Wednesday, May 12, 2010

For Sale. Three Bedroom Two Bath Condo. Unbelievable Opportunity!

If I had a nickel for every time I heard or saw that, I’d have enough money to buy a highrise on the beach. Yesterday, we finally agreed to terms for a vacation condo in Naples, FL. As stated in the title, it’s a 3 bedroom, 2 bath first floor unit. It is in a gated community with 2 community pools and clubhouses. We bought it fully furnished (turnkey) and it’s about 5 miles from the beach.

We’ve been coming to Naples for the past 4 years. We stay at a friend’s condo. While here we have several family members visiting. We like the area for vacations and grand children love the beach and pool so we decided to bite the bullet and find a place of our own. We’re thinking that this will pretty much replace all other types of vacations. The other thing we considered is that it seems the real estate market in this area has bottomed out so now we also have an investment property.

The process of finding the right place was very time consuming and often frustrating. We viewed many, many units ranging from those that were too expensive to a bank-owned unit that smelled so disgusting we immediately turned around and left. Needless to say the real estate agent was a tad embarrassed.

Once the real estate agent finally ‘got it’ as to what we wanted, we were able to narrow the search and did in fact make an offer on a previous unit but it was too low. There was a counter offer but we were so far apart that we didn’t pursue it.

Finding turnkey units was a challenge. I always thought that the region was loaded with furnished condos at a low price just sitting there waiting for someone to come along and rescue them. Not so. Of all the units we viewed there were only about 3 that were furnished, including the one we bought.

We’re not the owners yet. The closing is in June and we have to have an inspection and the title search company has to do its thing but we don’t anticipate any problems. They make things easy down here. The real estate agent will represent us at the closing, mail us the condo documents, the keys and the security gate code. All we have to do is mail her the check! We do have to arrange home owners insurance and call the utility to switch the electric to our name. Then we’re good to go. So we’re off on another venture/adventure.

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