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Should I invest in Notting Hill? YES!
Good morning Investor G. Thanks for your question on Trulia Voices regarding investing in Notting Hill in beautiful Lake Mary, Florida.
While no real estate agent or financial adviser (or even a psychic?) can determine future values of any investment (real estate, equities, art, etc.) I would say Notting Hill, at today's distressed prices, would be a very good investment especially for the long term.
The values dropped from $350,000-$440,000 just two years ago to today's prices of around $65,000 to $85,000 for two bedroom units and around $100K-$125K for three bedroom units often with two car garages and many I've seen that are in excellent condition.
The Association fees are "high" I suppose but that wasn't the real issue. The problem was the high prices and the extremely high property taxes!!! A secondary problem seems to be the lack of available financing since I believe the developer still owns too many units to meet guidelines AND the high rental and vacancy rate (or not meeting the minimum percentage for owner occupied units) so almost ALL of the recent sales have been for cash. The cash investors are getting some great deals/great prices on these bank-owned and short sale units.
The real difference NOW is that the County has reacted by lowering the assessed values of these properties by HUGE percentages. Some of the units which had tax bills approaching $4,500 a year are now assessed for 1/3 of the 2008 taxable value. So instead of taxes being almost $400 a month I'm seeing 2009 tax bills at closer to $1600 a year or $133 a month when you figure your ROI. That cut in taxes of almost $3,000 a year or $250 a month makes for a real potential of possible cash flow in addition to buying at low prices thinking there's excellent potential for price appreciation.
As we see more owners occupying these units and when the developer sells out their remaining units which I understand they still own the values could and should rise significantly. The bottom line is with low prices and low property taxes and a desirable rental market in the Heathrow-Markham Woods area, Notting Hill looks like a great place to invest. I think the demand for rentals at today's prices in there also support the investment potential.
Feel free to call or email with any questions. You do have to react quickly in Notting Hill since the last several offers I've written in there have had multiple offers in a matter of hours! That also tells me that the investors have discovered this is a place where they'd be looking to invest.
If you want to search for the bank owned, short sales, corporate owned or other distressed properties, go to http://www.MyFloridaHomesMLS.com/marty and click on the big "Foreclosure" button or use my no obligation search at http://www.OrlandoBankOwnedProperty.com or http://www.OrlandoForeclosureProperty.com (both direct to the same web site). I can be reached at the email address or phone number below if I can assist you. Thanks and have a great Sunday!
Marty
Marty Hunt, Realtor®, ABR, CRS, GRI, e-PRO
Owner/Partner: Florida Home Team Realty, LLC
Direct, Anytime: (407) 869-7779
Toll Free: (888) 412-8681 Fax: (407) 869-8987
Email: mailto:marty@martyhunt.com
Web Site: http://FloridaHomeTeam.com or http://www.MyFloridaHomesMLS.com/Marty
See Thousands of Foreclosures and Bank Owned Properties! Go to
http://www.OrlandoForeclosureProperty.com and click on "FORECLOSURE".Web Reference: http://MyFloridaHomesMLS.com/marty
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