neighbors several units away.
A/C failed on numerous occasions.
There were 2 small fires in the short time we were there in hallway lights.
Power went out a few times.
And many of the residents are renters, both seasonal & annual.
I might do a vacation rental there, but I wouldn't buy.

[davery5872]

Originally Posted by SoFLGal

After reviewing the stats the only thing I find unusual is the amount of active short sales. Obviously, many short sales turn into foreclosures and in my opinion (and most mortgage companies opinion) it's not good to have a complex with a large amount of foreclosures. If they're not making their mortgage payment as a short sale they're probably not paying their condo fees either. Once the unit has been foreclosed on these fees are all settled up.

You would know this better than me, but I thought that back fees were not paid until the foreclosed unit sold. And then the bank was responsible for only paying the previous six months.