Market Conditions in Tampa>Question Details

Mison Hoyt, Home Buyer in Tampa, FL

thinking about buying condo in harbour island. 1bed 1 beth $90.000 is it good value to purchase?

Asked by Mison Hoyt, Tampa, FL Tue May 29, 2012

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The value is the one layer of consideration, I would do some homework surrounding the fees ( as mentioned below) in many developments the fees are agressively increasing as the result of uncontrollable factors by the individual condo owners. Is the condo still majority owner occupied or majority investor owned? Are a few i would be considering just after the price of the purchase.

For more information

Best wishes!
0 votes Thank Flag Link Thu Jun 7, 2012
Sorry for the typo.... :-)
0 votes Thank Flag Link Tue May 29, 2012
Considering the purchase price value of the property is just one thing to consider when valuiing a property. Since it is a condo, you will most likely have to pay monthly condo association fees as well. On Harbour Island, they tend to run several hundreds of dollars per month. It is important to know what is covered for those fees and the financial stabilty of the association.
0 votes Thank Flag Link Tue May 29, 2012
There are two 1 bedroom condos listed on the Realtor MLS system for sale. One is $117k and "approved" as a short sale so it's not likely to be able to sell for less. The other is asking $150k.

Are you looking at a For Sale By Owner?

Just be sure to hire an attorney to review your contract if you are paying ALL CASH because you want to be sure all liens are satisfied and that you get a title insurance policy without any unusual exceptions. I can highly recommend attorney Larry Fuentes

All the best,
Alma Kee
0 votes Thank Flag Link Tue May 29, 2012
On harbour island the one bedrooms are selling for 87K-127K. 90K depending on any needed repairs is a good price.
0 votes Thank Flag Link Tue May 29, 2012
Do yourself a favor and stay away from a 1/1 condo down there! Don't let anyone try to tell you different either! As a owner of a mortgage company in Tampa, a real estate investor in Tampa, and being a native of Tampa, I would not make such a mistake!

If you are going to purchase a condo down there step up to at least a 2/2 with rates so low another 20k- 30k is not much more on a Tax Dedutible payment and will be a much better investment now and in the future

You'll thank me for this advise while you own it or rent it out and then when you go to sell it some day!

I can also do 95% Condo Loans
0 votes Thank Flag Link Tue May 29, 2012

property values in Tampa and especially South Tampa/Harbour Island, are going up. I would ask your realtor to give you the comparables sales in the complex for the last 90 days so that you will get a good feeling about the recent sales that occured and how that compares to what the seller wants for the unit and how much you want to offer for it.

Bill Szydlowski
0 votes Thank Flag Link Tue May 29, 2012
That price looks very competitive. You will also need to inquire about financing as some of these condos are only eligible for cash or conventional mortgages. Also, please be sure to take a look at maintenance fees and what they include. Please feel free to call me with any questions.
Debbi Tinker
Keller Williams
0 votes Thank Flag Link Tue May 29, 2012
Absolutely. I have a lot of clients that have purchased in Harbor Island. There are some really good deals in there right now. Call me at 813-624-3679. I will be happy to help you.

Ken Allen
The Toni Everett Company
0 votes Thank Flag Link Tue May 29, 2012
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