tag:blogger.com,1999:blog-2740556909864494483.post1206345460076312224..comments2024-03-22T16:30:48.999-05:00Comments on Key West Properties: 1505 Pine Street - Bank Owned - Key West - Do the MathGary Thomashttp://www.blogger.com/profile/03006513292595034076noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-2740556909864494483.post-27740849459869156732010-11-03T17:40:51.274-05:002010-11-03T17:40:51.274-05:00I have looked at these properties and did not like...I have looked at these properties and did not like the layouts of them -Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2740556909864494483.post-37349704608724922882010-11-03T17:34:22.669-05:002010-11-03T17:34:22.669-05:00Dear Anon: Three units have sold. The bank owner h...Dear Anon: Three units have sold. The bank owner has 3 units for sale at this time. They are all priced the same, but I chose to write only about the 3 bedroom units for price comparison purposes. The remaining two units will be offered for sale when the current three have sold.<br /><br />This is a land based condo association. The common area is the private drive behind the units that provides gated access to the covered off street parking and the water retention area built alongside Eisenhower Drive. Water runoff from the homes gets diverted to the retention area during times of heavy rain.<br /><br />The HOA is fully funded and has been since the bank became the owner and stepped into the shoes of the developer. It revised (with the other owners) the HOA the duties of the HOA and reduced the fees from $1200 per month to about $219 per month. The HOA owns and manages the private drive and retention area. It pays taxes and insures those areas. That is all. <br /><br />The lots and houses are owned by the individual home owners so there is no "risk" to other owners if an individual owner should lose his home. Florida law protects all condo and townhome owners from defaulting owners by requiring foreclosing lenders to pay up to one year in past due hoa fees at closing. As a practical matter, nobody should purchase a unit that is not conveyed clear of all liens including past due water and sewer bills. <br /><br />The bank owner will provide 30 year fixed mortgage to a new purchaser. Rates vary based on credit and down payment. But it is available and it is priced at competitive market rate.<br /><br />Your math is good. Your logic and questions were excellent. I should have offered more information.<br /><br />GaryGary Thomashttps://www.blogger.com/profile/03006513292595034076noreply@blogger.comtag:blogger.com,1999:blog-2740556909864494483.post-30577157883546700062010-11-03T11:36:51.726-05:002010-11-03T11:36:51.726-05:00This is a condo association with condo fees. And ...This is a condo association with condo fees. And the bank owns three? How easy would a prospective buyer have in financing this with 3 of the 8 units bank owned? Any back owed fees or taxes? Just a thought to pass along - when almost half of the units are bank owned it may be a great deal and nice fixtures but a bear to buy and harder to resell should the other units fall.Anonymousnoreply@blogger.com