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Tampa Bay Tampa - St. Petersburg - Clearwater
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Old 11-28-2009, 06:49 PM
1 posts, read 1,507 times
Reputation: 10


i am looking to buy a condo - i see what appear to be nice waterfront (canal or lake) properties around 50-60k in the city. i would appreciate some ideas about where and where not to consider. no kids, single. i am moving from akron, oh - garden spot of the great lakes region. thanks in advance for any insight.
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Old 11-30-2009, 09:18 PM
Location: Beautiful Pinellas County
1,452 posts, read 2,695,016 times
Reputation: 1052
hmm not sure where tehse would be at that price. Are they over 55 communities?
Can you give locations it will help viewers to figure out where you are looking and whether its good or bad.
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Old 12-01-2009, 04:12 PM
Location: Boca Raton FL
180 posts, read 405,261 times
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I'm also not sure about that price point. Lots of properties have man-made "lakes".
That doesn't really make them waterfront. It's usually more of a big pond feature dug out by the builder, so they can call it "waterfront."

Things to consider:

1. Location as lavender stated - the most important aspect. Location determines value, both to you for now and for resale later.

What's the commute time from work and activities you enjoy? Close to the freeway, beaches, downtown St. Pete.

2. Is this a true condo construction, or a renovated apartment complex?
Big difference.

In my experience - Renovated apartments have thinner walls and cheaper construction in almost every area.

3. What is your monthly maintenance fee? Are there many units in default?
If there are many foreclosed units - your maintenance fees could very well increase.

Any new fees forthcoming? New elevators needed, new generators, building painting? These items could lead to special fees in the near future.

4. I always look at windows, especially in older buildings. Old leaky windows = massive energy bills in the summer. If you have to replace them - lookout for a massive expense.

5. Parking? Off-street, on-street, or reserved?
Being in a cool part of the city is nice, having to search for parking every day on a busy street - not so nice. Especially when you have a bunch of groceries to bring in.

I'd be curious to find out where a 50-60K condo is located. Over 55 communities are far less expensive, but I'd still consider all of the above. Maybe these have different rules and financial considerations?
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