Vacation Home or Investment Property in Florida Pays for Itself
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Right now there are plenty of opportunities to purchase some deals in the Florida real estate market. One of the best opportunities I have seen on the market lately is an auction on May 16th in Panama City Beach. The auction features 223 1, 2, and 3 bedroom condos and 24 townhomes in a single condo community. The condo fees are reasonable, the properties are practically brand new, and the amenities are great including a huge lagoon style pool, fitness center, parking garage and indoor basketball court.
With so many properties for sale in a single area, let alone a single community means that the properties will sell relatively cheaply. Thus, for very little initial payment you can get a practically maintenancefree vacation property or investment property. Rental rates for the Panama Beach area run around $750 a month for a 2 bedroom unit. Do the math. The condo fees for a 2 bedroom are $175 a month. Say another $150 a month for real estate taxes. This gives you fixed monthly expenses of $325 a month with the potential to earn $400 a month in profit.
With so many units being auctioned at once, I would doubt that the units will sell for more than $30,000 each. Even that seems a bit high. At an auction I attended in Orlando a few weeks ago there were 3 units for sale in the same building. Other people in the building were trying to sell their units, with the eact same floorplan and square footage, for up to $400,000. At the auction, the first property went for around $72,000. The next two were for $65,000. Right now the supply is greater than the demand so the prices are not going to get that high. While that is bad for the banks foreclosing on the properties it is great for the investors looking to purchase. Take the invseting plunge. This is a great market for it.
7 Comments on this post
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oprina said:
I find that Florida is perfect as a holiday destination not only because of Disney World and the miles of beaches, but also because of the many wilderness and adventure experiences that one can enjoy. Just visit http://holidayflorida.net/ and see for yourself.
May 7th, 2009 at 7:36 am -
oprina tiberiu said:
Winnipeg, located at the junction of the Assiniboine and Red Rivers, is the capital and the largest city of Manitoba. It is also known as The Gateway to the West as it is situated near the longitudinal centre of North America. The name Winnipeg comes from the Cree word meaning “muddy waters”, and First Nations people generally populated the city for thousands of years. Find more about this great place on http://winnipeg.com
May 28th, 2009 at 1:11 pm -
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July 28th, 2009 at 9:46 am -
spiderman said:
The release of the big-screen Spiderman films took place in 1984.
August 5th, 2009 at 5:23 am -
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August 6th, 2009 at 9:31 am
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[...] Thus, for very little initial payment you can get a practically maintenancefree vacation property or investment property. Rental rates for the Panama Beach area run around $750 a month for a 2 bedroom unit. Do the math. … One Response to “ Vacation Home or Investment Property in Florida Pays for Itself”. oprina on May 7th, 2009 7:36 am. I find that Florida is perfect as a holiday destination not only because of Disney World and the miles of beaches, but also because of … View original post here: Vacation Home or Investment Property in Florida Pays for Itself … [...]