Mario Di Cie…, Home Buyer in UK

I have placed a 30% diposit on a unit within a condo hotel called Hollywood Grande 701 Ocean Drive, Hollywood

Asked by Mario Di Cienzo, UK Sun Feb 24, 2008

Beach FL33019. Due for completion early 2009. A small studio of 382 sq feet purchase price $223,741 including insentives of closing cost paid for maintance for one year and a 2 year mortgage interest paid a rate of 7 1/2%. With the current property market conditions in South Florida. Could you please give me some indication of the property value at present. I am investor living in the UK and not conversant with the US Laws and regulations. The unit I have purchased is on 2nd floor of a 5 story building. Will I have to close before the rest of the Hotel is complete? Any information and advise would be most gratefully received.
Thank you Mario

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Answers

6
Mario~

Every condo.hotel has their own rules and regulations. In addition the management firm the the condo/hotel uses; will have a seopparate set of conditions. In general, the monthly association dues do not have to be paid until the hotel is up and running. Your investment may be safe and sound. If you have doubts- best to contact a local attorney that can help guide you through the process.
0 votes Thank Flag Link Mon Sep 22, 2008
Hello,
I am looking for investor in Hollywood grande since the developer went foreclousre , I want to back my deposit , Just want to see what they doing the rest of the investor

thanks
Matias
0 votes Thank Flag Link Mon Sep 22, 2008
Before inquiring about price, it is important to know if the contract is assignable. If it is not then you will have to close with developer first.
And since the building is in construction, we have no comparables to determine a price.
0 votes Thank Flag Link Wed Apr 23, 2008
Hello again Mario,

Without knowing the type contract and mortgage you received from thier lender, I couldn't tell you.
Most times on new construction, once the builder has received a Certificate of Occupancy, you then close on the home. But again without the details I cannot offer any advice on this.
0 votes Thank Flag Link Sun Feb 24, 2008
Hi Jackie,
Thank you for such a speedy response to my questions.
No, I did not have US realtor with me when I signed the contracts.
Amenities as on the web site http://www.hollywoodgrande.com

Can you give me any information as to whether I will have to close before the Hotel is finished?
Thanks
0 votes Thank Flag Link Sun Feb 24, 2008
Hello Mario,

Please tell me you had a U.S. Realtor with you when you signed the contract to purchase.
It is very inportant for you, especially when buying from overseas to have someone well versed in the differences between the U.K. and U.S.
I am not in the Hollywood area, so I will leave the values to an agent in the area.
What kind of amenities will this condo hotel have?
0 votes Thank Flag Link Sun Feb 24, 2008
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