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Old 01-26-2010, 04:52 PM
 
Location: Ohio/Sarasota
901 posts, read 1,995,178 times
Reputation: 431

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Quote:
Originally Posted by SoFLGal View Post

Condo buyers need to find out as much as they can about complexes before they plunk down cash.

I suggested asking the following questions:
How much money has the complex put into reserves to deal with future infrastructure needs?
Are there any major repairs that need to be made?
Have assessments and dues been increasing, and does the complex have plans to do so in the future?
How many of the units are owned by investors?
Do any investors control large blocks of units and are there any restrictions on renting?
These are the same questions that a bank will ask to determine whether to lend in a complex.
You would think the HOA's would make this info more available. After looking for several months (and having a couple of contracts fall through) we started asking these questions before we made an offer. Unfortunately, most HOA's do give out this info. I did find a few with the info on their website. Instead of paying the HOA to get this info, we tended to talk with the owners. For the most part, they were very honest. In some complexes we had a hard time finding an owner, as there were a lot of renters. This also told us something. I know a lot of people are against buying a condo right now. But I think with the proper research there are great deals to be made. But you have to do your homework. Not the realtor or loan officer, you have to do it. I think my realtor was impatient with me. I needed a lot of info before I would even look at a unit. No since in wasting time, if I could not get a loan.
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Old 01-27-2010, 07:47 AM
 
Location: Ohio/Sarasota
901 posts, read 1,995,178 times
Reputation: 431
Quote:
Originally Posted by SoFLGal View Post
The Palms has a TON of foreclosures and short sales. I had an investor looking to purchase in there and he decided against it because he felt the whole complex was very unstable. There are 10 pending right now and every one of them is a short sale. Good chance if they are not paying their mortgage, they are not paying the monthly HOA fee of $258-$365, depending on what building. So if there are large portion of people not paying- how is the pool going to be maintained? the tennis courts? the fitness center? the rec building? Just questions that come to mind when looking in a place like this.

Another question I would ask is, if they are really low priced, are lots of investors going to be snatching them up? Is there going to be a large number of renters? Not that that's necessarily a bad thing. Just wanted to pose the question.

In general, the location is over by Ed Smith Stadium. The complex actually almost backs up to the stadium on 10th st. I'll let others comment on that.
A couple of questions. Is it common in a short sale for the owner not to pay the mortgage? If there are 10 short sales pending in the complex, that is less than 5%. How many foreclosures are there currently in this complex? I don't really like this area, so I never considered this as an option. But it may be fine for someone else. If the developer still owns about 25% of the units, is the HOA in the hands of the owners?
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Old 02-24-2010, 10:38 PM
 
1 posts, read 1,654 times
Reputation: 10
Default The Palms

Quote:
Originally Posted by jasonfieber View Post
So, in general this sounds like a bad investment then? I am concerned about all that, the complex does sound very unstable. Maybe I'll just continue to rent as I'm very comfortable where I live, I just figured if I could buy a decent condo under 60 grand then maybe that might not be a bad thing.
Those condos sold for $180,000 up about 3 to 4 years ago. My daughter bought one - within a year the price went down, and down and down. She really liked it at first and felt very safe there. Also very convenient to alot of things. But, of course when the property value dropped so drastically she ran into financing problems. Wanted to get a fixed rate but property was way below what she paid. Most units are in foreclosure or short sales - developer still owned several units a couple of years ago. Plus the HOA fees kept going up - no cap on how much it goes up... Also there might be legal issues going on between HOA and developer - I wouldn't recommend it at this time - there are lots of problems going on. I felt like the units were totally overpriced when she bought it but that was the market at the time. $50-60,000 is about what they are worth then and now.
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Old 02-25-2010, 06:23 AM
 
Location: Ohio/Sarasota
901 posts, read 1,995,178 times
Reputation: 431
Quote:
Originally Posted by wilmer4498 View Post
Also there might be legal issues going on between HOA and developer
If that's true, then a buyer would have to pay cash. To my knowledge, no lender will make a loan for a unit in a complex with a pending lawsuit. When we got a contract on a unit in Admiral's Walk, we could not get a loan due to a pending lawsuit. Even though the lawsuit was HOA suing the previous management company.
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Old 03-22-2013, 02:50 PM
 
1 posts, read 821 times
Reputation: 10
Thumbs up The Sarasota Palms

Let me set the record straight about The Sarasota Palms condominiums. All the negative blogs about The Sarasota Palms seem to be dated way back to 2010. Since then a new management has taken over and all the foreclosures are now gone. I've owned a unit there for five years and I can assure you that any issues regarding mold, electrical or plumbing have long since been rectified. In place now is a top notch management team that hops right on any problem as it arises. The lobbies and clubhouse have been professionally decorated and the landscaping is exceptional! I highly recommend this condo to anyone whose looking for a quality condominium that's close to downtown and area beaches.
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Old 07-06-2016, 10:08 AM
 
1 posts, read 288 times
Reputation: 10
Strongly recommend NOT living in Sarasota Palms! Even though they charge you $100 for a background check, there's a lot of rif-raf living there, contrary to what the landlord originally told us. The unit my daughter lived in was not in the best of condition, but it was affordable. After hours of cleaning & making this unit look better than it did when she moved in, the landlord held most of the deposit for "cleaning, repairs, & partial carpet replacement!!! He is taking money from his tenants to cover maintenance of his units that he should be responsible for taking care of... Despicable.
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Old 07-06-2016, 10:12 PM
 
3,446 posts, read 7,622,713 times
Reputation: 3343
I would never buy any property that EVER had a mold problem - I know a young couple that died from cancers related to black mold exposure in their vintage home - left behind 3 young kids.
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