Could be, might be a one time opportunity

Nothing new in our complexes to report, we need a good listing before the season passes us by.

The picture is of the community pool at Bayport Condos in Cape Canaveral. This complex is on the Banana River side. Some views are good some are limited. There have been 23 units come on the market as short sales. These units all have over 2000 square feet and are priced according to floor, view and if they are end units. These units are priced from $139,900 to $219,900. The majority are priced at $139,900.

Now for the indivdual that means that you could have a condo with 2000 square feet for $139,900. For the investor or group of investors that means you could have 23 condos with over 2000 square feet each for a total of between 3-4 million depending on negotiation.

These are currently rented by the developer for between $1100 and $1500 depending on the unit. The leases are long term and non-furnished. The condo fees are $410 monthly which has became standard for our area depending on amenities.

I believe with the right deal, the return on investment would be acceptable for a few years awaiting on the cash out. I have never seen a block of units come out like this as short sales. They usually come out by the lender like Mystic Vistas as foreclosed offerings. This could be genius or insanity.

Just food for thought!

Jim Bagwell