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Old 04-21-2010, 10:04 PM
 
36 posts, read 73,072 times
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My friend is looking for a possible investment in Central Boca for a 1 bedroom in very good shape, apprx. 750 sq. feet with low HOA dues (under $200 per month) for around 50k (they'd pay all cash), where they would have the ability to rent it out with minimal restrictions (for a week here or a month there). Preferably not in a 55+ community (such as Century Village), but its not a deal-breaker, since they're older than 55.

Is that realistic?

Last edited by derekjet; 04-21-2010 at 10:46 PM..
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Old 04-22-2010, 12:51 AM
 
Location: western East Roman Empire
8,554 posts, read 12,493,605 times
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Quote:
Originally Posted by derekjet View Post
My friend is looking for a possible investment in Central Boca for a 1 bedroom in very good shape, apprx. 750 sq. feet with low HOA dues (under $200 per month) for around 50k (they'd pay all cash), where they would have the ability to rent it out with minimal restrictions (for a week here or a month there). Preferably not in a 55+ community (such as Century Village), but its not a deal-breaker, since they're older than 55.

Is that realistic?
Doing a quick search, I found 102 listings that fit that general criteria, except for condo fee for which, unless you have an advanced program, there is no filter, you have to look it up case by case, the same goes for quality of condition.

I used zip codes 33496, 33434, 33433, and 33486 (central Boca). There are parts of coastal zip codes 33487, 33431 and 33432 which extend west into what may be considered central Boca.

Indeed the trick to generating a decent yield is low buy price and low condo fees, while property taxes will probably run around $2,000 per year. Then of course any extraordinary maintenance fees down the road.

I don't think you'll see significant capital gains for a number of years, maybe even 20, or at least until the next speculative bubble or the country falls into a hyperinflation situation.

Good Luck!
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Old 04-22-2010, 11:34 AM
 
Location: Palm Beach County
1,701 posts, read 4,062,716 times
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Most the condos in central boca in this price point have a membership fee. (more than the actual condo costs). Another problem you will run into in Boca is that many condo complexes have rental restriction that don't allow an owner to rent a unit it out for the first 1-3 years.
I found 2-3 in East Boca that would fit their criteria, but they were 55+.
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Old 05-06-2010, 12:34 AM
 
2 posts, read 5,514 times
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Default 1 bed 1 1/2 bath condo Century Village WPB

i have one for sale, Its a cornor condo with big yard on the right and backyard, HOA is $200 month, nice HOA, Great people here,

Huge main house has everything.

the ability to rent it out with minimal restrictions, (for a week here ?? not sure, HOA has no restriction though, or month yes). a 55+ community

we can make a deal, energyalt56 at gmail Ed

Quote:
Originally Posted by derekjet View Post
My friend is looking for a possible investment in Central Boca for a 1 bedroom in very good shape, apprx. 750 sq. feet with low HOA dues (under $200 per month) for around 50k (they'd pay all cash), where they would have the ability to rent it out with minimal restrictions (for a week here or a month there). Preferably not in a 55+ community (such as Century Village), but its not a deal-breaker, since they're older than 55.

Is that realistic?
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Old 05-06-2010, 05:48 AM
 
623 posts, read 1,205,587 times
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We need A NOT 55+. I'm not sure I'd want a 55+ even if I were 55!
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Old 05-06-2010, 10:41 AM
 
Location: Tampa Bay Area Florida
7,937 posts, read 18,974,654 times
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I cant wait to go into a 55 plus community my parents have the best life ever....busy all the time, on trips all the time, shows, omg dh and I said they are more social than we are...and mind u they never were that way
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Old 05-11-2010, 12:46 PM
 
467 posts, read 1,414,581 times
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Just remember in a lot of condo's even if they let you rent it out the first year, most will only allow you
to rent it once a year, for 3 months minimum (seasonal) or on a yearly basis....they dont' want a
transient community...
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