Not only is it important what the other agents recommended but also think about resale value and rental posibillity
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The biggest concerns right now with condo purchases is the management/HOA defunking. If the deficiency rate is too high in the community, financing will be very difficult because the lenders consider it a high risk. Although, I do work with a local lender who is able to get financing in these types of situations. Many of the communties that are in trouble with high HOA fee deficiencies are pulling together through the unit owners forming a management team until times get better, once the community stabilizes then they can again have a professional management firm take over. Buying a gulf access condo now, when the prices are so good does come with some concerns, you just have to know if you are able to accept them for now until it gets better. Good Luck! Feel free to start your search for free at: http://www.welcomehome2swfl.com
You will find listings with current status updates, great community statistics, property tax information on each listing, pictures of properties and you have compleate control over setting your criteria and changing it whenever you want.
With these older communities, an area of concern are the expensive mechanical and structural items like the roof, air conditioning etc. Does the community have reserves available to fix these types of issues?
For gulf access in cape Coral, it is also important to evaluate the distance by boat on the canal to the Caloosahatchee River and also the width of the canal. Wider canals that are closer to the gulf are in the most demand.
Three areas of Cape Coral that are popular for this type of gulf access condo are:
Rubicon Canal condos: http://www.greaterftmyers.com/rubicon-canal.php
Beach Parkway condos: http://www.greaterftmyers.com/beach-parkway.php
CRA District condos: http://www.greaterftmyers.com/cra-district-condos.php
Good luck with your search!
An important awareness for today's buyer should be that some of the best appearing deals may also bring with them problems that can drastically offset the savings related to the purchase.
The purchase of any condo should involve an extensive audit of the association's financial standing and the complexes occupancy/ownership ratios. Communities that do not have a solid foundation of occupancy may be a liability worthy of looking elsewhere.
The Eckler Team
The condo market has been in dire straits the last year due to high default rates, numerous foreclosures & short sales. Some management companies have raised rates, cut services or even filed bankruptcy. With all that said, not all are terrible. Do your homework & if you're financing, discuss your options in detail with your lender before you're locked into a contract.
If you have any questions feel free to contact me.
If you'd like to call us or email us, we'd gladly send you all the available listings for what you're looking as well as represent you exclusively as a buyer to give you more protection. You can call us right now if you'd like.
Faith Home Loans