Remember the condo conversion craze just a few years back? That’s when buyers wanted to buy anything and everything and numerous large apartment communities ‘went condo’. Condo conversions are still around; however, in the form of resales at less than half the original purchase price (ouch!). Like the single family and townhouse resale market, distressed sales (bank-owned and short sales) dominate.
That huge complex off 408 on Alafaya is Crest at Waterford Lakes. There were 13 sales in the past 60 days (not surprisingly, all distressed sales) taking an average of 80 days to close:
1 bedrm $41,000 avg sale
2 bedrm $52,000 avg sale
3 bedrm $60,000 avg sale
With incredibly affordable prices, this community is a great option for single buyers who work on the east side, for retirees wanting to be close to their kids who live and work on the east side, for parents of UCF students looking to buy a little place for their child to live in while attending school. However, monthly HOA is very expensive at right around $300/mo depending on size of unit.
See available condos
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