Home Buying in Fort Myers>Question Details

Tschödric…, Home Buyer in New Germany, MN

Buying Condo in Winkler Avenue, Ft. Myers

Asked by Tschödrich-rotter, New Germany, MN Sat Jan 10, 2009

Condos in Winkler Avenue or Equestrian Drive are listed for a very low price. That seems to indicate that the association could be in financial troubles.
We are living in Germany and want to buy a condo just for family-vacation. We don´t need a mortgage and we don´t want to rent the condo for profit.
Can you explain to me what happens in the worst case? Could we loose all our money if the HOA goes straight into bankruptcy? What happens to maintenance then?
Thanks for all your answers and advices. Trulia is one of the best adresses to get all the questions answered. And I think it´s really important to do some homework befor buying now.

Help the community by answering this question:

Answers

3
I, too, am looking at buying one. I was recently told the association cannot afford to pay for the INSURANCE. You are buying a condo with NO insurance on it!?? This is the risk you take, apparently.

I'm told insurance is $90K/year for the 112 units. This seems quite high!?

Good prices, that's for sure!????
Web Reference: http://idahoidahoidaho.com
0 votes Thank Flag Link Sun Feb 5, 2012
The association has north of 60k in reserve and the condos are a steal right now. I just bought one for 20k. Yes it needs work, but I only paid 20k!!!!!! Great for vacationing, im English and my family love the pool etc.

Over half the units are now paying there dues to the association and more people like us move in and pay things will only get better and better.

Buy something when noone wants it!!!
0 votes Thank Flag Link Sat Aug 6, 2011
These condos were purchased for the most part by investors in 2005, when the prices were high. Many of these iinvestors invested too much and cannot pay the mortgages on their investments. As for the Association, a good association has reserves. If a good number of owners stopped paying their fees, the Association would have to cut down on servies. For more information on Fort Myers condos, please feel free to email or call me.

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
Website Blog: http://ftmyershomesandgardens.blogspot.com/
0 votes Thank Flag Link Sat Jan 10, 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