Canadian Inv…, Home Buyer in Chandler Ginning, Gi...

Villas at Regal plams, what is your opinion?

Asked by Canadian Investor, Chandler Ginning, Gilbert, AZ Fri Aug 5, 2011

I talked to a real estate investment company sales manager today , he suggest me to buy 4 bedrooms townhouse at villas at regal palms , he told me the return will be excellent, anyone knows about this property? What is your opinion? Thanks!

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BEST ANSWER
Hi Chandler,

Thank you for reaching out to the Trulia community to inquire about Regal Palms. I see you already have some good feedback & insight to assist in your decision. I noticed in a previous questions you posted that you related that you were guaranteed that the property taxes would never increase until you eventually sold the property. Do you have that clause in writing??? and if so, what the ramifications are against the seller if they do in fact increase? I have never heard of that type of guarantee before in regard to property taxes, so as Bill advised you "proceed with caution" and ensure all aspects that you are concerned about are in fact in writing. There is a 4 bedroom 3.5 bath (washroom) listed right now for $1000 a month and it reflected the date available was 05/11. I am hoping it has not sat empty for three months but could inquire in your behalf if you contact me directly or not working with another agent exclusively that would access to the same information as me. On the upside, the location ,lazy river and overall ammentities are first class and all good selling points, as well as a rental advantage with having onsite managment, activities and being close to Disney. As an investor, you know all purchases are a risk and the goal is to minimize risk and maximize return. If your rate of return correlated with the figures you quoted & previously posted, would you be happy? Every investor has different goals and mindsets and what one person is pleased with, another one is disatisfied with the outcome even when the results & return are virtually the same. My advice is if you in fact buy from there, ensure you get an appealing location within the resort. The onsite property manager can generally give you good advice. Ask them where the most requests are for? Near the pool? or not? What is the least desirable area?, ETC. Also inquire what upcoming improvement projects are underway? Is there a yearly percentage cap (in writing) of the amount the monthly HOA fees can be increased?

It is a beautiful resort, with a good reputation and has great online reviews from guests, but as the famous saying goes "Buyer Beware". If you are willing to realize that you will probabaly have some unrented months and things won't always be "excellent" as told by the real estate investment company that advised you, you should be OK. However, keep in mind... there are several units available that have been for months, so if they were such an incredible deal, why haven't all the investors out there that have the cash bought them all up???

I am available if you need further assistance. Feel free to call me anytime from morning until MIDNIGHT, 7 days a week. I look forward to hearing from you and if not, I wish you luck on your endeavor.

Have a wonderful weekend!

Thank you kindly,

Kim Setzer, REALTOR®
CENTURY 21 ELITE HOME FINDERS
407-406-0351 CELL
Kimsellsproperty@yahoo.com
May you always have love to share, health to spare & friends that care.
YOUR REFERRALS ARE GREATLY APPRECIATED & THE BEST COMPLIMENT!
1 vote Thank Flag Link Fri Aug 5, 2011
I think you will find that most of us have Canadian clients. I've closed several sale with Canadians already this year and have a couple pendings as well. Although I will say that they all chose the long term rental market.

It's good to see you are starting to look at Florida instead of Arizona. Regal Palms at Highland Reserve is a good resort. The units near the front gate are preferable as then your guets can walk to the water park. Units in the back are so far away you need to get in the car to go there.

The are many very attractive resort with townhomes in this area. I've written a guide that you can find right here on Trulia. Here's the link:
http://www.trulia.com/blog/mark_lemenager/2011/02/vacation_t…
It will give you a good overview of what is out there.

Success in the short term rental business is directly related to how much effort the owner is willing to put into the marketing and booking of the unit. If you out source everything to a management company you are unlikely to have positive cash flow. If you need finance to make the purchase, then you have virtually no chance to have positive cash flow. On the other hand, if you take control of the marketing and booking via a site like VRBO, then it's pretty easy to get a positive return. If this is a hands off investment, then you DO NOT WANT TO BE IN THE SHORT TERM RENTAL BUSINESS.

There are lots of foreign websites and foreign "investment" companies that tout guaranteed returns in the US. Those promises would all be illegal here in the US. Wonder why you never see a US website with such an offer?

Good luck,
Mark LeMenager
Find your next house with the click of a mouse.
Search the MLS without obligation or registration from my website.
1 vote Thank Flag Link Fri Aug 5, 2011
An important note....HOA fees don't typically decrease as time passes. As a matter of fact, one can almost rely on them increasing as facilities age. Thus, the initial HOA fee structure should be a primary concern...unless money is not an issue.

Bil
1 vote Thank Flag Link Fri Aug 5, 2011
Oh Canada,

In today's real estate market, you would be well advised to question anyone promising you any kind of return on your money...unless they have or are in touch with "higher powers."

Proceed with caution.....

Bill
1 vote Thank Flag Link Fri Aug 5, 2011
Hi Chandler,

It is a very nice resort style community. If your looking for a short term rental property then this is the way to go. They have so many amenties your guest will not get bored. Please contact me if you have any more questions.

Thank you
Danielle Plumey
407-595-1080
dplum81@yahoo.com
1 vote Thank Flag Link Fri Aug 5, 2011
I spent 2 days with a Canadian family looking at all STR THome resorts in the are and they eventually bought at Regal Palms. They are extremely happy. The resort makes all owners keep up to the same standards in each villa, it is always clean and manicured with beautiful landscaping and of course the central water pool complex with live music frequently. Yes monthly fees are high, but you have the best probability of making money because it is almost always running to capacity.

If you would like to chat with the investor i described, sent me your e-mail and i will have them contact you.

Tony Vega
Charles Rutenberg Realty of Kissimmee

http://www.FindKissimmeeHomes.com
1 vote Thank Flag Link Fri Aug 5, 2011
And watch out for those Canadian real estate investment companies that push developments they have purchased in bulk and then mark up by 25-50%... we can help you get them direct at the original prices.
Web Reference: http://CondoMetropolis.com
1 vote Thank Flag Link Fri Aug 5, 2011
Alan Martin
Broker
Orlando, FL
..BEST ANSWER
Regal Palms is just one of the Short term rental resorts in the area. If you would like to know about all for them so that you can make an informed choice then please get in touch. I have been helping Foreign nationals with their vacation home needs for the last 12 years. I have just helped Scott from Toronto and we would be happy to let you know of the excellent service that I provided to him. Please call, text or e mail

407 832 4888 alan@frontlinefloridarealty.com

Web Reference: http://www.frontlinefloridarealty.com
1 vote Thank Flag Link Fri Aug 5, 2011
Yes it's nice Wayne, but have you seen their monthly fees?

--
Regards,
Marcus Burke, PhD, Realtor®, GRI, e-PRO, ACRE
Broker: Condo Metropolis
Web Reference: http://CondoMetropolis.com
1 vote Thank Flag Link Fri Aug 5, 2011
First I must say it's a very diserable community, because of the amenities especially the water slide. You can definitely get your investment return with a good management company.

Wayne
1 vote Thank Flag Link Fri Aug 5, 2011
Hi Canadian Investor,
It may be cheaper to just rent one for a week, to see if you like it. It seems that there are many for rent. If you own one, you can add your listing, and hope somebody rents it. See link below

http://www.vrbo.com/vacation-rentals/usa/florida/central-dis…

Wait another year to buy, prices are declining. Good Luck
0 votes Thank Flag Link Fri Aug 5, 2011
So what are the monthly fees and normal sales price for a 4-bed ,3 bath Jamaica style property at Regal Palms ? Thanks a lot !!
0 votes Thank Flag Link Fri Aug 5, 2011
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