Lucera Condo – $199k

[sdnerd]

I’m still living in Lucera.

I’ve definitely noticed the same few units with lock boxes on them for months now. I’m not sure if it’s dreaming sellers, or if the litigation is keeping people out. I think someone said FHA loans aren’t given when their is a lawsuit pending.

I’m honestly a little surprised at that price though. Especially with interest rates where they are today. That might be just a teaser price to get bids up. I’m pretty sure all the other 1 bedrooms are listed in the ~$180k range right now… that’s a pretty big undercut. It’s a middle floor unit, with the bad floorplan.. but still.

After 20% down, with today’s rates you are looking at a mortgage somewhere around ~$600. Throw in the HOA, and you are still under ~$1,000.

They rent from $1,200-$1,400/mo right now, with no 1 bedrooms on CL.

(Yes, I know rents are probably falling and most people don’t have 20% downs.. still seems too cash flow positive right now)

[sdnerd]

I’m still living in Lucera.

I’ve definitely noticed the same few units with lock boxes on them for months now. I’m not sure if it’s dreaming sellers, or if the litigation is keeping people out. I think someone said FHA loans aren’t given when their is a lawsuit pending.

I’m honestly a little surprised at that price though. Especially with interest rates where they are today. That might be just a teaser price to get bids up. I’m pretty sure all the other 1 bedrooms are listed in the ~$180k range right now… that’s a pretty big undercut. It’s a middle floor unit, with the bad floorplan.. but still.

After 20% down, with today’s rates you are looking at a mortgage somewhere around ~$600. Throw in the HOA, and you are still under ~$1,000.

They rent from $1,200-$1,400/mo right now, with no 1 bedrooms on CL.

(Yes, I know rents are probably falling and most people don’t have 20% downs.. still seems too cash flow positive right now)

[SmellsFeeshy]

[quote=sdnerd]
They rent from $1,200-$1,400/mo right now, with no 1 bedrooms on CL.

(Yes, I know rents are probably falling and most people don’t have 20% downs.. still seems too cash flow positive right now)[/quote]

I think $1200-1400 is a little high for Lucera based on current rents I’ve seen. You’re talking about the 1BR ~600sqft units right? Seems like comparable conversion units (like at Verano, Vicenza and Venetian) are being advertised on CL for around $1000-1200. Lucera has a better location and is nicer for the most part though so maybe that would justify a slight premium but I still think that when you factor in upkeep the 1BR at Lucera is probably close to break even at best even with 20% down.

[SmellsFeeshy]

[quote=sdnerd]
They rent from $1,200-$1,400/mo right now, with no 1 bedrooms on CL.

(Yes, I know rents are probably falling and most people don’t have 20% downs.. still seems too cash flow positive right now)[/quote]

I think $1200-1400 is a little high for Lucera based on current rents I’ve seen. You’re talking about the 1BR ~600sqft units right? Seems like comparable conversion units (like at Verano, Vicenza and Venetian) are being advertised on CL for around $1000-1200. Lucera has a better location and is nicer for the most part though so maybe that would justify a slight premium but I still think that when you factor in upkeep the 1BR at Lucera is probably close to break even at best even with 20% down.

[SmellsFeeshy]

[quote=sdnerd]
They rent from $1,200-$1,400/mo right now, with no 1 bedrooms on CL.

(Yes, I know rents are probably falling and most people don’t have 20% downs.. still seems too cash flow positive right now)[/quote]

I think $1200-1400 is a little high for Lucera based on current rents I’ve seen. You’re talking about the 1BR ~600sqft units right? Seems like comparable conversion units (like at Verano, Vicenza and Venetian) are being advertised on CL for around $1000-1200. Lucera has a better location and is nicer for the most part though so maybe that would justify a slight premium but I still think that when you factor in upkeep the 1BR at Lucera is probably close to break even at best even with 20% down.

[SmellsFeeshy]

[quote=sdnerd]
They rent from $1,200-$1,400/mo right now, with no 1 bedrooms on CL.

(Yes, I know rents are probably falling and most people don’t have 20% downs.. still seems too cash flow positive right now)[/quote]

I think $1200-1400 is a little high for Lucera based on current rents I’ve seen. You’re talking about the 1BR ~600sqft units right? Seems like comparable conversion units (like at Verano, Vicenza and Venetian) are being advertised on CL for around $1000-1200. Lucera has a better location and is nicer for the most part though so maybe that would justify a slight premium but I still think that when you factor in upkeep the 1BR at Lucera is probably close to break even at best even with 20% down.

[SmellsFeeshy]

[quote=sdnerd]
They rent from $1,200-$1,400/mo right now, with no 1 bedrooms on CL.

(Yes, I know rents are probably falling and most people don’t have 20% downs.. still seems too cash flow positive right now)[/quote]

I think $1200-1400 is a little high for Lucera based on current rents I’ve seen. You’re talking about the 1BR ~600sqft units right? Seems like comparable conversion units (like at Verano, Vicenza and Venetian) are being advertised on CL for around $1000-1200. Lucera has a better location and is nicer for the most part though so maybe that would justify a slight premium but I still think that when you factor in upkeep the 1BR at Lucera is probably close to break even at best even with 20% down.

[akbarpunjabi]

The last 1br closed 6 weeks ago for 160K. The remarks said cash buyers only due to the litigation.

[akbarpunjabi]

The last 1br closed 6 weeks ago for 160K. The remarks said cash buyers only due to the litigation.

[akbarpunjabi]

The last 1br closed 6 weeks ago for 160K. The remarks said cash buyers only due to the litigation.

[akbarpunjabi]

The last 1br closed 6 weeks ago for 160K. The remarks said cash buyers only due to the litigation.

[akbarpunjabi]

The last 1br closed 6 weeks ago for 160K. The remarks said cash buyers only due to the litigation.

[akbarpunjabi]

There are plenty of complexes out there that on top of mass foreclosures have pending litigation and owner to renter ratios that make financing hard to obtain just ask HLS I’m sure he knows all about it.

[akbarpunjabi]

There are plenty of complexes out there that on top of mass foreclosures have pending litigation and owner to renter ratios that make financing hard to obtain just ask HLS I’m sure he knows all about it.

[akbarpunjabi]

There are plenty of complexes out there that on top of mass foreclosures have pending litigation and owner to renter ratios that make financing hard to obtain just ask HLS I’m sure he knows all about it.

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