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HankStrong

Residential Real Estate

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Just curious, from those of you that live downtown, what sort of condo might one get for under $350K downtown?  Is it going to take at least a half mil to get a livable place?  Do those places have extremely high monthly fees?

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Just curious, from those of you that live downtown, what sort of condo might one get for under $350K downtown?  Is it going to take at least a half mil to get a livable place?  Do those places have extremely high monthly fees?

 

A very nice one. Im in the process of listing my 2/2 unit at the Waverly on the 20th floor for $299,000, and I think its nice. HOA runs around $0.40 per sq ft (but that fully funded, meaning no special assessments needed).

Edited by tennis32801

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A very nice one. Im in the process of listing my 2/2 unit at the Waverly on the 20th floor for $299,000, and I think its nice. HOA runs around $0.40 per sq ft (but that fully funded, meaning no special assessments needed).

 

Is the HOA fee paid monthly, quarterly, or yearly? 

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for most condos, always monthly. Most people think HOAs are high, and they can be high if managed improperly, but it covers things that would normally add up if you living in a house (ie. water, 24-hr security, gym, pool, concierge service, home insurance, and if you work downtown, gas, tolls, and time).

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Just curious, from those of you that live downtown, what sort of condo might one get for under $350K downtown? Is it going to take at least a half mil to get a livable place? Do those places have extremely high monthly fees?

I live at the Vue. Comps over the last year have units selling at around $290/sqft. So for 350k you can get something at around 1200sqft. Plus about $475 for HOA fee at that size. And yes the 40 cents per square is the going rate downtown for HOA. People that don't live downtown think the prices are crazy, but it's a lifestyle choice. I wouldn't move back to the burbs, I love living here.
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I live at the Vue. Comps over the last year have units selling at around $290/sqft. So for 350k you can get something at around 1200sqft. Plus about $475 for HOA fee at that size. And yes the 40 cents per square is the going rate downtown for HOA. People that don't live downtown think the prices are crazy, but it's a lifestyle choice. I wouldn't move back to the burbs, I love living here.

 

I get called crazy a lot. "Do you know what kind of house you can get for that much money?!"

 

Would rather live in the core than in a McMansion tucked away in a suburban sprawl nightmare of roads.

Will Robinson become a two lane roadway?

 

When driving on Robinson, I get the impression that most people treat the lane markers as mere suggestions. Probably because each lane is the width of a bicycle.

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There is a healthy balance there, though.  $290/sqft is insane, especially with a $450 HOA.  It's not like Orlando is a car-free city or something.  If you don't work downtown or along SunRail, you are still paying for everything you pay for in the suburbs.

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Just curious, from those of you that live downtown, what sort of condo might one get for under $350K downtown?  Is it going to take at least a half mil to get a livable place?  Do those places have extremely high monthly fees?

 

Depends on the building, the location, sq ft, does it have a Lake Eola view or not.... do you have a specific condo or area in mind? Are houses not an option?

 

As someone else mentioned, you could get a 2/2 at the Waverly for well under that price (especially a foreclosure) which would allow you to use some of the leftover cash to renovate it to your tastes and insulate the shared walls to reduce noise from neighbors. IMO the Waverly is one of the nicest looking condos and sits on one of the most pedestrian-friendly streets downtown.

Edited by nite owℓ

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There is a healthy balance there, though.  $290/sqft is insane, especially with a $450 HOA.  It's not like Orlando is a car-free city or something.  If you don't work downtown or along SunRail, you are still paying for everything you pay for in the suburbs.

 

Quite true. I work downtown.

 

That said, I think it's more than cost. As [email protected] stated, it is a lifestyle choice.

 

 

This looks cool. I hope it happens.

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for most condos, always monthly. Most people think HOAs are high, and they can be high if managed improperly, but it covers things that would normally add up if you living in a house (ie. water, 24-hr security, gym, pool, concierge service, home insurance, and if you work downtown, gas, tolls, and time).

Owning both a home in Thornton Park and a Condo in the VUE, I can easily justify the $505 HOA cost as a bargain.  HOA covers external building maintenance.  This unknown can really throw a budget out of whack with a plumbing/sewer issue or needing or a roof repair. These are some other considerations as Tennis pointed out:

 

Increased Home Owner's Insurance 100

Security System     50

Pest Control     50

Natural Gas     50

Landscaping-cut lawn, rake, flowers 100

Pool Maintenance     100

YMCA Membership     100

Higher Utilities (no shared walls/roof)     100

BBQ Grill depreciation/propane                      25

Water/sewer savings                   50

Exterior Maintenance/Repairs   unknown

Edited by FLheat
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Depends on the building, the location, sq ft, does it have a Lake Eola view or not.... do you have a specific condo or area in mind? Are houses not an option?

 

As someone else mentioned, you could get a 2/2 at the Waverly for well under that price (especially a foreclosure) which would allow you to use some of the leftover cash to renovate it to your tastes and insulate the shared walls to reduce noise from neighbors. IMO the Waverly is one of the nicest looking condos and sits on one of the most pedestrian-friendly streets downtown.

The Waverly is a nice building with the best location.  While owning there, I found it very noisy as there is only two sheets of drywall between you and your neighbor and the HVAC units are very loud when they come one.  That was my main considerations for buying in the VUE.  The VUE with its concrete walls, is built like a fort.

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Hank, are you ready to make an offer on my condo, lol.

 

Honestly, living and working downtown since 2005 has not gotten old one bit. If I didn't potentially received a good opportunity in another city, I would retire in the same unit.

 

Even though you can reduce your expenses if you have to when owning a house (unlike HOA), house ownership eat up a lot of your free time.

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Yeah, I couldn't bear living in a place with sound issues.  That's what I hated about my 20s & apartment life.

 

The whole lifestyle thing just doesn't speak to me in Orlando.  If this was a big city with a fully functional downtown, sure.  Orlando is still about 10-15 years away from that in my eyes.

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Look at it as a consumption choice. I hear it non stop that for what I paid for my house, I could have as home twice as larger outside the city. But there is a value for me to live close in. And it mainly relates to the lack of a commute. 

 

I live in a single family house and can attest that you do spend close to the same as the HOA monthly. There is more flexibility but it ends up the same. 

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It's all about value to YOU.  Since I don't work downtown and hope to never work downtown (because I'm happy to end my career at my current employer) despite the COOL factor of living downtown, it's unlikely that I could ever justify the massive cost vs. the extreme downsizing in square feet that this lifestyle would bring.  We spend a lot of time entertaining and having friends/family from around the country/world come stay with us.

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*not sure if this is ok here or should go in coffeehouse, mods move if necessary*

 

I moved in April of 2014 into the 11th floor unit at 101 Eola and currently out of my lease, so I think by law I am technically month to month since my landlord hasn't asked I sign a new lease. Outside of this issue, I love it here. I like the location and everyone that lives here is really pleasant. I don't want to move. Is there anything I can do about this leak issue? They keep saying the only thing they can do is repair it, water test it and try again. It's like they are going at this blindly. I can't imagine what kind of nastiness is behind the wall.


Here is a youtube playlist of 3 separate videos filmed November 2014, Jun 5 '15, and Jun 25, '15.
https://www.youtube.com/playlist?list=PLhjyIcVct2XNkwQ4pY5MxqaXrnGLKkspn

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I would ask them to move you into the next available open unit.

Preferably one that is not on the top floor, directly below the roof of the building.

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I would ask them to move you into the next available open unit.

Preferably one that is not on the top floor, directly below the roof of the building.

 

Call Todd Ulrich.

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weird that my thread got combined with yours...but alrighty mods :)

 

 

funny enough Greg Warmouth lives in this building...

I would ask them to move you into the next available open unit.

Preferably one that is not on the top floor, directly below the roof of the building.

unfortunately this is not an apartment building and all the units are owner owned...so that is not really an option.

Edited by surina777

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Just curious, from those of you that live downtown, what sort of condo might one get for under $350K downtown?  Is it going to take at least a half mil to get a livable place?  Do those places have extremely high monthly fees?

You should probably be able to get a 2br/2ba with around 1200-1400sf for that budget.  And as everyone has already stated you will have to pay monthly HOA's that could be around 4-500 for a 2br.

 

Star Tower is probably the best overall for amenities and finishings but slightly farther than the downtown center, yet still walkable to Publix.  Slight drawback is they are building the Artisan 420 apts super close to the building.  I wouldn't recommend the VUE although you may get the best bang for your buck there.  One thing I hate there is the amount of units (300+), so tons of people and the washer dryer situation.  They didn't build the building with proper vents to have a traditional dryer.  Annoying when you pay a premium to live there.  Sanctuary is a nice building, more traditional condo building layouts -- not my favorite but one of the higher priced buildings as well.  I'm currently in 101 Eola and I love the overall building except for the leak issue I am dealing with and I am not the biggest fan of the property manager here.  Still haven't crossed it off my list as I am in the market to buy as well, but I am a single person and have a smaller budget than you.  Hope that helps!!

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The 11th floor is not the top floor; having owned and lived in the building, is the leak coming from the shower of the unit above yours? I've heard (take with a grain of salt) that there are issues with the shower pans in the building and they have been known to leak. Not a widespread issue (I never had ANY issues in 5 years of living there). If it's the shower pan above your unit, that unit may have to fix their issue before your issue is resolved. Regardless, since you are renting, the issue in your unit is your landlord's to deal with, not yours. I'm surprised the HOA is involved at all since it doesn't sound like this involves the common elements. Unless there is more to the story than you've shared.

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The 11th floor is not the top floor; having owned and lived in the building, is the leak coming from the shower of the unit above yours? I've heard (take with a grain of salt) that there are issues with the shower pans in the building and they have been known to leak. Not a widespread issue (I never had ANY issues in 5 years of living there). If it's the shower pan above your unit, that unit may have to fix their issue before your issue is resolved. Regardless, since you are renting, the issue in your unit is your landlord's to deal with, not yours. I'm surprised the HOA is involved at all since it doesn't sound like this involves the common elements. Unless there is more to the story than you've shared.

 

The HOA is involved because it is a building issue and not like a leaky plumbing item from the inside.  The area it is at is not near where a bathroom would be.  It's the 18 stack (studios), and there is a leak on the 17 (1br/1.5ba) unit next to me but it is on their exterior wall where there balcony is.  If you remember some balconies extend out and some are flush with the building.  I'm not 100% sure the layout on the 12th floor unit above us though.  I believe those are 3 bedroom units but because the leak is closest to the exterior I don't think there is a shower above where the leak is.  Most recently they finally did a physical water test where they took a hose to all sorts of parts of the building and waited to see if it produced a leak.  This was the first time since I reported the issue initially before moving in.  So I thought, wow they will actually fix it!  They sealed some stuff and waited for it to cure.  They were suppose to come back and water test, but about 2 weeks later, it rained and no water test = leak in unit again.  Back to square one...

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Interesting to hear. I said before that a lot of these planned high rise apartments were pie-in-the-sky because of the financing hurdles and the lowish rent rates of downtown Orlando. This just backs it up.

"Lowish rent rates"? Are you kidding? We are one of the most expensive cities to live in, in this country. Occupancy rates are also between %95-%98 percent. 

I had to take a step back when I was considering an 800 sqft apartment downtown for $1,300 a month.  

Edited by RedStar25
Added information.

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$1300 a month??? 

Dayum.

In the 90's I rented an 800 sq ft apt at Church & Summerlin for $360 a month.

Wasn't a luxury high rise with amenities of course.

But it was quiet, comfortable and a couple of minute walk to Lake Eola.

 

 

 

 

 

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"Lowish rent rates"? Are you kidding? We are one of the most expensive cities to live in, in this country. Occupancy rates are also between %95-%98 percent. 

I had to take a step back when I was considering an 800 sqft apartment downtown for $1,300 a month.  

Again with your Orlando-centric can't think outside of a 50-mile radius mentality. Check rental rates in Miami and Atlanta and report back.

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