The Mosaic Condominium
Ater a couple of yearsÂ renting, Mosaic condos near the Mall of Millenia are now selling again.
The 27-building, gated, MosaicÂ condo complex is one of Orlando’s nicer condo conversions (built 2003) and the current owners have elected to go for individual sales over a one-time ‘bulk’ sale to a new sole buyer.
The Mosaic condo community has 451 units in total and about 170 remain. About 30 contracts have been written in the last month since sales began and there seems to be no doubt that the Orlando’s condo scene has reached bottom and is beginning to bounce back.
All Mosaic condo homes have high 9-foot ceilings, crown molding and all appliances including washers, dryers and alarm systems. Each condo has an assigned parking space. Garages are available for purchase at $5,000. Usually condo with view will have $1,000 premium. Homes with upgrades (granite counter top and stainless appliances) may also attract a premium.
Mosaic condo prices are currently roughly as follows but are subject to change:
- 1/1 =Â $60-70K. Rents for $700-800 a month, COA about $200 depending on floorplan;
- 2/2 $89-92K. Rents for $985-1000 a month, COA about $300 depending on floorplan;
- 3/2 $109-120K. Rents for $100-1300 a month, COA about $365.
Typical cap rates appear to be 5-7% and taxes should be around $2K per year, depending on floorplan. Please note these are CASH ONLY deals since there are currently no loans available on Orlando condo conversions. Proof of funds will be required (usually in the form of a bank statement).
Many of these Mosaic condo units are already leased and thisÂ willÂ be attractive to manyÂ investors. Orlando’s condo specialists CondoÂ Metropolis are also able to assist with professional property management, to complete the investment process. Call 407-290-3408 for more info and to submit a contract on one of the remaining Mosaic condominium units.