Property Q&A in 33912>Question Details

Jon Winterha…, Home Buyer in 55345

There are several properties in this community that are foreclose or short. Is this a safe place to buy?

Asked by Jon Winterhalter, 55345 Sun Feb 1, 2009

How would you rate the overall quality of this property compared to other 2 and 3 br condos in the Ft. Myers area?

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This question is about this property: http://www.trulia.com/property/1062635466-Address-not-Disclosed-

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This condo is located at Tuscany Gardens. Tuscany Gardens is a poster child for the 2005 condo conversion phenomena. Prior to conversion, this complex was known as Majorca Luxury Apartments. The LLC that performed the conversion paid ~$98K a unit and with minimal improvements remarketed these converted apartments in the $150-$200K range. Many were sold to investors and we are now seeing the effects with an abundance of short sales and foreclosures.

There are better options in the area. A knowledgeable Realtor can help guide you to better opportunities.

Good luck in your search!
0 votes Thank Flag Link Sun Feb 1, 2009
Jon,
I am not a condo fan either. The condo association situation is not just here it is all over the state. You should also beware of the gated communitiy HOA....same situation. Once the foreclosures start and the owners stop paying the monthly fees, the community is in danger of not being able to meet their monthly financial committments. This causes assessments to be levied on the remaining homeowners to pay the bills. So Buyer Beware of communities with dues be it a condo or a single family home.
Web Reference: http://www.TIME-Realty.com
0 votes Thank Flag Link Sun Feb 1, 2009
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