Everything You Need To Know About Legacy Dunes Condos in Kissimmee & Why They are So Cheap!

If you’ve spent any time shopping for a vacation condo in Kissimmee lately than you’ve most likely run across a community called Legacy Dunes Condos.  With prices starting in the $25,000 range you just can’t resist the urge to click on the picture and get more information.  You’re first thought upon looking at the appealing photographs of Legacy Dunes may be, “Wow! Why are these so cheap? What’s the catch?” and you’re instinct is to click on the “get more info” button.  Allow me to save you the time and hype and lay it out on the table for you:

Why are Legacy Dunes Condos in Kissimmee So Cheap?

Top 20 Most Critical and Frequently Asked Questions About Buying and Owning an Orlando Vacation Home

Reason #1: Legacy Dunes Condo Association Fees are Very High  for What You Are Getting
Now I’m not against Condo fees like some of you may think, I am all for them when they are within reason but Legacy Dunes Condos not only charge high condo association fees but they don’t even justify it by including much.  The condo fees cover the common areas, and trash removal. . . don’t all cheer at once.  The fees are different per floor plan however paying almost $200 per month for a 1/1  600 sq ft condo probably doesn’t excite many Kissimmee home buyers.

Request Legacy Dunes Condo Association Fees List

Reason #2: Legacy Dunes in Kissimmee is Not a Fannie Mae Approved Community
If you’re a cash buyer this basically means nothing to you however for those of you who will be going through the process of taking a mortgage and putting less than 20% down this property does not qualify for your loan.  So to compensate and reach the cash buyers the prices in this community have dropped drastically.  This one fact makes Legacy Dunes condos in Kissimmee a steal of a deal for cash buyers only. . . bringing me to my next point.

Orlando Fannie Mae Approved Neighborhoods

Reason #3: The Legacy Dunes Condo Association Delinquency Rate is Rumored to be at or Exceeding 15%
With over 400 unites in the complex this shouldn’t necessarily raise too many eyebrows but the reason I bring up this point is because if you are taking a non- FHA loan and even if you are putting at least 20% down the property still may not qualify for the loan.  Lenders will not lend on properties with a homeowners association delinquency rate of more than 15% so even though you qualify for the loan the property itself does not.  I have not spoke to the HOA regarding their delinquency rate however if you run the numbers in my opinion it’s safe to assume the rate has exceeded 15% or will be soon.  There are currently 77 condos listed for sale in Legacy Dunes and only 13 of them are bank owned.  The rest are all short sales which puts you at 64.  It’s safe to assume that at least those 64 people are not paying their monthly condo association dues.  When you factor that number in with how many units there are in the neighborhood the number is right around 15%.

Reason #4: 90% of the condos currently for sale in Legacy Dunes are Short Sales
This is the biggest reason why Legacy Dunes condos are so cheap.  There are currently 77 Condos for sale in Legacy Dunes, 64 of them are short sales.  Short sales are NOT real prices unless stated “bank approved” which is why all the prices look so low.  I’m not going to get into all the reasons why you should avoid short sales like the plague (that’s a whole new article) but if you want to actually close on the condo and become a homeowner in Legacy Dunes the smartest course of action to take would be to stick with the bank owned condos and those are competitive to buy. Please look for our up and coming guide on “How To Buy a Bank Owned Vacation Home Near Disney”.

Legacy Dunes Bank Owned Condo List

That being said, Legacy Dunes is not necessarily a bad option for the vacation home buyer who wants on site management (they take 40% of your booking), who can pay cash and doesn’t mind the steep HOA fees.  You can get a great bank owned deal in Legacy Dunes Condos right now however please keep in mind that the community itself is not as glamorous in reality as it is in the pictures.  If you dont mind the drab colors and not so fancy clubhouse than jump on it because there are currently bidding wars on the bank owned condos in Legacy Dunes and if you’re not ready to make a move you will miss out.  The prices have hit rock bottom in there and now is the time to get in on it.

Get Our Free Legacy Dunes Neighborhood Report Packed With Everything You Need To Know Before You Buy

Legacy Dunes HOA Contact Information
Legacy Dunes HOA Fees
Legacy Dunes Long and Short Term Rental Rates
Legacy Dunes School Zoning Information
Legacy Dunes Property Tax Information
Legacy Dunes Neighborhood Information
Legacy Dunes Property Management Contracts and Much More!

Related posts:

1. Legacy Dunes Condos- Expect To Pay More in Kissimmee’s Best Value Vacation Condo Resort
2. Legacy Dunes Condos Being Flipped on Ebay For a Profit!!
3. 5 Facts You MUST Know Before Buying a Bank Owned Property Near Disney in 2009

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