5 Quick Kitchen Fixes for your Orlando Vacation Rental Home That Will Generate Bookings

This is a guest post by Lisa Sedore, owner of www.SunshineVillaOrlando.com. Please scroll down below for more information on her and her services.

What room comes to mind when you think of the heart of a home? Your kitchen, right?  Well, an Orlando vacation rental home is no exception to this rule. With just a few quick kitchen fixes you can pump some new life into a flat line rental kitchen and increase your bookings in the competitive Disney area vacation home market.

2. Dress Up your Window
What’s your style? Whether simple and functionable, county or elegant the window treatments say it all.  Try some mini blinds and valance or a cornice box hung high to enlarge the look of your window.  Highlight a modern sleek look with a Roman shade or bump it up with wood blinds for a touch of elegance.  Cute little cafe curtains add a homey county feel to a Florida home.

Read Also: How To Market Your Vacation Home To a Niche Audience

5. Shine Some Light
Some like it bright, some like little light.  Mix a variety of light sources to blend light levels in the kitchen.   Task lighting provides sufficient direct light to chop veggies or read recipes while ambient light creates warm glows that fill the space and warm our hearts.

Guests will take notice of the updates and modern fixes to your kitchen rewarding you with increased inquiries and more bookings.   After all … kitchens are the heart to all our homes!

Lisa Sedore (owner) is The Villa Manager, she is dedicated to providing vacation rental property owners the best solution to their business management and booking needs.   Her blog site, www.vacationvillablogger.com is an amazing resource for Florida vacation home owners and guests to find insightful information, join the conversation, and learn about how The Villa Manager can make the most of their vacation rental experience.   Lisa’s and her husband Mark are also the owners of their own vacation rental property in Davenport Florida.  Take a peek at how they created a magical villa close to Disney at www.sunshinevillaorlando.com

 

5 Reasons Why Your Offers Keep Getting Rejected on an Orlando Investment Property

Perhaps you know this situation all too well, you’ve been trying to acquire an investment in the Orlando area for quite some time now and you’ve placed offer after offer after offer but still nothing. You start to question your Realtor and/or perhaps even yourself. You’re a cash buyer, who wouldn’t want to take an offer from a cash buyer, right? Wrong. Let’s take a look at some of the main reasons why your offer’s are getting rejected on not just bank owned properties but other hot ticket properties.

Search Thousands of Investment Properties in the Disney Areas

The Market Is Stronger Than You Think
Maybe it’s you? . . . One of the biggest reasons I see investors losing out on fantastic houses everyday is because of their perception of the market. The have listened to too many friends or family members talking about how depressed the Florida real estate market is that they have formed this idea that they are going to fly down and have the prime selection at hundreds of houses that banks and residents are just desperate to unload.

Reality Check- This may have been true back in 2007 and 2008 but it’s now 2011 and the investment property market in Orlando (vacation homes and income properties) are the hottest commodity to the foreign group and just like you, they are also all cash buyers many of which are educated on what the market is really like. So when you place low ball cash offers on these properties your offer is sent in with about a dozen other cash offer by investors who are NOT lowballing.

Private Listings Not Available on MLS- Davenport Resort Townhouses from $103,000

Your Offers Are Weak. . . but Why?
Your offers are too weak and so is your investment strategy. If your goal is to actually secure a property sometime this year than you really need to evaluate your reasons as to why you keep lowballing on properties that are already undervalued. If you keep low-balling and missing out on amazing deals the only one who loses if you. The seller is going to get their asking price, if not more, and you’re not going to get a property. If you are low-balling because you can’t afford to pay full price in the budget you are looking in than you need to look at properties in a lower budget that you can afford to place full price, or higher, offers on and still be in your comfort zone.

Reality Check- If you now know that, on almost any given property that is in decent shape and in a decent location, you’ll be going up against at least a dozen other offers than you need to pony up your highest and best offer up front. If you’re trying to play the back and fourth game you missed the boat on that. You only get one shot to buy these homes in a multiple offer situation (which is usually always the case) so don’t fart around trying to play games. If you want to get something thousands under market value than you should consider buying directly from the courthouse. . . but remember you save money on the sale price but you inherit all the liens. Do your homework first.

Read Also: 5 Things to Consider Before Buying a Kissimmee Condo

Your Realtor is Not Presenting Your Offers
This is not a conspiracy theory, it really happens and it could be happening to you. Unfortunately, because of the nature of the market there are some Realtors who just don’t want to deal with the hassle of submitting your offer because they don’t think it will get accepted, you didn’t offer what they suggested, there was too much paperwork on the back end, they really want to buy it for themselves etc etc, . Not only is this unethical but it’s downright nasty and against the Realtor code of ethics. It’s so important in this market to be working with a Realtor you trust because it’s a cut throat market out there and Florida is full of wolves in sheep’s clothing.

Reality Check- If you suspect your Realtor isn’t submitting your offers you may have to do some legwork to find out but there is a way that you can find out for sure. You will need to track down the listing agent of the property and call to find out if your offer has truly been submitted. They will be able to verify for you if an offer was submitted matching your info. If you don’t want to have to take it that far, you can ask your agent for some type of email confirmation from the bank or listing agent that the offer was received. In all honesty, if you have to second guess your Realtor this much and go through this much effort to confirm suspicions than you probably aren’t working with the right agent to begin with.

Read Also: Six Signs You May Be Ready For An Orlando Vacation Rental Home Investment

Your Terms Are Not Attractive To The Sellers!
So maybe you are putting in full price, or over, cash offers and your Realtor is presenting them but you still keep getting outbid. It’s possible that the rest of the terms in your contract are just not attractive! Terms are things such as closings dates, inspection periods, seller concessions, home sale contingencies etc. All of these factors play a role in making your offer stronger or weaker. Cash is king but so is a quick closing, short inspection time frame and no requests for contributions from the seller.

Reality Check- From one investor to another, put your self in the sellers shoes every time you go to submit an offer. Pretend you have five contracts sitting in front of you and they are all 5 thousand over asking price. One can close in two weeks with a 5 day inspection time frame and the rest are 30-40 day closings with a 15 day inspection period. You know which one you would take. . . banks and sellers are no different. When buying from a bank, you are just a number to them. Your offer will get submitted into an automated system with dozens of others and the asset manager will select the highest and best and reject the others. It’s nothing personal so don’t ever take it personal if your offer gets rejected.

You Don’t Have All the Facts
This happens quite often and it’s usually not your fault. You’ve found a great house and you get so anxious to bid on it that you call your Realtor in a frenzy to get a contract typed up right away for full price. Your Realtor assumes you know the value of what you’re bidding on and gets it over to you. Lets stop right there; If you’re bidding on a house that is listed for 10% under what every other home in the neighborhood sold for, you need to know this because the home will sell for 10% more than the asking price!! The only way to know this is to make sure your review the comparable sales for the past six months in the community before settling on your offer price. Full price isn’t always full value and properties (unless they are trashed) are not selling under market value.

Reality Check- When reviewing comps and deciding what to offer, don’t offer the lowest amount of all the comps. You have no idea why that home sold for so much less, it could have been trashed, have mold, chinese drywall, who knows! Good properties in this market will sell for the highest market value and sellers (banks especially) are educated on what that value is. It’s not worth losing out on good deals because you’re too busy trying to be cheap. Cheap investors never win in the end because they miss the boat and end up buying high, when it’s too late. Listen to the advice of your Realtor, it’s their job to do everything possible to help your offers get accepted and pushed through. If you don’t listen to their advice than you have only one person to blame when you miss out on a great property.

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Six Signs You May Be Ready For an Orlando Vacation Rental Home Investment

1. Taking Frequent Vacations to Orlando
Do you find you and your family are taking frequent vacations to Orlando? Maybe it’s Disney World or Universal. Whatever the attraction, consider how much money you spend on lodging, dining and activities.  Generally the cost of all that combined annually could be a down payment on a vacation home.  When you’re not using it you can rent the property out which helps offset the cost of owning it.

Search Properties For Sale in Kissimmee’s Top Notch Vacation Rental Neighborhoods

2. Already Own a Timeshare
Timeshares are great for some people but with the real estate market at rock bottom prices on vacation homes have never been lower. Unlike a timeshare, if you own a vacation home you can visit the property as much or as little as you like and there are no penalties and unlike a timeshare you can rent your property out when you’re not using it.  Often times, the carrying costs of owning a vacation home that is being rented out ends up being almost the same as an upscale timeshare.

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

3. Planning Your Retirement
Many people who plan their retirement already have a set place in mind that they would like to retire to.  If you are one of those people consider the financial benefits to investing in a vacation home for your retirement.  The ability to offset the cost of owning the property until retirement and still use the home for vacations is a huge perk as well as the equity that you will be building towards your retirement nest egg.

4. 1031 Exchange
Many investors who are selling off their investment properties are looking to take advantage of the 1031 exchange for tax purposes.  What a great opportunity to invest your gain into a vacation rental property.  You not only save on taxes but now you gain a vacation home that you can retreat to as well as offset the carrying costs of owning.

5. House Exchange
Ever wish you could be part of a house exchange and travel across the world all while living like a local? The only downside to house exchanges are if you don’t own a vacation home, you would have to rent out your own personal residence to strangers.  I don’t know many people who would be okay with that.  Owning a vacation home now gives you the flexibility to trade up your house with someone else’s and not have to worry about personal belongings.

Windsor Hills Resort Homes For Sale in Kissimmee

6. You Just Want a Good Florida Real Estate Investment
If only for the reason that you’re looking for a property that will appreciate in value than buying a vacation home could be the best investment you ever make. Vacation rental properties are in a specialized category of real estate and due to their zoning flexibility for short term renting, there is always a demand for this type of property from international investors.  Vacation rental homes, in my opinion, could be one of the safest real estate investments you can buy.

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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 You Buying an Orlando Vacation Rental Home For All The Wrong Reasons

Don’t be that guy who thinks he’s going to get rich quick or cash in on an Orlando vacation home cash cow.  You should avoid buying a vacation rental home in Orlando if your reasons are any of these three.  A vacation rental home if doe the person who just wants to own a piece of Florida and understands they may or may not break even but they don’t care because this is their dream.

1. To Generate an Income
Stop right there and do not pass go.  If you’re one of those people that think you’re going to buy a vacation rental home and generate a cash flow on your property all while enjoying the fruits of your investment three months per year you are dead wrong and should reconsider your decision.  Yes- There are people in Orlando generating a small income off their vacation rental homes but it’s a very small percentage and there are several factors that have to line up for this to happen.  Most of the time, epecially for those taking a mortgage, you should expect to pull 20%-30% out of your pocket every month to own the property.  You do have a decent shot at breaking even but it’s going to take some work on your part.

View Properties With Transferable Bookings

2. For a Quick Flip
So you’ve been bit by the get rich quick bug and have decided you’re going to cash in on some of Florida’s foreclosure properties. . . Orlando vacation homes rarely make a good quick flip and its extremely difficult to net anything from the little money you may make flipping it.  The only vacation rental neighborhood in the Disney areas that I have seen investors successfully flipping houses for a profit in is Legacy Dunes and even that’s not what it used to be anymore.  Legacy Dunes used to be a nice little gold nugget buried away within Kissimmee that investors were cashing in on but word quickly spread and the inventory has dried up. You’re competing against dozens of other investors trying to do the same thing and as the higher you have to bid to get the property the lower your profit margin falls.  The best quick flip properties are bulk packages that are generally purchased by investor groups.

Read Also: Legacy Dunes Being Flipped For a Profit On Ebay

3. For a Beach Getaway
I know this sounds obvious but you would be surprised how many people contact me because they want a beach retreat and think the prices in Orlando are great.  Nine times out of ten those people leave very dissapointed when they realize that a one hour and fifteen minute drive is not exactly around the corner. It doesn’t sound like a long drive but if you plan on hitting the beach every day on your vacation than you may really want to consider the west coast of Florida as a better choice.  Orlando is not known to be a place to visit for the beach, it’s known for Disney and all of the other attractions.  The beach just happens to be an option for many, then again for those of you that don’t even live a days drive to the beach an hour and fifteen minutes may be the best thing since sliced bread.

Did you enjoy this post? Consider subscribing and get our Free Report: Top 20 Most Critical and Frequently Asked Questions About Buying and Owning an Orlando Vacation Rental Home

If You Don’t Research Your Florida Vacation Home Neighborhood Now, You’ll Hate Yourself Later

There is so much that goes into buying the perfect Florida vacation rental home. Many people think that it’s as simple as just jumping online and browsing for Florida homes.  Though that’s not a horrible place to start it absolutely shouldn’t be the first place.  Florida vacation rental homes are a very specialized niche and understanding that fact will help guide you down the right path that will save you the most time and money.  One of the major factors that play a huge role in choosing the right vacation rental home in Florida would be neighborhood research.  In my ebook “Everything You Wish You Knew Before Buying a Florida Vacation Rental Home” I go into all the steps in great detail but for the sake of keeping this short and sweet I’m going to touch on this very important subject.

Is The Potential Florida Neighborhood a Vacation Rental Hot Spot?

Much like hotels the Florida short term rental vacation home industry has a reputation. Anyone who has been to Florida and stayed in a vacation rental home understands the importance of staying in a neighborhood that caters to vacation home renters. If you are looking to purchase a home that will actually rent out to guests than the first thing to want to do is check out which neighborhoods rent the best.  There are many different ways to do this but one of the easiest ways is to hop on Trip Advisor and start researching what people are saying about some of the local vacation rentals. You can get a good idea of what some of the more popular vacation rental neighborhoods are just by reading the reviews.  You’ll start to see some of the same neighborhood names pop up over and over.

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

What Type of Rental Rates Can I Expect In This Particular Neighborhood?

Another important factor to consider is the potential booking revenue you can expect from the neighborhood you are considering buying your Florida vacation rental home in. You might love the community and absolutely adore the house but if the rental revenue is much lower in that neighborhood than the surrounding ones wouldn’t it make more sense to fall in love with another home that’s similar in price and going to bring you in a better return? Don’t make the mistake of thinking that because another community close by gets great rental rates that your neighborhood will too.  Know the facts.  You can check rental rates several places but one of my favorite and probably the easiest way to do this is to go on VRBO.com and look it up.  VRBO is an owner site so the rates advertised are by vacation rental home owners.

It Pays To Do Your Homework-Literally
I hope you put these tips to good use on when buying your Florida vacation rental property. As you can see buying in the right neighborhood makes all the difference in the world when it comes to rental revenue. If you would like even more great tips about buying a Florida vacation rental home or perhaps you’re looking for some type of reference to guide you through the process, check out my ebook “Everything You Wish You Knew Before Buying a Florida Vacation Rental Home” which is launching Dec 7, 2009 to everyone on the waiting list.

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Why Orlando is a Great Choice for Canadians to Own a Vacation Home

Guest Post by Dave Pollock, Davenport Vacation Homeowner

As a Canadian, living in Ottawa, Ontario, I can relate to many people wanting to escape to the warm climate of the southern United States. Having a young family, we were drawn to Florida because of its unique qualities: It is very easy to get there by a relatively short plane ride, or for the adventurer you can drive, and of course there is so much to see and do for all ages. We had been renting houses in the Orlando area for several years; and after a couple of years I said “Honey, we should look into buying a house in Orlando” – “Sure, dream on” my wife says with a smile.

We love Orlando; it has so much more to offer then just the well known theme parks, shopping, and restaurants. You could be in the countryside in less than 20 minutes, and on the beach in approximately 1.5 hours. It also has great neighborhoods with highway access nearby. Oh, and let’s not forget NHL hockey in Tampa, less than 1 hour away! We discussed buying a home more seriously, about a year ago, and while there on another 2 week vacation we hooked up with a Realtor from the Pink Flamingo Group, and went and looked at around 10 houses. Not only did we want to own “a piece of paradise”, in our own minds, this would also be a great location to rent out to people from all over. We had certain criteria in-mind, which the house had to meet. It had to be in a neighborhood that was under 5 years old, within 15 minutes to the theme parks, 4 bedrooms, south facing heated pool, reasonable HOA fees, and need little or no repairs. We thought it was crucial to have these qualities to help rent the house out as well as meet our own needs. We had experience with renting, so we knew what renters would want.

We finally found the perfect house in a great neighborhood named Sandy Ridge, which is in the city of Davenport. Davenport is a very attractive location for renters because of its close proximity to all that Orlando has to offer. It feels like a country retreat because of the undeveloped area and it’s just far enough away from all the hustle and bustle. Looking back…would we do it all again? Absolutely! Orlando has turned out to be a great location to own a rental home. Not only do we get to take our vacations with friends and family to our very own “Sun Retreat”, we help supplement the expenses of the home by renting it when we are not there.

About The Author: Dave Pollock and his wife Lois own a beautiful Davenport vacation home in Sandy Ridge. It’s the perfect retreat for anyone looking for an afforable vacation home with a private pool. The home is located  within a short 15 minute drive to Disney and other Orlando attractions. Consider renting the Pollock’s “Sun Retreat” next time you come to Orlando.  www.OrlandoHouse.me

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Celebration Homeowners Go All Out For Halloween!

As I was driving through the town of Celebration today I saw two houses that made me hit the brakes, pull out my phone and start snapping some photos.  These two homes, directly next door to each other on Celebration Blvd, were so incredibly decked out that they could give Disney’s Haunted Mansion a run for their money. It at first appeared that the neighbors were one upping each other but as I got closer it appeared they actually teamed up on this project!  Take a look at these photos (they were taken on my iphone so not the best quality) and remember, don’t be greedy with your thoughts, comment below! My favorite. . . the aliens disguised as Halloween decorations!

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

View Celebration Home For Sale That Would Be Great To Decorate For The Holidays

Emerald Island-DON’T EVEN GO THERE!

Every now and then I come across very funny vacation home reviews for the Disney area resort neighborhoods.  This one was by far one of the funniest I have ever read! I still love Emerald Island!!

Emerald Island: DON’T EVEN GO THERE!

From: Trip Advisor
“As this was our fourth time to florida we knew what to expect,NO NO NO BIG MISTAKE,on arriving at are home we could not get in the lady at the clubhouse said sorry cant help you,we were told to ring are travel agent in the uk,what a joke it was 11pm back home,we finally spoke to the management who told us sorry the house you booked has been sold but she did have another house for us,when we arrived at the new house what a DUMP and i mean dump the house was FILTHY, FURNITURE was well worn we payed a lot of money for the house for it to be fit for SQUATTERS.after many phone calls we were finally moved,with only 4 days left to are holiday,we WOULD NEVER EVER stay at emerald island again even if it was free,back to remmington for me and my family nxt year only come here if you like DIRTY USED HOUSES CHEAP TATTY FURNITURE OTHER PEOPLES PUBIC HAIR ON YOUR TOWELS DIRTY USED BEDDING SIX MONTHS OF DIRT IN THE POOL AREA BROKEN GAMES ROOM LEAKING ROOFS AND A POOL YOU CANT USE DUE TO FLIES, if you enjoy this type of holiday then EMERALD ISLAND IS THE PLACE FOR YOU.”

The Pink Flamingo Says: Wow! That’s a good reason not to tick off your guests! Maybe they should dump the “tatty furniture” and clean the towlels. . . gross.  This is also what happens when you hire a bad property management company!

The Villages at Legacy Park Homeowners Association in Davenport Files for Chapter 11 Bankruptcy

“Hi Comcast? This is the The Villages at Legacy Park HOA and um, we just wanted to know why you shut off the cable to the entire community?”

How would you like to owe your cable company $105,305? That’s how much the Legacy Park Town homes Homeowners Association owed to Comcast for an unpaid cable bill before they filed chapter 11 on June 16. Back in the boom the developers had to use whatever advantage they could to try and compete with other communities selling short term rental properties in the Davenport area and including cable as part of the HOA seemed like a good sales pitch at the time. Fast forward to the dreary days of the foreclosure epidemic and now what we have is alot of people with no cable and a broke HOA.

This is not an uncommon practice in this market.  So many Orlando Homeowner’s Associations are facing bankruptcy due to thousands of dollars of unpaid assessments from owners and high default rates due to foreclosures.  There’s no guarantee that filing chapter 11 will solve all their financial problems though, if the delinquency ratio stays the same or gets worse problems can still arise in the future.

Legacy Park Bank Owned Properties For Sale

How does this affect the homeowner? With less money in the HOA pot for things like community maintenance and paying bills owners can expect cutbacks such as the lawns being mowed less frequently, sidewalks and the clubhouse being pressure cleaned less frequently and even higher assessments for structural things like roofing.  This could result in the community not looking as polished and maintained and in turn could affect bookings or possibly even sales.  It appears the worst is over for The Villages at Legacy Park however owners now have to pay for their own cable.

Bimini Bay Townhouses in Davenport: Good Prices-NO Amenities!

So many buyers are instantly drawn to the prices in the Bimini Bay townhouse community which is located in Davenport, FL.  They see the beautiful townhouses online and most wonder why they are so cheap! You know how the saying goes: If it seems too good to be true it probably is and this couldn’t hold more true for Bimini Bay in Davenport.

The Bimini Bay community was supposed to be a resort community that would stack up with the likes of resort neighborhoods like Regal Palms and Bahama Bay.  It was supposed to have a water park, day spa,gym facilities and many other cool toys but when the market turned many buyers started backing out of their contracts and just not buying all together, this brought construction to a very quick halt!

Bimini Bay Bank Townhouses For Sale

Here we are in 2009 and there still is not a clubhouse or pool, and only some of the townhouse buildings were completed. Many people are still hopeful that once the market gets stronger and more people start buying they will resume their original plans and finish the neighborhood.  This would be huge news for Davenport as I would love to see another townhouse community that can compare to Regal Palms to give buyers more options.

Bimini Bay still isn’t the worst deal on the block as the townhouses are super inexpensive and if your goal is to buy low and sell high than they are definitely low! The only problem you will run into is that you won’t be able to rent them short term because without the clubhouse and pool they are pretty much not an option for 99% of Orlando tourists who will stay in a vacation rental.  You can however rent them out long term and offset your expense that way.

My final opinion on the Bimini Bay townhouses is that they are nice places for a good price but not a good investment for vacation home buyers. . . definitely more for end users and investors who dont mind being landlords.

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

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
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Regal Palms, Don’t Know What You Got Till It’s Gone!

I’m not one to talk about hype or anything like that but I felt compelled to write this post for those of you who may be considering purchasing a bank owned townhouse in Regal Palms but may be hesitating or waiting for prices to drop even more.  I have spent the past two weeks showing property almost everyday in Regal Palms and the past year watching the Regal Palms pricing and market, I can finally say that now is the time to buy in Regal Palms.  The bank owned properties are reaching all time lows in the 60K range.  Most of the bank owned townhouses in Regal Palms that are coming on the market are the smaller floorplans (1400 sq ft) and they aren’t flying off the shelf (but are still selling).  It’s the larger floorplans (1800-2000 sq ft) lock out units that are going under contract almost within days of being listed.

Regal Palms Townhouses in Davenport, FL

I just talked to the listing agent of one of the bank owned 2000 sq ft units in Regal Palms, I had a buyer who wanted to place an offer, and she said that before she could even get updated photos and market the listing online she has multiple offers on the property.  It pretty much flew off the Regal Palms real estate shelf in a matter of 48 hours.  The other 1800 sq ft lock out townhouse was gone within a few weeks and seemed to get multiple offers all at one time.  When it rains it pours in Regal Palms.  My advice to any buyers hesitating or waiting to put an offer in on a Regal Palms Townhouse is to strike while the iron is hot.  These townhouses are a hot ticket right now, buyers are reacting to the the all time low prices and I predict than when summer comes and the real estate market in Davenport picks up that the Regal Palms bank owned inventory will start to clear out. 

I don’t foresee prices dropping much more on the bottom end units that are alreadyi n the 60K range.   I do think that some of the townhouses priced above $150,000 will be forced to reduce their pricetag over the next six months but I would be very surprised to see the lower priced twnhouses (Under 80K) drop anymore than they already have.  It’s turning into a bidding warzone and buyers are acting.  So if you’ve considered a Regal Palms purchase you may want to take advantage of the current low prices. 

View All Regal Palms Bank Owned Townhouses For Sale

The 6 Best Reunion Resort Bank Owned Home Deals On The Market

The criteria that was used to evaluate these homes as the best bank owned deals in Reunion was price, value, square footage and condition of the home.  There are currently 24 bank owned properties in Reunion ranging in price from $129,000 up to $1,150,000 but only these six home were hand picked by the Flamingo so you can have first choice of the best bank owned Reunion Resort properties.

1. 7630 HERITAGE CROSSING WAY # 102

Price: $129,900
Type: Condo
Sq Ft: 1344
Why it’s the Best Deal: This one is simple, it’s the cheapest bank owned condo in Reunion and it’s in great condition.  The HOA fees are a bit steep at $422 per month but when you consider that the building insurance is covered in that it makes it a better value.
See Full Profile and Photos for 7630 HERITAGE CROSSING WAY # 102
Search All Reunion Condos For Sale

2. 837 ASSEMBLY CT

Price: $159,900
Type: Townhouse
Sq Ft: 1686
Why it’s the Best Deal: This townhouse is a hot price for that square footage in Reunion.  We love that it’s bank owned and the bank is ready to play ball on this one.  The interior of the Reunion townhouse is very clean but it’s mostly carpeted in the living areas which I am not a fan of.  At this price you can just rip up those ugly carpets and install tile. 
See Full Profile and Pictures for 837 ASSEMBLY CT
See All Reunion Townhouses For Sale

3. 1409 FAIRVIEW CIR

Price: $279,900
Type: Single Family House
Sq Ft: 2296
Why it’s the Best Deal: It’s the best priced bank owned pool home in Reunion and surprisingly the interior of the home is not too shabby.  It’s upgraded with tile and nicer appliances and for sitting vacant so long it’s in good shape.   We like that it has two porches and lake views and quite frankly don’t understand why anyone would pay more for a non-bank owned home like this in Reunion when you can get this baby under $280,000.
See Full Profile and Pictures for 1409 FAIRVIEW CIR
See All Reunion Single Family Homes For Sale

4. 7412 DEVEREAUX ST

Price: $364,900
Type: Single Family House
Sq Ft: 2478
Why it’s the Best Deal: This home has bedrooms and we mean bedrooms!  It has five to be exact and when considering using a Reunion Resort Home as a vacation rental you’re going to want bedrooms.  You can maximize bookings with the extra space and create more booking potential.  It also has a pool and a great floor plan making it perfect for not just bookings but a primary residence as well.
See Full Profile and Pictures for 7412 DEVEREAUX ST
See All Reunion BANK OWNED Homes For Sale

5. 115 WATSON CT

Price: $599,900
Type: Single Family House
Sq Ft: 3733
Why it’s the Best Deal: If you like large estate homes in resort communities than stop reading this right now and come check out 115 Watson. The Pink Flamingo knows luxury estate homes and we know that this Reunion Resort estate home is such a flaming hot deal that we should call the fire department (okay so that was cheesy we admit). This is one of the best price bank owned estate homes in Reunion right now and is perfect for a luxury vacation home rental or corporate home rental. 
See Full Profile and Pictures for 115 Watson Ct
See All Reunion Resort Estate Homes For Sale

6. 7401 GATHERING CT

Price: $894,900
Type: Single Family House
Sq Ft: 4742
Why it’s the Best Deal: Here it is, the mother of them all.  The largest bank owned home in Reunion.  The perfect luxury vacation home retreat and even better it’s golf front.  Pull up a chair and watch the pros play in the yearly Ginn open right from your backyard in this Reunion mini-mansion.  This home is just too beautiful to be sitting around vacant.  I do anticipate the price being a bit high however, the bank will entertain ALL offers.
See Full Profile and Pictures for 7401 Gathering Ct
See All Reunion Resort Bank Owned Estate Homes For Sale

$104,900 :: 1227 JAMES LN, KISSIMMEE FL, 34759

3 beds, 2.00 baths
Property Size: 1,889 sq ft
Lot Size: sq ft
Added: 01/26/09, Last Updated: 03/13/09
Property Type: Residential / All, Residential / Single Family
MLS Number: V4618578
Tract: POINCIANA SUB NBRHD 6 VIL 7
The Price of this Listing was last reduced on 3/14/2009 by 0%

Bank Owned. 100% financing may be available. Seller will assist with closing costs upto 4%. This is a brand new home and has never been lived in. Seller will provide a home warranty.

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Brought to you by Cozy Homes Real Estate. Call me today at 561-723-4265, or visit my website at www.ThePinkFlamingo.info!

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