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Orange Beach Condo Ownership
Posted on 10/9/19 at 7:13 pm
Posted on 10/9/19 at 7:13 pm
Has crossed my mind a few times. Have you ever owned one here? Input please.
10
Posted on 10/9/19 at 7:29 pm to Popths
I’m interested. From what I’ve heard it may work but what can kill you is the $1500 a month in HOA fees (from what I have heard).
Posted on 10/9/19 at 7:35 pm to Popths
Go to Mexico beach
Buy a destroyed lot/home
Build your own home
Profit
Buy a destroyed lot/home
Build your own home
Profit
Posted on 10/9/19 at 9:04 pm to HailToTheChiz
quote:
Go to Mexico beach
Buy a destroyed lot/home
Build your own home
Profit
I have looked into this. Zillow is all over it. Lots are a million bucks, more than what the property was worth before the hurricane. There are no deals in Mexico beach.
Posted on 10/9/19 at 9:16 pm to deeprig9
HOA is under 500.
Posted on 10/9/19 at 9:59 pm to deeprig9
There are no deals in Orange Beach these days either.
Posted on 10/10/19 at 8:33 am to notiger1997
quote:
There are no deals in Orange Beach these days either.
Nope. Low interest rates have kept that place propped up nicely.
Posted on 10/10/19 at 9:03 am to deeprig9
The key is to find some beachfront property in an commercialized, non-touristy area that is in decent proximity to stores. Buy it, build upon it, and rent it out. Market it as a "natural, untouched beach location".
Profit.
Profit.
Posted on 10/10/19 at 9:18 am to Popths
Just wait for the next recession.
Posted on 10/10/19 at 11:39 am to Popths
The biggest issue with condo ownership is Dues and Special Assessments. You need to ask about special assessments when you’re looking.
Posted on 10/10/19 at 12:12 pm to bubbz
quote:
The biggest issue with condo ownership is Dues
This is false. Generally there is no Hurricane/ Flood insurance in a condo that's on the beach. Its paid for by the HOA dues. Plus HOA dues include things like Pest control, cable, landscaping, etc.
At the end of the day the HOA dues are mostly a wash from what you would otherwise pay.
Posted on 10/10/19 at 12:36 pm to bubbz
Special assessments can be a killer. My aunt has a place in Destin that they are having to rip the balcony off and rebuild it because they didn’t properly seal the concrete and the rebar is starting to corrode.
Everyone has to pay something like $40k and they aren’t able to rent it out for 6 months because the balcony is closed, jackhammering all day, and balcony furniture is all out inside the unit.
Everyone has to pay something like $40k and they aren’t able to rent it out for 6 months because the balcony is closed, jackhammering all day, and balcony furniture is all out inside the unit.
This post was edited on 10/10/19 at 12:39 pm
Posted on 10/10/19 at 12:54 pm to Hermit Crab
quote:
Special assessments can be a killer. My aunt has a place in Destin that they are having to rip the balcony off and rebuild it because they didn’t properly seal the concrete and the rebar is starting to corrode.
I know someone here also and its over $50k for them.
Given that, its generally still a lot cheaper to do things in bulk. We have a new 5 ton AC unit put in a unit along with 30 other owners and it was under $3500 total and they used a crane to get the outside unit on a roof. They were knocking out 3-4/ day with the same crews.
People act like owning a personal home never has a "special assessment". Condos and HOA's try and plan for the future with savings and some do it very very well. Others' don't. No different then some homeowners save up and plan for expenses and other's have to take out loans.
At the end of the day if you own a place privately you'd be paying for your "special" assessment one way or the other.
Posted on 10/10/19 at 1:06 pm to baldona
quote:
Destin that they are having to rip the balcony off and rebuild it because they didn’t properly seal the concrete and the rebar is starting to corrode.
Has nothing to do with sealing the concrete. The rebar wasn't placed correctly.............too close to edge
Posted on 10/10/19 at 1:16 pm to Popths
What is the average cap. rate for these condos one should expect?
Posted on 10/10/19 at 1:16 pm to jralspanky
quote:
Has nothing to do with sealing the concrete. The rebar wasn't placed correctly.............too close to edge
That was the plan I was told, what do you do with the rebar too close to the edge? As far as the repair?
Posted on 10/10/19 at 1:20 pm to tigersfan1989
quote:
What is the average cap. rate for these condos one should expect?
This all depends on the particular unit, if you are financing, when you buy, and when you sell etc. As said retail market is high right now compared to rents.
But generally anything from 1.5-6.5% is common with something in the 2.5-3.5% being most normal.
The problem is that most aren't just looking for a return. They are looking for a combination of return and personal preferences.
Posted on 10/10/19 at 3:09 pm to Popths
$2000/w rent
$8000/m
Spend a month a year there for 20 years =
$160,000
Buy the condo = $800,0000 + dues
Spend about a month there every year. Maybe you make money selling it in 20 years, maybe you lose your arse. No way to know.
That's how my simple mind thinks.
$8000/m
Spend a month a year there for 20 years =
$160,000
Buy the condo = $800,0000 + dues
Spend about a month there every year. Maybe you make money selling it in 20 years, maybe you lose your arse. No way to know.
That's how my simple mind thinks.
Posted on 10/10/19 at 3:17 pm to deeprig9
quote:
Spend a month a year there for 20 years =
$160,000
Whew. Imagine having to spend a month a year there for 20 years. Ugh. That's the single most compelling argument NOT to buy a condo. Go see the world, enjoy different places. OB is not some sort of world beauty spot. Yes, the beaches are nice w/white sand, but it's a big planet with many, many gorgeous locales.
Posted on 10/10/19 at 3:22 pm to hungryone
I agree. My family likes to mix it up. Destin, Charleston, Savannah, Asheville, Lake Oconee, Frankfurt, Unicoi cabin, New orleans, etc.
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