Oceanfront Condo In FL
Hi All,
I have to decide a re-construction condo deal in Daytona Beach Shores, Fl for $660K, it will be completed in 12 month. my plan is flip it for profit but I don't know if the property in FL will go down because the hurricanes.
I have been very lucky investing in Oceanfront Condo in Florida, I purchased one reconstruction for $550K last year, it went up $200K less than one year. another 2-year old, I got for $340K, now they are selling for $500K.
Vicky :oops:
And your landlord question is??
Hello Davese,
You are right that the deal for oceanfront property is so hard to find because the price had gone up so much! you have to make move quickly.
There are no ocean land left in my town, condos were build only 4 floors - can't be over build!! the S.F is about 1700 to 2500, it's perfect set up for baby boomers. only one place left is Daytona Beach, check out my web site at www.newtoarea.com/condo.
I just sold one of my reservation and made $10K profit by doing nothing, no risk because the reservation is refundable. the key is information.
Good luck to you!
Vicky-
How did you sell your reservation? or really how did you find a buyer for? That's really interesting....have you done that before?
Dear Vicky:
I am from S. Fla and want to start investing there as soon as I figure out some financing details. Hence, I have done plenty of research. After the hurricane, the construction picks up and drives the prices up. Seems to be contrary to logic, however, every expert/report, etc. I came across was consistant with that finding. The only questioon I would have is the number of hurricanes. Fla has never experienced so many in the row, so that is something to consider. Keep in mind, however, that after all dust settles (literally !) fla is still going to be considered a great retirement/vaccation spot, so maybe in the long run You will some decline? but in the med/ong run, the prices will keep going up.
PS. Would appreciate some wise advice on financing.
You have to think long term, the r.e. market in Florida will produce the best return on your cash.
Baby boomers, no state income taxes, sunny days, makes older ppl live longer, more energy to go golfing or biking or shuffle boarding then it would be to do all that, in 8 inches of snow.
Hurricanes come and go, Fla. took a good hit this season, Carolina's are prone to it as well. Your concerns are valid ones indeed, but if you have to look at the long term benefits of investing in a place such as Florida.
[addsig]
davese,
I recently reserved a ocean front condo in Fla. I used an excellent RE agent who is associated with the developer. I got a great deal
davese,
I recently reserved a ocean front condo in Fla. I used an excellent RE agent who is associated with the developer. I got a great deal