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Buying a Property at Reunion Resort, Orlando

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  • Buying a Property at Reunion Resort, Orlando

    Hey there! Looking to purchase a vacation/investment property in Reunion, have a couple of buddies already there. Will be spending 3 to 4 winter months and renting out the rest of the year. Anyone have a property at Reunion or in another Orlando golf community? I need to pick your brain on buying a Florida property for lifestyle and investment purposes.

    Thanks!

  • #2
    I don't have one but, looked at Reunion and can now shoot myself. At the bottom with our dollar at par, a townhouse asking prices were $100k! Ithink they were over $300 at the peak and now sit 175-200. I do have a friend who bought one there. I still think it is not a bad get. The golf plus disney close by makes rentals a strong market.

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    • #3
      Originally posted by bobby Jones View Post
      I don't have one but, looked at Reunion and can now shoot myself. At the bottom with our dollar at par, a townhouse asking prices were $100k! Ithink they were over $300 at the peak and now sit 175-200. I do have a friend who bought one there. I still think it is not a bad get. The golf plus disney close by makes rentals a strong market.
      One of my buddy bought in 2009, I laughed at him for the purchase...guess who's laughing now!

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      • #4
        I'm no Real Estate expert, so can't speak about equity gains with FL property, but I didn't think they were that great. And, anybody I speak with about ownership tell me it's typically a "wash" between the rental income and the mortgage/operating costs. Headaches notwithstanding.

        I spend a great deal of time at Reunion and can tell you that much of the property, and many of the homes are starting to show their age. Depending on the age of the house, some serious upgrades may be in order if you're to compete with other vacation rentals. And it's not just upgrading the kitchen and baths, it's adding a games-room and theatre too, and the pool better be spectacular. Families are incredibly picky now with so much choice from Airbnb, VRBO and the like, particularly when you're at this level.

        My wife and I tend to go to Reunion at odd times, off season, so often get a 5 star luxury condo or villa for $100/night. Sometimes, we take the family and rent a house for less than $150/night. At those rates, buying doesn't make any sense at all. On the other hand, she's now talking about going for 2-3 months at a time, and looking at retiring there...

        I may have to stay with you now.
        – Greg

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        • #5
          A consideration...

          The Benefits of Owning a U.S. Property in a Trust By Bonnie L. Altro July 24, 2014 Holding property titled in personal names is the most common, simplest and least


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          • #6
            I also looked at buying a place in reunion about 2 years ago.
            Did all the numbers on it and to be honest it really was a losing proposition .

            Reunions fees are mental.
            You are tied to the same place every year.
            Renting it out is a pita when you are far away. You will need a property manager to look after the place and the renters.

            Most people will have zero respect for your property so who knows what damage and thievery will occur.

            The U.S.is not exactly the most stable of places right now with the Orange Maggot in charge.Who knows what's gonna happen down there.
            Foreign taxes and capital gains to consider.
            Finally ,with all the vbro and airbnb going on I can negotiate a pretty good deal for my winters ,hassle free and in a different part of the world every year.

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            • #7
              You will also have to check out yer of build, as from around 2003 to 2009 because of the hurricanes close together a lot of homes all over Florida ere repaired and built with Chinese dry wall, gives health and plumbing,electrical problems

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              • #8
                Originally posted by Clubman View Post
                You will also have to check out yer of build, as from around 2003 to 2009 because of the hurricanes close together a lot of homes all over Florida ere repaired and built with Chinese dry wall, gives health and plumbing,electrical problems
                Funny that you post this . I was just reading an article on this subject last week. 100,000 plus homes affected by this.

                The article I read claimed that Chinese drywall was used in construction until as late as 2012.

                The costs for remediation in some cases are as much as the home is worth.
                "Don't cry because it's over, Smile because it happened "

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                • #9
                  My sister-in-law bought a condo near Port Richie in 2009 and it was a good deal back then. I am sure it has increased in prices in the last 10 years, but they are going through a lot of renovation right now. New roofs, even if your's is not in bad shape, they all get replaced at the same time. New sidewalks and asphalt repairs when they go back next week. That hurricane that went up the gulf coast 2 years ago caused some damage and was looked after through insurance, but they lost quite a few trees that will take a number of years to replace and regrow. I'm not sure what they have for health insurance, but what they do is go down for a month and come home for 2 weeks, then go down for another month, then come home and then go down for another month. What a pain in the .....!
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                  • #10
                    Thanks to all for your advice.

                    I have been working the numbers on the property I am looking to buy. As per Steveooo's comments, I am in total agreement as an investment, it's a losing proposition. The rental market isn't what its all crack out to be. Fees at Reunion are high, property taxes are crazy stupid for what you're getting and rental property management takes 20 to 30 points. The stress and headaches of having an out-of-country rental property, estate taxes, the nasty weather at times are all major factors to consider.

                    However, as a lifestyle choice of being able to spend winters down south is very attractive. The property has a great layout facing the golf course, nice furniture's, great outside area with a pool, spa and garden. The property was built in 2014, so the posts on Chinese drywall issues should not be a factors. Thanks for bringing this to my attention though.

                    Saying all this, I am going to hold off for now. May rent to determine if this is what we really want.

                    Any further comments are still greatly appreciate.



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                    • #11
                      From a financial perspective, I think it's very hard to justify buying in Florida unless you're down for several months each year. Prices have climbed in recent years, but the carrying costs are significant so the increase in capital is mitigated significantly. I'm at the point in my life where I'm about ready to retire so I will consider it, but in the end I will likely just rent for 2-3 months each year and that will give me the flexibility to travel around a bit more. I also don't feel the inconvenience of having to haul my possessions around with me each year outweighs the inconvenience of dealing with a rental property for the rest of my life.

                      I don't recall the last time I paid more than $100/night for a vacation home in the central Florida area. These homes I'm speaking of are typically in the sub $400k price range to buy.

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                      • #12
                        I owned a condo in ft Lauderdale, nothing but trouble.dealing with issues from Canada are so frustrating.good luck Ripley.

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                        • #13
                          Originally posted by ripley502 View Post
                          Thanks to all for your advice.

                          I have been working the numbers on the property I am looking to buy. As per Steveooo's comments, I am in total agreement as an investment, it's a losing proposition. The rental market isn't what its all crack out to be. Fees at Reunion are high, property taxes are crazy stupid for what you're getting and rental property management takes 20 to 30 points. The stress and headaches of having an out-of-country rental property, estate taxes, the nasty weather at times are all major factors to consider.

                          However, as a lifestyle choice of being able to spend winters down south is very attractive. The property has a great layout facing the golf course, nice furniture's, great outside area with a pool, spa and garden. The property was built in 2014, so the posts on Chinese drywall issues should not be a factors. Thanks for bringing this to my attention though.

                          Saying all this, I am going to hold off for now. May rent to determine if this is what we really want.

                          Any further comments are still greatly appreciate.


                          An additional hassle is having to file a U.S. tax return if you earn rental income.

                          If you are settled on the Orlando area, ignore the following comment but if not, think about Hilton Head. Great golfing area, nice amenities, reasonable HOA fees (mostly) and real estate taxes, and rents are highest in the spring and summer months (May to Sep) when you probably won't want to be there. People in South Carolina are the best as well.

                          It is a coastal region with all the good (beaches, ocean, boating, seafood) and bad (flooding, hurricanes) that come with that.

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                          • #14
                            You probably should not listen to me but I will chip in anyway.

                            I am selling in Florida after being there 9 years. Mostly because we are bored going back to the same place every year. It has been a great investment since we bought when the dollar was at par and prices were rock bottom. So the gains are very attractive.

                            For the first few years it was fun and I always enjoyed the golf. The weather was great. But we have seen all there is to see down there and we would like to see and experience different places.

                            I like the idea of renting in different places in the US as well as the rest of the world. Also my wife and I are healthy, not on any medications, and able to enjoy travel more than maybe some snowbirds.

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                            • #15
                              Originally posted by ripley502 View Post
                              Hey there! Looking to purchase a vacation/investment property in Reunion, have a couple of buddies already there. Will be spending 3 to 4 winter months and renting out the rest of the year. Anyone have a property at Reunion or in another Orlando golf community? I need to pick your brain on buying a Florida property for lifestyle and investment purposes.

                              Thanks!
                              I have a property in this area but I don't want sell it.

                              Comment

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