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If you are looking for a headache free investment...RUN the other way! This in my opinion is not it! If it was, I would have bought two or three while I was in town.
There are lots of properties in Naples for sale at reasonable prices. If you want something decent, you will have to spend about 55 and up to be safe.
Hope this helps.
This community offers some incredible deals. There are a lot of renters there from investors buying units. There are 55 condos being auctioned on December 6 from the the conversion developer. There are 248 condos there on 40 acres. It has 4 lakes, clubhouse, 2 pools,and fitness center. condos range from 634 sq. ft. to around 1181 sq. ft.. You do not have to wait for the auction if you wanted to buy one of the developer units now. There are 8 active resales on the market, 18 pending sales, and 29 resales report sold in MLS in 2009 so far.
I have recently sold one in there and I feel now is the time to buy there. When all the problems of the developer overhang is gone,and the foreclosures will sell quickly, the opportunity to buy at a fraction of replacement cost will disapear.
If you would like to search granda lakes, you can go to my website: http://www.johnkrol.net or if you would like to see a satellite view of the values go to http://www.naplesproperyvalues.com or if you would like automated emails that check the mls system twice a day and update you go to my website and give me your name and email address at http://www.johnkrol.net
Unfortunately some units were purchased remodelled, and some were sold as is. The laundry was located in the lanai which was common in the 1970's. This community has several units that seem attractive at 40-60K. I have even seen a foreclosure that was in the middle of a remodel and wasn't completed for $15K.
There are some great deals but keep in mind you may not be able to unload an apartment conversion condo for 3-5 years with a ton of condos in the area.
I don't want to seem all negative. However on the flipside you could find a inexpensive condo within a resonable distance to 5 Avenue south downtown Naples & the beach.
I hate to be negative BUT - Buyer Beware. Ever here of that saying? There must be reasons most of the Active units in Granada Lakes are asking less than $50k. I don't know why prices are so low there because I have not taken the time to research that community, but I think 'you' need to do a lot of research before going forward with any purchase in that community.
Lic Real Estate Broker