Why put yourself and your family at risk when there are so many other places in the area that don't have issues with questionable chemicals and compounds?
I too have sold real estate with "Chinese" Dry Wall. And even though the issue was "FULLY" disclosed...............the end result.............unhappy clients.
Look, the stuff is nasty. And even if you get all the dry wall out of your condo, what's to say your next door neighbor decides it's "no big deal" and lives with the odor and health risk. Could that effect you? Would you want to risk it?
My advise, look elsewhere.
West Atlantic Real Estate, Inc.
It sounds like you are looking for an investment and you should be very careful with a development that is known to have Chinese drywall like Renaissance Commons. From all reports there is none of the material installed at San Raphael at Renaissance Commons but just the stigma of the problem can last for years so be careful.
Remediation of Chinese drywall involves much more that just removing the tainted wall board. There are many different points of view as to what has to be done and that is one of the problems as you want to avoid any future potential litigation. You will see remediation protocol from various sources include the removal and replacement of air conditioners, all electrical wiring, all copper pipes, most appliances, carpeting, hardwood flooring, vinyl flooring, etc. Once everything is removed the structure should be cleaned with a HEPA vacuum and power washed and allowed to air out for up to 30 days. This is an expensive procedure and you can expect costs of $35 per total square foot and up not including holding costs during the process which with permits can last numerous months.
There are other opportunities with less risk that you should contemplate and I always tell invetsors they should look for the best properties in the best locations and very carefully scrutinize the financials of an association. I work almost entirely as a buyers agent throughout Palm Beach and Martin Counties and certainly would be honored to be on the list of RealtorsÂ® you interview and happy to be of assistance in any way that I can. If you are in the area and would like a tour I would enjoy showing you why this part of Paradise is a great spot for your investment dollars.
I hope this information is helpful but if you need anything additional please do not hesitate to give me a call.
Always at Your Service,
Tom Priester e-PRO
"Results Driven Real Estate"
Keller Williams Realty
The cost to replace the drywall can be considerable. There are other things that will probably need to be replaced as well, such as the plumbing, wiring, and appliances.
Condos are very rentable. It's a beautiful area with many amenities close by. I live and work in Boynton Beach and get many rental requests.
For more information on Chinese Drywall go to: http://www.chinesedrywall.com/
Please let me know if I can be of further service.
I have sold there, and know the background since the beginning. The location for the young is ideal.
Call me at 561 706 5815. There are other choices Condos wise, somewhat pricier, but a good
It is not only the drywall that needs replacing it is also the electric and plumbing. It would not be cost effective. There are some condos in Renaissance that does not have a drywall problem. We just have to find out which condo is OK. The rental market is hot now because of the foreclosures and short sales. The people need someplace to rent. I am not sure if they have a restriction in the bylaws that does not allow you to rent for a year. We will be able to look into that if you are still interesting in buying a unit.
Certified Distressed Property Expert
1) will not insure this property at all or
2) if they do the insurance company will absolutely not cover any losses related to the Chinese drywall.
Unless you are purchasing this condo for at least 50% under market value, don't just walk away. Run.
If you're looking for a Boynton Beach condominium that you can rent right away, you should consider several factors. One, what is the rent that the condo will command in the market. Two, what will you need to spend monthly in terms of the condo association fees, your taxes, and your mortgage costs.
While you will make your own decisions after you investigate, I think you will find that condominiums in Boynton Beach do not bring you the best return on your investment dollar.
Finding a tenant for a Boynton Beach condo is not necessarily difficult. However, like all real estate, the rental will have to be priced for the market. If your expenses, for example, come in at more than $11,000 and you can get only $1,000 -1100 or a little over as a monthly rental because of competition for renters in the area, you are not likely to come out ahead on your Boynton Beach investment property.
Before you become a landlord in Boynton Beach, check out Boyn prices thoroughly and investigate rental rates around the area of the Boynton Beach condo you have in mind.
Marc Jablon, The Jablon Team
RE/MAX Complete Solutions
There are many wonderful properties that don't have issues. Choose a good Realtor to help you find the right one. If I can be of help to you feel free to get in touch with me.
I wish you the best of luck.
Nicole Marks Mason, Realtor
JOAN LORBERBAUM MOORE
Broker Associate, GRI
9858 Clint Moore Road
Boca Raton, FL 33496