Is it a good time to buy a condo in Orlando, Fl?

Asked by Sal Real Estate LLC, Chicago, IL Sat Oct 23, 2010

Help the community by answering this question:

+ web reference
Web reference:

Answers

15
Don Maclary, Agent, Virginia Beach, VA
Sun Oct 24, 2010
With prices where they are right now it's a good time to buy anywhere!
1 vote
Ken Anderson, Agent, Orlando, FL
Wed Apr 20, 2011
There are some great deals certainly here in Orlando. there are some issues. Many communities have high delinquencies and can be financed, there are several reasons banks won't lend on condos but it just makes it more of a challenge for buyers without cash.

Some neighborhoods have some great deals while some are yet to see the lows. Some have long ago peaked and their prices have jumped. There are some communities that can be funded so if that is an issue it will be the first thing to consider. If it is an investment then a good area to rent is also important. If the goal is short term rental then that will direct you to certain areas in town.

To answer the question fully one must know what the goals are. Perhaps other investments will make more sense. just a few questions can identify the best opportunities in our market.

Are all of them good buys? no are tere some great opportunities.... certainly!

All the best,
Ken Anderson
http://www.apexonerealty.com
321-246-3190
0 votes
Chad Carlson, Agent, South Haven, MN
Sun Oct 24, 2010
Its always a good time to Buy,anywhere. But You Have to know " At what Price ".
0 votes
Tom Priester, Agent, Tequesta, FL
Sun Oct 24, 2010
Sal,

That question depends on a lot of other factors; are you buying as an owner/occupant or as an investor? What specific communities are you looking at?

I represent both investors, and owner occupants, in Palm Beach, Martin and St Lucie Counties and each condominium is different so you must carefully evaluate the metrics of each property. There are some fantastic investment opportunities available and there has never been a better time to buy investment properties; IF you locate and buy the right ones. It is kind of funny that today, in my humble opinion, the safest place for investing with the highest returns is in south Florida real estate.

Most of the returns I see are in the 6 to 8% area figured very conservatively. When you figure in tax benefits, potential appreciation and a hold for a minimum on 4 to 5 years an investor will probably be looking at solid double digit annualized returns. I complete detailed pro-forma analysis on each property that clients are making offers on and if you would like to look at any of that information please feel free to contact me at your convenience.

Always at Your Service,


Tom Priester e-PRO
"Results Driven Real Estate"

Keller Williams Realty
561 308-0175
tom@tompriester.com
Web Reference:  http://www.tompriester.com
0 votes
Carol Bauza, Agent, Orlando, FL
Sat Oct 23, 2010
Sal...
If it's cash..... buy two, they're small!!!! And so is the price tag. Investors are coming into Orlandoand scooping up 1, 2, 3 at a time!!!

If you need help?!?
Let me know!

Carol Bauza
Keller Williams Advantage Realty
carol@carolshome.com
Web Reference:  http://www.carolshome.com
0 votes
Tammy Hayes, Agent, Port Charlotte, FL
Sat Oct 23, 2010
Is now really the time to buy?
There is much debate over the question, is now really the time to buy? In Southwest Florida, yes it is. It is definitely a buyer's market. Interest rates and home prices are extremely low. There are short sales, foreclosures and normal sales. There are plenty of homes to choose from in a variety of price ranges. Whether you are a local, an investor, a snow bird, a retiree, a first time home buyer - there is something for everyone.

Another question that comes to mind is, should you rent or should you buy? Some people say you are throwing your money down the drain when you rent. But there are some instances when you have to rent. Some people can never qualify for a mortgage and others are just not meant to be a home owner. Overall it is almost always better to own your home rather than rent. You build equity and you can write off your mortgage interest.

People that lost their homes to a short sale or foreclosure will not be able to buy for another 2-5 years and are forced to rent. A lot of other people are also choosing to rent rather than buy. This is having an enormous effect on economic recovery. What is holding them back? People need to be able to save enough money for a down payment and qualify for a loan. Some people are looking for a new job, a better paying job, or waiting for a promotion or raise.

If you are thinking about buying now, meet with a lender to see if you qualify. Then take that leap while the market is good for buyers. Again, interest rates and home prices are the lowest they have been in years. Now is the time to buy in Southwest Florida.

Tammy Hayes, Realtor, Sandals Realty, Punta Gorda, FL - tammyhayesre@gmail.com
0 votes
Bill Eckler, Agent, Venice, FL
Sat Oct 23, 2010
Sal,

Any time is a good time to buy as long as it's the perfect home, located in an ideal location, being offered at a price that you just can't affort to walk away from.

From our perspective, the number one mistake that buyers can make in the current RE market is to no be looking and considering their options. By not testing the waters, you will surely never find that "big score!"

Bill
0 votes
Jose Morales, Mortgage Broker Or Lender, Lutz, FL
Sat Oct 23, 2010
It's a good time to buy a condo or anything anywhere. Just condos are a little harder to find financing for them unless they are already approved. I recently wrote a report titled Cost of Waiting. Call or email me for a free copy.

Jose Morales
Florida Mortgage Coach
561-432-9237
jmorales@floridamortgagecoach.com
0 votes
Elizabeth Os…, Agent, Orlando Florida, FL
Sat Oct 23, 2010
Now... is the best time to buy any type of property---condo, single family home or commercical! If I can be of assistance please call me.

Lisa Osselmeier-Watson
321-946-1910
0 votes
Camille Ruiz, Agent, Clermont, FL
Sat Oct 23, 2010
right now is a GREAT time to buy. I know that what you have probably heard from everyone; but it is the truth. With the low interest rates and low prices you definitely can't beat it. You mentioned condos. Are you going to reside in it or purchasing it for investment purposes? Condo have stipulations about the % of units that can be non-owner occupied and with the short sales and vacancies there is very little opportunity to rent them out. You also need to be certain about the area and the reasoning behind you wanting to pick a condo instead of single family home. Do you want maintenance included? Condo HOA fees are also usually higher than HOA for single family. Before you finally decide on the location you want to be able to read the Condo disclosures to make sure there are no surprises.

If you need any additional help; I would love to assist you with your purchase no matter if condo,,town home or single family property. Feel free to contact me.

Camille Ruiz, SFR
Realtor, Watson Realty Corp
camilleruiz@watsonrealtycorp.com
0 votes
Anna M Brocco, Agent, Williston Park, NY
Sat Oct 23, 2010
It's always a good time to buy if you are ready to buy and need to buy--you decide.
0 votes
Alexander Gr…, Agent, Winter Park, FL
Sat Oct 23, 2010
It's a GREAT time to buy them. Provided you buy in the right area you will have positive cash flow from rental income, or you can buy a luxury condo at a great price for your own use. I have owned a couple myself and will gladly help you find a good investment.
0 votes
Raquel Berdi…, Agent, Oviedo, FL
Sat Oct 23, 2010
No time like the present!!!
This is the perfect time to buy a condo in Orlando. Stick to areas like Downtown or College Park for the best rental possibilities. There are some bargains, but they are being snapped up! It is possible to buy with a mortgage if you have 25% deposit and wish to spend 70K+. Properties owned by Fannie Mae or Freddie Mac afford you the possibility to buy with 3% deposit.
raquel@orlandorealtyqueen.com
http://www.OrlandoRealtyQueen.com
0 votes
John Bennett, Agent, Orlando, FL
Sat Oct 23, 2010
Would have to be the Right Condo not just any condo.

So while one can make a good buy on condos right now, one can also
find heartbreak.

BE very careful.

John
0 votes
Condo Metrop…, Agent, Orlando, FL
Sat Oct 23, 2010
The time has never been better - assuming you're a cash buyer... there are virtually no loans except on FHA approved communities... let me know what you're looking for - and check out Orlando's condo website and blog below!
Web Reference:  http://condometropolis.com
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more