Orlando Condos Auction!

(For info on the Orlando condo auction August 29, 2009 visit the Altamonte Springs Orlando condo auction page.)

 

Two of Orlando’s condo communities will be holding an auction in just under a month which could mean massive savings for those who are ready to act fast and are qualified to buy. The communities, located in the Altamonte / Wekiva neighborhoods, have been selling for a year or so and the developers are ready to close out those communities with a bang!

In order to be able to bid on the condos, you must pre-qualify through an approved lender and attend a 15 minute seminar which explains how the auction will take place. For more info on how to sign up for this exciting opportunity, contact us here at Condo Metropolis ASAP on 407-290-3408 or Info@CondoMetropolis.com.

PROPERTY DESCRIPTION
COME JOIN US FOR LUNCH TO HEAR ABOUT OUR EXCITING AUCTION IN ALTAMONTE SPRINGS!! On September 16th 60 Residences, 30 in each Subdivision will be offered at a REAL ESTATE AUCTION! The first 20 Residences will be sold REGARDLESS of price! As you may be aware, residences were originally priced to $280,000 and now the starting bids will begin as low as $30,000! You are cordially invited to attend a brief seminar from 12 to 2pm. Lunch will be served, you will be given Auction Information regarding both properties…

PROPERTY FEATURES

● ARE YOU READY TO PURCHASE?

● 30 UNITS AT VILLAGE TOWNHOMES

● FINANCING THROUGH SUNTRUST & CHASE

● ONE DAY SALE ONLY!

● 30 UNITS AT WEKIVA

● 1, 2, and 3 BEDROOM UNITS

● 10 UNITS IN EACH SUBDIVISION TO BE SOLD ABSOLUTE!

● Save the date! SEPTEMBER 16th

17 Comments

  1. From: Michael Freedberg — The “Mass Mouth”

    There’ll be more of this. It happened in the late 1980s and it is happening again. This is how “market bottoms” are established. Let’s see more news like this blog.
    08/20/07 11:01:22AM EDT

  2. I want to be part of becoming an owner of the $30,000 apartment. I just cannot go because I am in Miami and I work for the school system, Can you help me? Ph. (305)244-2247.

  3. Let’s see.. the starting price is “from the 120s” according to WekivaBend.com.. granted, they probably haven’t sold many recently at that price, but what do you think they’ll fall to at auction? Even with a 25% loss in value, that still places them at 100k for a 1/1.

    I haven’t seen these places, but I bet they’re worth a $600 mortgage payment to someone who wants to try landlording.

  4. Looking on zillow.com, 226 Riverbend Dr #103 which is a 729sf went for $115k on 7/24/07, so the prices seem to be holding. Zillow estimates it at $125k today, and this is the lowest priced one that I could find.

  5. I haven’t seen the units and all I’m going on is the recent online price estimates and transaction amts, deducting a conservative amt of value due to the recent slow-down in sales and a lot of inventory coming on the market at once.

    Just a guess- I’d say 100-110k for the 732sf 1/1s, 130-150 for 930sf.. etc.. about $150/sf. I would be very surprised if any went for less than $135/sf, which is right about 100k for a 1/1.

  6. Thanks for the info. I guess it depends how many folk show up. I’m hoping there will be slow demand for some of the 1/1 units and that they will go for for under $100/SF. You never know with an auction. Sometimes there is little demand and great deals, other times a ton of people come and it’s not worth it.

  7. These condo’s are refurbished rentals. Do they really still sell for big money & if so why? I would have thought ex-rentals would not be in such demand. Does anyone know when they were originally built?

  8. Built 1985. Went by there today and they don’t look bad, but they are obviously former apartments. Maybe 90k as a floor for the smallest ones.. we shall see

  9. Les, they don’t generally sell for “big” money (depending what you mean by that) but they are an affordable first time home choice and also good for investment (and rental) if you can pick one up at a good price. This auction might be one such place to find a deal. If you can make one cashflow, then why not? One was built in ’85, the other a few years later.

  10. I saw the apartments today and absolute ones are really bad no carpet,no drywall and many more,beware of these condos.But some of them were renovated and they were good but not a lot available.3/2 should go around 110K and hence forth.

  11. Hey I had gone to loo at these befroe the auction and I wondered what were the final units and sales prices were individually. I had looked at both properties as possible rental investment. The main problem I saw with the investment was the HOA fees and taxes. At the village or the bend. You started off with $400 to $600 then you add on your mortgage payment. So if you were lucky enough to get a place with a 700 or 800 payment you had to to add 500 on a average to your payment. Well that would be as high as 1400 a month for a 1/1. Well with the current market and it still projected to go down another 20-40%. I f one is smart about shopping there are hundreds of 3/2’s homes out there in nice neighborhoods at auction right now that you can pick up in the 125k to 200k range. According to national builders and banks this market will only get worse and we are not showing recovery for years. So please let me know waht the individual selling numbers wer and for those of you buying. Patience and diligence will save you 50k to 100k easily. Final example of this. It was one of the national channels. A home sold at 595k and the builders are now selling the same properties for as low as 435k. This also applies to their less expensive properties. 395k now selling for about 225k. Good luck

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