Fewer Unsold Condos For Investors

by San Antonio Attorney

Two months ago, Shannon Moore’s clients from New Jersey told her that they planned on spending more than $3 million to purchase a number of condominiums in Southwest Florida.

Enthusiastic to get a good commission, she searched the area for blocks that have a minimum of fifty condos for sale, but she got nothing.

Moore, who operates the Green Lion Realty in Port Charlotte, said that there are no more good deals in Sarasota these days as they have already been taken.

Not too long ago, banks were starting to foreclose on developers of condominium and condominium converters, while investors were waiting for the right time to make their moves on the remains of failed real estate developments.

But this time the true smart-money investors have already taken steps and they are getting large profits from property resale.

Coldwell Banker agent Joe Boguszewski said that the current market trend of the condominium investment is a positive sign. The condo and apartment complexes sale specialist thinks that the initial recovery stage of commercial real estate has passed and now is the right time to invest on hotels, offices, apartment buildings, and retail properties.

Investors can make good profits in apartment complexes as the number of vacancies is low. A lot of people who have foreclosed on home mortgages are looking at rentals.

The bulk buying of condominiums is not yet over but firms who have connections with bankers will easily be able to purchase them.

For instance, National Land Partners bought 4 bulks of condos this year, which includes 51 units Bradenton’s River Dance complex that it bought for $7.35 million.

According to Steven Guy, who oversees National Land Partners in Florida, most properties that they find now are in need of completion work plus there’s more competition.

When buying condos you can encounter legal issues.  If you need help, it may be worth your benefit to contact a San Antonio Real Estate Attorney.

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