Dumping Your Preconstruction Condo Deposit
Posted on May 28, 2007
It’s a tough decision to make: Do you leave the sizable deposit you paid on the preconstruction property or do you close on it? In this buyer’s market many investors that were previously planning to flip the property without closing, are rethinking the investment. The New York Times recently had an article documenting some of the worse case scenarios in high investment areas like South Florida, Las Vegas, and Phoenix. At times investors are leaving hundreds of thousands of dollars in an effort to cut their losses. A quick look at Miami Craigslist shows a ton of “investment” and “pre-construction” inventory for sale. In my hometown of Orlando you will not see the enormous inventory of Miami, but we have had a large number of condos being built in the last few years for a city this size. There are cranes all over the downtown area raising numerous condo towers. On Orlando Craigslist I did a search today and found 309 condos listings for sale. The thing that I find interesting is there are still press releases coming out with new condos being planned. Here is a listing of new (or converted) downtown Orlando condos as of the last few years:
- The Vue at Lake Eola: $359,900 - 3,200,000
- The Paramount on Lake Eola: $289,900-$1,700,000
- The Waverly: $259,900-758,000
- Solaire at The Plaza: $239,000-2,350,000
- The Metropolitan at Lake Eola: $169,000-599,950
- Tradition Towers: $500k-4M
- 55 West: $259k -3M
- Star Tower: $455k-650k
- Osceola Brownstones: $439k-569k
- Thornton Park Central: $250 - 2M
- The Sanctuary: $435k-1.4M
- 101 Eola: $400’s
- The Jackson: $350k- 700k
- The Monarch: $300k -2M
- Orlando City Place: $179k-299k
- Orlando Palace Towers: Price To Be Determined
- Presidential Tower: Price To Be Determined
- Capital Plaza III: Price To Be Determined
- CityView at Hughes Square: Rentals, Subsidized
- Verde: Partially rental, Subsidized
This is a partially complete list. This is what I could find in 30 minutes of searching. I will add more to the list as I come across them.
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