Anthony, Home Buyer in 10980

i would like info on this property

Asked by Anthony, 10980 Thu May 7, 2009

914 522 2603 anthony

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I am very familiar with this property. It was an apartment complex but was completely redone when converted to condos. It is perfect for a beach place and could be a residence . As mentioned most are rented. It can be rented for as little as 1 night, There is a rental office on site but you are not required to use them. Boat slips may be available to purchase.

As James said, like most "newer" complexes you need to do your research. A large number were sold at the top of the market so there are a lot of short sales. If the financial situation makes sense this could be a good property to own and hold for personal use or rental. There used to be some full time residents but I'm not sure if they are still there.

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0 votes Thank Flag Link Fri May 8, 2009

I'd research this very carefully so you know what you're getting into. This "resort" is a former apartment complex that was built in 1961 that was converted to a condo in 2005. Keep in mind that it was built to apartment standards 48 years ago. Typically the construction is not the same quality level - consider noise barriers between units, etc. There are a ton of short sales (pre-foreclosures) on the market & bank owned units. Some of the 1 bedroom/1 bath units sold for in the low $300k range & the 2 bedroom/2 bath units sold for in the high $300's at the height of the real estate insanity. Now what is selling is in the low $100's.

I'd suggest contacting your lender & give them the name of the condo, Barefoot Beach Resort of Indian Shores & see if you can get a loan if you buy there. Most of the recent sales have been all cash. I see some of the units have supposedly been sold to people getting a conventional loan but ... I have my doubts. Also I'd be concerned about the association fees. If this many condos are close to or in foreclosure or are already bank owned, owners typically stop making their monthly payments, which often results in the remaining unit owners having to make up for any unpaid fees.

The complex is primarily a less expensive rental "resort" now with owners renting out their units through a management company. The bottom line is, it's your decision if you want to buy into a complex like this.

Jim Moran
Broker Associate
Prudential Tropical Realty
W 727-799-2227 ext 223
0 votes Thank Flag Link Thu May 7, 2009
Enjoy the newest and popular beach resort in the area. Just across the street from the beach, this affordable resort was just finished in 2005. Everything is new inside and out. The sellers loss is your gain. BANK APPROVED SHORT SALE....
There are also 2 bedrm unit for 145,000
Please email me so I can email you the info. I do not want to call you that late
Thank you ,
Merle Huber
0 votes Thank Flag Link Thu May 7, 2009
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