Riverview FL - Too good to be true? (Tampa, Bloomingdale: bank owned, for sale)

[DarinsMom]

Hey All -

As part of my therapy to survive the winter months in MA - I always scan real estate in FL. Makes me feel warm and fuzzy when the temps outside are bone chilling.

Anyhoo - I'm searching condos on ziprealty.com and I put in my criteria:

3bed/2bath - up to $120k built between 2000 and 2008 and all these condos in Riverview FL come up for under $80k.

Can this be too good to be true? Is this a tough crime area? These condos are very beautiful - granted, they abutt 75, but even for the short money, it would be worth it.

The streets in question are Amberdale Court, Skydale Way, Newdale Way - etc.

Someone tell me I'm dreaming.

Thanks!

[TampaKaren]

Sounds like Bloomingdale Villages (Pulte) at US301 and I-75. If yes, there are quite a few short sales, bank-owned properties and vacancies. Also, I think the monthly fees are pretty high.

[phonelady61]

Hi , I used to live in riverview florida and believe me when I say you have to travel for work living there unless of course you would work in ruskin or riverview area or even god forsaken wimauma . and then there is sun city center where all the seniors live and over running the place and the traffice is horendous in the mornings off of 75 always a traffic accident . No cant reccomend florida at all cause we just moved from florida to kentucky and we are much happier and we could not afford the 913.00 a mo rent that we were paying for a 700 sq ft apt . much happier and the ppl are nicer here .

[BucFan]

Originally Posted by DarinsMom

Hey All -

As part of my therapy to survive the winter months in MA - I always scan real estate in FL. Makes me feel warm and fuzzy when the temps outside are bone chilling.

Anyhoo - I'm searching condos on ziprealty.com and I put in my criteria:

3bed/2bath - up to $120k built between 2000 and 2008 and all these condos in Riverview FL come up for under $80k.

Can this be too good to be true? Is this a tough crime area? These condos are very beautiful - granted, they abutt 75, but even for the short money, it would be worth it.

The streets in question are Amberdale Court, Skydale Way, Newdale Way - etc.

Someone tell me I'm dreaming.

Thanks!

I use ZIP also. Looking for a place in the Riverview area, too. Something smells fishy about these bargains. I'm thinking they're condo conversions and the owners bought them for investments. I wouldn't be surprised if the the HOA are outrageous, that there may be some sort of lien, or some other financial difficulty for the owners.

[lemmings]

That particular complex was built a condo, I do beleive only the 1st story is cinder block, the second floor is typical wood construction. There are some condos where both stories are cinder block. Now, those condo were selling pretty hot during the artificial price increases, so people did buy them. Across the street used to be an apartment complex, then converted to condo, then when things went belly up, went back to apartments. In general prices in the area, for people that have a pretty good chance to sell, are close to 2000/01 prices.
The main issue in the are would be what was stated earlier. Also take note the condo is right before I-75 overpass, and afterwards there will be Oak Creek on one side and another big older area accross it. After the light, there is Progress Village.

The best bargain will be on bank owned, but investigation of liens and any other hidden cost must be taken into consideration.

[Trudy Rose]

I also just found these condos on the internet......The monthly fee is $344.. says it includes water, insurance, trash removal, and outside mtc. I have been Emailing a broker on a foreclosure for $59,000 on a 3bed 3 bath...I just asked the same question... it just sounds too good to be true...I Google Earthed it and it is quite close to the highway and the "nature area" looks a little swampy to me!!! Anyone with more info, please let me know...

[ckeithp1]

Hi , I used to live in riverview florida and believe me when I say you have to travel for work living there unless of course you would work in ruskin or riverview area or even god forsaken wimauma . and then there is sun city center where all the seniors live and over running the place and the traffice is horendous in the mornings off of 75 always a traffic accident . No cant reccomend florida at all cause we just moved from florida to kentucky and we are much happier and we could not afford the 913.00 a mo rent that we were paying for a 700 sq ft apt . much happier and the ppl are nicer here .

Ignore this person's post. I believe this is the 75th place in FL they claimed to have lived and hated. Just an FYI.

[Trudy Rose]

Think I found the "Catch 22"
Look at this ad and then read the disclaimer under the description...where it tells about the price...
Village of Bloomingdale - Condo for Sale in Riverview, FL - HotPads.com

[TampaKaren]

Originally Posted by Trudeyrose

Think I found the "Catch 22"
Look at this ad and then read the disclaimer under the description...where it tells about the price...
Village of Bloomingdale - Condo for Sale in Riverview, FL - HotPads.com

Yet, another short sale. You know, one thing that concerns me about condo fees is with all the vacancies. What insurance does a buyer/owner have that the condo fees are not raised to to cover the shortfall from all the vacant units? Please check into the number of occupied units versus vacancies before jumping into what looks good on the surface.

[SteveMax58]

Originally Posted by DarinsMom

Can this be too good to be true? Is this a tough crime area? These condos are very beautiful - granted, they abutt 75, but even for the short money, it would be worth it.

I live in Riverview currently and can tell you it is not a high crime area, or rundown part of Riverview. It is close to major shopping and is not a bad commute(10-15mins) to Tampa overall.

My understanding of those condos is that they were bought up by investors/speculators during the boom, and thus they are primarily vacant and looking for rentals, short sales, etc.

It likely depends on what you would use it for, but if you were thinking of a vacation condo near Tampa, it would seem to be a good fit. Might not be the ideal place if schools and family neighborhood atmosphere is what you're looking for though.

Just my opinion.