Special offer

Quick list when looking at listing a condo

By
Managing Real Estate Broker with ERA American Real Estate

I recently have sold a condo at https://activerain.com/blogsview/5792497/145-beachfront-trail-unit-104-santa-rosa-beach-fl-32459-just-sold 

This spurred me to write this post https://activerain.com/blogsview/5786906/gross-rent-multiplier-in-our-area 

One thing I didn't mention when writing that post was there are other options when looking to value such as sales comparison approach, this unit was small and private with only 33 units in the building so comparison approach is hard to use. Given the immediate area is isolated close to a dune lake which is rare and not over developed off of this side street of Lakewood drive with mailing address of Santa Rosa Beach but really in the sub beach area of Seagove Beach.

The other thing to think of that didn't really fit in the gross rent but could be considered was the unit being unavailable to rent due to updates being done to the building that was the case with this sale in part as the condo had undergone many updates new roof, siding etc over the last couple years so that can and did impact your gross rent multiplier valuation. 

The proximity to the beach I still think this is a good value unit vs the market right now and new buyers got a good deal as well seller did well having purchased and held for a few years.

I tried to make all available with docs uploaded to the MLS to make it easier for agents working with the buyers to have most the the below and then additional items provided with offers such as rental history documentation. 

I made myself a list I thought I would share here on AR. 

 

Seller property disclosure SPDC-1
residential contract condo rider A
Condo rider B (you could have a condo hoa as well be inside another hoa area)
Governance form
milstone inspection summary
structural study reserve
budget
condo bylaws
condo articles of incorporation and declaration of condo

 

I am now in the process of looking for a condo for the seller doing a 1031 actively trying to find beachfront  1 bed or 2 bed in the panama city beach area close to 30a side and one issue I found is that some listings don't have documents that are uploaded to their listings at all for showings in the MLS when looking under docs tab.  

 

 

Posted by

Brandon Jordan, Realtor,E-PRO,ERA American Real Estate
 

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Comments(1)

Dr. Paula McDonald
Beam & Branch Realty - Granbury, TX
Granbury, TX 936-203-0279

Great tips that many probably miss during this type of transaction. 

Jun 24, 2023 06:19 AM
Brandon Jordan

Thank you for checking out the post and comment. 

Jun 24, 2023 09:20 AM