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My dear, any one that I know with 2 dollars in their pocket is capable of buying a condo in Kings point! So i dont'know what you are worried aboud!
Just come on down, and enjoy the retiremant capital of the world!
My concern isn't buying, it's when we want to sell. If the market is truly depressed and we can't sell it, that would be disappointing.
Our reason for buying the unit is that my mother, has advanced alzheimers, and lives (in a secure facility) in Sun City Center. We need to come down there twice a year and stay for six weeks at a time. This unit may be available to us at a very low (much lower than market) price.
I'm just concerned about the sellers' (not the buyers') market. I am wondering if the same depression that's hitting south Florida is being reflected in "senior market" in areas like Kings Point? (It's my feeling that they are different markets completely, but I could be wrong.)
I just don't want to buy, if we may find ourselves in that position, when we wish to liquidate.
It will eventually turn around. It may take a while, but the real estate market always turns around. Why not just do it while you can get in at a great price? You can always rent it out.
Prices are slightly depressed across the board (including the senior housing). Since your intension is to 'use' the condo while visiting and not 'flipping' you should be fine.... specially since you are getting it at a great price. If you were intension was to just buy (at lower price) and turn it around to sell to make a quick buck I would have adviced to you stay away.
I would say go for it and don't worry too much about the current market price. Once hurricane season is over, we should see an uptick.
My concern isn't buying, it's when we want to sell. If the market is truly depressed and we can't sell it, that would be disappointing.
Our reason for buying the unit is that my mother, has advanced alzheimers, and lives (in a secure facility) in Sun City Center. We need to come down there twice a year and stay for six weeks at a time. This unit may be available to us at a very low (much lower than market) price.
I'm just concerned about the sellers' (not the buyers') market. I am wondering if the same depression that's hitting south Florida is being reflected in "senior market" in areas like Kings Point? (It's my feeling that they are different markets completely, but I could be wrong.)
I just don't want to buy, if we may find ourselves in that position, when we wish to liquidate.
Sharon
Why not bring mom back to Michigan?
We moved my great aunt with an advanced alzeimer's close to us and she died with family at her side.
I totally agree with what one of the previous posters said. You sound like a loving and devoted daughter and it's too bad the world isn't full of people like you. Your Mother is very lucky to have you in her life. Good luck to all of you.
The question was asked why I don't bring my mother back to Michigan?... Good question.
Several reasons:
(1) My mother's husband is still living. At 97, he's also suffering from dimensia.
My mother at 84 is actually in worse mental condition than he is. They live in the same facility (different floors) but when I'm there, I take her to visit him.
(2) She is firm that she doesn't want to return to Michigan, and I've been advised that uprooting her might cause her to deteriorate.
(3) An additional concern is that the cost for comparable care in Michigan is $1,000 more per month.
At some point, I may consider it, but now it's definitely NOT recommended.
My concern isn't buying, it's when we want to sell. If the market is truly depressed and we can't sell it, that would be disappointing.
Our reason for buying the unit is that my mother, has advanced alzheimers, and lives (in a secure facility) in Sun City Center. We need to come down there twice a year and stay for six weeks at a time. This unit may be available to us at a very low (much lower than market) price.
I'm just concerned about the sellers' (not the buyers') market. I am wondering if the same depression that's hitting south Florida is being reflected in "senior market" in areas like Kings Point? (It's my feeling that they are different markets completely, but I could be wrong.)
I just don't want to buy, if we may find ourselves in that position, when we wish to liquidate.
Sharon
Your mother is lucky. You should probably decide things by looking at the big picture. How long do you think you will need to keep that condo? There are plenty of expenses to buying and selling without worrying about losing money on the sale. There are no hard and fast answers, but if you could keep it for at least a few years you might consider buying. Maybe friends can pay you to stay there for a vacation. On the other hand, if the situation is too chaotic and a time frame may be short, then you would probably lose money and/or have headaches selling if you do it. If you think it may not be long, I would look into reasonable renting options without getting involved with Florida real estate if you really do not want it for yourself. However if the place is really cheap, what the heck. Even if it turns out that you keep it a short time, you will probably break even or better at the sale. There are no hard and fast guarantees, and only you can decide if the risk is worth it. Lots of luck.......
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Buying/selling in Florida - part two
buying temporarily?
