24 year old buying in Boca/Delray, advice??? (for sale, HOA)

[floridatennis]

My realtor has only been showing me new construction, which is easy lifting for him because there are sales people at the communities we've visited. My budget isn't large, but for a 24 year old it's probably quite good at $250,000.

Any advice on this? I have a second realtor on hand as for me the 800-lb gorilla in the room is the fact that the guy hasn't showed me anything from MLS. Basically we've just looked at a handful of communities with new construction. I'm interested in buying a townhome or condo, not a house, as I will only be here 7 months a year.

The one salesperson who's actually from my hometown in Ohio characterized the market here as "turbulent" for the last 5 years and therefore that a lot of the re-sale properties are not in great condition.

I found a 1,600 sq. ft. townhome I like for about $230,000. It's not overly priced but I know that I'm not getting the deal of the century. Any thoughts on new versus used properties in Boca / Delray??? Especially for my price range. Also I prefer a lower HOA fee, not big on unneeded amenities

[WhatUpFLA]

Are you a tennis pro? LOL.

[gaash2]

Boca has become much harder to find incredible deals, but I still think things have a good way to go up. I don't know why you are only looking at new construction. I would be buying non-new construction as a lot of Boca is selling way below replacement (building) costs. As for MLS .. just go to ziprealty.com and see most of what is on MLS. 33432, 33431, and 33487 are some good zip codes in Boca.

[skylinet]

What type of financing are you doing? If you are doing FHA existing condos are going to be tough to get financed right now so townhouses are probably the way to go.

It sounds like your realtor is taking the easy way out and showing you the shiny new properties hoping you will go for them vs. showing you the existing inventory that may need a lot of work. Personally I think having a fixer upper for your first property is a great way to go if you have money in reserves, because it teaches you a lot about home ownership and give you an opportunity to build equity. Buying new construction is nice because everything is done and new but in this market you probably won't built equity as fast.
He/she should at least show you what else is on the market though and let you make the decision.

I have a buyer looking at exactly the same price point and area you are in and there isn't that much to choose from so you aren't missing that much, but you can ask your realtor to put you on a direct mls update so you will know what is on the market.

Keep in mind in your price point there are a ton of buyers right now so you may run into bidding wars, cash buyers, and some properties may not qualify for all types of financing.

Boca/Delray are some of the highest price per square foot properties in PBC so if you don't have to be in that area you may want to consider other areas to get a little more value.

[floridatennis]

gaash2 and skylinet,

Thanks. Like I said, I agree he took the easy way out. I actually liked the townhome I saw very much. 1,600 square feet for $250,000. HOA of $249 a month. A little pricey.

The original plan was to wait until I get back to Florida in late summer to buy as I'll be traveling for tournaments during the summer. I heard that there is more inventory available in May and also in September. Not certain if either of these is true, if you would be able to clarify.

Thanks for the responses.

[floridatennis]

Regarding the financing, I haven't decided. I am aware that FHA rates will rise on April 1 by a small fraction. I would have a greater amount saved by late summer.

[gaash2]

I wouldn't wait too long, I would keep an eye out for a good deal and when you see a good one, move quickly. It is becoming harder and harder to find good deals; gotta take them when you see them.

[floridatennis]

gaash a "good deal" is pretty broad language, the original question pertained to new construction versus used construction. I don't have a significant amount of time to spend on putting work into a used condominium or townhome that needs upgrades.

Originally Posted by gaash2

I wouldn't wait too long, I would keep an eye out for a good deal and when you see a good one, move quickly. It is becoming harder and harder to find good deals; gotta take them when you see them.

[gaash2]

Originally Posted by floridatennis

gaash a "good deal" is pretty broad language, the original question pertained to new construction versus used construction. I don't have a significant amount of time to spend on putting work into a used condominium or townhome that needs upgrades.

There are plenty of properties that are older but do not need any significant work. Also, many places for sale have been upgraded by flippers so they are almost like new