CorporateGolfXtra 2023
+ Reply to Thread
Results 1 to 21 of 21
  1. #1
    7 Wood mato is on a distinguished road
    Join Date
    Jul 2006
    Posts
    150

    WTB - Florida Condo on Golf Course

    I would like to Purchase a 2 bedroom condo on the Golf coast preferable on the Golf COurse. Would you have any recommendation or know of any condos that are currently on the market

    tia

  2. #2
    Team Match Play Champ 2011 quinner is on a distinguished road quinner's Avatar
    Join Date
    Jan 2007
    Location
    Kanata, On
    Posts
    1,718
    If you are planning on going down there, I would walk in to any bank and ask them for their list of foreclosures...I know a guy who just bought a house on a golf course in the US for 18K...they were asking 36K. He did just that.

  3. #3
    Wannamaker brucestats is on a distinguished road brucestats's Avatar
    Join Date
    Mar 2003
    Location
    near coyotes
    Posts
    1,056
    the foreclosure route has its own pitfalls, with possible hidden debts and fees. Best to work with a experienced realtor and lawyer for those risk-averse investors. But definitely deals are there, but they need due diligence, like any investment
    My paycheck goes to my dogs.

  4. #4
    Caddy Gofish2 is on a distinguished road Gofish2's Avatar
    Join Date
    Mar 2002
    Location
    Ottawa & Merritt Island, Fl
    Posts
    450

    Fla condos

    I would agree that there are terrific deals but you have to be on the ground to get the best bargains. I looked at several in Punta Gorda that were selling at an incredible discount only to find out that they had " Chinese Drywall ". Get in touch with local realtors and ask that they email listings. I get daily updates from Carol Schunk @ CarolSellsFLHomes@Gmail.com and Shellee Guinta @ shelleegee@verizon.net in Port Charlotte.

    Dave

  5. #5
    7 Wood mato is on a distinguished road
    Join Date
    Jul 2006
    Posts
    150
    I might just do that. I was just feeling the waters to see if anybody on this board is selling a condo down south

  6. #6
    Medalist imozzie is on a distinguished road imozzie's Avatar
    Join Date
    Aug 2008
    Location
    The Land of Oz
    Posts
    1,021
    Take a look at the Meadows Golf and Country Club, Sarasota Florida. It is a large golf community on 54 holes of golf - one Carolinian, one typical Floridian and one highlands. My folks have had property there for years and it is simply beautiful and, IMHO, affordable with singles, townhomes, condos and duplex properties available.
    "If profanity had any influence on the flight of the ball, the game of golf would be a lot easier than it is" - Horace Hutchinson (1903)

  7. #7
    Birdie Sunny D is on a distinguished road Sunny D's Avatar
    Join Date
    Feb 2008
    Location
    Ottawa
    Posts
    331
    We looked for about a year before buying on the Southern Dunes Golf Course. But we looked all over from Naples to Tampa and Jacksonville. I have to echo what has been said here. Find a good realtor, over the past few years several have come to specialize in foreclosures and short sales. They know the market and where the problems are such as Chinese Drywall issues. There certainly are deals as foreclosures and short sales still are forcing overall prices down. As we got into this we became aware of some common issues; HOA fees and the financial health of the HOA association (given foreclosures many are hurting and are thus assessing special levies), property bonds, and availability and costs of insurance for the area. We payed about 55K for our condo. There were certainly cheaper around but again it is important to be satisfied on all the issues.... Food for thought. If you like I can provide you the name of our agent. But again we are central Florida about 15 minutes from Disney. Good luck.....

  8. #8
    5 Wood nd2golf is on a distinguished road nd2golf's Avatar
    Join Date
    Nov 2006
    Location
    Windsor, Ontario
    Posts
    175
    I second The Medows in Sarasota. We have friends who own a place there and it is quite nice. That's where I keep talking about getting a place if/when the time comes.

  9. #9
    Hall of Fame mpare is on a distinguished road mpare's Avatar
    Join Date
    Aug 2001
    Location
    Newmarket, Ontario
    Posts
    5,113
    There are great deals all along the Gulf Coast, including along the southern shores of Alabama. That said, you may also want to simply consider renting. Let me explain. A friend just finished buying a two bedroom condo in Florida for $15,000. That's a great deal, but it may not be as great as what my wife and I are paying to rent a condo. In his case, he has to worry about taxes (minimal), insurance and condo fees. The condo fees are over $200 per month. If he plans to remain in Florida only three months of the year that is not as good a deal as we have. We will be renting a two bedroom condo on the Gulf Shores of Alabama (it's a 30 second walk to the Gulf of Mexico beach) for some $2,400. That's the total cost for three months. This includes all utilities as well as phone, cable, and WiFi, to say nothing of the pools (one of them which is heated and indoors). Since we don't plan to be there longer than three months, it makes no sense for us to buy a condo, no matter how reasonable the costs. The condo fees alone would be as much, if not more, than what we are paying to rent a place. Best of all, when we're not there, we don't have to worry about it. It's not ours.
    Proud member of the 2007, 2009, 2010, 2011, 2012, 2013 and 2014 Ottawa Golf Ryder Cup teams.

  10. #10
    Team Match Play Champ 2010 DenisO is on a distinguished road DenisO's Avatar
    Join Date
    Jul 2008
    Location
    Ottawa
    Posts
    1,481
    I'd imagine that if you had the money it would be a lot better to buy now with houses at such low prices. Sure there are taxes and some other expenses, but I wonder how much these properties will be worth in 10 or so years. And while you're not there, you can rent the house out as well to try to offset some of the expenses.

  11. #11
    Caddy Gofish2 is on a distinguished road Gofish2's Avatar
    Join Date
    Mar 2002
    Location
    Ottawa & Merritt Island, Fl
    Posts
    450
    Exactly what I was thinking until I spoke to people who have purchased property in Florida. Unless you are onsite it is time-consuming and expensive to rent your place out. Many vacationers are looking for a a monthly rental and you would be forced to rent it out several times during the winter which would require the services of a property manage firm. Many of these homes have been vacant for more than a year and have or will have deterioration issues such as mold or moisture. I'm still considering buying but will probably purchase a residential property that I can rent out by the year and then rent a place for 3 months for my own use.

  12. #12
    Birdie Sunny D is on a distinguished road Sunny D's Avatar
    Join Date
    Feb 2008
    Location
    Ottawa
    Posts
    331
    Renting versus not renting out your property is an interesting question. In the end there are many variables again an agent can help you depending on what you are planning to do with the property. In fact is was the first question my asked. Is this an income property, a home or some balance between the two. Location will be a huge factor in sucessfully renting a property, long term or short term vacation they can be different markets and has been previously posted property management companies can cut quite deeply into any anticipated profits. A neighbour in our community rents his property for home as a short term rental. His rates have come down because of the financial situation in the States but right now in the off season he rents for $500 a month and peak about $1000 per month. His occupancy rate is 90 percent. He has two couples that rent for 3 months at a time which helps a lot. Nevertheless, with fees, taxes, insurance, maintenance, repairs, etc he figures he makes maybe 3 or 4 K a year. Also keep in mind that he has a great property on a top 12 golf course in Florida in a gated and guarded community 20 minutes door to door to Disney.... Like I said lots of variables.

    We own but we don't rent it out. Makes a very big difference in carrying costs and our friends and familly use it so it gets lots of people time.

  13. #13
    Birdie Sunny D is on a distinguished road Sunny D's Avatar
    Join Date
    Feb 2008
    Location
    Ottawa
    Posts
    331
    Quote Originally Posted by DenisO View Post
    I'd imagine that if you had the money it would be a lot better to buy now with houses at such low prices. Sure there are taxes and some other expenses, but I wonder how much these properties will be worth in 10 or so years. And while you're not there, you can rent the house out as well to try to offset some of the expenses.
    Playing in a foreign housing market can be "fun". We bought but do not rent however we do have an eye on the historical market, the ageing population and the general trend for that population to migrate south. The house that we bought was a built 8 years ago and sold for 245K. We bought it as a repossession for a quater of that price. Our view is given the variables above, and recognizing that no one can predict the future if the house takes back about half of it's former value once we go to sell it (which is a very conservative view) we will written off about 14 years of direct carrying costs.

  14. #14
    In the Zone 4jag is on a distinguished road 4jag's Avatar
    Join Date
    Jun 2001
    Location
    A Course Near You
    Posts
    694
    A very good friend of mine Rick has a property management / realty business in Ft Myers. Rick and his team can assist with renting out your current place or finding great deals in the SW Fla area, including investment properties with renters already in place.

    http://www.qualitypropertypartners.com/
    If at first you don't succeed, skydiving is not for you.

  15. #15
    Sir Post-a-lot bobblehead is on a distinguished road bobblehead's Avatar
    Join Date
    Apr 2003
    Location
    Ottawa(Kanata)
    Posts
    1,582
    I remember reading this article on purchasing properties in the USA...

    http://www.moneysense.ca/2008/07/11/...-house-please/

  16. #16
    Birdie Sunny D is on a distinguished road Sunny D's Avatar
    Join Date
    Feb 2008
    Location
    Ottawa
    Posts
    331
    Quote Originally Posted by bobblehead View Post
    I remember reading this article on purchasing properties in the USA...

    http://www.moneysense.ca/2008/07/11/...-house-please/

    An interesting article, and the market certainly did fall since it was written in 2008. In fact even as late as yesterday some analyst were saying that the US inventory is still high and that new home construction is suffering from the market glut of foreclosures and short sales. In in some markets that is certainly true. Most analysts agree that the more inflated the market the farther the fall. But you have to be carefull. I laugh when I see comments that say all of Florida in a price freefall. Yes prices have fallen dramatically from the boom, but some areas are recovering faster than others. Orlando overall is down but areas around Orlando are doing quite well. Consider for example Celebration Florida the Disney planned community, it has actually done quite well during the recession.

    I take issue with the tax and insurance statements in the article. I found them to be somewhat sensationalized. While out of state "non residents' do pay higher taxes than year round residents that is still a fraction of what I pay in taxes in Canada for the same sized property. As for paying 9K on taxes on a small condo, well perhaps, but then again PT Barnum said there was a sucker born every minute. Your taxes, and your insurance should be figured out before you make the offer. That data is available - a simple call to the local tax collector and a quick call to an insurance agent. My agent had both numbers in her pocket when we went to make an offer.

    In the end the decision is personal, do your homework, take your time and make an informed decision and you will do just fine.

  17. #17
    Sir Post-a-lot bobblehead is on a distinguished road bobblehead's Avatar
    Join Date
    Apr 2003
    Location
    Ottawa(Kanata)
    Posts
    1,582
    Just curious, how much is the non residents tax in Florida?

    I was told if purchasing a condo, you should check to see the number of foreclosures in the condo building cause this could impact future condo fee increases as the remaining owners may have to cover the condo fees of the foreclosures.

  18. #18
    Hall of Fame mpare is on a distinguished road mpare's Avatar
    Join Date
    Aug 2001
    Location
    Newmarket, Ontario
    Posts
    5,113
    It's not just the foreclosures you have to worry about. If owners walk away from their units and don't pay their share of the common fees, then those charges will have to be picked up by the remaining owners. The nightmare scenario is that a handful of owners remain to pick up the tab for the entire complex. I have been told that this is becoming a real concern in at least one beautiful condo complex on the Gulf Shore of Alabama.

    Quote Originally Posted by bobblehead View Post
    Just curious, how much is the non residents tax in Florida?

    I was told if purchasing a condo, you should check to see the number of foreclosures in the condo building cause this could impact future condo fee increases as the remaining owners may have to cover the condo fees of the foreclosures.
    Proud member of the 2007, 2009, 2010, 2011, 2012, 2013 and 2014 Ottawa Golf Ryder Cup teams.

  19. #19
    Birdie Sunny D is on a distinguished road Sunny D's Avatar
    Join Date
    Feb 2008
    Location
    Ottawa
    Posts
    331
    The non residents and the residents tax are available from your agent and more specifically from the local tax assessor. (the whole process of gathering taxes and assessing property in the US is privatized) Essentially taxes are assessed and then residents get a homesteaders tax credit so the amount is reduced. In Florida the homestead credit is a little complicated but essentially is a up to 50K the first $25K everyone gets, the second $25K applies only to the to the assessed value between $50,000 and $75,000 and only to non-school taxes.

  20. #20
    Birdie Sunny D is on a distinguished road Sunny D's Avatar
    Join Date
    Feb 2008
    Location
    Ottawa
    Posts
    331
    Quote Originally Posted by mpare View Post
    It's not just the foreclosures you have to worry about. If owners walk away from their units and don't pay their share of the common fees, then those charges will have to be picked up by the remaining owners. The nightmare scenario is that a handful of owners remain to pick up the tab for the entire complex. I have been told that this is becoming a real concern in at least one beautiful condo complex on the Gulf Shore of Alabama.

    The health of the HOA is certainly very important. We asked to and received a record of all foreclosures and short sales for the condo association that we were looking to buy into. Very few. (first good sign) Then we asked the HOA to provide us with their year end closing statement of accounts to check their financial health. They were more than happy to provide it. (second good sign) We asked about special levies in the last 10 years (1 for 200 per household third good sign) Note that should they refuse that is your first big red flag.

    Finally if the house is on a golf course check out the health of the course. In one very notable community just east of Tampa residents paid huge premiums to be on "Florida's next World Class Golf Course". Then the recession hit. The course was completed - the premiere club house was not... nor was the course maintained. Then the owners of the course went into receivership, then the builder went into receivership. All the while the people are sitting in homes that they paid between 1.5M and 2.2M for and are looking out on fallow fields with lifetime memberships to a golf course that no longer exists. There are other examples as well, one not too far from my home just south of Orlando.

    All this being said, I could not be happier with the house I have in Florida, I'm just saying it requires some leg work, most of which a good agent will help you with.

  21. #21
    Pitching Wedge golfsparks is on a distinguished road golfsparks's Avatar
    Join Date
    Apr 2011
    Location
    California
    Posts
    42
    Most foreclosed properties do need improvements. So hiring an inspector who would help check the property is an advantage. Also check for records on tax liens and other leans to avoid problems.
    Have a great [URL="http://www.golfzoo.com"]golf vacation[/URL] my friend...

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

     

Similar Threads

  1. Golf in Orlando Florida
    By lovemygolf in forum Travel
    Replies: 5
    Last Post: 02-25-2011, 11:55 AM
  2. Florida golf Mar28- Apr 5
    By Arms in forum Travel
    Replies: 2
    Last Post: 03-14-2008, 04:25 PM
  3. My Florida Golf Vacation
    By golfmajic in forum Travel
    Replies: 2
    Last Post: 02-22-2007, 11:02 PM
  4. Winter Golf in Florida
    By nice_lag in forum General Golf Talk
    Replies: 5
    Last Post: 09-24-2002, 12:23 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts