Notting Hill Condos in Lake Mary (short sales, foreclosures, leasing) - Orlando - Florida (FL) - City-Data Forum

JackSparrow2009 · 04-01-2009, 10:07 PM

Hello All,
I have lived in Lake Mary for the past 10 years as a renter. I am looking to buy a condo in Notting Hill. Their HOA fees are 350$ but the location is good. I like that they have a running trail next to the complex.

I am afraid of the HOA going belly up though. They are in bad shape and no one will give loans to buy a property there.

Does any one have any experience living there? Any advise?

TIA,
JS

aneftp · 04-02-2009, 06:06 AM

Quote:

Originally Posted by JackSparrow2009

Hello All,
I have lived in Lake Mary for the past 10 years as a renter. I am looking to buy a condo in Notting Hill. Their HOA fees are 350$ but the location is good. I like that they have a running trail next to the complex.

I am afraid of the HOA going belly up though. They are in bad shape and no one will give loans to buy a property there.

Does any one have any experience living there? Any advise?

TIA,
JS

You've answered your own question. I'd proceed with great caution. Many banks will not approve mortgages for places like this with high investors/foreclosures.

Condos that have a very high foreclosure rate, high short sales/foreclosure are in grave danger.

However, location is very good as you've stated.

Guntersville Boomer · 04-02-2009, 06:52 AM

Look around, this sounds like a big problem that you could end up holding the bag on, if they can't pay their taxes or other expenses, they may need to do special assessments to make up the different. Plus, once you buy, you are likely not going to be able to sell until things are running right again, that could be a long time. There are many bargin condos in Lake Mary, my brother lives at another condo complex there and the HOA is adequately funded and his monthly fee is like $220.

beckycat · 04-02-2009, 09:54 AM

Quote:

Originally Posted by Guntersville Boomer

Look around, this sounds like a big problem that you could end up holding the bag on, if they can't pay their taxes or other expenses, they may need to do special assessments to make up the different. Plus, once you buy, you are likely not going to be able to sell until things are running right again, that could be a long time. There are many bargin condos in Lake Mary, my brother lives at another condo complex there and the HOA is adequately funded and his monthly fee is like $220.

Do ppl that live in the same complex pay different condo fees? The reason I'm asking is b/c my daughter's landlord said the fees are $167/yr. Maybe they went up this year?

AONE · 04-02-2009, 10:13 AM

Quote:

Originally Posted by beckycat

Do ppl that live in the same complex pay different condo fees? The reason I'm asking is b/c my daughter's landlord said the fees are $167/yr. Maybe they went up this year?

The HOA's do vary a great deal, probably based on the size of the property. they seem to range from low 200's - 400. It could indeed be a serious concern. Lenders that handle this sort of property will likely be needed as most probably won't touch them.

Guntersville Boomer · 04-02-2009, 12:11 PM

Beckycat-- Yes, they assess it based on square foot, sounded like your daughter is in a 1 bedroom unit, my brother is in a 2 bedroom unit. I think at their complex basic cable is included in the fee.

beckycat · 04-02-2009, 07:24 PM

Quote:

Originally Posted by Guntersville Boomer

Beckycat-- Yes, they assess it based on square foot, sounded like your daughter is in a 1 bedroom unit, my brother is in a 2 bedroom unit. I think at their complex basic cable is included in the fee.

OH, they don't get basic cable though.

Thanks for clarifying that.

Guntersville Boomer · 04-03-2009, 07:31 AM

My daughter is in a condo in downtown Birmingham, Al. and her monthly fee is $159 and it includes cable but I bet the insurance on the building is far less than here so that probably makes up the difference.

emadrigal · 09-27-2009, 05:07 PM

i am looking to buy a home also in Notting Hill, but the main concern is the HOA fee of $400.00. what other options do I have?

Dee2e · 10-29-2009, 07:00 AM

There are many closings on those foreclosed or short sales in Notting Hill every month for the last several months. That means the condo association has gotten their back fees for those units. The fees are high, in the mid 300s a month but they include basic cable, water/sewer, and much more. Most sales are cash but there was recently a conventional loan that closed. The active listings that are priced to sell, go fast. Most times, I send listings to people looking in Notting Hill and if they don't act immediately, the unit goes under contract. There are more pending listings that active listings in the community. Prices are as much as 75% under the initial selling prices for the units. Prices seem to be very level. I put in two cash offers on Sunday for customers, both above list price. One was rejected because they took a better offer and the other has not responded yet since it was only on the market one day. The seller, who is the lender who foreclosed, won't respond until 7 days have passed. The units are renting via the leasing office for as high at $1600 for a three bedroom unit. Private leases are lower. Hope this helps.