Home Buying in Tampa>Question Details

Jim, Home Buyer in Norway (Europe)

We want to buy a vacation/ second home in Tampa or Orlando.

Asked by Jim, Norway (Europe) Tue Oct 16, 2007

We're absolutely overwhelmed by the choice. If YOU had around $100,000 -$200,000 which gated condo or housing development would you advise us to buy in? We want somewhere that looks nice, is quality, has a community spirit and will appreciate in value. If we can rent out short-term that would be great too. Are we asking too much?

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If you're looking for a short term rental property that will appreciate in value significantly then it doesn't exist at least here in Central Florida. There are plenty of properties that look nice though. Buyers from the UK, Brazil, and Europe have been buying up such properties for years. You'll probably have to have the unit rented out at least 40 weeks to come close to breaking even. One key thing to remember when buying a short term rental property is that such communities are governed by the division of hotels and not the division of real estate so there's a lot less accountability for the community association. That fact alone would be enough for me to stay away but if you're determined to have a short term property, then I would take a look at this article to gain a better overall understanding. Hope this helps.
http://www.buyassociation.co.uk/property/text/florida/surviv…
Web Reference: http://sworlandoblog.com
3 votes Thank Flag Link Tue Oct 23, 2007
Hello Jim,

You are not asking for too much.

However, to give you a good answer there would be many questions for you. For example the Tampa and Orlando market are so different. Of course in Orlando you have Disney World which for the right person is a great place to be.

The Tampa area has some of the worlds best beaches, and so much more. Much depends on what your interests are for vacation.

Consult with Realtors in both areas and give them the information about what you are looking for in a vacation home, and then see what they come up with for communities, what amenities are offered, and how far they are away from the things you are interested in.

The prices right now are great, and the nice thing is you do not have to make a hasty decision. Take some time and find just the right place.
4 votes Thank Flag Link Tue Oct 16, 2007
make Community your number one priority. Make sure you understand all the neighbourhood rules and regs and most importantly their fees...homeowners, condo, etc.

Check the insurance...a beach place may be nice, but the insurance...that is another story.
Web Reference: http://iansellsnola.com
3 votes Thank Flag Link Tue Oct 16, 2007
IN THIS MARKET? ARE YOU NUTS!

Now is the worst time to buy.

An honest realtor.
2 votes Thank Flag Link Sun Feb 10, 2008
Jim:

The choices ARE overwhelming right now, and that can lead to analysis paralysis. Orlando and Tampa are very different from each other. You should search for an agent from each area that will answer your questions and do a thorough needs analysis before moving forward with anything. There is only so much you can accomplish online. A special consideration for the short term rental option is the "Hotel Tax." If you are going to be out of the country, you need to factor in a property manager and the tax accounting. I would be very cautious with the "time share" option as you are not investing in something with long term equity and there are a lot of nightmare stories about not being able to sell them. You are very wise to get the ball rolling by participating in Trulia's online community; I hope some of this information was helpful?
Web Reference: http://LisaSpencerHomes.com
2 votes Thank Flag Link Tue Oct 16, 2007
HI Jim, I presume you are looking to pay CASH for a home between $100-200,000? Here are my suggestions, and a TOP 10 list. IF you are not working with anyone already and would like me to email you some of these homes, just let me know. I just prepared a similar list for a Doctor that is buying a home here locally in the Tampa area, I can send you that same list of homes if you like.

If you would like a community tour or any more info on any of my TOP 10 gated communites, just email me, I can send you the link.

* Culbreath Key Bayside Condos
* SOHO
* Madison at SOHO
* Bayshore Trace Condos
* BeachWalk
* Edgewater Place
* Grand Key Condos
* Hyde Park Place
* Quarter at Ybor
* Rocky Point Island Club Condos

All the best,
Katrina
1 vote Thank Flag Link Mon Dec 10, 2007
Jim,
We are actually seeing some deals right now - there is a luxury gated condo community here in Clearwater called Avalon that just changed their condo docs to allow weekly rentals which makes it attractive for buyers like you since you can usually make more on units by the week than monthly since few people have a months vacation. They also have no age restrictions which is a plus.

There are currently some of these condos for sale under $140,000 and it is located 3 miles from the beach and is done in a tropical style.

Good luck on your search - if we can be of any assistance in looking for condos in our area let me know - also feel free to search all properties for sale on our website with no email needed - just go and get the info you need. We believe in having people choose to work with us not in "capturing emails" - Take Care.

P.S. You may enjoy the homebuyer video testimonials on our site as well.
1 vote Thank Flag Link Sun Nov 25, 2007
Hi Jim from Norway ;-)

I answered you once before and we chatted as well. I'm very familiar with both the Tampa and Orlando market, so if you are still pondering, let me know.

Once you narrow down what your money can buy you in each place - you'll be on the path to discovery of what is your best choice.
1 vote Thank Flag Link Wed Nov 7, 2007
I agree with the other agents, there are some big differences between Tampa and Orlando. I work in the Tampa area if you are interested in receiving some listings via email of homes in this area. I would be happy to help if you aren't already working with another agent.
1 vote Thank Flag Link Wed Nov 7, 2007
Jim,
If your looking to kick back and relax near the beaches then Tamap/St pete would be the answer. There is an obvious influx of inventory here in the Condo market. Orlando is less than an hour from most of Tampa making it an easy shot to visit the theme parks, yet gives you the options to spend relaxing time on the gulf. It all depends on what your really looking for!
1 vote Thank Flag Link Tue Oct 16, 2007
Hi Jim!! How is Norway??

As a trained real estate consultant, I have to suggest asking some questions prior to moving forward on this purchase to make sure if you are making the right decision and/or what your options are:

Is it absolutely necessary that you rent the property out while not here? If so, you are going to need to look for properties that are zoned for short term rentals - this will narrow down your area and not be so overwhelming to you.

Is the $100-$200K the down payment, or the total price you want to pay?
Do you have children?
How many bdrms are you looking for?
how much sq. footage?
amenities ie: pool, playground, tennis?

What would you do while here? ie: want to be close to attractions, beach, etc...

Do you want a private property manager, or do you need to focus your search on a community that has an in-house division to handle this for you?

As far as appreciation - we are in a down market now, but real estate is cyclical...so if you intend to keep this property longer than 5 - 7 yrs, it should be a good long term investment.

Last but not least - make sure that it is in your best interest to own a house, rather than stay in a resort or buy a timeshare. That option would be easier to make if we knew how much time you would be staying here and what else you could do with your money that would be better than investing in real estate.

Many questions, but good to know prior to leaping into unknown waters!!.
1 vote Thank Flag Link Tue Oct 16, 2007
Jim, if you're looking in Orlando, I have many suggestions for you, and due to large number of choices, I'd like to discuss what amenities are most important to you. You're not asking too much at all. The choices are many in that price range, so we need to narrow it down a bit. Please contact me and I'll be happy to give you the details on the various neighborhoods throughout Orlando. All my contact info is on my website listed here.
1 vote Thank Flag Link Tue Oct 16, 2007
The best advice is NEVER buy time shares anywhere. It is a scam and the so-called timeshare you buy is sold over and over again to other people. It is very difficult to sell your timeshare now and renting isn't in the deal. It will cost you more to buy a timeshare and maintenance fee than to rent a hotel room or a full ownership of a condo. Don't do it.
0 votes Thank Flag Link Tue May 20, 2014
A newly decorated hotel in beijing for sale at price of 1.2 million USD, the hotel is always 70% booked, with an average annual profit of 300,000 USD.
Please contact us if you have interest.
For your investment reference
Guan
china@ctdc.com
0 votes Thank Flag Link Wed Oct 8, 2008
We would recommend considering the metropolitan area for each of these cities that would include approx. a 1 hour drive. What you will gain is less city, less crime, less conjestion etc. By considering a home a little further removed you might find better valve, a higher level of safety, less traffic, and a small town feel.
Hope this helps.

The "Eckler Team"
0 votes Thank Flag Link Sat Feb 16, 2008
Jim, Jim, Jim....

Orlando has some of the best opportunities for Condo Tells. Rent it out when you are not there. But Tampa has the water....

So which is it....depends on what you want.

I have a great deal in The Tampa market, on a canal that opens to Tampa Bay and then to the Gulf. Priced at about 180K for a 2 bedroom. Gated, guarded and surrounded by water. There are deals galore.

You have met many fine REALTORS in this forum. I would grab one, Lisa and Katrina are always putting forth valuable, and intelligent answers here and although I would love to have your business, I feel that with those two, I have some terrific competition.

No matter what you do, or who you hire to assist you, I think that you will be amazed at what you find....

Good luck and happy hunting..

Gary De Pury
Broker-Owner
Bay Vista Realty & Investments, Inc.
Chairman, Communications Committee
Director, Florida Association of REALTORS®
0 votes Thank Flag Link Sat Feb 16, 2008
Now is a great time to buy. We are in a buyers markert! I have the perfect home for you to rent on the Withlacoochie River while your making your descision. It's located with easy access to both Tampa and Orlando. This three bedroom two bath has a fireplace with all tile floors. I prefer Tampa over Orlando however there are nice homes located on rivers with fresh water springs. What do you want in a second home? Is it entertainment or peace and relaxation? Do you prefer the ocean or the Gulf? If your not working with a realtor or would like to rent out my home, contact me.
Web Reference: http://lisavaile.com
0 votes Thank Flag Link Sat Feb 16, 2008
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