Comments on: Is a condo hotel in Orlando, Florida a good investment?

By: Donald C

Donald C — Sun, 22 Nov 2009 12:09:36 +0000

I’d take a pass. There is a huge glut of unsold property on the market and Florida presently has one of the highest foreclosure rates in the country. With interest rates rising, this will further negatively impact the market. Put that pen back in your pocket and don’t write the check!!

By: Tracy B

Tracy B — Fri, 20 Nov 2009 13:00:12 +0000

Yes, it’s a good investment, but again I would be careful. I’ve heard of scams where the company doesn’t always finish the construction, and then everyone that’s invested money into the project were just out their money. Make sure you investigate everything completely before you sign anything.

By: Mustbe

Mustbe — Tue, 17 Nov 2009 08:40:32 +0000

Yes go for it

By: mbrcatz17

mbrcatz17 — Sun, 15 Nov 2009 20:48:40 +0000

Don’t hold your breath. I expect the Florida real estate market to crash like a stone within the next year – then you can likely buy that condo for $100,000.

The PROBLEM is, the insurance. Flood insurance for large commercial buildings is effectively non-existant, as is wind coverage. The only place you’ll get fire coverage, or unit coverage, is through Citizens. NO ONE is writing Florida property insurance. The ones that are, have doubled their rates over the past two years, and they’ll be doubled again next year, AND the following year. Citizens, the #1 property insurer, took on average 9-12 MONTHS to pay out on claims the last big hurricane that came through – they are WOEFULLY underfunded.

I think now isn’t the time to buy ANY real estate in Florida. Don’t take the builder’s word for it. Think about it, he NEEDS to sell, he’ll tell you anything you want to hear.

If you can’t afford to have the value of your unit drop in half, don’t buy it. If you can’t afford HORRENDOUS insurance rates, don’t buy it. Don’t tell me, “the association pays the insurance” because 1. Where do they get their MONEY? YOUR FEES. ONe way or another, you’ll pay. And 2. The building isn’t going to have full flood or wind coverage – ie, no hurricane coverage, as no one is writing it right now.

Odds are, the building didn’t START OUT as a condo, but the builder is grasping at straws to turn the risk over to other people, and this is the best way for HIM to do it.

By: sweetblueyes

sweetblueyes — Sat, 14 Nov 2009 08:20:17 +0000

be careful. Orlando is such a tourist trap. and it all depends on location. the price might be a bit high for certain areas, and a great deal in others.

yes, its a good investment, but you must look at the market and economy of the area first,and the LOCATION!!

orlando’s population quadruples at certain times of the year and plummits others. so there will be some large profit and loss.

if you are willing to take that kind of risk, go for it.

if you cant afford it, i would suggest looking into another one you can afford. its not worth the loss and headache if something goes wrong.

By: FloridaE46

FloridaE46 — Thu, 12 Nov 2009 03:37:49 +0000

Yes its a good investment especially with the housing market right now. But it also depends on where it is located, there are many nice parts of orlando but also many bad parts, as well as the nice parts being right next to the bad parts (metro west for example).. I work in downtown orlando and the condo market is going crazy here, there is so much new developement. If it is in downtown orlando i would say go for it. With a new arena for the magic hopefully being built that will boost prices