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Nervous Condo Buyers Want Out

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I just got nervous after seeing my HOA dues, so with much sadness we have decided to sell the Kitty Kondo at Water Color. :( Details to follow...
 
30A Skunkape said:
What?! I never even got a chance to drop the "F bomb" from the balcony:bang:
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:roll: ...you are an April fool. You can come drop the bomb starting on April 13. Mr. K will just have to put off retirement so we can all cuss on the balcony to our heart's content.
 
30A Skunkape said:
Actually, it is well documented that I try to avoid the F bomb...:cool:
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Let's try SJ's skeeter experiment with all our bug juice potions and see who can avoid the F bomb first. :floor:
 
destinsm said:
Take a look at the current pendings (most likely all preconstruction contracts) at One Water Place (Kelly Plantation)...

Unit #505 (3008 sq ft.) - $1,299,000
Unit #1407 (3220 sq ft.) - $1,799,000
Unit #803 (3220 sq ft.) - $1,395,000
Unit #908 (3220 sq ft.) - $1,500,000
Unit #804 (3415 sq ft.) - $1,650,000
Unit #1404 (3415 sq ft.) - $1,295,000


Compare those prices to the current listing prices on the MLS taking into account unit size...

Unit #405 (3008 sq ft.) - $929,000
Unit #608 (3220 sq ft.) - $1,099,000
Unit #304 (3415 sq ft.) - $995,000

Note I pulled the three lowest listing prices for the three different floor plans to get a quick comparison of what the preconstruction price was compared to current listing prices...

Knowing there are currently 53 units for sale in this condo project I have my doubts that anyone will get a sale anywhere close to their listing price any time soon...

So if you bought preconstruction and you are closing this month... you are paying upwards of $300,000 or more than what the going price is today...

I would be walking away from that deposit too!
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On a $1,000,000 interest only loan at today's rate of let's say 6.5%, you interest for the first two years will be $130,000, so in many cases, walking away from $200,000 isn't as bad as it might seem. In reality, you are walking away from $70,000 if you spread it over time. Plus, you are not in possession of a huge loan, condo fees, and a condo which will not sell at the purchase price for a while. All of the shake out will be interesting to witness.
 
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