Anyone ever invest in condo pre construction? I was wondering what to look out for. I am currently looking into purchasing a unit in a new, all suite hotel that is being built. The condo’s start at 250k and go up to 990k. About half of them are sold out already. The casino will have an 18 hole golf course, 600 seat blues club, and a 3000 seat entertainment venue. There will be 663 total condos including studio, one and two bedroom. I was thinking of setting it up as a time share or renting it out throughout the year and then selling when it appreciates as the area developes. I plan on holding it for at least 2 years unless there is a sharp increase in appreciation after it is finished. If anyone has any ideas good or bad about this type of investing please reply.
Thanks
Oh, I guess I should forget it then. I thought the market would begin to get better sometime in the future. What if there was depreciation incentive, like 50% for the first year.
Has anyone here ever flipped condos before that could give me some tips?
Here’s some people with a LOT of experience in pre-construction condo investing. Just go to Youtube and in the search box type in…
Florida real estate crash 50% off
If after watching that you still want a good investment in pre-construction condo’s, I’ll put you in touch with 5 friends of mine who all bought condo’s in Florida (pre-construction) Guess how many of them still own them??? Yep you guessed it…5…not one of these people has been able to sell a single condo. Now they all have beautiful NEGATIVE cash flowing monkeys on their backs.
Are all markets equal? I’m sure there were many people who made a lot of money a couple of years ago in pre construction purchases. I know that Florida has crashed big time but they aren’t the only ones that have condo’s for sale. I am looking more into emerging markets to invest in, not declining ones. That leaves me to my original post. Does anyone here have personal experience in pre contruction condo investing?