Want to buy a condo in Las Olas/Downtown, time to buy? Suggestions needed (Davie: real estate)

[wannabethere]

wow, this forum has been very informative and im glad i found it before i move down.

I have just been accepted into nova's grad program and i have been looking at places to stay. I'm from up north but i went to school down in the gables for my undergrad career so i am somewhat familiar with the south florida landscape.

Here's my deal. I would like to stay in florida long term and was thinking about buying a nice little condo. I would use the financial aid money that would go towards rent in the davie area anyway (approx $800-1000/month) towards a condo in las olas. My parents are kind enough to take care of the rest which would probably be another $1000+/month for association fees/taxes/insurance and i would pick up where they left off once i start getting a decent paycheck. as well as pay them back w/interest .

How do you think the market is at this point? Although I'm not planning to sell the condo, it would be nice for it not to depreciate like the market has been in the past few years.

I have been looking at Symphony Towers, Nu River, Waverly At Las Olas. Are there any other condos i should be looking at? Pros/Cons of each? Any chance of the owners foreclosing whole buildings? I've heard the area west of US1 wasn't that great, but how bad is it?

I would like to be within 20-25 minutes of Davie so anything east of las olas may be a problem but im open to different locations. ive been using zillow and hotpads.com, which has netted me some condos in my price range. But is my price range too low to find a reasonable place without problems?

I'm 23, male, and single. If that helps. Also if there are any flaws in my plan, please feel free to point them out. Am I in over my head? Should I just rent a place in davie?

Sorry for the long first post

[Nolefan34]

wannabethere-

If you use your financial aid money to buy a condo, how are you going to pay for school? Isn't that illegal to do that? I'm not sure if that would be a smart idea. Perhaps you should rent a unit in Las Olas for 1 year to familiarize yourself with the building and the area before committing. Buying a condo is a huge financial commitment and the market isn't likely to rebound much in 1 year. Nobody can predict the future, but real estate prices move very slowly and there isn't much demand right now. Also, those luxury buildings in Las Olas do income and credit checks in order to make sure you're good for the rent money. They won't let someone rent let alone buy if they cannot prove their income can support it. Unless you bring a pile of cash to cover the entire year's rent, you'll need to show them proof.

The individual buildings you mentioned- Nu River and Waverly are really nice. Don't know much about Symphony. Las Olas by the River, Alexis Solmar, and Camden are also nice. It is true that west of US1 gets very bad and dangerous once you go more than a few blocks west. There is a train station where all of the underworld convenes and a McDonalds there on Broward Blvd that is very bad. There are some very new buildings such as Alexis Solmar that were constructed in the last 2 years that are 1-2 blocks west of US1 that are reasonably safe. But don't go more than a few blocks west of US1. It is very, very bad.

Now I should add that Las Olas and downtown units are going to be much more expensive than Davie. Davie rents, as you mentioned, are in the 800-1100 range. Las Olas buildings like Nu River and Waverly start around $1700/mo rent for a 1/1 and go up from there. So as you can see there is a major difference in cost of living.

[wannabethere]

Originally Posted by Nolefan34

wannabethere-

If you use your financial aid money to buy a condo, how are you going to pay for school? Isn't that illegal to do that? I'm not sure if that would be a smart idea. Perhaps you should rent a unit in Las Olas for 1 year to familiarize yourself with the building and the area before committing. Buying a condo is a huge financial commitment and the market isn't likely to rebound much in 1 year. Nobody can predict the future, but real estate prices move very slowly and there isn't much demand right now. Also, those luxury buildings in Las Olas do income and credit checks in order to make sure you're good for the rent money. They won't let someone rent let alone buy if they cannot prove their income can support it. Unless you bring a pile of cash to cover the entire year's rent, you'll need to show them proof.

I would effectively just be paying rent to my parents instead of another landlord. My parents would be buying the condo so their finances should be in order. I will look to make sure im not doing anything illegal though. The loans are supposed to cover school+living expenses so it shouldn't be a problem. If anyone has any knowledge on this, help would be appreciated. The condo would not be mine on paper until i have a decent enough paycheck to pay for it. Thanks for the information.

[vr2]

I would point out that at your age and probable income - you would most likely find yourself at local bars closer to Nova. Young crowd out there and going out is far more affordable than Las Olas. But that's a decision only you could make - hell, you may end up loving Las Olas