Legacy Dunes Condos- Expect To Pay More in Kissimmee’s Best Value Vacation Condo Resort

I’ve been getting a lot of inquiries on Legacy Dunes this past week from investors that are just looking for a solid, inexpensive investment in the Disney area.  Many of the investors who are buying property in here don’t have any intention of using it for short term.  Some plan on renting it for a year and then trying to flip it, some just want to rent it full time and live in it for retirement and some are just buying it because it’s cheap and they will figure out the details later.  Whatever the case may be there is one thing that is certain. . .

If you plan on investing in a Legacy Dunes condo in Kissimmee you can plan to pay above asking price!

The comps don’t lie.  I’ve comped out every sold condo recorded in the MLS for the past six months and 70% of them sold for over asking price.  Some were a mere thousand over asking and some were as much as $16,000 OVER ASKING PRICE! What this tells me is that if people are willing to continuously pay over asking price for these condos that our market has absolutely hit a rock bottom and the comps are reflecting that.  

Legacy Dunes Bank Owned Condos For Sale

Legacy Dunes used to be a place where the average investor who just wanted a cheap vacation rental condo in Orlando could get a great deal.  Now it’s turned into a feeding frenzy for investors looking to cash in on the rock bottom short term rental investment that is still in decent condition.

If you’re up for the challenge of trying to buy a condo in Legacy Dunes, here are the new rules of the game:

Rule #1: Don’t underbid or you won’t get the condo!

Rule #2: Submit your highest and best offer.  In most cases, you only get one shot of submitting your bid so make sure it’s the highest you’re willing to pay.

Request the Full Legacy Dunes Sold List For 2009

Rule #3: Be ready to jump on the listing right away! Time is of the essence when you have 20 other hungry investors trying to buy the same condo.

Rule #4: Have your rental strategy mapped out ahead of time.  If you plan on renting it, make sure it’s rental ready asap so you don’t get stuck with it too long! Those condo fees are high and will start to eat a hole into your bottom line.

View All Condos For Sale in Legacy Dunes Kissimmee

What To Look Out For When Renting a Condo Near Disney World

Condo vacation rentals are a popular option for those not wanting to stay in a cheap and sleazy Orlando hotel but are  looking for a value vacation rental alternative in Orlando. Many of the Orlando condo resorts offer a both five star amenities as well as top of the line decor all for often half the price of a vacation home. When shopping for a vacation condo in Orlando be sure to find out about these five things before booking the unit.  You won’t regret asking these questions.

1. What floor is the vacation condo located on?
It may look fabulous in the pictures and the view may seem incredible but if it’s on the second floor and it’s a five story building you may run into noise issues. The middle floors are usually the nosiest floors to be located on and though they offer a great view, they may not be the best option if you are traveling with a small baby who wakes easily through the night.  The last thing you want to be on your Orlando vacation is sleep deprived!

Orlando Vacation Condos For Sale Under $70,000

2. Does it have an elevator?
In follow up to the question above, if your condo is not on the first or second floor it’s vital to find out if the building has an elevator.  Believe it or not, not all Orlando condo resorts have elevators and you could be stuck walking up three flights of stairs everyday.  That may not seem so bad first thing in the morning but try doing it after you just walked three theme parks all day.  Happy camper? I think not.

3. Is it gated?
Most Orlando condo vacation rental resorts are gated but it doesn’t hurt to ask.  The benefit to being in a gated community is obviously security.  Often times you will get locals looking for a free place to hang out for the day who sometimes utilize the facilities of non-gated communities and it causes the pool areas to get overcrowded.  Go for the gates, you’ll be happy you did in the end.

The 9 Best Kissimmee Vacation Home Communities To Own a Vacation Home In

4. Does it back up to a shopping plaza?
Always ask what your unit backs up to.  Many of the Orlando condo resorts back up to shopping plazas or are built near commercial strip plazas.  This isn’t so bad if you want to be walking distance to a strip plaza but to walk out onto your balcony and watch Uncle Vito dumping the trash out at the local Italian restaurant everyday just won’t feel so glamourous.

5. How close to the pool is the unit?
In an recent post I briefly discussed how important it is to be close to the clubhouse and pool if you plan on using it.  Not only is it a pain in the rear to get into your car and schlep everything in and out everyday just to drive two minutes to the pool it’s more annoying if you’re not renting a car and you have to walk about 10 minutes in the blazing hot peaks of summer which, I promise, will suck the life out of you before you even get to the pool.  Always stay close to the clubhouse if you want an enjoyable vacation!

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The Best of The Pink Flamingo From 2009

2009 was a great year for Orlando vacation home buyers and owners.  It was also the Pink Flamingo’s first year up and running as an official vacation home blog.  I’m really looking forward to 2010 and can’t wait to tell you all about the awesome stuff that is up and coming here.  To start the year off with a bang I thought I’d post the most popular articles from 2009.  Enjoy!

How NOT To Furnish Your Orlando Vacation Rental Home If  You Want Bookings

The 9 Best Kissimmee Gated Communities to Own a Vacation Home In

Why Orlando Is a Great Choice For Canadians To Own a Vacation Home

50+ Sites To Market Your Orlando, Florida Vacation Villa On

The Chuck Norris Guide To Closing On Your Orlando Vacation Home In 30 Days or Less

6 Most Common Expenses Associated With Owning a Disney Area Vacation Rental Home

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

10 Questions You Must Ask Before Hiring Any Orlando Property Management Company

How Sticking Your Hand In Toilet Water Can Save You Thousands on Your Kissimmee Home Purchase

Hidden Expenses Your Short Term Rental Management Company Doesn’t Want You To Know About

15 Quick Fix Tips For Getting More Bookings On Your Orlando Vacation Home

6 Common Sense Reasons Why You Should Never List Your Orlando Vacation Home For Sale With a Property Management Company

Are Orlando Vacation Homeowner’s That Self Manage A Threat To Management Companies?

The vacation home industry is growing by leaps and bounds and was one of the most popular choice of accommodations for families traveling to Disney World and other Florida areas in 2009.  With the popularity of vacation homes and consumer awareness growing it’s starting to become a bit more competitive to market vacation rentals online than it used to be.  VRBO, a popular vacation rental by owner site,  is currently dominating the world of direct owner bookings and though there are management companies advertising on the site most of what’s available is listed directly by the owners.

Windsor Hills Resort Bank Owned Vacation Rental Homes For Sale

One of the trends I’m noticing with owners is that many think that if they cut the middle man out (management company) they can market their home at a discounted rate and still receive a larger portion of that money.  This works for many owners who utilize their vacation home rental as a full time business but what about the other owners who don’t want to make marketing and renting their vacation home a full time job and are dependent upon a property management company renting out their property?  These steeply discounted rates that owners are offering on VRBO are in direct competition with what your management company is trying to rent your vacation home for.  Any prospective renter who understands the internet is able to log on and check to see what rentals are going for in your neighborhood and will see these discounted rates being offered by owners.  If your management company is any good at securing retail bookings than they will be aware of this fact up front and know how to up-sell the renter on the benefits of working with a management company over booking directly with the owner (as will owners do the same).  I personally, do not have a preference as to which one is better but there are specific facts about both that should be brought to the renters attention before they make a decision.

Everything You Wish You Knew Before Buying a Florida Vacation Rental Home

Pros of Booking Directly With The Vacation Homeowner

• Homeowner will give a better rate.  Since the middle man is being cut out the homeowner can afford to offer a steeply discounted rate to the renter.
• Homeowner can be more accommodating. Since you are dealing directly with the owner you can ask specific questions about the property that a reservationist at a management company may not be able to answer in as much detail for you such the closest local Italian restaurant or the best view of the Disney fireworks in town.

Cons of Booking Directly With The Vacation Homeowner

• Time difference and emergencies. If the homeowner lives in another country and there is an emergency that requires immediate assistance than it is possible that you could be waiting for a response back for several hours as many homeowners do not have a full time on call maintenance staff to deal with these issues.
• No quality assurance. Some homeowners that manage their own vacation rental properties rely solely on a cleaning crew to maintain their home between guests which means there is more risk of the home not being cleaned to your standards when you arrive.  If you complain to the owner they cannot move you to a new property as most of the time they only own one.

Hidden Expenses Your Short Term Rental Management Company Doesn’t Want You To Know About

The Best of Both Worlds?
There are renters out there who will just always feel more comfortable renting a property that they know is being professionally managed.  With that being said, owners can still cash in on their own bookings while utilizing the assistance of a rental manager.  Many owners will list their properties for rent by owner and secure the booking themselves but have the management company handle the rental aspect of it and pay them a small owner booking fee.  This is a win-win for both the owner and the renter as the renter gets a peace of mind knowing that if something goes wrong with the property they will be accommodated immediately and the owner get their chunk on the booking revenue while doing a quarter of the work that a self managing owner would do.

What is your take on self-managing vacation homeowners offering competitive rates to undercut rental manager bookings?

Four Features That Set An Orlando Vacation Home Rental Above The Rest

When renting an Orlando vacation home there are specific features you want to look for in that home to get the most value for your money.  Many people who rent a vacation home in Orlando for the first time go at it blind and don’t know what questions to ask when inquiring about vacation rentals.  These are the top four most requested features for an Orlando vacation rental property and for good reason.

1. Distance to the Clubhouse
Ever rent a vacation property located in a neighborhood the size of Texas only to have to walk or drive all the way to the other side just to go to the clubhouse? That’s not fun for anyone especially in the middle of the blazing hot summer and you have to walk.  If utilizing the community clubhouse is a priority for you than by all means make sure the property is located within close walking distance.

2. Pool Heat with South Facing Pool
Pool heat is by far one of the single most requested features in a vacation home during the winter in Florida.  The great thing about Florida is that most of the time in Winter, if you have pool heat, it’s still not too cold to go swimming outside (at least for the snowbirds). If you want to be able to utilize the private pool in winter make sure it has a heater.  There will be an additional charge for pool heat. A South facing pool with get the most sun exposure throughout the day.

Don’t forget to join the waiting list for The Pink Flamingo’s up and coming e-book “Everything You Wish You Knew BEFORE Buying a Florida Vacation Rental Home“

3. Lake or Conservation View: There is nothing more peaceful than waking up every morning, having a hot cup of tea and looking out at your beautiful view of either the lake or nature.  If you’re going to spend the money on a vacation rental you may as well have something with a view.  It’s also a privacy factor for many people, they do not want the neighbors behind them staring at them while they are sunbathing or lounging in the private pool.

4. Updated Furniture: For the love of all things vacation homes don’t get stuck with floral couches! There are many Florida vacation homes out there that look like the furniture has not been updated since the industrial revolution and many of them are charging the same amount in rent as their neighbor who has a modern updated pad complete with a games room and flat screen television.  Always check out a virtual tour of the property before renting to make sure you get a good look at what you will be living in for a week or two.