Property Q&A in Fort Myers>Question Details

Shawn Donnel…, Home Buyer in

Riverwalk Terraces - Fort Myers, FL

Asked by Shawn Donnelly, Thu May 14, 2009

I understand that there is a short sale property located at 8341 Whiskey Preserve Cir #526 Fort Myers, FL which is in the Riverwalk Terraces development. Are the Riverwalk Terraces in an excellent area of Fort Myers? Is it a quality development? It is offered at $75,000. How can I find out more? I am interested in buying and then renting seasonally - should I be looking elsewhere?

Help the community by answering this question:

Answers

9
Shawn - I recently purchased a condo at Terraces of Riverwalk and LOVE it! I bought it as an investment and will seasonally rent it. I've been down there twice and things are definitely selling and getting better in Ft Myers! Did you decide to purchase there? Please let me know!
1 vote Thank Flag Link Tue Jun 16, 2009
The Terraces of Riverwalk is in a outstanding location along College Parkway in Fort Myers. It is close to historic McGregor Boulevard, Edison College, the Canterbury School, The Barbara Mann Theater and a Starbucks!

Riverwalk was developed by US Home/Lennar in the 2005/2006 timeframe. One of the challenges facing this community is the heavy investor participation and the subsequent shakeout that is now occurring.

Here is a resource to view all the active listings at the Terraces of Riverwalk: http://www.greaterftmyers.com/terraces-of-riverwalk.php

Good luck in your search!
1 vote Thank Flag Link Sat May 16, 2009
Hello Shawn, there are a number of units for sale in RIverwalk around that price. I would advise on a couple of things though. First do a check up on the health of the Homeowners Association. Whenever a development has a number of short sales and foreclosures then the services and amenities can suffer. After all if mortgages are not being paid, then there is a strong chance that there is a shortfall in dues as well.

Secondly, read the condo docs very carefully to see what rental restrictions apply. You want to make sure that you can rent seasonally. When renting this way look for a development that is close to shopping, dining, beaches, possibly golf courses, medical facilities, etc. Some possibilities could also be Lucaya, Laguna Lakes, Beachwalk, Majestic Palms and Calusa Palms. To see what is available, look at http://www.Hope4HomeBuyers.Listingbook.com and do a no obligation custom search. Any questions at all, we would be delighted to help.

Neil G. Blair-Bennett
Broker-Associate
Alliance Realty Group
14090 Metropolis Ave Suite 206
Fort Myers, Florida 33912

Direct Line: (239) 645-3798
http://www.Hope4HomeBuyers.org
Neil@Hope4HomeBuyers.org
1 vote Thank Flag Link Thu May 14, 2009
My name is Lisa Gottesman with Right Choice Realty. I have many listings in the Terraces at Riverwalk and have sold 14 units over the past 2 years. I have both traditional listings and some short sales. I can also provide you with the current budget and hoa information for 2011. I would be happy to assist you - The prices have really gone up this sales season. Two years ago you could pick a unit up for 55-60K. Today they are selling in the high 70-90 range. Please let me know if I can assist you. Lisa Gottesman Right Choice Realty 898 1463 gottesmanl@gmail.com
0 votes Thank Flag Link Sat Feb 19, 2011
This community is now very solid. Condo fees have gone down substantially, lots of units have sold including those in the 2 buildings that were unoccupied. In my estimation, it is no longer a risk, and I am a resident.
0 votes Thank Flag Link Wed Jan 27, 2010
This community is now very solid. Condo fees have gone down substantially, lots of units have sold including those in the 2 buildings that were unoccupied. In my estimation, it is no longer a risk, and I am a resident.
0 votes Thank Flag Link Wed Jan 27, 2010
I visited the complex last December. These properties sold for $200-295,000 just 3 -4 years ago. Many in great shape in 6 of 8 buildings. None EVER occupied in 2 of 8 buildings. I was tempted to buy. Problems noted: Very High NON-OCCUPANCY rate. Potentioal for increased homeowners assoc fees. Not many people or cars seen on property. I found a faint reference to lawsuit against developer. I am still interested but skeptical. I would buy here if could get more info. There has been moderate sales activity there all year.
0 votes Thank Flag Link Thu Sep 3, 2009
Shawn:

I would advise looking for "bank owned" Condos. They are usually a better price and can close fast. Send me an email wiht your price point and I will send you some "bank owned" to consider.

Kevin T. Watts, Broker Associate
REMAX Realty Group
kevin@kevintwatts.com
http://www.kevintwatts.com (Search Foreclosures Here!)
0 votes Thank Flag Link Thu May 14, 2009
Hi, Shawn,

This is a great area and investment. It is a short sale, listed at $75,000. A Well kept 2BR/2BA condo located in The Terraces of Riverwalk. Superb location close to Edison College, shopping, dining, & the Beaches of Fort Myers & Sanibel Island. Beautiful clubhouse & community pool. Owner has never lived in home and it is in immaculate condition, nature preserve views. For more info and photos, feel free to drop me an email or call.

Regards,

LLoyd Nichols
Realtorlloydn@aol.com
Right Choice Realty LLC
cell: 239-810-2980
office: 239-463-5217
Activerain Local Blog: http://localism.com/neighbor/lloydn
Active Rain Blog: http://activerain.com/lloydn
Website: http://www.mlsouthwestfloridahomes.com
Search the MLS in Southwest Florida
Listingbook: http://lloydnswfloridahomes.listingbook.com/
0 votes Thank Flag Link Thu May 14, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer