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 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.
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.