Ohio Girl said:
I really enjoy reading the messages in this forum. The information is very useful and insightful. I'd love some advice on PCB. We are thinking of buying a condo, ideally near the beach. Would really like to buy something along 30A but PCB seems more in our price range. It appears that there are alot of PCB condos in the low 200's, which seems like a deal given the proximity to the beach. I know there's lots of new construction going on; it makes me wonder if a condo that has a partial gulf view today may be blocked out by a skyscraper in a couple of years. Can anyone advise which areas of PCB to avoid, if any? Are there vast differences between the eastern and western edges of PCB? We are quiet folks so we don't want to be in the middle of it all. Thank you very much.
OG,
No need to rush into this purchase as there will be
plenty to choose from--especially after this summer season is over. I believe the competition to snag summer vacation renters will be fierce as more and more rental condos flood onto the market--many owners will end the season with negative cash flow (even in the absence of hurricanes, shark attacks or red tide) and be softened up and ready to deal.
Currently the prices are still too high and investulators are just starting to sweat. Unsold condo inventory is spiking up and sales going into the much bally-hooed Big Spring Selling Season have been "flatter than a sat-on hat."
If you plan to rent the condo out to help cover the carry costs you
must make sure you have a prime location and view and by all means take the time to do a thorough cash flow analysis to include yearly bump-ups in association fees, insurance and taxes. (Florida real estate isn't the bargain it once was. Some folks are finding that it is better to put the $400,000 into jumbo CDs, peel off the proceeds each year to rent a beach house a couple times a year, and dispense with the muss and fuss of carrying costs.)
As a buyer, you are now entering a period where you are KING...time is on your side, use it wisely and you will be rewarded. Good luck.