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.
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.
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Property flipping in this market? You betta believe it! Legacy Dunes condos in Kissimmee are not only being marketed on Ebay but are actually selling and the investors are making a quick profit and not a bad one if I may say so myself. Are they being marketed honestly though? It would appear from this ad that the value of the property is being misrepresented. . .
This is just one of many examples of Legacy Dunes condo properties being flipped on ebay for a fast and hefty profit:
Here is the original listing from the MLS showing a closing date of May 1, 2009 for $27,000 (bank owned of course)
Here we are less than a month and a half later and we see this exact condo listed on E-bay for $59,000 with bids on it!!!!!! Even if this condo sells for $40,000 that’s almost doubling your money in less than two months. Could this be the start of another bubble though? Should end user buyers beware of the investor speculation going on in Legacy Dunes right now or should they feel secure knowing that they are buying at wholesale and could easily flip their condo for a quick buck if they wanted to? I say that this is just a temporary thing and those that ride it out while it last will make the money. As soon as all the bank owned inventory in Legacy clears out there won’t be any mark-up room to continue to flip.
As I was saying about the values being misrepresented. . . this condo is clearly NOT worth $96,000 however the person who is marketing this grabbed some information from the tax records to try and make this look like it’s the deal of the century and there are buyers out there that do not know how to find this information on their own that will believe this to be true. The Osceola property appraisers are in the process of reassessing the values for all the Legacy Dunes condos for 2009 and these values will be going down to reflect the market. The proposed annual tax statements don’t come out until August so this information is misleading in my opinion. At least they go onto mention that this information is subject to change. . .
Thinking about flipping or just owning one? Check out this list of Bank Owned Legacy Dunes Condos for Sale
I like gated communities, I like them because they do a good job of keeping solicitors away and even though people can still get in, they just have the effect of making me feel safe at night. This post is The Flamingo Ode to the best Kissimmee gated communities near Disney. I hope you find it helpful in your search for an Orlando vacation home property.
The BellaVida resort in Kissimmee, FL is every bit as lovely as its Italian name. What it lacks in amenities it makes up for in architecture, charm and location. BellaVida vacation homes are walking distance to shops and have a unique Tuscan charm. Bella Vida is comprised of townhouses and single family villas. Many of the homes are brand new and also over priced however, there are some bank owned townhomes and villas in BellaVida that make it a worthy option for your Kissimmee vacation home purchase.
Emerald Island Resort
If you’re the kind of person who wants it all and wants it all for a good price than Emerald Island is the place for you. The Emerald Island resort features a Community Heated Pool, Fitness Center, Parks, Tiki Bar and Rec Building. The gate is manned and the entrance makes you feel like your at a world class resort, not a Kissimmee Residential Neighborhood. The community is comprised of Signle Family Homes and Townhomes ranging from $120,000 to over $500,000.
Bring your tennis racquets to Encanda in Kissimmee. The Encantada community is sure to be a vacation home you’ll enjoy for years to come with a guarded gate entrance, exotic community pool and clubhouse. The architecture and colors will make you feel like your in the Caribbean somewhere and the prices of these town homes will make you feel like you just walked into a Wal-Mart rollback special. Did I mention that some of the Encantada townhomes even have their own private pools with screened enclosures? Encantada has bank owned townhomes starting barely over $100,000.
Formosa gardens in Kissimmee, FL is a community unlike the rest. These estate homes have yards and they are not packed in like sardine cans. The community is an upscale neighborhood and is reflected in the prices of the homes. Is Formosa Gardens right for you? Can you justify the price for the return on bookings? My answer to these common Formosa Gardens real estate questions is simple. . . probably not. The return you get on the bookings will be a bit higher than many of the other short term rental communities however, it’s not going to be anywhere close to where it needs to be to justify the price. In my honest opinion, Formosa Gardens is perfect for the homeowner who wants to live there full time or the high end corporation who rents only estate style homes to celebrities and luxury travelers. Formosa Gardens is not a smart investment for the average vacation home buyer who wants a good deal for a good price.
Legacy Dunes Condos
If your looking for Kissimmee condos under $50,000 you’ve come to the right place. Legacy Dunes Condos in Kissimmee are not only the best value but the quality and amenities you get for the price of these condos will blow you away. The Legacy Dunes Community features: Two Pools, Clubhouse, Fitness Center, Business Center, Game Room, Tiki Bar, Tots Playground, Barbeque Area, Gazebo, Tennis Courts, Basketball Courts, Golf Driving Practice Net, Lakes & Conservation Areas, Covered Parking Garages, Two Car Washing Facilities and Two Laundry Facilities. Did I mention the condos are starting at $24,000? Why buy a new car when you can invest in one of these Kissimmee vacation home bad boys!
Paradise Palms Resort
If you like Encantada than you will LOVE the Paradise Palms Resort in Kissimmee. Though not for the budget conscious it’s definitely a real estate investment that you won’t regret making in the years ahead. The community is comprised of all townhouses but they are more like attached single family homes as the size of them is larger than many of the detached pool villas in Kissimmee and Davenport. The townhomes have their own private pools and the community amenity list rivals that of Regal Palms and Reunion. My favorite thing about Paradise Palms is their tot lot splash park. I love the fact that the children are not forgotten in this community and did I mention the gorgeous interiors and furniture packages? Somebody stop me before I go buy one. . .
I can’t believe I am actually going to say this but here it goes, “Location, Location, Location!” It’s true about Sunset Lakes in Kissimmee, FL. This single family home gated community is so centrally located to Disney it should be a part of the resort! Aside from it’s perfect location it makes my list for the reason that it’s tried and true. Sunset Lakes Homes have been going strong with bookings for over 10 years now. They are a solid investment for the short term vacation home buyer and the price range is reasonable. There are bank owned properties for sale in Sunset Lakes right now so you can pick up a deal. You can also pick up homes in Sunset Lakes that have transferrable bookings for 2009.
Whether you are looking for a condo, townhouse or single family home Windsor Hills in Kissimmee has it. This lovely gated community is only 2 miles to Disney, so technically you could ride your bike there to avoid parking fees (that was a joke but I am sure there are people who will do it). Windsor Hills is considered the Buckingham Palace of Kissimmee. The homes are absolutely gorgeous, spacious and grand and you will get what you pay for. Speaking of what you pay for, prices for Windsor Hills Pool Villas start in the low 300′s. That’s a small price to pay for a Windsor Hills address.
Windsor Palms (formerly Wyndham Palms)
Think of Windsor Palms in Kissimmee as the competitive big sister to Windsor Hills. Located just on the opposite end of 429 Windsor Palms is much smaller than Windsor Hills but is very comparable in every way. Windsor Palms offers Condos, Townhouses and Single Family Homes and the villa layouts are perfect for short term rental use. Many have double master suites and some of the larger houses go up to 6 bedrooms for maximum booking potential.