Home Buying in Naples>Question Details

Ed Pietruniak, Home Seller in Redfield, NY

I am considering a purchase in Florida and am looking for pro's and con's of a condo vs a single familiy. My primary drivers are value and

Asked by Ed Pietruniak, Redfield, NY Mon Apr 12, 2010

appreciation potential (say 8-10 years out)

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Dave Huff’s answer
ED

YOU HAVE A LOT OF ANSWERS.
I HAVE LIVED IN BOTH.

IN A CONDO, YOU OFTEN HEAR YOUR NEIGHBORS AS YOU ARE ONLY A WALL APART
YOU MAY HEAR THEIR TOILET FLUSHING, CABINETS OPENING, MUSIC, DOGS ETC.

YOU HAVE CONDO COMMANDOS WATCHING YOU
TELLING YOU YOU CANT HAVE A FLAG OR A WATER HOSE REEL
OR TO REMOVE YOUR ICICLE LIGHTS FROM YOUR PATIO
OR TO LOWER YOUR TV / STEREO
YOU MAY STEP IN DOG POOP WHERE A NEIGHBOR DID NOT PICK UP
AND LEAVE POOP TRACKS ACROSS YOUR CARPET BEFORE YOU REALIZE IT.
BUT OVERALL ITS USUALLY CHEAPER THAN HOUSE OWNERSHIP
AND YOU MEET MORE PEOPLE.

DAVE@DAVEHUFFTEAM.COM
0 votes Thank Flag Link Wed Aug 4, 2010
BEST ANSWER
Dear Ed,

Lots of levels to that question yet to explore. Let me start with reinforcing the importance of location and that includes uniqueness. A limited quantity of anything in a good location will push the value forward. Being on the water is very important to many who live in Florida. If you want a golf community, chose the best in your budget as there is a good size of the population which are devoted to their golf activities. (Watch out for excessive fees and costs to buy in.)

If you decide you like the lifestyle of a condominium, there are millions of 2 bedroom 2 bathroom condominiums in Florida. Chose something that has some distinction; 2 bedroom and a den, end unit (always better), facing east or south east (south gets pretty toasty and west can too).

Age is important too in either a condominium or single family home. The building codes changed in 2005 to make structures that would take a serious hurricane. Your insurance costs will respect a newer building's features.

In the past several years, single family homes have sold better than condominiums. Part of that had to do with supply and part dealt with financing matters and communities with investors who often weren't able to support their purchases.

There is no one word answer here, Ed. Continue doing your homework and asking real estate professionals for help. I wish you good luck and would like to encourage you to come visit Naples and Marco Island which I tend to believe is pretty close to paradise!

Cynthia Ann Corogin
Realtor SFR
Amerivest Realty South LLC
0 votes Thank Flag Link Mon Apr 12, 2010
Ed, seeing as you asked this question quite a number of months ago, I am curious what you decided.
0 votes Thank Flag Link Sun Aug 1, 2010
A single family home has been, continues to be and will likely always be a safer investment to make than a condominium, for a vast number of reasons, not the least of which is the ability to make decisions without having to consult, or petition a board of directors to get answers.
Web Reference: http://www.golftobeach.com
0 votes Thank Flag Link Sun Aug 1, 2010
Ed, there are many ways to look at value like most places in the country at this time the opportunities are more on the buyers side. You have a good outlook 8-10 years out but you and I still need to have a long conversation to really decide what is going to be best for you and your family. Contact me (239) 564-0484.
0 votes Thank Flag Link Tue Apr 20, 2010
Hey Ed,
I grew up in Plattsburgh, so I'm very familiar with your winters in Syracuse. I've been here for 20 years after living in Seattle, Alaska, and then Lake Placid for a few more long winters. In case you have never been to Naples before, I can tell you there is no other place like it. Stepping off the plane from Syracuse you'll feel like you arrived in Heaven.

Condo
Pro's--- little upkeep, easy to manage, carefree,
Con's--- sometimes cramped, putting up with HOA rules, nosy neighbors, less freedom, less storage

House
Pro's-- private pool? No condo fees? More wide open space, tools, storage, toys, yard, plants
Con's--More wide open space, tools, storage, toys, yard, plants

It all depends on how you want to enjoy yourself here, Ed. But there is so much to enjoy. If you're not already working with someone, give me a call and I'll give you more details.
John R. Fee
Keller Williams Elite Realty
24851 S. Tamiami Tr. Suite 1
Bonita Springs, FL 34134
Office: 239.949.8338
Fax : 239.949.8339
Direct: 239.776.0539
http://www.CaptureNaples.com
0 votes Thank Flag Link Tue Apr 13, 2010
Hi there:
You can do a lot of this research on your own, especially if you are just looking at the present time. I have a FREE listing book Account which will allow you to do your research and if you need help you can email me.
The website is claudettelooker.listingbook.com
Let me know if I can be of further assistance.
Good luck in your search!!
Claudette Looker-Agent
John R. Wood Realtors
0 votes Thank Flag Link Mon Apr 12, 2010
Single Family homes would be your best bet if you're looking from the appreciation stand point. Condos' pros are the fact that they're virtually maintenance-free. However single family homes are more desired, they're easier to finance (when you sell it in 8-10 years) and they tend to see higher appreciation.

What price range are you looking in? You also gotta be realistic about what you can buy for the amount of money you're looking to invest.

It's definitely THE best time to buy, so you're on the right track. You just need to build a relationship with a realtor, like myself, who'll advise along the way. If you'd like to discuss this in more detail, feel free to call me at 239-206-4500 or email at eo@oceanhomesrealty.com

Andrew Ollick
Amerivest Realty
Faith Home Loans
239-206-4500
800-801-6080
eo@oceanhomesrealty.com
skype: napleshomes
Get Pre-Approved: http://www.faithhomeloans.com/express.html
0 votes Thank Flag Link Mon Apr 12, 2010
Hi Ed,

It sounds to me as if you need to do some more research and consideration as to what you are looking for, how much you want to spend and where, in Florida, you are interested. At this point, unless you have some 'specific' questions of specific properties and/or locations, it sounds like you are NOT in a position where a Realtor can be of value to you. When you get more specific, feel free to telephone me direct at the number below. I'm always happy to discuss your situation with you.

Good luck,

Dennis Leffert, J.D.
239-560-0014
0 votes Thank Flag Link Mon Apr 12, 2010
Hi Ed,
Glad to hear you are looking for something in Florida, there are many places for you to choose from and some questions you need to ask yourself during your search.
Is this an investment property, a home for your future or something you want to have as a rental? If you do use it as a rental will you have a property management company maintain it or are you able to do the upkeep?

As a Realtor in Florida and Michigan I can say from experience because I have had both, if you don't plan to live there full time and take care of the upkeep on the property maybe a Condo or Townhouse is the way to go. Think about things like, is the lawn getting cut, the landscape getting trimmed, exterior painting, the pool getting cleaned and running (especially in the winter) and who will you have take care of it. These things can be taken care of by most condo associations. Also as stated below, location, location. I'm sure when you decide the area you want to be in and start your search for something you'll be able to come up with the right answer for you. Remember you can also find a detached condo that is like having a home with a yard and is still maintained by the association and just might be in a golf community but then again you might prefer the beach.

Good luck and have fun! :)

Pam Bava, Realtor
407.982.5555
http://www.realteellc.com
0 votes Thank Flag Link Mon Apr 12, 2010
Ed.....think of the Single Family home as probably the better value as far as what you are seeking. A good example for you is that we manage over 250 rental properties for our buyers. We have a lot of investors that purchase and rent out there units for 5-10 years until they are ready to retire. We generally get around 20% more rent out of the single family homes than the condos. Of course....you will have to consider your general upkeep of a single family home vs. a condo. Either way.....if you compare what we have to offer and where our prices are you will be thrilled. Good luck in your search and let me know if I can be of any assistance.

jessemcgreevy@gmail.com
239-898-5329
0 votes Thank Flag Link Mon Apr 12, 2010
Hi Ed,

We're originally from Canajoharie and I worker in New Hartford for many years until we finally made the move to escape the brutal NY winters. The only regret we have is not having made the move sooner!

Your question is one that all home buyers should be considering at this time. There are a number of issues associated with condos that may include:

1. HOA fees that can be excessive and typically cost in the range of $200 to $500 or more monthly

2. living by someone elses rules

3. being in a very close proximity to your neighbors

4. large assessments for major projects usually associated with older complexes

5. Stability of the community should be a concern.

We tell all of you buyers that they should have an awareness of a homes resale value. This is tied closely to the general location you select, the price you pay, and the desirability of the property.

We welcome the opportunity to speak with you on a personal basis about these and other topics that may be of interest to you. Rest assured you are asking the right questions!


Best regards,

Bill

Michael Saunders & Company
billeckler@michaelsaunders.com
941-408-5363
0 votes Thank Flag Link Mon Apr 12, 2010
Ed,

I would go single family home all the way. You open up the amount of buyers for resale. Single family homes tend to always have a strong resale if in a good location and this means everything. Let me know what your price point is and I would be more than happy to get you over a compartaive list of homes and condos and answer any of your questions.

thanks,

Scott Riddle
239-289-1849
Realty Direct
0 votes Thank Flag Link Mon Apr 12, 2010
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