Real estate buying guide

[BosTech]

Well I thought of idea of having post dedicated to buying real estate,for people insterested in purchasing condos or house but have questions that might help them.

Many people might be interested in downtown for example but not sure how to get property or might be confused about area,prices,land etc etc.

I alredy have simple questions that I think I know answer but still would like to confirm it.

If you get loan for condo which is not yet finished ,is it true that you are not paying loan untill condo is completly finished?

Are there any tax breaks or incentives from city if you buy property in downtown area?

[RiversideGator]

Bostech: Typically, the condo developer will reserve a condo for you pre-construction for 10% down. This means on a $300,000 condo, you would either give them $30,000 in cash or in some cases you can hold a condo with 10% down in the form of a line of credit from a bank. Then, you actually close on the condo (and the full loan) when it is ready for occupancy. This allows many investors to get in early at pre-construction prices, lock in a lower price, and sell the same condo after the building is completed for a profit (an admittedly risky proposition). You therefore can often get a built in equity by buying pre-construction since many buyers are skittish about buying a condo that is not yet built.

As for tax breaks, you can get tax breaks in some cases downtown for creating jobs, but I dont believe there are any set tax breaks just for buying something (unless maybe you negotiated something with the city on property tax breaks based on a large development and good luck with this unless you have a huge project and deep pockets). I think DVI or the JEDC can provide more information on tax breaks/credits available downtown though.

[JaxInvestor]

20% down on highrise condos.

[RiversideGator]

Yeah, I think San Marco Place is 20% and 1661 Riverside is just 10%. I dont know about the Peninsula. Sorry about that.

[BosTech]

So what is starting price on Riverside? I can not find anything on their site.

San Marco then would be $40,000 upfront for cheapest condo.Sweet dreams :-)

[monsoon]

Please review the UrbanPlanet rules.

Specifically UrbanPlanet Rule #5

We are not a real estate site. Do not create posts looking to buy property especially if you are new. If this is your only reason for posting here, then please go somewhere else.

A thread created specifically for purchasing Real Estate violates this rule.