I am in need of input from the Active Rain community on this one.
I am currently looking for a condo or townhouse in the Orlando area. I have 2 sons in School & Medicine in the area and we thought it would be a great time to buy. Rumor has it, its a buyers market!! The dilemma seems to be the association fees and assessments. I am a Realtor who works in an area where we did not have an explosion of condo & townhouse growth. Feeling a bit thankful about that at this time.
A free standing home is still out of their price range and maintenance would be an issue. Banks do not want to lend on these units. We have seen asking prices 60%-70%+ under previous values, but still very few sales. The fear of uncontrolled fees and assessments looms in the future.
My question for all of you is, How would you advise a client trying to purchase their first home in this environment? Are the condos still too volital at this point? Do you think that banks will begin to virtually give them away in the near future? Or do you feel this they will hold and wait for a natural balance to eventually occur?
Your thoughts and comments would be greatly appreciated.
Sanna K Thomas PA
Keller Williams Realty
Ocala FL
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