Crazy Orlando real estate prices!

[DisFan2]

Being able to "snowbird" in our retirement years (still a few years off ) seemed out of reach... until now! Prices for condos in Orlando have been, and continue to fall like a rock. So much so that we're considering purchasing one in the next while - with our own mortgage paid off and the dollar at par, the timing is perfect.

Can anyone recommend a good agent and real estate lawyer in the Orlando area?

 

[michelle1]

I just read a big article in the paper today about this very subject. One of the people mentioned purchased a condo for $59,000 that would have sold for $164,000 a few years ago. Dh and I were thinking about this before when the dollar was par and so here we are again...

 

[irisesareblue]

We are working with a realtor right now on purchasing a vacation home. With all the foreclosures, there are some great deals!

 

[C&B Young]

When we were at WDW in October we were marvelling at the cheap house prices in the Orlando newspaper. And with the dollar at par now it's even more tempting!

 

[Ted in Halifax]

You think they are cheap now ... imagine for a second if Mortgages were not tax deductible in the US.

See http://money.cnn.com/2010/04/14/pf/taxes/mortgage_interest_deduction/?npt=NP1

 

[leblanat]

I just read a big article in the paper today about this very subject. One of the people mentioned purchased a condo for $59,000 that would have sold for $164,000 a few years ago. Dh and I were thinking about this before when the dollar was par and so here we are again...

Do any of you know where there is a website advertising these deals?

 

[Alderbrook]

check out www.mls.com it's essentially the same as MLS.ca which is the Canadian version & runs across the US. I'm not sure if it works the same, but MLS.ca is essentially the public website to the MLS system the agents use. MLS.ca has every real estate property in Canada listed on it that is listed by an agent on the MLS system in Canada, so I'm assuming www.mls.com works the same?

MLS stands for Multiple Listing Service FYI.

 

[C&B Young]

Realtor.com is a good site too, similar to MLS. I've got it bookmarked for checking out cheap housing prices in & around Celebration, FL - 1 BR condo's for $7,000 in Kissimmee!

 

[CanadianPaco]

I couldn't believe it ! The PP was right $7000 condos!!!!!!!!!!!!!!!!!!!!!!!!

 

[LSmith]

I couldn't believe it ! The PP was right $7000 condos!!!!!!!!!!!!!!!!!!!!!!!!

From what I can gather these condos for $7000ish are timeshares.

 

[aristocat65]

From what I can gather these condos for $7000ish are timeshares.

That's my take on it too.

 

[tabithakp]

mls.ca has been changed to realtor.ca it will redirect you. you have to be careful when buying in florida the out of state property taxes are very very high!

 

[irisesareblue]

you have to be careful when buying in florida the out of state property taxes are very very high!

Property taxes are the same for everyone but those Florida residents who live in their properties for more than 6 months out of year get a huge rebate on property taxes. Note, unless you have a Florida driver's license and live there more than 6 months out of the year (and have a Social Security Number), you are not considered a Florida resident.

The one thing we're also considering is the HOA fees, which are in addition to the taxes are payable each month to the Home Owners Association (HOA).

Another thing to watch for is the construction of the units - some apartments were made into condos during the boom and are not constructed the same as those condos that were designed as condos (building codes for each construction was different).

 

[tabithakp]

yes your right the mil rate is the same the key differences are between full and part time residents

•full time residence (6 months or more) have an annual cap of 3% on the property’s taxable assessed value.
•part time redsidence have an annual cap of 10% on the property’s taxable assessed value.

 

[DisFan2]

From what I can gather these condos for $7000ish are timeshares.

There are more traditional types of condos as well as condo-hotel units going for less than $15,000.

 

[noelk]

yes your right the mil rate is the same the key differences are between full and part time residents

•full time residence (6 months or more) have an annual cap of 3% on the property’s taxable assessed value.
•part time redsidence have an annual cap of 10% on the property’s taxable assessed value.

For those doing further research on this, the lower tax rate or rebate for residents is known as the "homestead exemption". Also, note that from time to time, different counties in Florida have propositions (aka referendums) on raising the homestead exemption, effectively raising taxes for non-residents...of course, it's only residents voting on this...you can imagine what the results are...

 

[michelle1]

Do any of you know where there is a website advertising these deals?

There is a website geared for Canadians but I haven't really looked into it in too much depth.... www.floridahomefinders.ca

 

[villaofmemories]

For those doing further research on this, the lower tax rate or rebate for residents is known as the "homestead exemption". Also, note that from time to time, different counties in Florida have propositions (aka referendums) on raising the homestead exemption, effectively raising taxes for non-residents...of course, it's only residents voting on this...you can imagine what the results are...

Just to put this into perspective a bit. We pay the same millage rate for our property in Kissimmee as we do for our home here in Ottawa. If we were entitled to the "homestead exemption" as a US Citizen, the millage rate would be the same - the only difference being it reduces the overall amount that is taxable.

It really isn't that bad. There are bigger risks to purchaing in the US market right now than having to worry about property taxes.

 

[Cdn Gal]

I don't know... my best friend is a lawyer and has many clients in the past years, who needed to sell off their Florida homes b/c of the tax rate hikes. They raise them on a whim- at one time it was 16%. We too were looking at purchasing a home or a condo but she talked us out of it.