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3% down on Beach Front Condos in Gulf Shores & Orange Beach

Did you Know you can put as Little as 3% Down on  Beach Front Condos in Gulf Shores & Orange Beach?

It’s true!  Read on…

Owning a condo on the beach is oftentimes a “bucket-list” item for people that may seem farther off than it actually is.  While it is true, the down payments for these types of properties is typically around 20-25%, my lender partner and I have done the work to dig up some sweet information on a lending program available allowing less.

Even if you are thinking of buying a condo as your primary residence, in most cases you should still plan on putting down at least 10-20%, and 20-30% for second homes or investment properties when utilizing conventional or fha financing.  In addition to this, the condominium complex itself would have to pass a certain set of criteria.

But Here’s the Good News!

While, condos still have to be approved by these guidelines, we have done the digging and found out exactly which condos in Gulf Shores and Orange Beach you can currently purchase for as little as 3%-5% down (primary residences), and as low as 10% for 2nd homes, and 15% for investments.  (But HURRY! The approved list we have is ONLY approved and good til the end of the year- 2019!)

Want the List?

If you are interested in finding out which condos are currently approved and on the list for the lower money down lending programs, simply text the code LMD35CONDOS to 251-609-4434.

I’m not a lender, and certainly cannot explain the details as well as my lender can- so I urge you to read more about all of this on his site here.

Subscribe to my YouTube Channel to be notified when my next video is uploaded!  I will be talking about what beach condos in the Gulf Shores and Orange Beach area are currently approved for VA loans. Can’t wait for the video?? Interested in knowing what Beach Condos are VA loan approved?  I have that info as well! Text VACONDOS to 251-609-4434 for more info!

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Agent Alisha’s Weekly Real Estate Deals in Gulf Shores & Orange Beach (2.23.18)

Waterfront Deals and Price Reductions!

This week, I have sifted through the 700+ listings in the Baldwin County MLS in Gulf Shores, Orange Beach, Elberta and Lillian that are considered waterfront properties in search of huge price reductions.  Obviously, a large reduction is asking price doesn’t necessarily constitute a good deal.  Oftentimes it just means that the seller was hoping to get more, wanted to give it a shot at a higher price at first, or maybe even was misled by their agent and encouraged a higher list price….OR the agent wanted the listing so badly they didn’t have the guts to tell the owner that the price they were wanting to list at wasn’t justifiable by current comps.  (This is topic for a whole other blog post…but in short- sometimes the truth hurts- but holding costs of a property over the course of a year is a larger loss than if the seller just got the price right from the beginning! Especially down here with insurance and HOA fees!) …Moving on 🙂

Sometimes- a large reduction can mean the seller is ready to move the property! I cannot speculate the motives behind the reductions I am going to spotlight in my post today.  But I will give some comps and see if the seller is now on the right path as far as market price to give you, the reader, a good idea if it is now a good deal or not.

Caribe C-811, Orange Beach, AL. MLS# 255720

Listing provided by Century 21 Meyer Real Estate

Caribe C-811 was listed (as of this writing) 228 Days ago.  The original list price for this 3 bedroom, 3 bath, 1796 square foot unit was $575,000.   As of 1/31/2018 the listing has been reduced to $540,000 making this condo the lowest priced C building unit at The Caribe Resort in Orange Beach, AL.

The Caribe Resort has 3 buildings, B, C, and D.  (I know…I always wonder about “A” also…)  Currently the lowest priced unit in the complex are 2 bedroom “B” units, starting at:  $449,000 for a 1400 sf unit.

The most recent comparable unit to C-811 closed for: $586,000 after 82 Days on the market.  This was a penthouse unit with the same floor-plan, originally listed at $639,000.

While the Penthouse unit that sold overlooked the bay side and Robinson and Bird Islands, the C-811 unit is on the opposite side of the building overlooking the lazy river and pool areas with unobstructed views of the Gulf.

You can find complete listing information on Caribe C-811 HERE.

Phoenix VII #1401, Orange Beach, AL. MLS#257688

 

Listing Provided by: Better Homes and Gardens RE Main

Since being listed 175 days ago, this Phoenix VII condominium unit in Orange Beach Alabama has been reduced a whopping $100,000.  Unit #1401 originally listed for $649,000.  It is apparent from the photos in the Baldwin County MLS that the owner has put a considerable amount of renovations into this unit, which is likely where the original list price came from.

I have been in hundreds of condos in Orange Beach and Gulf Shores, and have never seen one quite like this.  The brick walls and wood accents give this condo the feel of a city studio- but with awesome beach views!  While this look may not be what everyone is looking for in a Gulf Front condo, I really like it and I believe its unique style will help sell this unit.

 

Now, what do the comps say?  Currently, there are only 2 other units in Phoenix VII for sale, a ground floor and 8th floor unit.  Our subject property is located on the 14th floor.  The other two units are both 2 bedroom and 1064 sq ft. currently listed right at about $398/sq. ft.  While the subject unit #1401 is a 3 bedroom unit with 1394 square feet listed now at $393/sq ft. after the price correction.  Both of the other two units available are furnished and would be considered rent ready.  A buyer could easily spend $20-$30,000 furnishing a 3 bedroom unit (with high end furnishings that would match the beautiful upgrades already done to this unit).

There have been Four 3 bedroom units to close in Phoenix VII in Orange Beach since January of 2018.  Each of these closed between $303-$350/sq. ft. and were furnished.

Although there has been a drastic price reduction of $100,000 on this unit, it will probably still need to correct further.  Check out the full listing info HERE.

30400 Ono Blvd, Orange Beach, AL. MLS #253013

Listing provided by Bellator Real Estate- Ono

This Canal Front home located on Ono island has been listed for sale for 300 days now.  It started at $625,000 when originally listed but has since reduced the asking price to $535,000.  This home sits on the canal waterway through Ono Island that will lead to bays and bigger water.  If you are a boater you can certainly appreciate the convenience of owning a little piece of waterway!  This home is 3 beds and 2 baths and 1564 sq. ft.  For Listing info go HERE.

Although the price has been reduced 90,000- a neighboring canal front home on Ono Island has recently joined the market just 11 days ago at $469,900 (Also 3/2 and 1664 sq. ft- a very close comparable for an active listing). This newly listed home will likely put pressure on our subject to lower further should they be serious in selling.

Listing provided by Bellator Real Estate Ono- 32486 Sandpiper Drive, recently listed $469,900

Recent sold homes on the canal on Ono Island suggest the same.  There have been two recent Canal Front homes to sell on Ono.  Both of these comps are much larger and newer.  In December 2017 one of these homes sold at $243/sq ft (2790 sq ft.), while the most recent closed only 4 days ago after being on the market just at 100 days.  This home was 3320 sq foot with a pool and closed at $295/sq ft.  Given these numbers, the home recently listed on Sandpiper is right on the mark and should have no problem selling soon.

15698 Ft. Morgan Hwy, Gulf Shores, AL MLS# 252536

After being listed over 300 days, this raised Little Lagoon front home in Gulf Shores has made some serious price reductions.  The home originally listed at $535,000.  This is a recently remodeled 5 bedroom 4 bath home on 1.6 Acres with 3217 sq. ft.  As of today this property has been reduced $110,000 and now asking $425,500.  Full Listing Info can be found HERE.

Listing provided by RE/MAX of Orange Beach

Of the other homes that are currently listed for sale on Little Lagoon in Gulf Shores, this is by far the best priced per square foot, coming in at only $132 per sq. ft.  The next closest is $189/sq.  It is also the lowest priced period.  The next lowest priced home on Little Lagoon in Gulf Shores is $439,900 and 1200 sq. ft smaller. To see the homes currently available on little lagoon for sale go HERE.

As far as recent  Little Lagoon front homes to sell, the comps also deem this home located at 15698 Ft. Morgan Hwy a good deal!  There have been 3 true Lagoon front single family homes to sell in the last 90 days.  When I say “true” I am eliminating the new construction “Cottages” on the other side of the Lagoon, as they are not a good comp for a few reasons. 1) because they are new construction and not resale, and 2) because the “cottages” are not true waterfront (I believe two of them are). The rest line up perpendicular from the lagoon to the beach road which does not give them the beautiful unobstructed view that this home has.  Down here- the view is everything!

The last 3 sold comps on Little Lagoon sold for between $240/sf and $312/sf.  Remember! This guy is for sale for $132/sq ft and completely remodeled AND 1.6 Acres waterfront.  A good deal!

The Grander #12C , Orange Beach, AL MLS # 255714

The Grander is a complex located along the back bay area in Orange Beach.  The units sit on multiple levels, stretching their space up.  This unit now listed for $350,000, once had an asking price of $399,00 only 143 short days ago.  A $50,000 reduction in less than 6 months may suggest the owner wants to move this thing!  If you are a boating enthusiast you may find this to be a good deal, as this gated community not only has a beautiful pool on its bayfront grounds, but you will also have an assigned slip with boat lift with this unit as well!

Anyone who knows what the cost of JUST a boatslip is down here- know’s this is a pretty good deal for the size, ammenities, location and slip!  HERE are the 3 available boatslips for sale in Orange Beach currently.

Listing Provided by Realty Executives Gulf Coast

Full Listing details can be found HERE for The Grander Condo #12C.

Now for the comps. There are currently 3 other units for sale in The Grander Condos in Orange Beach.  All 4 of the units are 3 bedroom units.  The other 3 are ranging from $409,000-$428,000 list price.

There have not been any recent sales in this complex since the crash when most of these units were scooped up in 2011.  So as you can imagine- should the owners decide to list and are able to sell now that the prices are up- it will be a great deal for them!

Recent bayside condo sales in Orange Beach with amenities and boat slips have ranged in the $230-$325/sq foot range, so give me a call and  scoop this one up at $172 a square today!

If any of these waterfront deals interest you, or you have any questions- please don’t hesitate to call!

 

 

 

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Turquoise Place Penthouse for Sale

Turquoise Place Penthouse for Sale

Updated 7/1/2020 — Unit is still for sale, List price: $3,299,000

(Updated 9/5/2019)— Unit is still available! If you don’t care to read all the history and fluff, you can go ahead and CLICK HERE to see all of the details of this awesome Turquoise Place Penthouse listed for sale below!

The Mack-Daddy of all Orange Beach Penthouses!

It is no secret that my favorite condo complex is Turquoise Place in Orange Beach!  I write about it a lot, I’ve studied it a lot.  When I found this particular luxury penthouse condo available for sale in Orange Beach, I had to share it!

But first a little back story and history on Turquoise Place Condos in Orange Beach Alabama…

 Although Turquoise Place is flourishing now- the complex had a rough go at the beginning as construction was just being completed (2008) when the Real Estate market was about to crash.

Sales were slow, and many of the people who had put deposits down on these pre-construction units were finding they were having to forfeit their units as financing was no longer available or they could no longer afford the unit at the 1-2 million dollar price tag.

BP Oil Spill Effects on the Alabama Gulf Coast:

Then… the BP Gulf Horizon Oil Spill happened.  And it spilled….and spilled and spilled.  Oh what kind of cruel timing was this?  If it weren’t enough that the housing bubble burst on a national level, NOW- on a local level we were dealt the worst hand possible.  It was like BP just came and took a big old dump on all of us.  And they pretty much did.

The beach communities of Gulf Shores and Orange Beach are almost entirely dependent on travel and tourism for revenue.  The majority of employment is hospitality driven.  Without tourists to eat, shop and stay- there is no money to pay for employees.

Suddenly there were hundreds of foreclosures in our area.  Thousands of jobs lost.  Businesses were going belly up.  These issues don’t even hit on the environmental destruction- the loss of life, ecosystems destroyed.  It was a sad and difficult time for everyone on this little stretch of sand in Alabama.

The Rich get Richer.

BUT- the investors who were still able to get their hands on the cash to invest in our area bought up the foreclosures, and the distressed properties left and right.  A lot of great deals were picked up during that dicey time in Gulf Shores and Orange Beach.  But the deal that the Turquoise Place was offering on its developer units takes the cake.

Turquoise Place Developer units were listed at $925,000 during that time. The list price of $925,000 was slashed by $200,000 in the form of a tax credit on the HUD.  I’m no accountant, but a $200,000 tax credit sounds like a pretty good deal.  In addition to that remarkable price other incentives were offered to buyers including deals on HOA dues, furniture packages, guaranteed annual rental incomes etc. Read more about it here…
So. Here we sit only 8 years later.  These Turquoise Place owners can only be grinning from ear to ear now, as prices have went back up over 1 Million dollars to own a luxurious Turquoise Place Condo in Orange Beach.

My post took a turn down a rabbit hole…

But I thought some background for anyone who didn’t know would be nice to share.  Back on track.  I found this unit the other week while researching the most current sales in Turquoise Place.  Out of all of my years of research of these two magnificent towers, I never knew this insanely awesome Penthouse unit in Turquoise Place even existed.

Behold, in all of it’s glory:

26302 Perdido Beach Blvd. #PH2304

Current List Price: $3,299,000

5 bedroom, 5 1/2 baths

5700 sq. ft. with 8,000 sq ft Balcony

Click below for complete MLS details on the Turquoise Place Penthouse for sale:


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Sidenote: Clearly, THIS WAS NOT one of the investors that purchased their Turquoise Place condo at the $725,000 list price.  That price was specific to a particular couple of stacks in the 3 bedroom floorplan.  I just thought it would be a fun piece of information to share.  

Okay… So Where are all my High Rollers? If this 3.2M Turquoise Place Penthouse is Right up your Alley, Let’s Chat!

To Qualify and Schedule a Showing for this Luxury Penthouse condo in Turquoise Place in Orange Beach Alabama give me a call: 251-609-4434 or email: alisha@myagentalisha.com

Search all Turquoise Place Condos for Sale Below:


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Looking for something else?  Here are a couple more popular Orange Beach Real Estate Searches:

 

ALL Orange Beach Condos for Sale
Orange Beach Condos Gulf Front
Orange Beach Condos Near the Beach
Orange Beach Condos with Boat Slips
Orange Beach Condos with Lazy Rivers

Looking for something else altogether? Have questions? I’d love to help. Reach out anytime via phone, email, or text!

 

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Ultimate Guide: Income Producing Condos | Gulf Shores and Orange Beach | Part III

The Guide to the Alabama Gulf Coast Top Income Producing Condos

Now for the Top Dogs!  The Highest Income Producing Condos in Gulf Shores & Orange Beach:

In the first part of my series: The Ultimate Guide to: Top Income Producing Condos in Gulf Shores Orange Beach Parts One and Two– I went over Top Income Producing 1 Bedroom Condos.  1 Bedroom condos that are used as rentals and as an investment are often a good start.  People who have never invested in a vacation rental or who may be looking to build of portfolio, or own a number of units in different buildings and different areas along the beach.  Any good investor knows about diversification right?

This post will be going over the other end of the spectrum.  The TOP TOP Income Producing Condos.  Again my numbers are pulled from various area rental management companies and the income they have witnessed on their various programs.  Also- please remember: The numbers they have given me are BEFORE their management fees are taken out.  The varying rental companies have varying services, portfolios, and fees ranging from sometimes 15-25{21fd5c4e01e29521095b8da75d82adfac7b7b997f9f72aa45032cd25125086c0}.  That will be content for another post- Coming Soon!

But Before I go on, Let’s Recap on a Few important things to consider when investing in a condo at the beach:

Point to remember when investing in a condo

#4 and #5 both Show Approximately $70,000 Gross

Annual Income:

  • The Avalon at The Beach Club Gulf Shores
  • Legacy Condo in Gulf Shores

Both units contain 5 bedroom and 5 baths and sleep 10-13.  Although both condos are technically located in Gulf Shores, they could not be more different.  While Legacy is located not far from the heart of Gulf Shores, The Beach Club is located down towards the end of the Fort Morgan Peninsula- a good 30 minute drive from the public beach area of Gulf Shores.  Preference is completely based on personal wants and needs, and by the income producing potential of both- there are large numbers of vacationing families that see the value in both locations.

The Beach Club- Avalon Building, Gulf Shores (Fort Morgan)

The Beach Club consists of 3 buildings: A, C, & D.  Avalon, Catalina, and Doral.

There was a one bedroom unit highlighted in my blog post about top income producing 1 bedroom condos- You can find that post here.

The Beach Club is like it’s own self contained little community, and it almost has to be- since it is located so far off of the beaten path.  But many many people swear by this complex and wouldn’t go anywhere else.  Loads of amenities, restaurants, shops etc can be found at The Beach Club.

Unfortunately there are not currently any of these 5 bed 5 bath income producing machines available for sale.  But there have been 2 to exchange hands in 2017.  Avalon Unit # 2003 (2809 sq ft ) selling for $ 675,000 and Avalon Unit # 1905 ( 2636 sq. ft) selling for $700,000.  Fees on these units run around $860.

I like a good challenge.  If you want to get your hands on one of these units- don’t let the lack of availability stop you! Call me, email me- I will find you a seller!   You can also keep your eye on Beach Club units for sale here.

Legacy Condo – Gulf Shores:

Even more elusive than the 5 bedroom Avalon is the 5 bedroom Legacy Condo in Gulf Shores. A unicorn if you will.  Again, there are not currently any 5/5 units available for sale- in fact in this condominium there are only 2 units of this layout.  The Penthouse floor is shared on the 8th level by 2 units- each a 5 bedroom unit.  The last time a 5 bedroom Legacy exchanged hands (according to the Baldwin County MLS)- was 2011!  The unit was purchased with cash as a foreclosure. Sale price: $400,000.  Keep an eye out for Legacy listings here:

Sounds like another challenge to me!

 

#3: Phoenix West Orange Beach: $90,000 Gross

Income Potential.

 

 

Phoenix West in Orange Beach is a popular building for visiting families and the rental numbers show that.  With possible gross income of up to 90k for the 4 bedroom 4.5 bath units (2459 sq ft), there is good investment potential.  The amenities include indoor and outdoor pools, lazy river, kiddie pool, hot tub, sauna, waterslide, tennis and more.  The monthly fees are published at about $1100 for the 4 bedroom units, and $950 for the 3 bedroom (1958 sq ft unit).

At the time of this writing there were currently Four 3 bedroom units for sale ranging from $634,000 to $760,000. And one 4 bedroom 4.5 bath unit available for purchase: $959,900 which has now been on the market for the last 427 days.

There have been 17 units to close thus far in 2017. Of those, 16 Three bedroom units ranging from $634k – $760k.

1 Four bedroom unit: Selling at $964,000 after about 8 months.

Check current Phoenix West condos for sale HERE.

#2: Oceania Condo Gulf Shores: $105-110k Gross

Income Potential

Oceania is a very unique condominium complex in Gulf Shores.  It is very low density offering tremendous peace and tranquility over your higher traffic condos.  Oceania offers only one unit per floor with the elevator opening to your own private foyer- a personal code is required for the elevator to open up to your unit.

There is an indoor/outdoor pool and hot tub and fitness center and fees run approx: $1100.

With each floor your own private oasis, as you can imagine, the floor plans are quite expansive.  Typical floors  contain nearly 4000 sq feet, while the Penthouse boasts of over 5200 sq feet!

You can see a continually updated list of units for sale here.

But at the time of this writing there are currently Four 4 bedroom units for sale (3970 sq. ft floorplan): Prices Ranging from $1,150,000 – $1.3M.  The Penthouse unit is also currently for sale (5221 sq. ft, top level unit) Listed for: $2.2M.

There has been only one unit in Oceania to sell so far in 2017.  It was a standard 4 bedroom unit, listed and sold for the asking price of $1,115,000 after only 5 days on the market!

 

Oceania Condo in Gulf Shores

#1: Turquoise Place Orange Beach: $80-140k Gross

Income!

Turquoise Place Condominiums in Orange Beach Alabama are certainly the Creme dela Creme of Condos along the Alabama Gulf Coast- Even though they were built in 2009, they are probably still the finest (IMO) around.

 

Turquoise Place Condos in Orange Beach For Sale

 

 Currently For Sale in Turquoise Place: (For an Updated and constantly

Current List, Click HERE& HERE).

10: 3 Bedroom, 3.5 Bath Units (2300 sq. ft) Ranging in price from: $1,075,000 – $1,300,000.  The Average Days on the Market for these units, also ranges greatly from 30 to 600.

There are also: 5: 4 Bedroom 4.5 bath Units (3500 sq ft) ranging in price from: $1,600,000- $2,199,000. Average days on the market from: 90 days to 604 days.

There are 2 Penthouse Interior units for sale (4756 sq ft)- Priced @ $2,650,000 and $3.2M.  The 900 sq. ft balcony on this bad boy is larger than most 1 bedroom beachside condos on the market!  But WAIT! If you think that’s impressive, what about a Turquoise Place condo with a balcony alone of 8,000 square feet?!!  You’ve got to see it to believe it-

Currently for sale: The D Tower Penthouse! Current list price: $3,728,500.  5 beds, 5 and a half baths- 5700 square feet inside and 8,000 sq ft balcony with an additional detached suite that conveys along with this unit! Below shows the location of the Penthouse unit in the D tower (West side tower) as well as the extraordinary balcony!  Click HERE for the full listing info and photos.

Turquoise Place has an outstanding amenities package with multiple outdoor pools with zero entry, lazy river, fountains, indoor pool, hot tubs, tennis courts, large fitness center, Life Size Chess, tiki bar and on and on.  Each individual balcony has its own hot tub and gas grill to accommodate even the most discriminate of guests!

Of course with a large amenities package, plush grounds and exquisite finishes, fees will be heftier than your normal everyday run of the mill condo association.  Turquoise Place fees range from: $1000-$2200.

What about Recent Sales at Turquoise Place?

As of this writing the most recent sales include:

11 total sales in 2017 thus far. Of those sales, 9 of them were the 3 bedroom 3.5 bath floorplan.  Selling prices range from $985,000 in Sept 2017 (Only 18 Days on the Market- because this one was priced to SELL!) to top sold price in 2017 for that 3504 sq ft floor plan being: $1,070,000.

The two 4 Bedroom units that sold in 2017 were in January and February. Selling prices of: $1,495,000 and $1,750,000.  The unit that closed for $1.7M had been on the market for 764 days and was originally listed for $1,895,000.  The other unit only sat on the market for 75 days before closing for it’s asking price.

Want more info? I have a sales packet of additional information I will gladly send.  Please email me and I will send you the digital package.

I have been researching the Turquoise Place condos in Orange Beach for 8 years now and would gladly help you with a purchase or sale of your unit, OR answer any questions you may have.

 

Ready to start looking for your very own TOP INCOME PRODUCING condo? Give me a call- Let’s see what we can dig up! Better yet, wanna be a rockstar? Let’s make an offer on that Turquoise Place Penthouse!

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Ultimate Guide To: Top Income Producing One Bedroom Condos in Gulf Shores & Orange Beach | Part 2

 

Without Further Ado…

Before we get started, it’s important to keep in mind- It is likely that the condo’s that produced the highest income, also had updated interior/ appliances etc.  Renters are spending anywhere from $200-$300 per night in some of these condos and expect to get what they are paying for.  This is not to say that a condo with average interior won’t rent well.  It will.  But your nightly rental rate will need to accommodate the interior condition accordingly.  The lower nightly rate will certainly garner renters who are not wanting to spend top dollar.  There are both positives and negatives for you to consider when thinking about your condo rental furnishings.  Either way, please remember these numbers are that of individual condos.  Not all condos are equal.

5). Caribbean: $29k

Caribbean Condo is located: 1057 West Beach Blvd. Gulf Shores.  This low density complex was built in 2000.  West Beach is convenient to the heart of Gulf Shores, with many shops and restaurants within walking distance.

There are not currently any 1 bedrooms listed for sale in the Caribbean complex.  The most recent one bedroom closed in February 2017.  The selling price at that time was $270,000.  This particular unit sold at 93{21fd5c4e01e29521095b8da75d82adfac7b7b997f9f72aa45032cd25125086c0} of list price after 170 Days on the market (DOM).

4). Lei Lani Tower: $29-30k

Lei Lani Tower is located: 28814 Perdido Beach Blvd, Orange Beach.

Again, at the time of this post there are two 1 bedroom condos currently available for sale in this Orange Beach Beach Front Complex.  This condo has 49 units units and was built in the Mid-1980’s.

Unit # 402: $279,900

Unit # 306: $283,500

Monthly COA Fee: $263

 

3.) Beach Club: $30-32k

The Beach Club which was built between 1998 and 2002 is located in the area of Gulf Shores known as Fort Morgan.  Fort Morgan is located west down Hwy 182.  The physical address to The Beach Club is 527 Beach Club Trail, Gulf Shores.  The Beach Club consists of 3 separate towers.  A, C, and D- also known as: Avalon, Catalina and Doral.  When first starting out in Real Estate in 2007, the Broker I worked for always said the best investment was 1 bedroom at The Beach Club.  This complex, although located down Fort Morgan, is a one stop shop.  There are multiple pools, fitness center, spa, tennis, restaurants, shops etc.

There is currently only one 1 bedroom unit listed for sale at The Beach club. It is located in the Catalina Tower.

Unit # 1002C : $318,500

Monthly Condo Fee: $310

 

2.) Tradewinds: $31-32k

Tradewinds Condo is located: 24568 Perdido Beach Blvd., Orange Beach.

This low density complex built in 1999, has an indoor/outdoor pool and like the rest of the units I have showcased is Gulf Front.  There is one, 1 bedroom available for sale- listed at $255,000 which is an incredible deal if you are able to pull an income of just over $30k.  Dues are reasonable at $349/mo.

Unit # 608 : $255,000  UPDATE: The Listing Agent REMOVED this listing from the market. 10/2/17.  If interested in this condo, contact me and I will try to contact the owner to see if they are still interested in selling.

 

 

1). The Lighthouse: $36-48k

The Lighthouse condo is located: 455 E Beach Blvd, Gulf Shores.

The new Lighthouse condo stands in place of the original Lighthouse Inn- which was much smaller, much like how Gulf Shores of the past used to be.  Our area has seen considerable growth, and with that growth many new and large condo complexes.  While our sleepy little beach town isn’t so sleepy anymore and many people miss the days of the “Lighthouse Inn,” the growth has been good for those wishing to invest in real estate in Gulf Shores and Orange Beach.

photo cred: Daryl Hogeland

Although your original investment price on a Lighthouse Condo is going to be higher than the aforementioned 1 bedroom units in Gulf Shores and Orange Beach, if you are able to turn almost $50k with a 1 bedroom- there is something to be said for that!  Even at 40k you are knocking the socks off of most other 1 bedroom units on the market.  The Lighthouse condo has a fantastic location and is in the heart of Gulf Shores.  You are in easy walking distance of the beach shops and popular beach side restaurants.  You are close to all of the beach “buzz.”

This complex has an indoor and outdoor beachside pools and a fitness center. There are 251 total units, 18 floors and it was completed in 2006.  The 1 bedroom units are spacious with 875 square feet- as compared to the typical 600 sq ft 1 bedroom.

There is currently ONE 1 bedroom Lighthouse Condo listed for sale.

Unit # 817 : $440,000

Condo Fee: $375

This unit has been on the market for over 400 days.  In our current market, Gulf Front Condos are not staying on the market long when priced right.  It is safe to say, due to this fact, that this condo is probably slightly overpriced at $440,000.  There have not been any price reductions since this property listed 440 days ago, which also leads me to believe the owner isn’t really in a hurry to sell.  But who knows? There is nothing lost in tossing an offer their way.  Email me if you are interested in finding out exactly how much this exact condo pulled in last year- and what’s on the books More Points to Consider in Buying a Condo as an Investment:

My Pick for Best Buy:

Considering all 10 of the 1 bedroom condo complexes showcased in both this post, and the previous– (without doing any research of the HOA, or having any knowledge of current or pending assessments), I think that The Tradewinds condo currently listed for $255,000 would be a great buy for anyone wanting to purchase for investment purposes.  The list price may be a bit high based on the following info: This condo has been on the market at just over a year.  The current median for Days on the Market for Gulf Front 1 bedroom Condos, that have closed over the last 6 months is : 72 days.  There are only 7 photos of this unit of which I can only gather that the unit has not been updated in some time.  The owner has not decreased their list price (in fact they increased it by 5,000 since listing it). The last 1 Bedroom unit to close in  the Tradewinds condo complex in Orange Beach, took place in May 2017 and closed for $236k.  The unit was updated with granite in the kitchen and bath and had up to date furnishings.

Should a buyer be able to make a reasonable offer on this unit, that is accepted and then update the unit with new bedding, and a few other cosmetic improvements- this unit could make a good rental.

Investors: If you would like me to get in to this unit, get some more (and better quality) photos- as well as some pricing on what it would take to spruce this unit up- let me know!

How Strong is the HOA?

When considering ANY condo for purchase, investment or private use- We will request condo docs.  We will be looking at the HOA or COA’s Financials.  Are there strong reserves?  Are there any known upcoming assessments?  Are there any recent assessment passed that will affect the new buyer?  If there are financial troubles with the HOA, it is probably a good idea to steer clear- Unless you have the financial means to offset any surprise expenses that could be thrown at you.

Will you be Obtaining Financing for your Investment Condo?

Getting a loan for an investment beach condo, is not the same as getting a loan for a primary residence.  The bank has many more stipulations.  Although I am not an expert in lending, My friend Devin at Gulf States Financial has a good post about some of the blips you may run into when trying to obtain Investment Condo Financing.  Check that post out for more info on those stipulations.

Also, in some cases you MAY be able to use the income of the condo that you are purchasing – to help with qualifying for your investment loan.

Are you Ready to Start Looking for your Beach Front Condo Investment?

Shoot me a message, call or text. Even if you just have more questions that I can help clear up for you, I’d be happy to do so.  I look forward to helping you build your Gulf Shores and Orange Beach Condo Investment portfolio!

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Ultimate Guide To: Top Income Producing Condos in Gulf Shores & Orange Beach: Part I

So You’re Thinking of Buying an Investment Condo at the Beach…

Where to start? If you are new to this, you have come to the right place.  In this post I will cover my review of the top income producing ONE BEDROOM condos in Gulf Shores and Orange Beach Alabama.  One bedroom units are often the best place for first time investors, as they require the lowest initial investment.

Please keep in mind: I have collected this data from various rental management companies in the area.  The income numbers provided to me are not guaranteed, and events can and have occurred that can disrupt income producing properties for a period of time.

With that information out of the way, I will present to you my short list of 1 bedroom condos and their average income earned in 2016.  (When 2017 comes to a close, I will post a side-by-side comparison for you.

10.) Palm Beach: $26-31k

This beautifully landscaped condo complex sits right on the edge of Orange Beach as you are leaving Gulf Shores.  The complex was built in 2001 and houses 100 units.

Unit # 14-D: $334,500

The 1 bedroom units in Palm Beach are sized a bit larger than typical one bedroom units boasting of over 800 square feet.  There is currently 1, One Bedroom condo available for sale in the complex.

 

9.) Tropic Isles: $26-32k

Tropic Isles Condo is located at: 433 West Beach Blvd in Gulf Shores. There are 40 units in this complex.  Tropic Isles was built in 2000.

The average income in 2016 was $26,000 while the high income I gathered came in at $32,000.  There are currently NO 1 bedroom condos available for sale at Tropic Isles.  However, the last 1 bedroom closed only yesterday (9/25/2017) and sold for $286,000.  The selling agent also reported that that particular top floor unit rented solely using VRBO (no management company) and pulled in $31,000 in 2016 with $25,000 already on the books for 2017.  The unit spent a short 5 days on the market!  Reported monthly fees at Tropic Isles are: $320.

 

8). Royal Palms: $29-33k

Royal Palms Condo is located at: 561 E Beach Blvd in Gulf Shores.  There are 101 units and the complex was built in 2000.

The average and high incomes nearly mirror Tropic Isles.  Also like Tropic Isles, there are currently NO 1 bedroom condos available for sale in the Royal Palms complex. Turnover in Royal Palms is low and the most recent 1 bedroom to close was nearly a year ago on: 12/5/16 for $275,000 after 90 days on the market (DOM).  Sidenote: If there is a condo complex that does not have any units available for sale- but you are sure it is the building you want to buy in- please email me, I will get on the horn and start trying to drum up a willing seller for you!

 

7). Emerald Skye: $28-33k

Emerald Skye Condo is located: 26034 Perdido Beach Blvd, Orange Beach.  This low density complex with only 36 units was built in 1996.

Currently Available for sale:

Unit #R21 List Price: $256,000

Unit #R14 List Price: $264,000

Condo Fee: $440 / mo

 

6). Clearwater: $28-35k

Clearwater Condo is located at: 517 E. Beach Blvd. Another low density complex with 32 units, Clearwater was built in 1998.

Currently available for sale:

Unit #2B

Unit #4B

Both units are currently listed @ $269,000.  The published monthly condo fee is: $488.00

 

Watch for Part 2 of this segment– containing the top 5 income producing 1 bedroom condos- coming up next…

In the meantime, here is some food for thought, when thinking about buying a condo in Gulf Shores or Orange Beach for investment.

Other monthly holding costs to consider:

Keep in mind, along with your mortgage (if you have one), taxes, and monthly condo fees, you will also likely have your monthly electric, and personal/contents insurance policy.  There is also the chance of a special assessment should the association decide to make a large improvement, or if large amount of damage is sustained etc.   If you did not purchase your condo furnished, you will need to purchase furnishings.  If the unit was furnished and in a rental program prior you should have minimal items to purchase, but some rental companies require their units to have certain things in each unit. For example: Crockpot, Blender, Coffee Maker etc.  Repairs to appliances, and sometimes replacing items in your unit may be needed as well.  Lastly let’s not forget management fees- should you choose to hand your condo over to a manager.

 

To Pay a Management company or Not?

The above rental numbers quoted are prior to any management fees being taken out should you have a management company handle the logistics of making your reservations, coordinating your cleaner etc.  IF you have the time available to handle all rental inquiries, reservations, check ins/outs, maintenance, cleans yourself- VRBO is a good way to go to save on the management fee- but may not produce quite the income as noted above.  Your total income may end up being the same either way- but that is up for your own experimenting.  With a rental company you are paying for the convenience and freedom of not dealing with the stresses or renting your condo yourself.

 

Another thing to keep in mind:

In the state of Alabama you will also need a business license in the city your condo is located in.  You can find more on that here: Orange Beach and Here: Gulf Shores.

 

In my next post, I will cover the top 5 income producing one bedroom condos in Gulf Shores and Orange Beach – and the number one condo pulls in $36-48k annually!

 

 

 

 

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