IT'S SOOOOO FRUSTRATING! PRACTICALLY EVERY APARTMENT COMMUNITY I'VE CALLED HAS TOLD ME THEY ARE NOW CONDOS OR ARE CONVERTING IN THE NEAR FUTURE. WHAT ABOUT PEOPLE LIKE ME WHO CANNOT AFFORD TO BUY? THERE WON'T BE ANY GOOD APARTMENTS LEFT! I AM SPECIFICALLY INTERESTED IN THE LAKE BUENA VISTA AREA (OR SOMETHING NEAR WDW). DOES ANYONE KNOW OF ANY COMMUNITIES THAT WILL NOT OR CANNOT CONVERT? ALSO, IS THERE ANY NEW CONSTRUCTION ON THE HORIZON FOR APARTMENTS?
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Who Isn't Turning Into Condos??
- Thread starter MANNEQUINSQUEEN
- Start date
IT'S SOOOOO FRUSTRATING! PRACTICALLY EVERY APARTMENT COMMUNITY I'VE CALLED HAS TOLD ME THEY ARE NOW CONDOS OR ARE CONVERTING IN THE NEAR FUTURE. WHAT ABOUT PEOPLE LIKE ME WHO CANNOT AFFORD TO BUY? THERE WON'T BE ANY GOOD APARTMENTS LEFT! I AM SPECIFICALLY INTERESTED IN THE LAKE BUENA VISTA AREA (OR SOMETHING NEAR WDW). DOES ANYONE KNOW OF ANY COMMUNITIES THAT WILL NOT OR CANNOT CONVERT? ALSO, IS THERE ANY NEW CONSTRUCTION ON THE HORIZON FOR APARTMENTS?
WDWKat26
New Member
WOW YOU REALLY LIKE TO USE CAPS DON'T YOU?????!!?!?!
Anyway, I understand your frustration. A lot of the apartments around here are turning into Condos, and the thing is, some of them aren't even worth it. People are paying well over $200k, for something that was put up quickly, and not meant to be a Condo. Condos that were BUILT to be Condos, are put up more carefully and with better...what's the word...I guess "resources" or "supplies". For example, Condos usually have cement blocking for the walls (which is good for the hurricanes). When apartments are put up I know that they're made with like some sort of wood I believe...I can't remember exactly. All I know is that it's definitely harder to find an apartment down here than it used to be.
Anyway, I understand your frustration. A lot of the apartments around here are turning into Condos, and the thing is, some of them aren't even worth it. People are paying well over $200k, for something that was put up quickly, and not meant to be a Condo. Condos that were BUILT to be Condos, are put up more carefully and with better...what's the word...I guess "resources" or "supplies". For example, Condos usually have cement blocking for the walls (which is good for the hurricanes). When apartments are put up I know that they're made with like some sort of wood I believe...I can't remember exactly. All I know is that it's definitely harder to find an apartment down here than it used to be.
WDWScottieBoy
Well-Known Member
Mirasol in Celebration, FL is still all apartments, but it's rumored that it's going to go condo within 1-3 years. Now, their cheapest apartment is also close to $1200/month. As far as anything else, it's basically all going condo. You might want to check out the MetroWest/Millenia Mall area as I know there are still quite a few apartment complexes out that way.
AliciaLuvzDizne
Well-Known Member
hm...
so those apartment guides are lying?? im currently looking into a few places, but there has been no mention of them converting...
so those apartment guides are lying?? im currently looking into a few places, but there has been no mention of them converting...
AliciaLuvzDizne
Well-Known Member
sighwdwprincess03 said:
oy
thanks...
this is going to be a bigger pain then i origionally thought i guess.
I called one property and was told that some communities belong to like an "apartment association" and are not allowed to convert basically. Has anyone heard something like this? Maybe I misunderstood. She specifically mentioned, however, Emperian at World Gateway and Alexan at World Gateway.
In response to WDWKat26...you are so right about the inflated prices and poor quality! I've seen new apartments under construction and they are basically a cheap wood frame. I just can't believe people will pay such high prices to own such crap!
In response to WDWKat26...you are so right about the inflated prices and poor quality! I've seen new apartments under construction and they are basically a cheap wood frame. I just can't believe people will pay such high prices to own such crap!
AliciaLuvzDizne
Well-Known Member
ohMANNEQUINSQUEEN said:
well
both of those properties you mentioned are ones that i'm looking into
speck76
Well-Known Member
All but 3 of the Hunter's Creek complexes are rumored to be going condo......Town Place at Hunter's Creek will be the next to announce.
The Tradition near Millenia just announced convertion
Douglas Grand in Metrowest is converting, as is part of Park Ave, and Victoria Pointe already did....I am sure more will follow.
The sad thing is that people are paying way too much for crappy apartment construction when these places convert. When Cypress Fairway converted, a 700 sq foot 1BR apartment that was renting for $750. per month was now selling for $180K+....well over $250 per square foot.
Consider a typical mortgage...a down payment of $35K (20%) and interest of 5.4%, payments are now over $800 per month, plus taxes, association fees......one is looking at well over $1,000 per month......for crappy apartment construction.
My biggest fear is that if the market slows at all, these will be the first to fall, and will fall the hardest....
The Tradition near Millenia just announced convertion
Douglas Grand in Metrowest is converting, as is part of Park Ave, and Victoria Pointe already did....I am sure more will follow.
The sad thing is that people are paying way too much for crappy apartment construction when these places convert. When Cypress Fairway converted, a 700 sq foot 1BR apartment that was renting for $750. per month was now selling for $180K+....well over $250 per square foot.
Consider a typical mortgage...a down payment of $35K (20%) and interest of 5.4%, payments are now over $800 per month, plus taxes, association fees......one is looking at well over $1,000 per month......for crappy apartment construction.
My biggest fear is that if the market slows at all, these will be the first to fall, and will fall the hardest....
TravisMT81
Well-Known Member
this does make me nervous! Everything is turning condo and really making the apartment occupancy tight! Which is return they are raising the prices. I would love to buy something but they are really jacking up the prices. StoneBridge over at Metrowest started at 160,000 for a 2 bedroom last year tnow they are at 250,000!!! The Hamptons prices are outragous too, they are nice but the bedrooms are small.
TravisMT81
Well-Known Member
When is Parc Vue going condo? I had not heard anything about that.
More apartments go condo as trend spreads through region
By Jack Snyder
Sentinel Staff Writer
July 25, 2005
The condo conversion wave rolls on. A new one in downtown Orlando, the 28-unit Delaney Place at Delaney Avenue and Lucerne Terrace, sold out quickly with minimal marketing.
The conversion team is made up of the same folks who did La Costa Brava in south Orlando.
Todd Cohen, director in the Orlando office of Primary Capital Advisors, handled the financing. Cohen said few investors were in the mix of buyers, with many existing tenants snapping up the apartments.
Meanwhile, renovations are under way in the conversion of the 204-unit Stratford Square Apartments at 2200 Howell Branch Road in Winter Park. ZMG Corp. of Orlando is doing the conversion. Sales are by Coldwell Banker The Condo Store.
MetroWest has become a converters' haven, with several projects under way. MCZ/Centrum of Chicago has launched sales at the 398-unit Serenata at 6101 MetroWest Blvd.
Nearby, at 6058 Westgate Drive, McRae & Stolz of Atlanta sold 400 condominiums in just less than two weeks.
Developer Alan McRae attributed much of the swift sales to prices starting in the low $100's.
More apartments go condo as trend spreads through region
By Jack Snyder
Sentinel Staff Writer
July 25, 2005
The condo conversion wave rolls on. A new one in downtown Orlando, the 28-unit Delaney Place at Delaney Avenue and Lucerne Terrace, sold out quickly with minimal marketing.
The conversion team is made up of the same folks who did La Costa Brava in south Orlando.
Todd Cohen, director in the Orlando office of Primary Capital Advisors, handled the financing. Cohen said few investors were in the mix of buyers, with many existing tenants snapping up the apartments.
Meanwhile, renovations are under way in the conversion of the 204-unit Stratford Square Apartments at 2200 Howell Branch Road in Winter Park. ZMG Corp. of Orlando is doing the conversion. Sales are by Coldwell Banker The Condo Store.
MetroWest has become a converters' haven, with several projects under way. MCZ/Centrum of Chicago has launched sales at the 398-unit Serenata at 6101 MetroWest Blvd.
Nearby, at 6058 Westgate Drive, McRae & Stolz of Atlanta sold 400 condominiums in just less than two weeks.
Developer Alan McRae attributed much of the swift sales to prices starting in the low $100's.
So, back to my previous question...Has anyone heard of some form of "apartment association" which does not allow some communities to convert? The last thing I want is to sign a lease and be told it can't be renewed due to the property selling.
Furthermore, what's going to happen to all the theme park employees making minimum wage and definitely cannot afford to buy a condo? Without them, the industry would be in peril!
Furthermore, what's going to happen to all the theme park employees making minimum wage and definitely cannot afford to buy a condo? Without them, the industry would be in peril!
cindy_k said:
There was an article in the Jacksonville paper last week about this happening in my neighborhood. The property values are crazy; I could sell my house in a few days for about 5-6 times what I paid for it! Because of this, many apartments are going condo, including two that are popular with the elderly, who will face difficulty staying in this area. (Which is close to a hospital and doctor's offices, and within a short distance of grocery stores, pharmacies, etc.) As Now Inc mentioned, it's happening all over the state.
The Legends at Champions Gate is just south of WDW and it is deed restricted, there for not allowed to go condo for another 8 years (I think.)
It is a very nice apartment complex but the rent is fairly high-- about $850 for a small one bedroom. There are condos going in all around it and the waiting list to get in is about 2mts as of now... They said October...
Good luck...
It is a very nice apartment complex but the rent is fairly high-- about $850 for a small one bedroom. There are condos going in all around it and the waiting list to get in is about 2mts as of now... They said October...
Good luck...
billybluenose
Member
condos
you're right, but the vast majority do live below the poverty level. the fact that they make more than minimum wage says more about how low it is rather than how well they're paid.
as far as apartments, i would recommend cagan's crossing (or is it cagan crossings?) at 192 and 27. it's relatively cheap but well maintained and safe. they are building a "town center" in front and i can't imagine them converting to condos until that's done (it's taken them five years to begin phase one, so no need to rush).
-billy
ps - i'd put money on the condo boom crashing hard in the next five years... but, not my money of course.
speck76 said:
you're right, but the vast majority do live below the poverty level. the fact that they make more than minimum wage says more about how low it is rather than how well they're paid.
as far as apartments, i would recommend cagan's crossing (or is it cagan crossings?) at 192 and 27. it's relatively cheap but well maintained and safe. they are building a "town center" in front and i can't imagine them converting to condos until that's done (it's taken them five years to begin phase one, so no need to rush).
-billy
ps - i'd put money on the condo boom crashing hard in the next five years... but, not my money of course.
Ducky_Love
New Member
My two cents...
1) Mirasol in Celebration IS going condo. My husband works at Celebration Hotel where they held an all day "signing event" for new buyers. Besides, they were designed as a retirement community of sorts.. not really what you are looking for.
2) I live in Empirian at World Gateway. It is a very nice complex with many security features that help me feel at home. (double deadbolts and alarm system) There are some SERIOUS issues with parking, but management is working on resolving the issue. We have a garage or I would lose my mind. I would vouch for this place-- I really like it here! (I can make it to any of the WDW parks in 10 minutes) PLUS: They are deed restricted, I believe for the next four years.. which means we can try to wait out these crazy property prices. I know it is really "time" for us to buy a house.. but I don't mind cooling my jets to see if the market drops a bit.
3.) The Alexan World Gateway is also a nice property, they are about the same age as Empirian. I toured them but decided I would rather live here. My reason was a security features, I believe all of Alexan's apartments have large glass doors (if I remeber correctly) and that made me nervous. Ok- I'm paranoid..
4.) I also toured the Alexan apartments over on 192. That is a beautiful complex!! I really liked it over there but decided to stay on this side of WDW because there is much less traffic. 192 can get CRAZY.. but you learn the back ways...
PM me if you have specific questions... I may never find this thread again!
1) Mirasol in Celebration IS going condo. My husband works at Celebration Hotel where they held an all day "signing event" for new buyers. Besides, they were designed as a retirement community of sorts.. not really what you are looking for.
2) I live in Empirian at World Gateway. It is a very nice complex with many security features that help me feel at home. (double deadbolts and alarm system) There are some SERIOUS issues with parking, but management is working on resolving the issue. We have a garage or I would lose my mind. I would vouch for this place-- I really like it here! (I can make it to any of the WDW parks in 10 minutes) PLUS: They are deed restricted, I believe for the next four years.. which means we can try to wait out these crazy property prices. I know it is really "time" for us to buy a house.. but I don't mind cooling my jets to see if the market drops a bit.
3.) The Alexan World Gateway is also a nice property, they are about the same age as Empirian. I toured them but decided I would rather live here. My reason was a security features, I believe all of Alexan's apartments have large glass doors (if I remeber correctly) and that made me nervous. Ok- I'm paranoid..
4.) I also toured the Alexan apartments over on 192. That is a beautiful complex!! I really liked it over there but decided to stay on this side of WDW because there is much less traffic. 192 can get CRAZY.. but you learn the back ways...
PM me if you have specific questions... I may never find this thread again!