Hi Tim. Royal Orleans is a Condo-Conversion Hotel built in 1950 and renovated in 2006. The subdivision has the feel of New Orleans' French Quarter and every condo surrounds a courtyard pool. The Gulf of Mexico is accessible across the street. Small pets up to 25 pounds are allowed and it is okay to lease. Units range from 590 sq ft to 245 sq ft. Currently in the Multiple Listing Service (MLS) there are 10 units available with the highest asking price at $190,000 for a 2 bedroom, 2 bath, 495 sq ft.,, with monthly maintenance of $386, and 2008 taxes of $2,330 without homestead. Some of the 10 units have been on the market for more than 200 days and some are pre-foreclosure and bank owned properties. The lowest price currently available is an efficiency listed at $69,000. There are no pending contract or sold properties within the past 6 months in the MLS. Generally speaking - prices have returned to about 2002/2003 levels.

Because of the high volume of foreclosures and percentage of rental properties, it is extremely difficult to obtain financing to purchase beach units. Cash is the best way to purchase in this market. Conventional financing would require a large down payment - FHA and VA financing for this market is next to impossible.
Whether a purchase in Royal Orleans would be a good investment for you depends on your personal situation and overall goals. Although the beach condo market is experiencing many challenges, these same challenges create an incredible buying opportunity for those with good credit and/or available cash. I would be happy to talk to you about investment possibilities in Pinellas County. Please call me any time on my cell at 727-541-3743.

Darla Schroeder, Realtor, GRI, e-PRO
Century 21 Real Estate Champions
4350 Duhme Rd
Madeira Beach, FL 33708

darla.schroeder@century21.com
http://darlaschroeder.listingbook.com
Toll free: 800-866-6032