As most of you will know, small bulk deals have become also impossible to find, so I wanted to get this opportunity out to everyone asap since I’m sure it will be gone within the week.
I have just gained access to a group of 5 condos that can be purchased in bulk at Palms Villa, a condo conversion community near Hunter’s Creek, Orlando (32837).
*Â 3x 3/2 @1134 SF = $75-85K each, includes renovation;
*Â 2x 2/2 @999 SF = $70-80K each, includes renovation;
*Â 3 condos are on the first floor and 2 are on the third floor (no second floor!);
*Â 3-floor, garden-style community with small lake;
*Â Low taxes (usually under $2K per year) and reasonable HOA fees (approx. $325 on 3-bedrooms, $282 on 2-bedrooms);
*Â All units are vacant;
*Â Built: 2003;
*Â Construction: Frame & stucco with shingle roofs;
*Â Ameneities include clubhouse and pool;
*Â Close to major highways and shopping. Brand new school is just a stone’s throw away. Disney is 15 minutes. Florida Mall is 15 minutes.
For those that are not local, Condo Metropolis is able to offer refurbishment services and property management, making this an easy, one-stop-shop, hands-off, investment deal.
The COA is in pretty good shape and along with the Board of Directors run a very tight ship (both the buyer and the renters must be approved following background checks).
Depending on condition and location, garage etc., 2/2’s rent from around $900-950; 3/2’s rent from around $950-1100).
Competing MLS Listings
This is not a community with a lot of vacant listings. At the time of offer (5/5/11) there are only four listings on the MLS. Two of these are short sales. None have garages and most have carpet.
Three of our units have garages, and one has a great water view, features that add at least $5K to the purchase price. None are middle floor units (which can be hard to rent). But they are about the same price as the REOs. Our 5 units are not on the MLS.
As most of you will know, most bulk condo opportunities are long gone at this point and foreclosures on the MLS are drying up fast. For each foreclosure the bank throws out, at least half a dozen contracts come flying back in the first 24-48 hours. There are now more investors than ever chasing the remaining inventory, and getting hold of them just one at a time can be a challenge, requiring a good deal of patience and perseverance.
This deal is bank owned pricing while not coming from the bank which means a.) no crazy multiple offer situations, b.) no ridiculous forms or unfair bank addenda, c.) a rapid response, and d.) a quick closing.
Total purchase price for all 5 is just $375K. (One of the 2/2s alone here was listed at $220K in 2007.) The price includes all commissions except titlle/closing fees etc. (about an additional $1K based on my last sale here). Co-operating brokers will need to add their own commission.
Units may be sold individually but preference will go to a bulk buyer. All offers must be cash and accompanied by a proof of funds.
This is an increasingly rare find. Contact Condo Metropolis asap to put in an offer! 407-290-3408 or Info@CondoMetropolis.com