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Old 02-20-2009, 10:16 AM
 
28 posts, read 54,492 times
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Default Best waterfront condo deals?

Hello everyone. My wife's mother has grown very interested in purchasing a waterfront condo in the Tampa area ever since she heard that they are going for about 1/2 of what they used to go for. One of her co-workers stated that waterfront condos can now be found in the sub $100,000 range...is this true? Where should she be looking?
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Old 02-20-2009, 11:36 AM
 
Location: South Tampa, FL.
1,367 posts, read 3,526,442 times
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I would say that's not true at all.

She may be looking at the listing price. It depends on if the place is in pre-forclosure or in forclosure or even a short sale. It may be listed at that price but the bank would have to approve it, and for a condo on the water, I don't see $100,000 being the real price.
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Old 02-20-2009, 03:06 PM
 
Location: Naperville, IL by necessity; Pinellas by choice
214 posts, read 398,825 times
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Have a look at realtor.com. There are waterfront condos for under $100,000 but they look to me to be hotel room conversions / studios (at least at a casual glance).
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Old 02-20-2009, 03:13 PM
 
Location: Tampa Bay
158 posts, read 324,791 times
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Just beware of some of the condo conversions and watch out for high or increasing condo fees in the details.
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Old 02-20-2009, 07:52 PM
 
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There are 20 on Rocky Point right now. I'm certain there are others out there, but I was researching this complex earlier this evening. The ~300 units were built in 2000 as Bayside Village apartments and in 2005 they converted to condo sales as Beachwalk. Most of the units on the market are pre-foreclosures and short sales and it appears (on public records) that the developer still has several units in inventory. Also, there are more renters than owner occupants.

P.S. I wouldn't say this is one of the best waterfront deals, just sharing info.

Last edited by TampaKaren; 02-20-2009 at 08:13 PM.. Reason: Brain fart
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Old 02-21-2009, 12:23 AM
 
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Notices on a realty site that apartment condos can be bought for as low as $37,000 for a 2-bedroom. Not a short sale. Curious what the real estate agents think about these deals. I understand that HOA could be high (in this case it looks like a little over $200/mo). Could you be buying into a very unstable situation where the management company goes bankrupt? I find the situation very od because the price is so low (not a foreclosure or short sale).
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Old 02-21-2009, 07:58 PM
 
Location: Naperville, IL by necessity; Pinellas by choice
214 posts, read 398,825 times
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Quote:
Originally Posted by BucFan View Post
I understand that HOA could be high (in this case it looks like a little over $200/mo). Could you be buying into a very unstable situation where the management company goes bankrupt? I find the situation very od because the price is so low (not a foreclosure or short sale).
Don't know what typical HOA costs are around TB but I pay $187 per month for occasional snow removal, yard maint. and exterior maint. and that's it. All utilities are on the owners. HOA did put in some new asphalt driveways this past year.

My HOA goes up 5-10% every year without fail. There is no danger of our mgmt company or association going bankrupt.
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Old 02-22-2009, 07:10 AM
 
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My son looked into buying at The Villas in New Tampa. The HOA was $320.00 a month. The condo was only 32K but he said there was water damage in the place, then he heard about other issues regarding the buildings and the contractor.
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Old 02-22-2009, 10:43 AM
 
28 posts, read 54,492 times
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I appreciate the comments, please keep them coming. I figure area residents will have the best unbiased information.
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Old 02-22-2009, 09:40 PM
 
Location: Mpls - south for the winter
140 posts, read 338,999 times
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In Pinellas there is 2 kinds of waterfront - one is a view of the intercostal the other is a gulf or tampa bay view.

You will pay big bucks for gulf front - I have heard of some condos selling for as low as $200k to $250k - probably an REO.

Intercoastal/cannel view you may find for under $200k

Peek-a-boo views of the water can possibly be had for much less!

Prices may drop further however I personnally think they are getting near their lows, and now maybe the time to pickup a bargain!
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