Updated about 11 years ago on .
30 unit condo/townhome package in prestigious Altamonte Springs
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The Reserve at Wekiva Bend, Altamonte Springs, FL 32714
($2,400,000.00)
Please call for more info and showing, Foster Algier 407-668-4396.
Rent: $25,655 (100% occupied)
We are pleased to present a 30-unit bulk condo/townhome offered in prestigious Altamonte Springs, an area north of Orlando, Florida.
We are now offering these 30 units for investors who are seeking a bulk purchase at less than half the price at current replacement cost.
All 30 units are 100% occupied with a waiting list for occupancy and the demand for individual owner occupants units is high. 22 units are located within The Reserve at Wekiva Bend and 8 townhome/villas are located at Village Townhomes, just 2 miles from The Reserve at Wekiva Bend.
Orlando's residential real estate inventory is at a 5-year low, delivering a higher return to owners as bidding wars are taking place. In May 2013, home prices rose 12.2%, the most in 7 years .
The current demand for 2013 supersedes supply which investors return on selling individual units will yield a higher return. RealtyTrac on May 2013, analysis determined that Orlando, FL is the best U.S. city to flip homes for a profit and ranked #1 while FL has 5 out of the Top 10 cities, including the nation's most profitable city for flipping.
PROPERTY DESCRIPTION:
The Reserve at Wekiva Bend was purchased for a condo conversion in 2005 for $100,000 per unit and the developer spent over $2 Million on renovations. In 2006 & 2007, these units sold as condos with smallest units selling in upwards of $120K to the larger units selling in the upwards of $245K per unit.
In 2006, The Reserve at Wekiva Bend was renovating the clubhouse, new roofs, exterior paint, patios were rescreened and new stair railings. Since then these units also have been renovated with some upgrades to the interior of the units. This community offers several unique floor plans and features a loft within a townhome style of unit. In 2006,Village Townhomes standard units sold from $115K to upwards of $266K per unit for upgraded units. Within this community there are 4 floor plans.
The community is situated in an ideal location on the little Wekiva River, and just minutes from the Altamonte Mall & waterfront development- Uptown Altamonte, restaurants, Target, Lowe's, Starbucks, Panera, Macaroni Grill and just a short drive to the Maitland Center Office Park which is a 5.6 Million sqft office park. Location has excellent public schools. You are in the midst of Uptown Altamonte which features a beautiful 45- acre lakeside park known lakeside park known as Cranes Roost Park with light boardwalks cover pavilions, park benches, Eddie Rose Amphitheaters, & one of a kind floating stage.
All properties require cash or a private/hard money loan in order to purchase. No conventional or FHA financing available unless otherwise indicated. All inspections must be completed prior to buyer signing the contract. Buyers will need to provide a $3,000 non-refundable deposit at time of contract. Seller will convey using an as-is contract and a special warranty deed. Buyer will be responsible for all closing costs unless otherwise indicated.
Foster Algier, Licensed Real Estate Agent, Sand Dollar Realty Group, Inc.