I want to buy 1960s construction, 1980s decor Palm Beach Gardens Florida area condo. What should I offer.?

Asked by House Boat, Juno Beach, FL Fri Mar 18, 2011

I am buying a condo in the Jupiter Florida area. The home is appraised for taxes in the high 130s listed @ $160K its a 2Bed/2Bath in a 1960s era building? The condo needs serious updating (1980s decor) but is in good clean shape overall. The condo building is in excellent shape and so is its HOA. This condo has been on the market for over 2 years and was originally listed at $250K. Over time housing values have plummetted and was just appraised by the Palm Beach County Property appraiser at $137K. I like the area but don't want to overpay for something I will have to sink at least $5K into to renovate.

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Alma Kee, Agent, Tampa, FL
Sat Mar 19, 2011
Did you see a court filing for the Estate? Just curious why you think it is an estate sale.

The executors/personal representatives for the estate have a fiduciary responsibility to the heirs to sell it for "market value". Your Realtor will be able to give you a list of recent sales in that complex of similar units. If the "sold" properties have the upgrades you desire then you would need to subtract your "upgrade" costs.

And...as some Realtors have mentioned, you may need to pay ALL CASH, unless it is on the "approved" condo list and the association is not in financial distress. Many condos have a high percentage of owners not paying their monthly assessments so it can result on a "special assessment" of tens of thousands of dollars in the future! So if you're able to get financing (do this first if you're not paying ALL CASH) then you may want to actually hire an experienced inspector to check out the structures in the complex, too. Some structures are built of wood frame with stucco applied over it and may need significantly costly repairs.

Good luck and oh, by the way, the County Property Appraiser's value may be 80% of market value so that might equate to a $171k market value. Most importantly get a detailed analysis of actual sales in the complex.

Hope this helps.
1 vote
Bob Brubaker, Agent, Lake Worth, FL
Fri Mar 18, 2011
My answer incorporates the thinking of my peers and advice on three fronts not
mentioned yet..
About your offer You need to get some good hard prices and Contractor estimates on the upgades you
need for your "move -in " requirements! Also a Home inspection .No question that you should go after concessions for at least some of the needs you identify!:

About the Condo assn. : You need to review the " financials " as well as Condo "Docs" . Of particular concern should be the info on "Replacement Reserves" are they on track to sustain the present " great shape"?

Last is maybe first- When buying a property in an "Estate " you really need to be represented by a
Real Estate Attorney. There are a myriad of title issues you want to be sure are clear upon closing! Also
a seasoned real estate attorney will have some thoughts on prudent negotiations on your offer!

Good Luck ! Someone had some good years in the unit and so can you! Start out on solid footing!

Web Reference:  http://pbc-realcam.com
1 vote
Jennifer Sus…, Agent, Boca Raton, FL
Fri Mar 18, 2011
Dear House Boat,

In the last 3 months, what have others sold for in that building with the same unit size.
Also, do you have to get a mortgage? This is another important factor.
You can always ask less, and then have you counteroffer.

I hope this helps lead you in the right direction. Everything below is really good advise.
Jen Sommers
Web Reference:  http://www.AgentBoca.com
1 vote
Nadine Mauro, Agent, Lake Worth, FL
Fri Mar 18, 2011
Hi House Boat,

Both Susanna and Joan are presenting good advice. Are you represented by a Realtor, and if so what do they recommend for an offer.

An offer could be considered even less than the $137k depending on how motivated the seller is. It never hurts to offer a lower price and then go up. You never know until you try.

Another question is this a fair market sale or a short sale?

Good luck in getting this condo.

Nadine Mauro
Highlight Realty
1 vote
Susanna Malm…, Agent, Jupiter, FL
Fri Mar 18, 2011
I agree with Joan. Having a buyer's agent doesn't cost the buyer anything and is definitely recommended. Is your agent representing you or both parties?

There are some great deals out there right now. You've picked a great time to buy!! Good luck!!
1 vote
Joan Lorberb…, Agent, Boca Raton, FL
Fri Mar 18, 2011
Your real estate agent should be on your side and provide you with recent comparable sales. It is from there that one should formulate an offer that, hopefully, the seller will accept.

Good luck with your purchase!
1 vote
Susanna Malm…, Agent, Jupiter, FL
Fri Mar 18, 2011
We don't know the seller's situation. That would help. Also, how much and when was the most recent sale? Base your offer on the last sale keeping festures and upgrades in mind.
1 vote
Tom Priester, Agent, Tequesta, FL
Sun Mar 20, 2011
House Boat,

Please be aware that the valuation attributed to a property by the Palm Beach County Property Appraiser for property tax purposes is not the same as market value. Some like to say the "rule of thumb" is the county valuation is about 80% of market value but the numbers are actually all over the board and each property needs to be evaluated by its own set of data. The information you should be looking at is the most recent sales of units in that development and do a direct comparison of the unit your are interested in with those sales. I am assuming you are working with a qualified Realtor® but if not and you need help from someone who can help you evaluate the right opportunities in the area and negotiate the best pricing and terms please feel free to contact me at your convenience.

I live in Jupiter work almost entirely as a buyers agent throughout Palm Beach and Martin Counties and would be honored to be on your interview list if you are interested in locating a true pro to make your housing dreams come true. 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
561 308-0175
Web Reference:  http://www.tompriester.com
0 votes
House Boat, Home Buyer, Juno Beach, FL
Fri Mar 18, 2011
Hi, Thanks to everyone for adding their replies!
1) This is not a shortsale or foreclosure.
2) Based on searches online with Palm Beach county (Clerk and appraiser) I know this home is not even financed with anyone. So I think it being on the market is the byproduct an estate being liquidated.
0 votes
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