Buying Power of Sale in Florida

How healthy is the Condo Corporation?

I have always loved to go south in January to escape our Canadian winters for a few weeks.   I am always attached to the beautiful blue skys and the warm waters of Florida.

Lately I see more ads about how easy it is to buy a condo that is under Power of Sale, and that you can rent it out and have all your expenses covered every month.

Just a word of warning … that dirt cheap price tag, in many cases, indicates that the condo corporation you are buying into is almost broke or is close to it!  If the development is half empty, you and the other owners, are responsible for all of the dept of your condo corporation, the back taxes, the loans, the lawsuits,all of the improvements put on hold since the market downturn, and the future costs needed to be spent on dealing with the repairs that have been postoned these last years.   So,  just like here in Canada you would think twice before buying a condo with “troubles”,  of course you have to be even more careful when buying abroad!   Get a layer you trust who is referred to you by someone you know, and get to know everything about the finances of this development.  It very well may be a great  investment!  But find out if the low price is largely due to the market downturn, or if this condo has serious problems beyond the currant lower demand.

P.S.  This advice goes for our Toronto GTA condo market as well.  That is why your lawyer (and accountant) look at the Status Certificate of a condo corporation before you “firm up” on an offer to purchase a condo.

For Information on Homes for Sale in Mississauga and Mississauga Real Estate , please give me a call on my cell at 416-460-6054 or email me at MarkH@intlog.com.  Thank you!