Post: #26

(06-29-2012 02:26 PM)Menace Wrote:  

(06-29-2012 09:11 AM)thegmanifesto Wrote:  Menace,

Did this ever go down?

My parents are thinking the same thing.

Yes it did. They ended up buying a place in Boca Raton. ~1700 sq. ft., 2 br., needs some updates, I think they paid $70K. Over 55 community, two pools, tennis courts, near upscale mall.

If you want I can PM location of complex where they bought.

Sure.

Thanks.

That seems like a steal.

Post: #27

(06-29-2012 03:21 PM)thegmanifesto Wrote:  Sure.

Thanks.

That seems like a steal.

FYI you have reached your PM limit. Could you not send.

Post: #28

Can you email it to me?

thegmanifesto at yahoo dot com

Post: #29

West Palm Beach is, ironically, terrible for beaches. Pretty much all private.

Post: #30

(06-29-2012 07:49 PM)BurnFirst Wrote:  West Palm Beach is, ironically, terrible for beaches. Pretty much all private.

I didn't even think that West Palm Beach touched the Atlantic.

Post: #31

Believe it or not i'm hearing stories of Condo Associations in St. Pete giving condos away for free to good candidates to pay the monthly fees so the can afford to keep the places up/running. These places have higher fees around 300 or more per month.

Post: #32

(06-29-2012 07:22 PM)thegmanifesto Wrote:  Can you email it to me?

thegmanifesto at yahoo dot com

Sent.

Post: #33

My long term plan is to go this route. I'm operating on a pretty big assumption (condo prices in FL will still be low relative to most other places in 5-6 years time), but we'll see how it goes. Right now my plan is to finish undergrad, head to grad school, and hopefully secure decent employment after that. I'm thinking that if I live below my means for the first few years of employment, I'll be able to afford to buy a decent condo in Boca Raton/West Palm/etc (or even a small home in Ormond Beach or a similar place) outright with a cash payment. They're going for as low as $25k right now. Then I can relocate my mother down there allowing her to retire a little earlier than she planned with next to no living expenses. Then we can rent out our current place here in New York for a little passive income.

Later on I can relocate to be a little closer myself (if not Miami, then Atlanta). It'd be a convenient move-better weather, and Jamaica is right next door. Win-win all around.

Post: #34

(06-30-2012 10:22 PM)Athlone McGinnis Wrote:  My long term plan is to go this route. I'm operating on a pretty big assumption (condo prices in FL will still be low relative to most other places in 5-6 years time), but we'll see how it goes. Right now my plan is to finish undergrad, head to grad school, and hopefully secure decent employment after that. I'm thinking that if I live below my means for the first few years of employment, I'll be able to afford to buy a decent condo in Boca Raton/West Palm/etc (or even a small home in Ormond Beach or a similar place) outright with a cash payment. They're going for as low as $25k right now. Then I can relocate my mother down there allowing her to retire a little earlier than she planned with next to no living expenses. Then we can rent out our current place here in New York for a little passive income.

Later on I can relocate to be a little closer myself (if not Miami, then Atlanta). It'd be a convenient move-better weather, and Jamaica is right next door. Win-win all around.

I honestly have heard from tons of people that they still don't think the Market has bottomed out yet either. Friend bought a house around Daytona for like 70k with Four BDRMS, Pool the works and he thinks he still might have overpaid.

Post: #35

(06-30-2012 09:54 AM)el mechanico Wrote:  Believe it or not i'm hearing stories of Condo Associations in St. Pete giving condos away for free to good candidates to pay the monthly fees so the can afford to keep the places up/running. These places have higher fees around 300 or more per month.

Got anymore info or specifics on this?

Post: #36

I checked out a few condos in the Tampa area last time I there around xmas. For sure there are some steals, but I found that the ones going for less than 100K weren't that nice, the ones that really liked were in the 175-225K range, like this one I saw in Pinellas county: http://www.pioneerhomesfla.com/floor-plans/the-cypress

That one was a brand new, 3 bedroom town home with garage and community pool. It may seem like a lot to some but still quite a bit cheaper than the 950 sq ft, 2 bedroom I bought in Edmonton Canada for 270K last year.

Post: #37

(07-01-2012 02:14 PM)Big Nilla Wrote:  

(06-30-2012 09:54 AM)el mechanico Wrote:  Believe it or not i'm hearing stories of Condo Associations in St. Pete giving condos away for free to good candidates to pay the monthly fees so the can afford to keep the places up/running. These places have higher fees around 300 or more per month.

Got anymore info or specifics on this?

I would like to see more specifics too.

Condo fees of $300 is cheap as hell for Southern California.

Post: #38

(07-01-2012 02:14 PM)Big Nilla Wrote:  

(06-30-2012 09:54 AM)el mechanico Wrote:  Believe it or not i'm hearing stories of Condo Associations in St. Pete giving condos away for free to good candidates to pay the monthly fees so the can afford to keep the places up/running. These places have higher fees around 300 or more per month.

Got anymore info or specifics on this?

I'll look into it more when I get back from the states. This girl that I'm seeing here in the DR just told me how you could double or triple your money buying pre-construction condos here in Santo Domingo. She bought a few for 7k each and rents them for 400$ and said they sell for more than triple now. She showed me some paperwork fro another building and the site today of what looked to be 2 floors and semi luxury for 61k in a good area.

Those free/cheap condos in Fl are in older buildings that had people die off or foreclosed. Condo ass. are having a hard time here

Post: #39

If possible, please post more info on those pre-construction Santo Domingo condos. I have a vague wish of wanting to buy a condo in the DR for a vacation home. I was thinking Las Terrenas. Is there a good beach within 30 minutes of Santo Domingo?

I used to live in St. Pete Beach a mile from the Don Cesar... are the condos on the east or west side of I275?

Post: #40

(07-01-2012 03:54 PM)thegmanifesto Wrote:  [quote='Big Nilla' pid='230836' dateline='1341170052']


I would like to see more specifics too.

Condo fees of $300 is cheap as hell for Southern California.

A quick search on Trulia for Condos in Daytona Beach, West Palm Beach and Boca Raton seems to show that most monthly association fees are in the $250-450 range. The priciest ones I saw were in West Palm, and those were still under $500.

Post: #41

(06-29-2012 08:04 PM)thegmanifesto Wrote:  

(06-29-2012 07:49 PM)BurnFirst Wrote:  West Palm Beach is, ironically, terrible for beaches. Pretty much all private.

I didn't even think that West Palm Beach touched the Atlantic.

I mean the general area, Lake Worth, Palm Beach, etc.

Post: #42

(07-02-2012 07:06 PM)BurnFirst Wrote:  

(06-29-2012 08:04 PM)thegmanifesto Wrote:  

(06-29-2012 07:49 PM)BurnFirst Wrote:  West Palm Beach is, ironically, terrible for beaches. Pretty much all private.

I didn't even think that West Palm Beach touched the Atlantic.

I mean the general area, Lake Worth, Palm Beach, etc.

Palm Beach has plenty of beach access.

Post: #43

(07-03-2012 08:40 AM)thegmanifesto Wrote:  

(07-02-2012 07:06 PM)BurnFirst Wrote:  

(06-29-2012 08:04 PM)thegmanifesto Wrote:  

(06-29-2012 07:49 PM)BurnFirst Wrote:  West Palm Beach is, ironically, terrible for beaches. Pretty much all private.

I didn't even think that West Palm Beach touched the Atlantic.

I mean the general area, Lake Worth, Palm Beach, etc.

Palm Beach has plenty of beach access.

Hm I guess I didn't find the right places, any recommendations for next time?

Post: #44

(07-03-2012 03:54 PM)BurnFirst Wrote:  

(07-03-2012 08:40 AM)thegmanifesto Wrote:  

(07-02-2012 07:06 PM)BurnFirst Wrote:  

(06-29-2012 08:04 PM)thegmanifesto Wrote:  

(06-29-2012 07:49 PM)BurnFirst Wrote:  West Palm Beach is, ironically, terrible for beaches. Pretty much all private.

I didn't even think that West Palm Beach touched the Atlantic.

I mean the general area, Lake Worth, Palm Beach, etc.

Palm Beach has plenty of beach access.

Hm I guess I didn't find the right places, any recommendations for next time?

Yeah, Google Map it.

You can see there is beach access at the end of every street.

Basically do this:

Palm Beach Beach Access Data Sheet

1. Get on an East-West street.

2. Close your eyes.

3. Walk East.

4. When your up to your neck in water, you have reached the ocean.

Post: #45

Yes condos sound incredibly cheap. In reality there is so much overhead in running these 55+ retirement style communities that the condo fee should be more of a consideration than the purchase price. My pops bought a condo in Boca well inland where you might say the working class retirees live. Kind of depressing, but he's always looking for a deal. Paid 18k in late 2010 and just sold it for 23k without doing anything.

Sounds like a smooth move, but the condo fee was around $430/mo and this place was by no means glamorous, also an apartment not a side by side. $430 x 18 months = $7740. So he made a 27.7% over 18 month return on the purchase price but still wound up forking over a little dough, still not a bad deal.

Today, a $430 monthly payment should finance you about 100k in purchase price give or take.

Moral is efficient management of the association is likely a more important investment factor than price.

Post: #46

The condo fee on my parent's place is $345. As far as I know, there is no way to buy a condo that is not subject to a fee. Apparently they have a full time guy doing maintenance, whereas some other associations have part time people, which I think results in lower quality maintenance.