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Condo Ownership in Orange Beach???
Posted on 8/11/09 at 9:10 am
Posted on 8/11/09 at 9:10 am
I'm considering purchasing a condo in the Orange Beach area. Any of you guys have experience with condo ownership? Is it worth the investment? I think the market is at or near the bottom and there are some good buys down there.
9
Posted on 8/11/09 at 9:12 am to Tripsright
I suggest you post this on the money board also. You might get some much better information as to if the market is bottoming and such.
Posted on 8/11/09 at 10:06 am to notiger1997
I got one in Miami I'll sell ya!
Posted on 8/11/09 at 10:17 am to Htown Tiger
Wait until Winter.
Posted on 8/11/09 at 11:16 am to Tripsright
WHY NOT JUST rent one twice a year ? vrbo.com
Posted on 8/11/09 at 2:23 pm to Tripsright
let me tell you the hard truth about condo's. thats one hard loan to do. put down 20% if your not paying cash for it other wise finding a loan for the condo is going to be hard. also fannie and freddie have a rule that is over 50% of the condo's are no owner occuppied then they will not approve the condo for a loan. these rule changes have happened in the last 3 months and most people do not know them.
Posted on 8/11/09 at 2:45 pm to displacedhorn
My dad bought one in Orange Beach in April.Do you plan in renting it out? Rentals are down this year and they are also having to drop weekly prices. You are correct though. Market has bottomed there.
Posted on 8/11/09 at 3:38 pm to Tripsright
Would look for one in a Phoenix development preferentially based on their construction and consistency (from what friends and realtors tell me). There are at least a dozen Phoenix high rises on the gulf and on the sound.
Posted on 8/11/09 at 5:26 pm to Tripsright
My biggest concern is condo fees, specifically insurance. One reason the prices have dropped is because the fees are going so high.
Not sure, but I think hurricane / flood insurance is almost unattainable.
I recently made the comment that someday condo owners will just give you the condo if you agree to take over their association fees. Hyperbole perhaps or perhaps not.
Not sure, but I think hurricane / flood insurance is almost unattainable.
I recently made the comment that someday condo owners will just give you the condo if you agree to take over their association fees. Hyperbole perhaps or perhaps not.
Posted on 8/11/09 at 9:43 pm to Tripsright
You want to be sure you take Condo Fees into account.
Another thing that could hurt - you should check with the Condo association and see if they have any type of repairs/upgrades/maintenence planned - this is paid for by the owners and the amount you pay is determined by the bedrooms/size of your condo. (2-3 years ago this happened at the Grand Beach Resort and was a mininum 30K per condo owner)
Last thing - be sure you look into insurance as the costs are through the roof. A lot of people are having to get insured through the Alabama Beach Pool - very high rates.
Another thing that could hurt - you should check with the Condo association and see if they have any type of repairs/upgrades/maintenence planned - this is paid for by the owners and the amount you pay is determined by the bedrooms/size of your condo. (2-3 years ago this happened at the Grand Beach Resort and was a mininum 30K per condo owner)
Last thing - be sure you look into insurance as the costs are through the roof. A lot of people are having to get insured through the Alabama Beach Pool - very high rates.
Posted on 8/12/09 at 6:32 am to BayouBengalinBama
Seems like if the condo is high enough off the ground, you don't need flood insurance, just insurance against wind-related damage.
Posted on 8/12/09 at 8:01 am to urinetrouble
quote:
Seems like if the condo is high enough off the ground, you don't need flood insurance, just insurance against wind-related damage.
I am pretty sure that the whole condo has to split the cost of insurance for the building.
Posted on 8/12/09 at 12:30 pm to urinetrouble
No, you still carry flood, it just costs less. Condo association may or may not carry the insurance. It really depends on the development. Many won't carry flood though. If you are financing it, you will need flood.
Posted on 8/12/09 at 1:35 pm to Tripsright
My parents owned a condo at Summerhouse. If you are looking for a place, this is a good spot in Orange Beach. They are 3 bedrooms with an indoor and outdoor pool, it is a nice family atmosphere.
The market may be down but it is by no means what I would consider "at or near the bottom". My parents sold theirs for 375 in 2003 and even in today's "down markets" they want 425 for them. So as "bad" as the market is, they still aren't at 2003 levels and that was by no means a down year.
We stayed in the same building for the 4th. I drove out to Ft. Morgan and all along that road are auction signs and for sale signs. If your heart is set on Orange Beach, then nevermind.
If you can afford it, go for it. My parents made a bundle when they sold it. And it was nice for my family and I to go down there for free on vacant weekends (All we had to do was leave a check at the rental place for a cleaning fee). But they paid like 500 bucks a month even after renting it out almost year round. For that kind of money, they could have rented a villa for two weeks in the summer. Considering they only spent about 2 weeks a year there, the later made more sense to me. Although I did enjouy the free weekend excursions. When I'm older, I'd like to buy something similar for my kids and grandkids to enjoy.
The market may be down but it is by no means what I would consider "at or near the bottom". My parents sold theirs for 375 in 2003 and even in today's "down markets" they want 425 for them. So as "bad" as the market is, they still aren't at 2003 levels and that was by no means a down year.
We stayed in the same building for the 4th. I drove out to Ft. Morgan and all along that road are auction signs and for sale signs. If your heart is set on Orange Beach, then nevermind.
If you can afford it, go for it. My parents made a bundle when they sold it. And it was nice for my family and I to go down there for free on vacant weekends (All we had to do was leave a check at the rental place for a cleaning fee). But they paid like 500 bucks a month even after renting it out almost year round. For that kind of money, they could have rented a villa for two weeks in the summer. Considering they only spent about 2 weeks a year there, the later made more sense to me. Although I did enjouy the free weekend excursions. When I'm older, I'd like to buy something similar for my kids and grandkids to enjoy.
This post was edited on 8/12/09 at 1:37 pm
Posted on 8/12/09 at 1:51 pm to Tripsright
If the condo complex has someone there to check people in, you will have a very difficult time getting it financed b/c of new guidelines on condotels. Also unless you put 75% down you will get a negative adjustment to your rate.
Posted on 8/12/09 at 11:05 pm to Tripsright
My neighbor across the street from me bought one. I'll know more about it Aug. 21st. He gave us a week there for $137 total.
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