Inside Orlando luxury foreclosures -- $1 million foreclosure minutes from Disney

Dated: February 4 2021

Views: 57

Who doesn’t want a luxury home? I’m guessing we all do, but we don’t all want to pay luxury home top dollar. I found two interesting luxury foreclosures and I spent some time this past weekend checking them out. From time to time, buyers will reach out to me and tell me they are only interested in foreclosures because those are the only good deals. Others will tell me they are not interested in foreclosures at all and please don’t show them any because they don’t want the hassle. I think both of these are kind of misconceptions and in this video, we’ll take a look at these two luxury foreclosures and discuss why I feel that way. Our first stop is Lake Mary, and our second stop is Winter Garden, just a ten minute drive from Disney. Read on, or watch the video below.

 

Welcome back to my channel, if you’re interested in all things real estate related in the Central Florida area, I’ve been selling real estate in Orlando since 2009 and I invite you to subscribe to my channel, so you don’t miss a weekly video with insight into the real estate market. Also, you may set up a zoom call in the description below, so we can chat face to face and get your move to Orlando started.

 

Now today as I said we are going to start by visiting a luxury foreclosure in Lake Mary, in the guard gated community of Heathrow Woods. Last year I toured another one in the same community and I’ll drop a link to it if you’d like to check it out. When you think of a foreclosure, you probably think of a damaged, vacant, abandoned home. But that’s not always the case. In Central Florida right now, there certainly aren’t a lot of foreclosures, but there are a handful. And yes, you do see things even at the luxury level that indicate that the home maybe hasn’t been cared for -- but if someone hasn’t been making their mortgage payments it stands to reason that they probably aren’t worried about re-staining the front door, getting rid of that big dent in the garage door, replacing a broken appliance and the like. They know their time there is limited.

 

This home is the least expensive currently for sale in Heathrow Woods looking at price per square foot. It’s just under $200 per square foot. Other listings in this neighborhood are currently listed as high as $299 per square foot. So right there, you can see that you are able to pick up a pretty good deal. But what about the quality? Are there going to be hidden issues? Well, when you buy a foreclosure you are allowed to inspect the home and back out of the purchase based on the inspection. The timeframe for that is contractual and is typically 7 to 10 calendar days. In that regard it is just like any other purchase you would do in Central Florida, although banks are definitely less likely to make repairs on small issues that may come up in the home inspection. They will normally do big repairs that would perhaps hinder financing or the appraisal, such as roof issues, rotten wood -- so common in Florida -- and safety issues. Basically things that would prevent any buyer from being able to buy. They will not usually make any cosmetic repairs or repairs to things that you should have readily noticed on your first visit to the house -- for instance repairing a dented garage door, fixing screen enclosures or painting the walls. This is in contrast to when you purchase a home at auction, which is another way to pick up a good deal, but there is no inspection contingency in that scenario. I made a video on the topic of auctions too, and I’ll drop the link for you above.

 

I’m not going to get too much into the specifics of this particular property other than to provide you with the basics. It has 5,289 square feet, a fabulous swimming pool, 5 bedrooms and 5 bathrooms, the kitchen is beautiful with a gorgeous Kitchenaid gas stove, and a huge 3 car garage. The taxes are about $13,000 per year and the HOA fee -- and remember, this is guard gated -- is a little over $2000 per year. The listing price is $1,050,000 it has been for sale for about 4 months.

 

Our second home is located just ten minutes from Disney in a gated community in Winter Garden. This home has a fantastic infinity pool and lake view that you’re sure to love. This home is absolutely amazing and has a list price of $1,162,500.  It is 5,653 SqFt, which comes to $205 per square foot. It has five bedrooms and 4.5 bathrooms, a 3 car garage, and sits on nearly two acres of land. This home has many bells and whistles including two staircases, a theater room, which unfortunately I couldn’t film because I couldn’t find any lights, a circular kitchen and ceilings reaching up to the second floor. It’s a stunning property. 

 

Now to touch on something I mentioned in the beginning -- I also get clients who say they only want to purchase a foreclosure. The foreclosure market in Florida is very limited. There are only a handful of foreclosures available in Central Florida at any given time. For that reason, at least right now, it’s not a great idea to base your search only on foreclosures, unless you are an investor or you have unlimited time to wait for the right property to come along.

 

If you have any interest in purchasing a foreclosure, whether the ones in this video or otherwise, please reach out to me, here is all my contact information. As always, there is a link in the description below, to where you will be able to set up a 15 minute zoom call with me if you would like to discuss any aspect of purchasing a home in Central Florida. 

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Krista Taurins

Krista Taurins, PA, of Fathom Realty is a multi-lingual, full-time realtor in Central Florida, known for her creative use of photography, video and high tech marketing tactics in real estate sales. He....

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