525 Jackson St, Orlando This weeks Deal of the Week is located downtown Orlando in the Thornton Park area. Thornton Park’s brick lined streets just east of Lake Eola is known as one of Orlando’s most stylish districts. With a mix of 20’s bungalows, rebuilt Mini Mansions, and recently built high-end high-rise condo’s. Located walking distance to downtown Orlando’s entertainment district with nightclubs, sports bars, pubs, the new arena, arts center, and only blocks from eclectic local restaurants, wine bars and art galleries. 3 blocks from the newly opened Publix grocery, Lake Eola Park, and 5 blocks from the newly opened downtown movie theatre. 
“The Jackson” built in 2006 is a smaller mid-rise condo for the area with top finishes and purpose built construction (no conversions here). The HOA dues are relatively low per square foot for a downtown condo given the building lacks a community pool and gym, but include your building insurance, Security, building maintenance/repair and escrow reserves. The unit itself is a 2 bedroom 2 bath with bonus room, 1884 square feet on the third floor and includes 2 assigned parking spaces. This property actually has NOT YET HIT THE MARKET, but is soon to be listed by the bank owner as an REO property. Below are pictures from a previous listing, so current condition is unknown. Comparables show units selling for between $99 and $145 a square foot depending on size and condition. I expect the bank to price this property aggressively at or near $200,000, and will be a great deal at any price under $105/ft or under 200K if in move in condition. Given this size 2/2's (though this unit's bonus room can be considered a 3rd bedroom) may rent for between $1800-2000/mo, the owner purchaser can buy this unit and pay significantly less than renting, or an investor may be able to rent out for positive cashflow. If interested keep your eyes open or ask to be automatically updated when this property is eventually listed. As always Great deals will sell quickly, so have your financing or cash offers ready to go. This condo is eligible for Conventional financing but be sure you check to make sure your lender can lend on condo’s. 
 
UPDATE 10-29-09!!!! Property will be listed within the next few days at $189900 !!! |