Lookig to buy in West Palm Beach (Boca Raton, Country Club: for sale, apartments)

[Peter Ferg]

I am a Canadian looking for investment/rental property in West Palm Beach.My buget is 30-60k and am looking for a condo in a resort type gated community.Can anybody give me suggestions on which complexes are good and which ones to stay away from.Also wanted to know what these 30-60k condos were valued at in 2005.A few places I have checked out are Clearlake club , Paradice Cove , St. Andrews , and 4783 Via Palm lk 108 , does anyone know these complexes? Is there better places in Florida to look? Thanks in advance , Peter.

[TiredOfSFL]

I am very curious as to where you read/heard that you could buy a condo for so little money here, let me know 'cause I'd be the first one trying to get one if that were so!

[Jonotastic]

I've never heard of such a cheap condo, even if it's a studio. Are you sure it's not a timeshare kind of deal or multi-buyer program?

[bale002]

I believe there are some retirement community condos that have returned to that price range. For example, I know of a 2/2 condo for sale in Century Village, Boca Raton for $30,000 (don't know the condition of the unit or the exact square footage).

In many of these cases, the elderly owner is too frail and moves back up north with children or has died and the heirs do not want the property, renting it all year round is not so easy, and three months during peak does not cover maintenance and taxes, thus a fire sale, so to speak.

Even at that price, according to back-of-envelop calculations, unless you are sure to rent all year round, it is still not a good investment, especially considering that these are older units that will probably need repairs/maintenance/upgrades (a depreciating asset), and there will probably be no capital gain until the next speculative bubble, so maybe 10-20 years.

So, even at such prices, which do exist, be sure to be able to rent all year round and have a long-term horizon.

[TiredOfSFL]

I guess you're right about Century Village! I just made a search and saw a listing for a 1BR/1.5Ba for $35k, however, the OP is looking for something in a "resort" community and CV is a retirement one...

[TriMT7]

Originally Posted by TiredOfSFL

I guess you're right about Century Village! I just made a search and saw a listing for a 1BR/1.5Ba for $35k, however, the OP is looking for something in a "resort" community and CV is a retirement one...

You can find condos for 30k - 60k in select parts of the Villages of West Palm Beach. Do a Realtor.com search for zip code 33409, and anything on "Village Blvd." or "Brandywine" or "Glenmoor" or "The Pointe" or "Green Pine" Roads is a good, decent area. It borders Northwood University and Bear Lakes Country Club, and there are lots of students in the area as well.

Of course, I would recommend a visit down to see the area for yourself, and if you deal with a Realtor, SPECIFICALLY ask for places IN the Villages, such as the Sterling Apartments.

[Bette]

Originally Posted by TiredOfSFL

I am very curious as to where you read/heard that you could buy a condo for so little money here, let me know 'cause I'd be the first one trying to get one if that were so!

St. Andrews has many listed in the 40's, some in the 50's
2 bedroom 2 bath
Sold in 2006 for $168-$175K

[TiredOfSFL]

Imagine that! Now that I want to leave WPB this is happening, some years ago when I lived just on the other side of the Villages (off of Spencer Dr.) and wanted to be on "that side" that would've been good news... I'm more than ready for a change now.

[runswithscissors]

Originally Posted by TiredOfSFL

I am very curious as to where you read/heard that you could buy a condo for so little money here, let me know 'cause I'd be the first one trying to get one if that were so!

They are all over the place, you must not be looking.

[runswithscissors]

Originally Posted by bale002

I believe there are some retirement community condos that have returned to that price range. For example, I know of a 2/2 condo for sale in Century Village, Boca Raton for $30,000 (don't know the condition of the unit or the exact square footage).

In many of these cases, the elderly owner is too frail and moves back up north with children or has died and the heirs do not want the property, renting it all year round is not so easy, and three months during peak does not cover maintenance and taxes, thus a fire sale, so to speak. Granted, it does take some expertise to determine when is the "right" time to buy. Especially as an investor.

Even at that price, according to back-of-envelop calculations, unless you are sure to rent all year round, it is still not a good investment, especially considering that these are older units that will probably need repairs/maintenance/upgrades (a depreciating asset), and there will probably be no capital gain until the next speculative bubble, so maybe 10-20 years.

So, even at such prices, which do exist, be sure to be able to rent all year round and have a long-term horizon.

Your envelope calculations are mistaken. Very many retirees have upgraded their condos and in particular especially after hurricanes. These are not depreciating assets once they have reached prior years pricing and provided the HOA is secure. And they are not all Century Village communities, known to be the most "humble" of the condos so to speak.

There are also several people who want to rent in a 55 community seasonally as long as the HOA allows it.

I just bought a 1987 condo on the Intracoastal in a 55 community that was completely rebuilt after the 2005 hurricane. The deed is required to say 1987, however. Every single thing is new from the roof to the imported Italian tile on the floors. Including the copper pipes and mechanicals. Several units in this complex are selling for 1990s prices.

Further, asking prices are way different that sold comps. Checking sold comps is a MUST.

It's not good to give negative advise about purchases without having experience and first hand knowledge. You're dissuading valid buyers for erroneous reasons, no offense. We need the people to come here and decide and purchase based on facts.

The only valid concern that you failed to mention is high foreclosure abandonment rates. The OP needs to know how to figure that out.

OP you need to get the budgets, reserve info, prior HOA meeting minutes and vacancy rates while shopping. Sometimes the vacancy rates are not clear because the HOA doesnt know until there's a flood so it's better to find a high occupancy HOA versus, say, one with alot of renters or snowbirds or make sure they have procedures in place to inspect all units periodically.