Imagine the possibility of purchasing a luxury condominium in South Florida complete with two bathrooms and two bedrooms overlooking a pristine golf course. Then imagine purchasing this slice of paradise for just $1. This is a possibility in today's Florida residential real estate market.
Multiple condos are currently listed for $1 to just $900 in the area of Palm Beach County. It may be appealing to those who want a winter getaway spot or simply wish to retire to a warmer climate in the near future. This is especially true because the condos are known to possess clear titles, be immediately habitable and clean, with the added bonus of not having unreasonable condo fees.
There is, however, a catch. The catch is the requirement that purchasers join the condominium's country club. This includes paying annual dues and drinking and eating at least a certain amount every year. The carrying costs each year often total anywhere from $20,000 to $30,000. Before moving forward with a condo purchase, it is wise to examine the condominium owners' association's status and the country club's finances to ensure that there are adequate reserves to cover major repairs should they become necessary.
The residential real estate market in Florida continues to flourish, offering a multitude of opportunities for people to purchase their dream homes in 2015. However, a seemingly positive deal can turn negative quickly if an individual is not prepared to navigate the ins and outs of a real estate deal. An applied understanding of real estate law may help individuals interested in buying or selling property in Florida to protect their best interests and achieve their unique goals.
Source: The Washington Post, "You really can buy a luxury condo in South Florida for $1, but there's a big catch", Harvey S. Jacobs, Jan. 23, 2015