buying a place in downtown orlando (Miami, Waverly: hardwood floors, for sale, real estate)
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I am moving back to Orlando from Ft. Lauderdale in the next few months, and I'm trying to figure out the best place to purchase in downtown Orlando. I am a 23 year old single male; I am very social and have been spoiled by the high rise I currently rent from, so I would like a nice place (hardwood floors, granite counter tops, stainless steel appliances, etc). I'm seriously considering purchasing a condo, or possibly a house if it is close enough to downtown. My price range tops around $250,000, and I would like a 2(+) bedroom and 2(+) bathroom so I can rent out the second room to a friend. I've looked at most of the condo's downtown and it seems to me that Star Tower, the Vue, and Sanctuary seem to be the nicest. The available units also seem to be a little bit above my price range... has anyone seen previous units in my price range? 101 Eola, Jackson, 530 East Central, the Waverly, and Paramount seem to be a decent fit. Solaire seems nice, but it may be too close to the action (i.e. loud), same thing with 55 West. Opinions?
Edit: I've also talked to a few people and a foreclosed unit may be an option... what is the best way to find out about these? foreclosure law attorney? It seems a realtor may not have the best available information. I've also heard that purchasing a short sale or foreclosed house can be a pain for all parties involved, so I'm kind of hesitant.
I am anxious to hear the responses myself. Lake Eola is nice but you pay a huge premium for living there, the condo fees on most 2bd units are 500 plus, no thanks. Waste of money IMO when there are lakes all over Orlando to choose from.
I am anxious to hear the responses myself. Lake Eola is nice but you pay a huge premium for living there, the condo fees on most 2bd units are 500 plus, no thanks. Waste of money IMO when there are lakes all over Orlando to choose from.
First, the OP didn't even mention a lake as being his prime reason to live downtown, so why would just living on a lake in suburbs be the same thing? The guy said he is young and very social...clearly he wants to live downtown to be near all the action, not so he can go fishing.
Second, even if you are going to talk about lakes there is no comparing Lake Eola to other lakes in Orlando. Lake Eola is a downtown park...with festivals, concerts, relax grille, a farmers market, etc. It's lively and social with people walking around, having picnics and whatnot. It is also surrounded by beautiful old neighborhoods with character, luxury condos, huge old trees, and brick streets...the place has charm. It's also in the middle of downtown and Thornton Park, with all the nightlife that goes with it. To many people, it is worth the money to have that atmosphere.
First, the OP didn't even mention a lake as being his prime reason to live downtown, so why would just living on a lake in suburbs be the same thing? The guy said he is young and very social...clearly he wants to live downtown to be near all the action, not so he can go fishing.
Second, even if you are going to talk about lakes there is no comparing Lake Eola to other lakes in Orlando. Lake Eola is a downtown park...with festivals, concerts, relax grille, a farmers market, etc. It's lively and social with people walking around, having picnics and whatnot. It is also surrounded by beautiful old neighborhoods with character, luxury condos, huge old trees, and brick streets...the place has charm. It's also in the middle of downtown and Thornton Park, with all the nightlife that goes with it. To many people, it is worth the money to have that atmosphere.
And, unfortunately, more homeless people than you can shake a stick at.
I am moving back to Orlando from Ft. Lauderdale in the next few months, and I'm trying to figure out the best place to purchase in downtown Orlando. I am a 23 year old single male; I am very social and have been spoiled by the high rise I currently rent from, so I would like a nice place (hardwood floors, granite counter tops, stainless steel appliances, etc). I'm seriously considering purchasing a condo, or possibly a house if it is close enough to downtown. My price range tops around $250,000, and I would like a 2(+) bedroom and 2(+) bathroom so I can rent out the second room to a friend. I've looked at most of the condo's downtown and it seems to me that Star Tower, the Vue, and Sanctuary seem to be the nicest. The available units also seem to be a little bit above my price range... has anyone seen previous units in my price range? 101 Eola, Jackson, 530 East Central, the Waverly, and Paramount seem to be a decent fit. Solaire seems nice, but it may be too close to the action (i.e. loud), same thing with 55 West. Opinions?
Edit: I've also talked to a few people and a foreclosed unit may be an option... what is the best way to find out about these? foreclosure law attorney? It seems a realtor may not have the best available information. I've also heard that purchasing a short sale or foreclosed house can be a pain for all parties involved, so I'm kind of hesitant.
I'll give you the rundown since I live at the Paramount and know more or less what each condo is about. I also generally know the pricing because I have also been considering buying lately since my lease is up soon.
Sanctuary - This and Star Tower are the two nicest condo buildings in Orlando, but also the most expensive. No 2/2 at your price.
Star Tower - Also extremely expensive and high-end, but set a little back from the rest. No 2/2 at your price.
The Vue - Just below the ones above, this tower has come down in price lately. The main issue here is that they are nowhere near where they need to be with occupancy, and its location doesn't help. It's on the far side of the lake. Still, it's extremely nice. No 2/2 at your price that I have seen, but you might get lucky.
101 Eola - Personally, this one is my favorite. It's a mid-rise...less people = less issue with elevators, not completely outrageous price-wise, operates close to full capacity, perfectly located backing right up to Thornton Park, easy walk to everything. You can get a 2/2 here for just under 300K.
Aspire - Another nice one, but all rentals. This one is right next to the Vue and I don't really know much about it.
Paramount - This is where I live. It's a beautiful building with a south beach style pool area and the best location of all the buildings. However, I would not buy here because there are a lot of renters there now, which is not good for resale. My main issues: elevators take too long, and you can hear your neighbors when you are in your bedroom. It's not loud or anything, but you can hear voices. Very social place, great for a rental, and you can walk downstairs to Publix or across the street to Lake Eola.
Thornton Park Central - These are lofts above an area of retail in Thornton Park which has restaurants and boutiques. I really don't know much about this place, or how much it costs.
55 West - Really nice loft-style units, but you will hear loud noise a lot due to the location. Awesome looking pool area, but I'd rather live in Thornton Park unless you are a party animal.
Solaire - Again, you are right on top of everything. The units look nice enough, but the garage has narrow inclines and turns.
530 East Central - This is the oldest of the Thornton Park towers, but don't let that scare you away...there are some advantages here. It might not be the flashiest, but it's affordable, the location is awesome, and the place is built like a tank. You will not hear your neighbors as the place is solid concrete on all sides. You can get a great deal here under your price range. Some units are already updated and look great, but some will need updating. You can get a 2/2 here for about 200K give or take.
The Waverly - This is another somewhat affordable one, Miami style exterior, however the walls are thin and the units do not have modern, open layouts. The interiors are more like an apartment with smallish kitchens. Publix is right next door. You can get a 2/2 here for just over 200K.
The Jackson - Now here there are loads of good deals right now. The building is not old, but rather plain compared to the others and small. The units look nice in pictures, are large, and have loft-style concrete floors. You can easily get a 2/2 for under 200K. The only problem here is that it has no amenities, so forget a pool or gym. Location is right next to Star Tower, so it's set back from the rest. This place looks like a great buy...just a bit plain.
I wouldn't bother with any other condo building. The others are either older or rowdier like the Grande. There are houses also back in Thornton Park or Eola Heights that are still easily walkable to all the action so I'd look at those too, or the Osceola Brownstone townhomes which look really nice.
And, unfortunately, more homeless people than you can shake a stick at.
That is true and in fact I was going to make a joke about that and forgot. However, you take the good with the bad...every downtown has homeless. If you live in the suburbs you don't have homeless, but you also have nothing at all to do within walking distance.
A couple things.
1 - A realtor like myself actually will be your best resource for foreclosure properties. I have instant access to all foreclosures that come onto the market. Unless you are looking to purchase a foreclosure from the steps of the courthouse, get yourself a good realtor. A real Estate lawyer is only helpful if you have trouble understanding the standard purchase and sale contract
2 - Will you be financing the purchase of the property or be able to purchase in cash? If you are looking to finance your choices are going to be limited as many condo complex's don't yet meet lender criteria so no lender will originate a mortgage in the building.
3 - Purchasing a short sale can be a huge pain in the butt as it can take 2-6 months to get the short sale approval and only about 1 in 3 go through. A foreclosure on the other hand is relatively simple, the most frustrating part is that there is usually more than one offer you have to compete with, but other than that you make your offer correctly wait a couple days for bank response, then close normaly in most situations.
Pete C gave some great advice but a couple of corrections as to what is available at each place.
Sanctuary - Probably the most pricey, definitely wont' find a 2/2 in there under 250K Likely not even a 1 bedroom.
Star Tower - Actually there have been several 2/2's in the building sell for right around the 200K mark, my office just sold one. The issue is they don't come on the market too often, and there is no financing for this building unless it's eligible for a Homepath Loan.
The Vue - One of my favorite if not favorite building. Actually until about 6 months ago you could have found a 2/2 in there for about 225K. However, half the building that was vacant was re-sold to a new developer who in the past 3 months has re-sold many unit's as new for a MUCH higher price. Actually prices in that building have gone UP 20-30% in the past 3 months. The positive is that the building is run very well, and you are able to finance in there. You likely won't be able to get a 2 bedroom, but there are large 1 bedroom loft unit's that are very nice in your range. Or even studio unit's with a direct view of the lake asking only 135K likely with room to negotiate.
101 eola - A nice building away fromt he hussle and bussle and financeable. Builder is still selling new unit's, but 2 bedrooms they are currently asking just a bit above your price range. Likely a little room to negotiate though.
Aspire - Is strictly rental, no individual owners
Paramount -I agree it has one of the best locations, but the developer really isn't focusing on selling any unit's and is operating the building as apartments for now. I'm sure they'd sell if someone was interested, but likely at a price too high.
Thornton Park Central - LIKELY financeable, but not 100% sure on that. It's an older building (only 10 yrs old) so it's more stabilized, so there aren't as many unit's that come on the market. You could get a 2 bedroom in there for less than even 200K. But these are VERY much loft style so may not have the looks you are going for.
55 West - Strictly a rental property, no individual sales.
Solaire - LIKELY financeable, and you can get a 2 bedroom in there for under 200K in most cases. Just get a higher floor that faces the lake. But you'd still have to be in the middle of everything when you leave the building or drive out the garage....could be a positive or a negative depending on how you look at it.
530 East Central - Spot on here. A little higher than normal HOA's in the building, but is likely financeable.
Waverly - Spot on, it was an apartment when it was originally built, converted to condo's right before the boom. You can actually get 2/2's for under 150K depending on the location. You are likely NOT going to be able to finance in the building, though I wouldn't rule it out completely.
The Jackson - Spot on, can get 2/2's for well under 150K. No amenities though and not a high rise. The building was financeable not long ago, but is borderline, and may not be now.
Hey Greg, great info! Very interesting. I did my best, but I only go off what I have seen in my searching. I had no idea that many of those condos are not financeable. Does the VUE have a decent occupancy rate now? Also, why are so many units for sale at the Jackson? Just seems out of whack with the other places, or maybe a lot of other places are still selling new inventory so they don't even show up on sites like realtor.com.
Thank you everyone for your input, especially Greg and Pete.
To answer your questions Greg, I am looking to finance the property. I am in the application process with my credit union to get pre-approved for the mortgage, and I am going to have one of my parents co-sign the loan.
I researched foreclosed properties a little bit, and it seems that they are tough to get unless you pay cash because there is a lot of demand for them. From a risk standpoint for the bank it makes sense, and it seems the banks will jump at a cash offer before a financed offer. Does this seem to be the case?
I also believe I found the list of condo's which are approved, but wouldn't you know it, it was 9:12pm when I checked the website and the government actually closes the website at 9pm (never even heard of a website that closes like that). https://entp.hud.gov/idapp/html/condo1.cfm
Based on your responses and my research, it would be a great find to get a 2/2 at Star Hotel or 101 Eola. What are the condo fees like at these places? A $250,000 mortgage should put me around $1500 a month (according to my mortgage calculator)... if the condo fees are $500 a month that places me right around $2200 a month including cable, internet, water, etc. $1100 a month (since i'm splitting rent on a room) would be a tad bit high for me if I was renting, but since I'm gaining (theoretically) equity in the house I would take the hit. The Vue may be a little out of my price range... a $130,000 loan should be around $900 a month including property taxes etc. but if the condo fee is $500 I can't afford a $1400/month payment by myself. Is this realistic?
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