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Old 08-10-2013, 05:39 AM
 
515 posts, read 1,347,564 times
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A smart young person should not waste money on buying a condo that they will only live in for a short amount of time. They would look ahead and realize that trying to raise a family in a 1000 square foot condo isn't the best idea in the world in Tampa when there are so many other options available. The days of making money buying and then flipping several years later are over.
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Old 08-10-2013, 05:49 AM
 
Location: Native of Any Beach/FL
35,688 posts, read 21,035,253 times
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not for the greedy, they are out there now and even have a show on TV. and the local joe can't get a break - It is about buying a " home" not getting richer on more property . I say at this time rentals is what is needed, when Tampa DT area begins to flourish, then people will buy. Gotta throw money at it, first the dwellings.
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Old 08-10-2013, 09:14 AM
 
17,533 posts, read 39,109,818 times
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Originally Posted by tinytrump View Post
not for the greedy, they are out there now and even have a show on TV. and the local joe can't get a break - It is about buying a " home" not getting richer on more property . I say at this time rentals is what is needed, when Tampa DT area begins to flourish, then people will buy. Gotta throw money at it, first the dwellings.
Preach it, sister - totally agree!
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Old 08-10-2013, 11:20 AM
 
1,106 posts, read 2,282,401 times
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Originally Posted by jsun556 View Post
Nobody is going to want to buy a rental converted to condo. Isn't that one of the things that caused the condo crash in the first place?
You do not understand the Tampa Bay housing market. If prices continue to escalate, you can bet that these will be sold off to a waiting list of people trying to buy.

The condo crash was caused by people who were borrowing obscene sums to buy multiple units (i.e., the poor schlub who put his life savings into deposits for multiple units at the Trump, then lost it all). They might not be buying 5-10 units each, but suckers, er, speculators, will be buying one or two instead.

The developers have it right -- they can fill the property with renters on day one, and then bide their time to sell them while being paid every month by renters. And if the demand isn't there to sell them all, they can cancel all the purchase contracts.
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