# looking to buy reasonable condo in SEor SW   fl



## Roxie (Aug 18, 2006)

MY husband and I  are interested in  buying a reasonable condo in SEor SW fl.  By reasonable I mean under 100,000 with low maintenance fees and taxes.  It seems the market is going down so we thought it might be a good time to buy.  If anyone has any information about certain  adult communities with good amenities, it would be greatly appreciated.  Thanks,    Roxie


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## Cat (Aug 18, 2006)

Roxie, I take it you're not looking near either coast. We live near the SE coast, about 3 miles from the ocean. Even going 15 miles more inland, you can't buy a dog house for under $100K! Taxes are outrageous. Long gone are the days of cheap real estate in FL...


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## JLB (Aug 18, 2006)

Good luck!

Stuff we looked at ten years ago for $200,000 is now in the millions.

Rapmarks got a nice place in Estero and Conch Man is in that area, too, and they can both tell you $100,000 won't get you in the door to look at places.

We checked out a small mobile home in a trailer park near Ft. Myers Beach last January, and it was just $250,000.  A small canal home in Vanderbilt Beach had a FSBO sign in the front yard.  All it said was _$1.5 Million_ and the phone number.  Another place in Bonita Springs on Estero Bay, with a tear-down house, was $3.4 million a year ago, and, I suspect because of the downturn you mention, this year it was a steal at $3.1 million.  

Before we bought on Table Rock Lake, which was almost nine years ago now, we stopped and looked at another place on Estero Bay.  It was a decent, livable house, with a nice pool and Florida room.  At the end of the tour the agent said, "$1.4 million.  And, of course, the house is a teardown."  So why did he spend the time showing us the house?

Frankly, the places that are even approaching affordability are not places we would care to live.

We gave up nine years ago.


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## bobcat (Aug 18, 2006)

Cat said:
			
		

> Roxie, I take it you're not looking near either coast. We live near the SE coast, about 3 miles from the ocean. Even going 15 miles more inland, you can't buy a dog house for under $100K! Taxes are outrageous. Long gone are the days of cheap real estate in FL...


Roxie, I live in S E N C right on the coast. You can not even buy a nice lot for 100,000. Prices are cooling down a bit now. In 2005 they went thru the roof. there is a big supply of conds in M B. These are older units. Sometimes you may come into a good deal. In my area the population have grown more then double in the last 7 years. Everybody wants to come to the coast.Taxes are not bad. Home owners insurance is High.Within 1 hours drive from my house ther is over 100 golf courses and several beaches.That is a big draw to my area. Winters are mild. I know you were looking into Florida, however  alot of the new people are from Florida. I hope this helps you.


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## Cat (Aug 18, 2006)

Forgot to mention that although sales have cooled, there have been no huge price reductions. Houses in our neighborhood have not dropped in price significantly. They are selling in the neighborhood, but it takes longer than it did before.


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## rapmarks (Aug 18, 2006)

when we started looking about 4 years ago, you could find a condo in Ocala, Leesburg, Wildwood for about that price.  Also a place called At the Top of the World in Ocala had lots available under that price.  Look at realtor.com under one of those cities and see what you find.  I don't think you will find anything in SW or SE Florida in that price range.


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## EvelynK72 (Aug 19, 2006)

This summer, we visited  friends in Zephyr Hills, which is inland 30 miles or more and just above Tampa. This friend lives in a manufactured home and is involved in selling the homes in this park.  $100,000 will get you a manufactured home in that community. 

Evelyn


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## JoAnn (Aug 19, 2006)

We live about 25-30 miles east of Ft. Myers and, even here, you would be very lucky to buy a condo for under 100K.  If you found one, it would be VERY small.  You didn't mention size, so that would make a difference in price too.  Even the cheapest new homes here are going for over $200K now.  

Check the Ft. Myers News-Press website www.news-press.com under classifieds, or Real estate to read some of the ads.  I would be glad to send you some of our newspaper ads, if you want to PM me your address.


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## Cat (Aug 19, 2006)

JoAnn makes a great suggestion. To get a feel for what realistic prices are, check out the classifieds in all of the major newspapers online. On the east side, you might try www.sun-sentinel.com or www.palmbeachpost.com.

Another way is to log onto www.realtor.com and plug in your parameters and see what comes up. Better raise your bottom line, or it's gonna be shockingly slim pickins. Be aware that you need to know neighborhoods before you judge too definitively. If the price is very low, chances are it's in a place you wouldn't want to live.

Mobile homes are about the only places in that price range. And seeing what happened to many of them in Wilma (roof sheared clean off) I'd wouldn't even want to go that route.


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## rapmarks (Aug 19, 2006)

Last December our friends bought a single wide trailer off of EBay in St. Petersburg for $10,000.  When they got down there they found out they paid too much, but they still enjoy it.  However, they pay $300 a month lot rental and they have no amenities.  If you buy a manufactured home, make sure it is not a lot rental situation.


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## JoAnn (Aug 19, 2006)

IF you go the manufactured home/mobile home/trailer route make certain that you can get insurance on it.  I've heard that it is very difficult to get any kind of insurance on those types of homes.  Also, check insurance rates on any home you buy.  We just reviewed our policies with our insurance company and asked what NEXT years rate would be.  We were told to expect at least a 45-59% raise in our present rate.


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## The Conch Man (Aug 19, 2006)

Cat, RapMarks, JoAnn & JLB gave you correct information ~~ Couldn't said it better ~~ Ifin you are lookin to purchase anything here in Southwest Florida ~~ Ya better have some money or get a loan that has no principle payment for ten years ~~

We were thinkin of sellin our place cause I'm gettin to old to cut the grass, weedin, even blowin the driveway & street & just hangin around out by the lawn ~~ I went lookin for some villas ~~ My mind just exploded ~~ East of I-75 ~~ they are buildin homes for over $500 k ~~ West of I-75 ~~ even worst ~~ the salesman told that the price is back down to where they last year ~~ Ifin you are a millionaire ~~ no problem ~~ ifin you aren't ~~ Good luck ~~ Plus all the expensive insurance, taxes & everything else down here ~~


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## markmaine (Aug 19, 2006)

I don't know how old you are, but there are some of the older condos in Sun City Center for under $100k, but you need to be 55+.

   Mark


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## The Conch Man (Aug 19, 2006)

I forgot to add one thing that was amazin to me ~~ A couple of weeks ago on the evenin news ~~ The Anchor said that we were number #1 in the country ~~ beatin out California ~~ for most expensive housin in Southwest Florida ~~ That is still hard to believe ~~ From Ft Myers to Naples ~~ We are right in the middle of it ~~     :annoyed:


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## Gramma5 (Aug 19, 2006)

Roxie,
We own a townhome on the West coast of FL. We are south of Venice about15 miles. Our townhome is about 10-11 yrs. old. We are about 5 miles from the beach and 7 from Boca Grande. It is in a small community of townhomes that are up to 20 yrs. old. I think there are about 20 units with 4 townhomes in each. Each of the larger (1350 sq.ft.) TH's are on the end and smaller(1100 sq. ft.)in the middle.  We have a beautiful pool, clubhouse, 2  tennis courts and a shuffleboard court. It is very quiet altho we are not gated. Up the road for 7 miles they are building luxury condos from $400,000 and up. Last year, in our place, the the newer smaller TH's were going for around $235,000. This year some of the older ones are down to $175,000. (They used to be about $20,000 difference) For years they sold without realtors and just word of mouth. Since last year, realtors have come in (getting higher prices).You never  used to see one with a "for sale" sign and last I heard there were about 5 for sale with realtors! 
The market is definitely down in our area but it was sooo inflated for 2 years that it HAD to come down. Even the mobilehome parks in the area were asking $140-185,000 !
We bought ours as investment property (we rent it seasonally) with the plan to retire as 'snowbirds' in 2008. Personally, I think there is still room for increases in property values as 'babyboomers' begin to purchase property in Fl. over the next 10 yrs. But the days of finding anything nice under $150,000 near the coasts are gone. IMHO
If you have any further questiond about our area just email me...
Sherry


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## Teresa (Aug 22, 2006)

*Try renting instead*

I'd rent something - at least for a year.   This way you can scope out the area and see which neighborhood you want to be in and what the prices are.  You might find you don't really want to be where you think you want to be.   This happens a lot.

And if you do the math, it will probably be cheaper to rent than to own - at least for the first year.

Factor in things that are associated with ownership:   R.E. taxes - will run you from $2K-$5K a year (when we bought our Daytona place in 1998, taxes were $1500/year - now they're over nearly $4,500/year with 'proposals' kicking it to $5500).   Factor in interest on $100K (although if you find something in that price range you should probably buy it - grin).  Let's say 7%.   That's $7K a year - $580/month.   Maintenance fees will add on anywhere from $200-$500/month.   Hurricane 'anxiety' - make it whatever you feel comfortable with each month (losing your home that you own is way different than losing your home that you rent).   Other costs of ownership, like insurance, needed to get factored in there too.

Better off keeping your funds and renting for a year (or maybe forever?).   If you don't like the place you just move after your lease is up.

The cost to rent have not kept up with the cost of ownership (sounds familiar - timeshares!).   Even though my Daytona real estate taxes and 'value' have gone up, I can't up my rental fees up the same percentage.   If I did I'd be pricing myself out of the market.


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## gmarine (Aug 22, 2006)

Roxie said:
			
		

> MY husband and I  are interested in  buying a reasonable condo in SEor SW fl.  By reasonable I mean under 100,000 with low maintenance fees and taxes.  It seems the market is going down so we thought it might be a good time to buy.  If anyone has any information about certain  adult communities with good amenities, it would be greatly appreciated.  Thanks,    Roxie



Under 100K ?? Thats not going to happen. Not in SE or SW Florida. A 2 bedroom condo in Pompano that my father purchased less than two years ago for $140K is now in closing for $220K. The days of the 100K condo in Florida are over. Prices have settled down and maybe even decreased slightly and there are many for sale, but your still going to have to spend at least $150K on the low end to get anything fairly decent.


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## The Conch Man (Aug 22, 2006)

Thanks Teresa for a nice reply to this post ~~ well thought out ~~


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## KenK (Aug 23, 2006)

I don't know were Roxie went....but I tend to agree with the posters above, except fot the fact that it is possible to ge a condo in S Fl (both coasts) for under $100,000.

BUT....IMO, most tuggers would probably not be happy.....

for one example, simply do a search on www.realtor.com and then enter deerfield beach florida (and any other town you might be interested in).

Oh! look, $59,000 for a one bed 1.5 bath in Deerfield in a non mentioned condo development (probably Century Village {come on down said Red Buttons 20+ years ago).  And you better hope its in a low rise (don't pass the budget for the repairs on the elevator generators...we can't affort the assessment)

There are 3 Century Villages in Fl.....and IMO, they all have similiar problems (along with the various phases of Sunrise Lakes and even Leisure Ville (and parts of Sun City Center...no longer Del Web in Fl)

And I expect it will continue to be a problem, even in newer communities, espically with the rise in taxes and insurance rates.

Your first paragraph made me think of it...low maintance and low taxes....if you need low before you move it, be prepared for NO votes until the place looks like a dump...and lacks safety features (ie generators) because 'we want to keep costs LOW'.    (Did you all notice the seniors living in the upper floor apartments needing deliver of food & meds when they couldn't get down from their apartments....what wasn't told on the news was the no votes when service was needed on the generators.....no, Fl had no such law for 4 floors or less....

(I believe the counties were ready to pass generators laws {esp for gas service stations} but was blocked by Tallahasse because it might cost too much).

In any case, remember with a condo....you must know how to live with neighbors.  If they are all cheap (or fixed income poor...that 55+ developed 20 years ago), you will see a deterioration of the area...as water costs too much for the impatiens.

You will see insurance rates fly sky high or not be given at all.  Lets see, our condo now has a $1,000,000 deductiable for 103 owners....do you know what that means?  (The realtor will never bring that up).

Nor the assessments on top of the maintance...

My friends manufactured home on Hutchinson Island is gone thanks to Wilma.  The insurance paid him a %....and no insurance company will now insure any units in his development unless changed to concrete block or poured ie rebuilt to code. 

(I don't know if thats Martin Cty...but you need to remember that the codes in 5 counties in S Fl were drastically changed after Andrew (1991), and many had severe damage with cat 3 Wilma.... Cat would probably know)

Lets talk taxes, too.  I know Miami Dade will tax your propery at .02+% of what you buy it for.  Lee Cty is just below .017% (my cousin just bought a Levitt Home that costs less now than what she paid for it last year in Alva, 
Broward Cty tax is just below .02% of selling price ans is Palm Beach Cty, but I forgot Collier, Martin St Lucie.

I just want to warn you....you can find units as you asked about...but...I don't know how happy you will be with them (It was pretty upsetting to many when the HOA of two different phases of Sunrise Lakes (Broward) sold the Condos golf course to save maint fees.....remember, many retire of a fixed income, and newbies retiring have less generous plans as their parents and grandparents had.


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## rapmarks (Aug 24, 2006)

Ken, you are right on target with your post.


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## Sea Six (Aug 24, 2006)

There's a place in Naples for under $100,000, if you'd be happy with 238 square feet!

http://www.realtor.com/Prop/1059366072


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## Roxie (Aug 24, 2006)

thanks everyone for the valuable information.  My husband and I have visited all of the communities mentioned by Ken including  Kings Point and Wynmoor and just as Ken mentioned, none of them were for us.  When we visited Sunrise Lakes approximately 600 of them were still uninhabitable due to hurricane damage.  
     WE have been using timeshares but  we don't own top traders so its becoming increasingly diffficult to trade into SE and SW Fl. We have 2 friends who own manufactured homes in over 55 communities in SE fl. and both are very happy with their homes and communities.  We saw some lovely manufatured homes but are concerned  about hurricane damage as well as resale value.  We will go down again this winter and evaluate the situation .Thanks to all.  Roxie


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## Don (Aug 25, 2006)

My MIL lives in a seniors development, in the heart of Englewood, Sarasota County, called Quail's Run.  The condos are fairly nice with 12 per building, 6 per story and maybe 12 buildings.  One bedroom units are currently selling for around $175K.

Brand new condos are being built along their entrance road between them and SR 776 which are priced at $390K pre-construction price.  Since they are more than a mile from the water and in a developed neighborhood the price is considered to be low.  New condos further south on the Cape Haze Peninsula, even though they are as far from the water, start at a much higher price.


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