U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Florida > West Palm Beach - Boca Raton - Boynton Beach
 [Register]
West Palm Beach - Boca Raton - Boynton Beach Palm Beach County
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 07-30-2009, 08:38 AM
 
Location: Fairfax, VA
11 posts, read 52,739 times
Reputation: 13

Advertisements

Hey everyone,
I am looking into buying a condo in Palm Beach Gardens or Jupiter. I notice that there are a LOT of listings for San Matera, which makes me think it might not be a desirable community? Is that true? Any thoughts?

Thanks!
Rate this post positively Reply With Quote Quick reply to this message

 
Old 07-30-2009, 09:36 AM
 
17,288 posts, read 27,943,193 times
Reputation: 8670
San Matera used to be rentals. It went condo conversion during the boom for RIDICULOUS prices. I imagine that's why there are so many good deals and foreclosures right now.

I toured San Matera, and the apartments are quite nice, but you do feel like you're living in a rental complex. Again, however, as with many rental communities turned condo conversions, the construction standards are not the same as units built for owners (quality of finishes, etc.).

It's in a good area though.... right across from the mall and really close to the PGA corridor.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-30-2009, 11:09 AM
 
Location: Palm Beach County
1,701 posts, read 4,126,490 times
Reputation: 635
There are great deals in there right now, but with 65 units on the market you will have a tough time getting a loan. You're going to have much better luck looking for a townhome style unit unless you are paying cash. The San Matera townhomes have very high HOA's though.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-11-2011, 03:41 AM
 
Location: Jupiter, Florida
29 posts, read 80,721 times
Reputation: 18
San Matera condos are a popular choice with investors looking for a good CAP rate for a rental condo...many of these units are selling for half to 2/3 less than they were, so there are some great deals in there but most are cash buyers because the rental percentage is too high for banks to lend money on for purchases in there.

San Matera Condos in Palm Beach Gardens
San Matera Condos for Sale
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-11-2011, 08:24 AM
 
14,082 posts, read 17,085,975 times
Reputation: 22029
Quote:
Originally Posted by DJMorrisInc View Post
San Matera condos are a popular choice with investors looking for a good CAP rate for a rental condo...many of these units are selling for half to 2/3 less than they were, so there are some great deals in there but most are cash buyers because the rental percentage is too high for banks to lend money on for purchases in there.

San Matera Condos in Palm Beach Gardens
San Matera Condos for Sale

How do you figure a good CAP rate with a $300-481 monthly HOA fee/maintenance? These places can't be getting more than a $1 a sq ft per month in rent but after taxes/HOA you will be lucky to get anything paid back to principal.

Cash buyers/no bank loans means these places are only going lower in value as time passes. So you make nothing on rent and potentially lose principal on your investment.........ummm I'll pass. Heck even ghetto properties have the bonus of section 8 payments and the properties are "low maintenance" from a landlord's perspective.

Your posts usually get altered for pitching properties but I will say they are informative
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
>
Powered by Foreclosure.com
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Florida > West Palm Beach - Boca Raton - Boynton Beach
Similar Threads

All times are GMT -6.

© 2005-2022, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top