Need help with these condos

[JennSaint]

Considering buying a reasonably priced condo in Kissimmee. Has anyone heard of any of these condos:

Villas of Somerset
Island Club
Sweetwater Club

All comments appreciated!
Thanks!

 

[tednvon]

Hi...we have been to all of these..they are all constructed by the same contractor....they are very basic quickly built units for rental purposes.....in my opinion only, they are way over built on these condos....Sommerset is a great location just off 192 on Poinciana Blvd...they have been pretty popular.....They have been in the mid 90s for a 3br 2 bath....they rent at 85 to 110 a night depending on many factors...I would think they struggle to stay rented if you do it on your own......Island Club is out in Lindfields and they are very nice to the eye, but very basic construction....my wife and I really wonder what they will look like in 5 to 8 years......If you are looking to invest for rental be very thorough in your evaluation........there are many many units with 2 to 5 bedrooms for rent and units like Windsor Palms and Emerald Island are selling hundreds of condos that are 3 and 4 bedroom that are very competitive right now.....monthly costs besides PITI will be management, pest control, booking fees, condo association fees, utilities, and normal wear and tear stuff....If you looking at these places to live, they are great locations, but you will have revolving neighbors every week....good luck....Ted

 

[JennSaint]

We are looking for an investment not a place to live. We will probably use it a few times a years ourselves but it's main purpose will be for rentals. I really like Windsor Palms but it seems to be a bit out of our price range for condos. Thanks for your input and I hope to hear more from others too.

 

[tednvon]

To be very honest with you, if you can't afford new and fancy, stay out of the rental market because everybody wants new and fancy, and if you have to have a company do all your marketing and management, the cash flow will just not be there....sad but true.....tourism is down and private owners marketing on their own are struggling...take care..Ted

 

[JennSaint]

tednvon:
Just curious if you currently own any property in the Disney area? Or maybe you're a real estate agent?

 

[tednvon]

Hi Jenn...no I am not a real estate agent...I am a Social Worker at the University of Iowa Hospital in Iowa City.....We have purchased a 7 bedroom 6 bath home in a developement very close to Disney....it will not be built for at least 8 months...I love the Disney area and have been there with spouse and kids and grandkids many times over the last 30 years.....we looked for years for an investment property and always decided no because of a number of issues, common sense being the most prominant...I have watched the rental market very closely the last 5 years and NO question in my mind that Orlando is severely over built with 2 to 5 bedroom houses and condos...if you want some proof go vrbo.com to central florida a look at the over 500 homes for rent...then go the ones with little red calendars that are 2, 3,4,and 5 bedroom homes....look at the occupancy rates.....In my opinion you must rent out a unit about 30 to 35 weeks a year to break even...not many are even close....go to fhvr.net and look at thier availability calendars....Also notice that the homes are in Emerald Island, Formosa Gardens and the other big new developements...On vrbo.com go to 2375 in Island Club....this is a very nice unit and the woman is a realtor in Orlando who does all her own rentals...Irene Palow..she may have sold this one, but she was quite successful with this unit, but again she does it all from Orlando....she might be of help to you re Island Club....Right now there are only a few 7 bedoom 4 to 5 bath....We decided to get a home that has only a very few competitors with 6 baths, and we were able to put enough down that a rental company will guarantee IN WRITING all of our monthly expenses plus pay us a small monthly income....this will allow us to see how it rents, not risk losing a lot of cash the first year or so and get a very nice appreciation primarily because of the location.....If you want to discuss further please feel free to email me...believe me, you are not a competitor for our home, so I have no reason not to try and give you my honest opinion......We have stayed at both Sommerset and once in Irene's unit (right off the internet add)...Sweetwater is definately to far from Disney...I liked both units a lot as rentals...but the key is getting people into them without a company taking all your profit for fees.....good luck..Ted

 

[JennSaint]

Thanks Ted I sent you a PM!