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Old 03-31-2008, 03:24 PM
 
2 posts, read 3,469 times
Reputation: 10

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Hey everyone, I will most likely be going to medical school in the Caribbean and have about 40,000 saved up from high school and college jobs. I am hoping to buy a one bedroom one bath condo in Deerfield to stay at when my semesters are over and also as an investment property. I see I can buy something for 40,000 but being from new jersey I am very skeptical, is this too good to be true? or are they bad condos in bad areas?
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Old 03-31-2008, 06:41 PM
 
Location: Lakes by the Bay, FL (for now)
984 posts, read 4,317,117 times
Reputation: 586
Yes, probably is a bad condo and/or bad area. Because the price ( $40,000 ) is too low, the median price for an average home is $204,000 actually in Deerfield, and a good 1br/1ba condo in a good area is probably priced for about $135,000-$175,000. I think it's better rent now and save more money/wait for the prices to buy to fall more.
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Old 04-01-2008, 03:26 PM
 
2 posts, read 3,469 times
Reputation: 10
So is it not worth it? Im in my early 20's and just want a small place to have fun in when I'm not at medical school and possibly selling it down the road when I get married. Should I just keep my 40k in the bank and wait till I have enough to buy a 100k+ condo? I mean, I'm not raising a family or anything at the moment, i just want my own property in a warm place near the beach.
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Old 04-02-2008, 11:52 AM
 
Location: Lakes by the Bay, FL (for now)
984 posts, read 4,317,117 times
Reputation: 586
Probably it's better to wait just a few more months to buy, probably the prices will fall a little more. But if you find a real good deal in a OK neighborhood in a OK condo, it's better buy if you can.

I did a research on some sites, and I think you can buy a OK 1br/1ba for about 100k-120k.

See these threads for more info about the Real Estate Market:

//www.city-data.com/forum/fort-...-time-buy.html

//www.city-data.com/forum/flori...hread-apr.html
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Old 04-02-2008, 03:32 PM
 
1 posts, read 1,672 times
Reputation: 10
Default Buying a condo

Another thing you need to consider when buying a condo are the maintenance fees. They pay for a condominium's upkeep, insurance, repairs, lease rents in certain cases, and for other costs and needs. You can expect to pay anywhere from $200 to $500 a month for these fees. If you are not living there or renting out the condo, these fees will add up fast! Just something to consider...
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Old 04-04-2008, 11:35 PM
 
54 posts, read 338,030 times
Reputation: 33
Yeah, it's gotta be in the bad part of Deerfield..crime, drugs, gangs, etc.
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Old 04-23-2008, 09:28 PM
 
Location: Boca Raton, FL
6,884 posts, read 11,243,693 times
Reputation: 10811
Smile Apartment for rent....Beach....Beach....Beach!!!

Quote:
Originally Posted by jxd357 View Post
Hey everyone, I will most likely be going to medical school in the Caribbean and have about 40,000 saved up from high school and college jobs. I am hoping to buy a one bedroom one bath condo in Deerfield to stay at when my semesters are over and also as an investment property. I see I can buy something for 40,000 but being from new jersey I am very skeptical, is this too good to be true? or are they bad condos in bad areas?
One of my husband's clients has a couple of furnished 1 bedrooms (on beach in Deerfield) available; just spoke to him yesterday - usually rents for $1200 monthly but he'll do it for $900 per month. Let me know if you are interested. Good area - I'm not a realtor and I'm just passing along info which I actually was surprised to hear.
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Old 04-24-2008, 01:21 PM
 
Location: Broward County
2,517 posts, read 11,052,247 times
Reputation: 1391
dude ! invest your 40K in something else...ANYTHING but real estate ! Have you been tuning in to the economy and the real estate market and where it will be the next 5-10 years ? DO NOT DUMP IT INTO REAL ESTATE !
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Old 04-24-2008, 01:22 PM
 
8,377 posts, read 30,903,465 times
Reputation: 2423
Brutal but justifiably so. Invest in oil and platinum so you can buy a nice place ON the beach to live in.
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Old 04-24-2008, 03:05 PM
 
Location: America
6,993 posts, read 17,365,632 times
Reputation: 2093
yep,

what heydad and compelled said!
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