The condo craze in SW Orlando has officially fizzled and bargains are becoming available for the taking. The Tradewinds Condos in Metrowest still has 200 units available for sale and 100 of them will be up for auction with no minimum bid or reserve price. Now it’s not exactly like Ebay. The the seller still has the right to reject ridiculously low bids but I’m sure there’s still some real bargains to be had.
One dilemma with condo conversion projects in the area is the matter of the condo association. I would warn prospective purchasers to look into how the association will be handled once the developer leaves and how much money will be left in the reserve account for the association. Many condo developers did not ensure enough money was left in the reserves which resulted in substantial increases to the monthly condo fees to make up for the deficit. Numerous condo conversion developers just plain left, leaving the owners to fend for themselves for the management of the condo. You can imagine what kind of nightmare that would be.
Now, I’m not saying it’s gonna happen here but it would be a good idea to look into this. It’s so easy to just see the dollar signs but there are other things to consider.
The National Auction Group will be hosting the auction on March 29, 2008 at 11 am at 1053 S. Hiawassee Road, Orlando, FL 32835. Both 1 and 2 bedroom units will be available and can be viewed by appointment prior to the auction.
Video Tour of Tradewinds Condos