John Gorrie Condos

[JFman00]

Are these not selling because of the tight credit market or because they're overpriced? I'm thinking of buying one.

[thehill]

I'm not a real estate expert by any means. But I think whenever you have an unconventional project like this it takes a specific type of buyer to want in. There are few direct comps to what this project provides so I think it would be difficult to call them overpriced.

[ben says]

Are these not selling because of the tight credit market or because they're overpriced? I'm thinking of buying one.

I'm thinking of renting one, but nobody is offering! Beautiful building and love being so close to Bold Bean, Bakery Moderne, the Bike shop, and 13 Gypsies!

[JFman00]

It's within walking distance to Five Points and Park Place/Walkers also, isn't it?

[ben says]

Yeah^

[peestandingup]

I wonder how many units are filled? Its beautiful & unique (I'd live there in a second), but they need people in them. I've never once seen any activity over there whatsoever.

[ben says]

I wonder how many units are filled? Its beautiful & unique (I'd live there in a second), but they need people in them. I've never once seen any activity over there whatsoever.

Haven't seen anyone even on the premises, let alone a light on inside. Go to that Stockton strip quite often...and yeah, like you, I'd move in a second. I wish someone would buy a few and rent them out at reasonable prices. I believe easing people in via renting, instead of waiting until people start buying, would be the right way to go.

[peestandingup]

I wonder how many units are filled? Its beautiful & unique (I'd live there in a second), but they need people in them. I've never once seen any activity over there whatsoever.

Haven't seen anyone even on the premises, let alone a light on inside. Go to that Stockton strip quite often...and yeah, like you, I'd move in a second. I wish someone would buy a few and rent them out at reasonable prices. I believe easing people in via renting, instead of waiting until people start buying, would be the right way to go.

So do I. I think eventually the owners are gonna have to start getting creative in this down market to get bodies into these units. Renting a good chuck of them would be a way, with maybe a rent to own option.

[ben says]

I wonder how many units are filled? Its beautiful & unique (I'd live there in a second), but they need people in them. I've never once seen any activity over there whatsoever.

Haven't seen anyone even on the premises, let alone a light on inside. Go to that Stockton strip quite often...and yeah, like you, I'd move in a second. I wish someone would buy a few and rent them out at reasonable prices. I believe easing people in via renting, instead of waiting until people start buying, would be the right way to go.

So do I. I think eventually the owners are gonna have to start getting creative in this down market to get bodies into these units. Renting a good chuck of them would be a way, with maybe a rent to own option.

Count me in. Please keep me updated if you hear anything.

[mtraininjax]

Are these not selling because of the tight credit market or because they're overpriced? I'm thinking of buying one.

Financing for condos has been tough, due to the number on the market in NE Florida, and the number having issues with HOA, people defaulting on the loans, loss of HOA funds to keep the property going, etc.

I think 2-3 have been sold. Its a hard area to sell into, there are great shops there at Stockton, but its still a tough area, and the Weavers still own the land across from 13 Gypsies and nothing has been started to create more retail. I am hoping someone buys it and rents the units out, to at least get people into the area. They are not for rent, still for sale, and I think Ms. Weaver kicked out the site agents and may be doing this work herself.

[fieldafm]

Everbank is offering good financing for this project, so you're not seeing the same kind of credit restrictions on the Gorrie as you do for other projects around town.

Renting a good chuck of them would be a way, with maybe a rent to own option.

That's the worst thing you could do if you want people to buy them.  If over 30% become rentals, it's going to become difficult to find a lender that will want to finance a mortgage for you.

[MusicMan]

At 4% fixed for 30 years wouldn't it be cheaper to own? Primo condos/apartments in Riverside are expensive. Also, if you buy now you get the "pick of the litter", so to speak. Plus 10 years break on your RE taxes.

[JFman00]

Everbank is offering good financing for this project, so you're not seeing the same kind of credit restrictions on the Gorrie as you do for other projects around town.

Renting a good chuck of them would be a way, with maybe a rent to own option.

That's the worst thing you could do if you want people to buy them.  If over 30% become rentals, it's going to become difficult to find a lender that will want to finance a mortgage for you.

Vystar is offering 5k in closing costs. I believe 5 units have been sold. My concern is what happens if the 2 year window passes for FHA approval, and the Weavers decide to start renting it out? Would I be able to resell 10 years down the road?

[ben says]

Everbank is offering good financing for this project, so you're not seeing the same kind of credit restrictions on the Gorrie as you do for other projects around town.

Renting a good chuck of them would be a way, with maybe a rent to own option.

That's the worst thing you could do if you want people to buy them.  If over 30% become rentals, it's going to become difficult to find a lender that will want to finance a mortgage for you.

Vystar is offering 5k in closing costs. I believe 5 units have been sold. My concern is what happens if the 2 year window passes for FHA approval, and the Weavers decide to start renting it out? Would I be able to resell 10 years down the road?

When do those 5 buyers move in? Walk by everyday, yet to see a single light on.

[MusicMan]

Are you sure it's $5000? 

These are the cheapest condo's in Riverside. Waterfront is way more expensive
(as a general rule) and have huge monthlies. The JG has a reasonable monthly that includes a decent workout room. Resale is difficult to predict 10 years out but I think you have a better than 50% chance of being in a good place for resale.