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Condos for less than the cost of a Corolla

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  • Condos for less than the cost of a Corolla

    Karl come forward and mek we know what a gwaan in Florida. Looks like a better deal to get a second home in Florida instead of Jamaica.


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    By Les Christie, staff writer
    August 2, 2010: 4:15 AM ET


    NEW YORK (CNNMoney.com) -- The housing bust has made owning a home a lot more affordable -- but in some places, prices are extraordinary; you can buy a nice condo for less than the cost of a new family car.

    Some cities have dozens of attractive condominium listings selling for $50,000 or $25,000. There are some selling for less than a new Toyota Corolla. And these are not derelict hovels in crime-ridden communities: These homes are often in move-in condition and located in nice neighborhoods.

    "Not to sound like a salesman, but there are some real bargains out there," said Kevin Berman, a broker with Bankers Realty Services in Fort Lauderdale, Fla.

    The housing bust has taken down the national median home price by about 23% since 2007, according to the National Association of Realtors (NAR). But condo have fallen even further, down about 25%.

    In Sacramento, Calif., condo prices have fallen 59% from what they averaged in 2007, according to NAR. Miami condo prices have plunged 65%, and in Las Vegas they are off 66%.

    Prices of individual units are down even more. One condo in Deerfield Beach, Fla., that sold for $115,000 five years ago now lists for $25,000. That's a drop of nearly 80%.

    Much of these price drops can be attributed to over development during the boom. Much of that came in Sand State markets such as Las Vegas Miami and Phoenix, where prices for all properties are have fallen precipitously.

    Berman has a one bedroom condo in one of these areas with a listing price of $15,000. He said it needs a little work, and it's in a community that doesn't allow you to rent out the property,, but still, $15,000?

    "It's great for a vacation property or a retirement home," he said.

    Another of his listings is in North Miami, about three miles from the beach. It's a 900-square foot, one-bedroom, one-and-a-half bath with a community swimming pool, central air and assigned parking that costs just $23,450. That's less than a fully loaded new Camry.

    In Las Vegas, there are more than 200 condos listed for $30,000 or less. A two-bedroom, two-bath condo with a covered patio in North Las Vegas can be had for just $30,000.

    Of course, condo owners have other expenses, particularly maintaining the grounds and common areas, but these tend to be quite low. And the property taxes are also often modest.

    Plus, if these housing markets ever rebound, there's even likely to be some price appreciation for these homes. You can't say that about a new car. To top of page
    Winning means you're willing to go longer, work harder, and give more than anyone else - Vince Lombardi

  • #2
    I thought I had put it up on this board long ago...that "Out-of-this-World' deals are to be had for those seeking homes in Florida.

    The caveat was, do not expect to easily find good renters to assist with costs in 'holding' the property until ready for personal living. Be prepared to carry the property yourself.

    Another note of caution - Many of these condo complexes are having financial problems as the availability of the prices is directly related to owners walking away - forced by lending institutions (foreclosures) or personal financial decisions - from properties resulting in uncollected condo association fees and payments. The foregoing makes for frequent and hughe increases in fees and payment demands on those up-to-date on carrying charges.

    Prices for SFR (Simgle Family Residential) stand alone properties are also great. In some great areas properties that once went for USD million+ dollars are to be found at 50% or less of those values. $400,000.00 and $300,000.00 SFR are now in the U150,000.00 range. There are even some of those well appointed homes to be found at prices below $150,000.

    The great thing about such upscale (?) - middle-class properties is taxes and insurance fall as vales fall.

    If you have reservations as you consider that the areas may be moving towards blight...forget it.

    Two things help to keep the areas in 'good condition' -
    The local government bodies and the banks keep the properties in fair condition. Reason is the local governments levy fines and attach liens against property keep in worse condition than there mandated minimum conditions.

    The local government either use there employees or contract private companies to clean the properties.

    The banks do not want to incur the additional carrying charges that local government levies would impose. They use private contractors to keep the properties clean.

    The second reason stems from glut of houses on the market. It may seem strage, but as the flood of houses via foreclosures put new properties on the market at continuing increasing rates persons who would tend to not maintain their property in great condition hardly ever venture into purchasing in these well kept areas. Surprisingly those who would not 'keep up' their properties prefer(?) to...buy in less well maintained areas.
    "Never doubt that a small group of thoughtful, committed citizens can change the world. Indeed, it is the only thing that ever has."

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    • #3
      Thanks but no thanks. Mi dun wid mortgage, nuh want no more And since I won't be residing there, nuh want that headache with distant tenants.
      Life is a system of half-truths and lies, opportunistic, convenient evasion.”
      - Langston Hughes

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      • #4
        Mi have enough headache right yah now. What them nah talk bout a di 11 to 20% unemployment, not to mention the 15 to 25% amoungst black men. Find me the Condo and a good paying job and then you can talk to me.
        • Don't let negative things break you, instead let it be your strength, your reason for growth. Life is for living and I won't spend my life feeling cheated and downtrodden.

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        • #5
          Re association fees for condo complexes, not only are there fee increases but in some cases they simply do not have the money to cover the expenses of maintenance.

          If you developed an 80 unit property and only have 10 "paid-up" owners because the rest of the units did not sell or the owners have stopped paying association fees, you are going to have a major problem with maintenance.

          I would suggest staying away from cheap condos as an investment or second home unless you are very knowledgeable about the operation. I am sure there are many deals but you have to know what you are doing. Single family is a better way to go for most people.
          "‎It is easier to build strong children than to repair broken men" - Frederick Douglass

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          • #6
            "Never doubt that a small group of thoughtful, committed citizens can change the world. Indeed, it is the only thing that ever has."

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