Under November Appraisal! 4br/3.5ba Condo

[Spencer]

Some of you may remember this being on the market a couple of months ago. I recently closed it and have it back on the market at $409,500. The November appraisal came in at $425,000. The Legends of Santa Rosa Beach has 2 pools and tennis courts for owners to enjoy. The condo is 3 storys with kitchen and living area on first floor, bedrooms on second and 3rd floor. Gulf views from all 3 floors with parking underneath. Let me know if anyone is interested. I am paying a 3% commision to selling agent. MLS# 450030.

Seller is licensed real estate agent in the state of Florida.

 

[Kurt]

Seems like a good price - good luck!

 

[Spencer]

Thanks Kurt!

 

[Spencer]

Any other comments? I would love some feedback.

 

[Smiling JOe]

Have you used this as a rental unit, and if so, what did has it been netting (not grossing)?

 

[Spencer]

My understanding is that it rented for approx. $2000 a week nearly every week of the summer last year. Not sure about the net income. I've also considered selling this in fractional ownership. 4 shares at $125,000 a share. That would give each owner 3 months out of the year. Any thoughts.

 

[robertsondavies]

how much did you pay for this thingy?? what are the HOA/Condo dues there?

if you think you got a good deal, why not hold this property for a few years and really let it appreciate, rather than attempting to dump it back into a rapidly deteriorating marketplace with never-seen-before months supply of inventory of unsold homes?

 

[Spencer]

I feel like I got a good deal for the condo. I'm involved in a lot of other deals outside of this area. If I can make a good return and release this loan from my credit, I would rather have the credit available for other opportunities.

Dues are 509/month and that includes insurance.

 

[Spencer]

Price reduced to $399,000.

 

[Spencer]

Under November Appraisal! 4br/3.5ba Condo, $389,000

Price Reduced to $389,000. Buyer pays closing costs.