Property Q&A in Lake Mary>Question Details

ffmiddlebrook, Home Buyer in Fort Pierce, FL

I have noticed several listings on Grassy Point. Can you tell me why this area seems so recessed? For the Lake Mary area the market value is awful.

Asked by ffmiddlebrook, Fort Pierce, FL Tue Oct 11, 2011

We are looking for a condo in the Lake Mary/Sanford area with low association fees. I wouldn't be able to pay cash but have been pre approved for a home equity on my existing home. Our credit is excellent. Thank you.

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This question is about this property: http://www.trulia.com/foreclosure/3065563372--Grassy-Point-D…

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Hi -- There are four homes in Regency Park at the moment (3 short sales and one bank owned). Regency Park is a great community with excellent values (for the buyer) at the moment--you get a lot of house for the money. The homeowners association is affordable, too. There is a new bank owned listing of a 3 bedroom 2 bath, 1100 sq. ft. unit for $69,900--and three others ranging from 39,900 (1 bedroom) to 51,500 (2 bedroom). The reason there are so many is because they were originally sold at the height of the market (between $175,000- $225,000) and, frankly, it will be a long time before the prices go back up to those levels. Many investors as well as owner occupants went into foreclosure, driving the prices uncommonly low.

I would be happy to show you any of the active listings. Give me a call if you would like to see them tomorrow.

By the way, if you are getting a home equity loan in order to buy a condo, then you will be paying cash for the condo. Have you looked into getting pre-approved for a loan to purchase the condo (instead of using your home equity loan?) I would recommend that you try to do that and then decide which option makes the most sense for your financial situation.

I hope to hear from you. Give me a call if you want to discuss this community (or others in the area).

Happy House Hunting!

Louise Warring
Coldwell Banker Residential Real Estate
407-924-9399
1 vote Thank Flag Link Tue Oct 11, 2011
Yes I can tell you from the inside. I owned two condo's in there at one time. Now I only own one in there. In the day we lined up to buy those condo conversions and today they are worth nothing. This community will be a viable community in time but not until they address all the termites. Why Lake Mary ever allowed the original developer to build these condo's with wood is beyond me. It is not a matter of "if" but "when." They are loaded and you don't want to be caught having assessments when you buy a condo. The location is exceptional but I encourage you to move forward with caution. BTW, they started out as apartments and are moving wonderfully into a real community. I hope this has helped. If you wish to speak with me personally feel free to call Laura at 321-388-6649
0 votes Thank Flag Link Thu Oct 13, 2011
You are right about issues with most condos and getting financing. There is a way to get what you want and get it financed. (yes its all legal and above board) . Anyway if you would like help making what you want happen, give me a call.

Ken Anderson
ApexOne Realty
321-246-3190
http://www.apexonerealty.com
0 votes Thank Flag Link Wed Oct 12, 2011
You are right about issues with most condos and getting financing. There is a way to get what you want and get it financed. (yes its all legal and above board) . Anyway if you would like help making what you want happen, give me a call.

Ken Anderson
ApexOne Realty
321-246-3190
http://www.apexonerealty.com
0 votes Thank Flag Link Wed Oct 12, 2011
The homes on Grassy Point are former apartments that were converted to condos several years ago. The new community name is Regency Oaks. The primary reason the homes are relatively inexpensive is because they are condos and, therefore, cannot be financed with a mortgage. Fewer potential buyers (cash only) generally result in lower prices due to lower demand for the product.
Please let me know if I may help you further.
Barry Gainer, Realtor
Dover International Realty, Inc.
407 928 7634
0 votes Thank Flag Link Wed Oct 12, 2011
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