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Old 11-14-2010, 12:04 PM
 
1 posts, read 2,445 times
Reputation: 15

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I am planning to buy a condo in this area of Palm Harbor. The condo group is called cypress pond road. Is the area safe? Is the place nice for a family of four? How far is the beach? Are these condominiums worth to buy? Please, any information, will be appreciated.
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Old 11-14-2010, 03:13 PM
 
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I'm familiar with that complex as I looked at it when I was looking for my condo. The prices seemed too good to be true as the area is very safe, but as the price indicates there are some issues. That complex is known as a condo conversion, meaning converted from rental property to condos back during the real estate boom 5-7 years ago. Many of these units sold in the mid 150K range during that time period. When the bottom fell out of the market, their value plummeted leaving people upside-down in their mortgages, resulting in bankruptcies. As a result the units are in pretty bad shape since many couldn't afford to fix them, or rented them out since they couldn't sell them. Additionally another result is the condo associations aren't collecting sufficient enough condo fees (as a result of the bankruptcies) to cover maintenance costs so repairs/improvements aren't happening like they should. I would think long and hard about the investment as these issues won't clear up anytime soon. I would also work with your real estate agent to dig a little deeper into potential condo listings going forward. Good luck!
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Old 11-14-2010, 05:26 PM
 
68 posts, read 271,771 times
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I have heard many of the same issues as Kyle re: Cyoress Pond. I live not too far from this development and I agree it is Very Safe, however I would look a lttle more and see what else is available in that corridor with a better track record. IMO, only.
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Old 11-15-2010, 09:40 AM
 
Location: South Florida
436 posts, read 1,120,960 times
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As most people on here suggest, you should definitely rent first.
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