North Bay Village Condominium in Tampa (loan, buying, prices)

[square4761]

Does any one have any information on this complex? It is right on the water but several units are selling for low prices. Why? Noisy? Bad area? Something wrong with the complex? (structural, management, etc...) I know the complex was built in the 70's and some of the units may not be up to date but there has to more than that. Thank you for any input.

The address of North Bay Village Condominium is on Newton Circle, Tampa, 33615

[MT8]

They have severe structural damage. I looked at a place there years ago and the owners had reinforced the lanai with metal poles to keep the roof and canal facing wall from collapsing. I'd stay away from it.

[Keeper]

Unless it is being sold 'as is' they would have to tell you about any structural damage. Since MT8 said it was 'years ago' it is possible that the problems have been fixed especially if it is a condo, they association would have to fix structural damage.

[anonymous84]

The reason is because in Florida if a condo assoc is not FHA approved it is almost impossible to get any type of loan. North Bay Village is not an FHA approved condo assoc therefore the only hope of buying a unit there is if you pay in full via cash or you try to find a private investor who is willing to grant you a loan which is very rare & often filled with stipulations & a large down payment. One of the main reason North Bay Village is not FHA approved is because of the owner occupied ratio.

[IGOT1]

I'd describe the complex as a potential diamond in the rough. Live in MidWest. Bought a unit here about 17 months ago as a retirement site and am pleased with my unit and neighbors. That said, caveat vendor applies: some buildings have more rental units than others and some are also in not as good condition. The HOA turned over in past year as well as the magmnt company. Current situation seems to be on the upswing as improvements are visibly taken shape and new HOA seems to be on top of things. Prices would seem to be the lowest now. Once the bank-owned and short sales are gone, the prices will creep back up. The location can't be beat so if you are thinking of buying check it out. I saw newer and more expensive units elsewhere but if you are looking for value and an overall good package, this is worth a look. Also, not all the units are the same. Heard that the complex was built in several stages over several years and there are different layouts as well as sizes, etc.