Home Buying in 33615>Question Details

Matthew Fran…, Real Estate Pro in Hoboken, NJ

Are homes really this cheap? I'm seeing 1 bedroom and even some 2 bedroom condos with asking prices between 19,000 and 30,000.

Asked by Matthew Franklin, Hoboken, NJ Wed Jan 20, 2010

Im thinking about buying a condo in Florida. I'm seeing 1 bedroom and even some 2 bedroom condos with asking prices between 19,000 and 30,000. I realize they're short sales, but are properties really trading this low, or are these just low advertised prices to spur interest.

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Matthew,

The reason condos are so low here is no banks are financing these. If you can live with some higher HOA fees until things settle down there are some great opps!

Mark Zabilowicz
mark@homes4uintampa.com
813-849-8554
0 votes Thank Flag Link Wed Jan 20, 2010
Yes Mathew, you can buy condo's here for those prices, but don't expect much. Many are apartment "conversions" from just a few years ago that went south when the bubble burst. They have high maintenance fee's along with high delinquency rates, are investor heavy and used as rentals, and cannot be financed FHA because of this and other reasons. Cash is what buys these properties. If you are looking for strictly investment, this might be a way to go. If your thinking more like a 2nd home, vacation spot, maybe not!

Steven J. Pahl

Steve@StevenPahl.com

813-319-6423
Web Reference: http://www.StevenPahl.com
0 votes Thank Flag Link Thu Jan 21, 2010
Mathew, if you are thinking about buying a condo check the condo fees - sometimes the low price of the condo is the result of really high condo fees. Overall the prices have come down, condos that were selling in the 250s in 2005 are now selling in the 50s. If you have cash and buy at the foreclosure auction you can get even a better deal. You can actually get a townhome for $40,000. The lowest price I have seen a condo sold at auction was $9000.
0 votes Thank Flag Link Wed Jan 20, 2010
Hi Matthew,
Yes, this is the" new" Florida real estate market. You got a little of everything from short sales, REO's and "normal" sales. You can get real bargains if you are willing to stay with the transaction on a short sale. On the other hand, REO's can be frustating due to the auction feel to the transaction, especially on the low priced properties. We got everything under the SUN.
If you need more information, give me call.
0 votes Thank Flag Link Wed Jan 20, 2010
It doesn' matter if it's an REO, a short sale or private sale, there are always bargains to be had in ANY market.
Most good deals are made, not found. It's our job as investors to make them happen.
0 votes Thank Flag Link Wed Jan 20, 2010
Just a few weeks ago I talked to a man up here in Maine. He had just bought 3 houses (not condo's) in florida. He paid from $10k-$25k each. He said the $10k house needed $15k in repairs. By renting them out (and he has) the houses will ALL be paid off within 5 years.

He said he was a year getting daily updates (of foreclosures) from a realtor. He made an offer on 12 and got 3. It can happen, but you have to have a (long distance) realtor who is willing to work for you and can get things done when needed.

I do not know where in Florida he bought. I do know at those prices he got a great deal. It can really happen.
0 votes Thank Flag Link Wed Jan 20, 2010
The prices in the zip code that you appear to be searching do reflect what others have sold for over the past 90 days. The majority of the inventory currently available are short sales, but there are some active foreclosures in that price point as well.

If you would like to discuss options, locations, etc., feel free to contact us at info@tampanativeagents.com
0 votes Thank Flag Link Wed Jan 20, 2010
Hi Matthew,

You're not seeing things, there really are some condos that cheap!.................however...........most of them that are priced that low come with hefty monthly maintenance fees. Also some of the communities have lawsuits going on and problems caused by poor construction.

Best wishes,
Loree Nichols
http://www.welovetampa.com
Loree@welovetampa.com
Web Reference: http://www.welovetampa.com
0 votes Thank Flag Link Wed Jan 20, 2010
Hi Matthew! I see you are in NJ. I lived up there for a few years. As for the prices, I know it is possible to purchase homes in those price ranges here, but I'd be very careful about it anywhere. On properties that price here in Louisiana, I tell the customers "Check out the neighborhood. Do a drive by in the daytime and at night. Check on crime activity in that neighborhood." 9 times out of 10, the bargain isn't such a bargain after all.
0 votes Thank Flag Link Wed Jan 20, 2010
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