Rare opportunity to secure waterfront condos for sale in Orlando
As I have outlined in recent newsletters, once a quality project is released to hungry local and overseas real estate firms, available units get snapped up extremely quickly. Similar launches to the one described below have sold out within a matter of weeks.
This is especially true for condos for sale in Orlando. Quality inventory is critically low and the average sales price of an Orlando property increased 10% between April 2011 and April 2012.
We own a condo in this area and we are very familiar with the local rental demand and all the other advantages conferred by its location alongside Orlando´s world famous shopping, dining, entertainment, studio theme parks and major employers.
Introducing - The Palms Club in Orlando Florida
The Palms Club is a beautifully designed and financially stable community located in the epicenter of Orlando´s tourism and economic corridor on Kirkman Avenue. Built in 1999 to a high standard with hard wearing Spanish tile roofs and incorporating circa 350 units, this community was condo converted and completely refurbished in 2007.
Unlike many condominiums during the downturn The Palms Club remained financially stable and well financed. This is one of the key reasons why we are interested in this community - there is no deferred maintenance, all relevant items are 100% reserve funded and there is a healthy budget surplus. Properties are very competitively priced and strong long term tenants are in place for those seeking a second income stream.
The Home Ownership Association (HOA) deserve tremendous credit for keeping this community financially healthy and for securing it´s long term viability. (Note: Far too many promoters gloss over these crucial issues and end up selling properties to unsuspecting buyers based on aesthetics and headline numbers).
The Palms Club is located on Kirkman Avenue and benefits from a high visibility in one of the busiest streets in South Orlando. It is an outstanding location in very close proximity to Downtown Orlando and the trendy "Restaurant Row" area of Sand Lake Road. The surrounding area is very well served with restaurants, schools, sport and leisure activities.
The following world class facilities are all located nearby (click here or on map to enlarge):
Universal Studios, with its massive theme park resort is 5 minutes away. Universal Studios employs in the region of 15,000 people directly and many thousands more indirectly.
Lockheed Martin, a global military systems contractor is 10 minutes away and employs 7,200 people.
Valencia College is located directly across the street. Valencia College is affiliated with UCF (University of Central Florida) and between the four campuses there is an enrolment of 35,000 students.
The Orlando Convention Center, the second largest in the USA is 5 minutes away. This convention center has an economic impact of over $2 billion and creates employment for over 25,000 people.
The famous International Drive, home to a huge variety of hotels, shops and restaurants is also within 5 minutes.
In short, The Palms Club is as central as you can get and it is heavily populated by people who live, work and study in a multitude of industries. Condos for sale in Orlando like this will rent out all day long.
Most people who visit Orlando (including many of our readers) will be very familiar with this area, which is another reason why it will sell out quickly once released on the open market. People like buying what they know.
The Palms Club is a beautifully designed community with a "Italian / Tuscan" landscaping and architectural style and a distinct Floridian influence.
It is gated with 24 hour security and contains the most comprehensive selection of amenities I have yet seen. It has a beautiful clubhouse, residents lounge and catering facility, 2 pool areas with jacuzzis, lighted tennis courts, an indoor children´s play area, a dog park, indoor air conditioned racquet ball courts, a huge yoga room, air conditioned basketball courts, a sauna and steam room, a fully equipped fitness center, a business center with professional meeting rooms and a private bowling alley!
The Palms Club properties are spacious, well appointed and meet all the stringent building standards that modern Florida communities must adhere to. The kitchen and bathroom cabinetry and appliances are all very new, with carpet flooring in the living, dining and bedroom areas and tile in the kitchen and bathrooms. We were very impressed with the extra high ceilings, sun rooms, balcony storage areas, walk in wardrobes and the general flow of the properties.
Benefits of Waterfront Units
We have promoted dozens of Florida communities in the past four years, and in our experience, water front units disappear quickly from every single community with a water feature. They have always been more popular among both renters and buyers. Indeed, a common complaint from our own clients is that they are satisfied with the price, location & floorplans etc but can´t secure a water front unit. It can be frustrating as the availability list is often the last place a prospective buyer will look after he/she has ticked all the other due diligence options.
I can´t emphasize enough the opportunity currently available to secure these prime units. If you want to secure the very best waterfront properties in this community, please download our detailed brochure (see below) and arrange to speak to my colleague David Shaw afterwards.
Too good to be true?
During the past 12-18 months, an unprecedented combination of high sales volumes and low new build activity has resulted in a critically low availability of condos for sale in Orlando. This is a major city which receives over 50 million visitors per year and yet there are less than 1000 condos available for sale on the MLS. The number located in safe middle class neighborhoods is even lower.
Because of this tightening of inventory, there has been a large increase in the numbers of people buying and promoting lower quality and poorly managed communities that look great on paper. Double digit rental yields are in these locations are often inflated by artificially low management fees, low HOA fees and a failure to include insurance in the running costs. Anybody seeking a genuinely solid rental income, a hassle free property and capital appreciation should avoid these types of deals. They are simply too good to be true. For example: if you are paying $200 per month in HOA fees and similar communities are charging $300 per month, then something is seriously wrong and your HOA is not being run properly.
From my point of view, it´s much better to purchase a modest yielding property on the way up, than an artificially inflated one on the way down. High yielding properties are easy to sell, but genuine opportunities like The Palms Club will generate much happier clients in the long run.
If you have read this and are genuinely interested in learning more, please download our brochure and then arrange a time to speak with and/or meet with us in person.
Securing quality inventory in Orlando has never been more difficult. Here is your chance to get a prime unit at a great price.
For full details on the real estate offered by Torcana Ltd please visit www.torcana.com