Advice on purchasing condo

1 Reply

Hey everyone,

I just got under contract to purchase a property in a condominium neighborhood in Tampa, Fl.

I am buying the place because it meets my current criteria of being cheap (relatively), close to work and allows me water access. However I have a few concerns and I was hoping some more experienced individuals could lend me some insight and either calm my fears or perhaps help me avoid making a big mistake.

The unit is located in the condominium club. There are units along the water and then 3 large buildings set back off the water.

The unit I am under contract for is on the first floor of the buildings along the water.

My concern lies with the 3 larger (4 story 32 unit) buildings set back off the water. 1 of them is completely vacant and appears to have been up for sale for the past 6 years!

Also, I had initially checked out a unit in one of the adjacent large buildings and it looked like the floors in the unit where sloping. Someone had mentioned that the building had previously been vacant too and recently became re-occupied.

I have fears mainly due to HOA fees being increase if the buildings are not contributing because they are unoccupied. Also, when I was there checking out the amenities the tennis courts and racquetball courts were both locked shut. This is something I def plan to ask the HOA/management company about. However, I can't help but feel that something is going on in the complex that just isn't quite right.

Thanks for taking the time to read this and hopefully respond, and if anyone has some advice on what questions I need to be asking I would greatly appreciate it.

Well I got an update form my REA basically saying that the vacant building has never been occupied and is own by some wealthy person/group in Dubai. The condominium neighborhood is apparently broken up in to multiple groups. Each large building being it's own entity and the head of the board for the HOA doesn't expect the vacant building to be sold anytime soon if ever. Apparently, a crew comes in every once in a while for some upkeep, but is thought to be being used mainly as a tax write off (however that would work).

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