I have been showing a number of condos to investors the past few weeks. The investors plans are to make some repairs and then rent the units, so there will be a high percentage of "absentee owners".
I actually live and work very near to the Regency Park complex, so know the neighborhood/area well. If you have more questions feel free to give me a call.
Connie Sherman
Coldwell Banker Residential Real Estate
Lake Mary/Heathrow
407-585-2353

Jimmycon,
This is where the problems occur, with the HOA. Too many of these communitues have issues like 2nd home owners, people that have walked away from their properties, not paying the monthly dues, properties in foreclosure or short sale. FHA and the banks have been cracking down on financing because the communitues hoa ends up short. They want to see more of the complex with homestead owners and current hoa's, which is understandable, but can be trying for buyers and sellers.
Be sure your agent has the homeowners association fill out the "HOMEOWNERS' ASSOCIATION QUESTIONNAIRE." This is an important document and will help in determining if the condo unit will be able to get financing and the type of financing that is the best for the unit. Some communities have been approved already for financing, be sure and ask first.

Good luck
Pam Bava, e-Pro Realtor

That sounds like very solid advice. I've been told the HOA may assess $2000 per owner because the it's in the red due to a number of vacancies. Yet the condo itself is only $40,000 in the Regency Park development. It's surrounded by expensive housing in a good neighborhood. At some point in the near future, won't "location,location,location" play a part? Won't these distressed units be snapped up, strengthening the financials of the Association. With the sort of inflation I expect to see over the next decade, aren't these condo conversions bound to increase in value? Heck, it would cost that much for me to add on a four season porch to my house. Or am I being naive and overly optimistic?

Jimmy,

You have a number of options in the Lake Mary area.

Make certain that your purchase that appears "too good to be true" doesn't turn out to be a nightmare....... Regardless of Lake Mary, Palm Beach or Miami Beach any condo association that is not on solid ground should be considered with caution.

Be sure you have access to and have reviewed, the minutes of the last few HOA meetings , the annual budget report, and spoken with at least one HOA board member about the stability of the association.

Your insurance company and lender will be very interested in the percentage of vacancies as well as percentage of part owners and renters.

Good luck
The Eckler Team

Jimmycon,
Are you saying you want to buy a short sale or are you looking for a good price on something available now, you can still negotiate a good price.
I live in Lake Mary, give me a call we can discuss your needs and I can pull some listings for you. Not enough information in your question to pull up anything.

Pam Bava, e-Pro Realtor http://www.rddrealty.com
386-259-3680
586-675-4653