• Got the Contributing Memberships stuff finally worked out and made up a thread as a sort of "How-To" to help people figure out how to participate. So if you need help figuring it out, here's the thread you need to take a look at -> http://www.corvetteflorida.com/forums/showthread.php?t=3581 Thank you, everyone! Rich Z.

Real Estate Investors

Intreasting subject .I'm looking to upgrade from a self storage unit to a condo in Orlando.I've been doing a lot of homework and i'm at least 6-8 months away .I'll be intreasted to see the advice you get.
 
mickeystoysz16 said:
Residential or Commercial? I am looking at purchasing an apartment in Tampa and was wondering if anyone has advice.
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I'm no real estate guru (I'll leave that to Beepster and the professionals:thumbsup:), but I'm on the road and downtown all the time and there seems to be a glut of apartments/condos, especially condos, that are still unoccupied.

There's been a lot of residential development in the downtown area over the last few years. Channelside, downtown, etc...might be worth a look?
 
99% of my work was in the commercial sector (primarily retail) but I can offer a couple of observations on the current residential market:

1. The home you are living in today in FL is most likely worth 40% less than it was in Jan '06. Some areas have been hit even harder. Generally, the farther south you go in the state, the worse it is.

2. Condos have been hit even worse. Definitely a buyer's mkt. Just don't try to re-sell anytime soon.

3. Some erroneously feel that recovery is just around the corner. Nationwide, the states that have suffered the worst declines (FL, NV, CA), had the fastest run up during the boom period. They will be the SLOWEST to recover. Economic recovery in the real estate sector (in FL) will be hampered by an antiquated property tax system, poor political leadership, and the fact that we live in a state with no job growth.

If you want to buy a new home, now is certainly a good time to consider it. If you decide to do it, do so because it is something you want to do and do NOT attempt to justify it from an investment standpoint (like a vette)!:yesnod:
 
You make some valid points. Local governments spurred expansionism on the thought it would generate more revenue. What a boneheaded approach to accessing federal funds. Then came the need for schools, police, fire protection and an endless parade of infrastucture programs. Florida cities are now weighed heavily with debt loads that are highly non sustainable. Many metropolitan areas have just delayed the inevidable collapse due to future obligations. Guess we'll have to take a closer look at California, Nevada and Arizona. Although housing in Las Vegas has tempted me a time or two. Great waterfront opportunities seem to be available in Florida at reasonable expense. You just can't afford the insurance and taxes. LOL.
 
All good input Beepster. I'm on a couple websites a couple times a week and I see the same properties for sale month after month.

This is what I've done so far :
Got my finances in order
picked the general area
made sure my finances match the area
lined up a couple inspectors
checked in general what to expect for condo fees

When the time is right I'll make a list of four or five of the most desirable properties I'd want to own .I'll make low ball offers and negotiate hard .I am willing to except that I probably loose some money if I re-sell within 10 years .
 
I agree totally with Beepster. I would strongly suggest looking at the condo fees. They can be quite expensive. I would make sure your heart is in agreement with what you get for the condo fees because once you sign on the dotted line, those fees are married to you.
Good luck with your search and please keep us posted. :thumbsup:
 
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