Investment in Equestrian Parc? (Tampa: bank owned, sales, apartments)

[staneja01]

Hi all

I was recently presented with an investment opportunity in Equestrian Parc, Tampa. I'm not from the area and am looking for feedback about this community from anyone familiar with the area. What is its reputation? Is it well kept? Are the schools there good? Do you think this is a good location to invest in?

Thanks

[annaegel]

That is in the New Tampa area. New Tampa has many deed restricted communities with many apartments/condos. Equestrian Parc is right across the street from a business park (T-Mobile, MetLife, DTCC, etc). Strip malls are within walking distance. I have never been inside Equestrian Parc, but a friend of mine owns a condo there. The market is still pretty depressed. She moved out and bought a home nearby, but decided to rent the condo. They are renting for less than what they pay for it, so they are loosing money. The are is safe, the schools are okay, for Florida. They are not within walking distance to any schools, so busing or driving them would be a must. There are plenty of chain stores like Home Depot, Michaels Crafts, Best Buy, Panera Bread, Subway, etc. Close to Muvico movie theatre.

USF is also a short drive. You could rent to students.

The area is fine. I just don't know what it is like inside Equestrian Parc. I could ask my friend and see what she says about the place. I have never heard her complain though. You could rea the reviews from this website: Equestrian Parc, Tampa FL 33647

Good luck.

[crazynip]

Never heard of it.

[staneja01]

Thank you annaegel! Your response was very informative. I'm curious to know how easy your friend found it to rent his/her condo and what the current rent is. Any information on the the health of the finances of the HOA? I've been hearing that a lot of owners (in general - not necessarily at Equestrian Parc) haven't been paying their dues since the downturn, resulting in the HOA not being able to maintain the area as they would normally do.

Thanks

[annaegel]

I will ask her.

[Tampa Homes]

Originally Posted by staneja01

Thank you annaegel! Your response was very informative. I'm curious to know how easy your friend found it to rent his/her condo and what the current rent is. Any information on the the health of the finances of the HOA? I've been hearing that a lot of owners (in general - not necessarily at Equestrian Parc) haven't been paying their dues since the downturn, resulting in the HOA not being able to maintain the area as they would normally do.

Thanks

You can request HOA docs prior to making an offer or make your offer contingent upon your review of their financials. You'll also want to ask if there are any upcoming special assessments as well. Inventory is shrinking which to me would mean the fiscal health of these HOAs are probably strengthening, although your due diligence is required.

You should also inquire if there are any rental restrictions that may impede your investment opportunity. Right now there are a lot of investors competing for condos in the New Tampa area are they are receiving multiple bids (up to 8 or so at a time for bank owned) and often sell above list price. A quick look in EP since March shows a median sales to list price ratio of 100% and a high of 109%. Median days to contract is 35 days. The current average asking rental price for a 2/2 is about 925/month. Hope this helps.