I just got back from the monthly Homeowner’s board meeting. Our Property Manager pulled up the recent sales in Park North and five condos have sold this past month. This is great news. Now the bad news- those condos sold for considerably less than we bought our condos back in 2004 and 2005. However, this is happening everywhere- so Park North is not an exception.
What a great time to buy a condo in Park North! These are not exact figures. I’m doing this off memory.
1/1 sold for about $125k
2/2 sold for about $175k
3/2 sold for about $190k
Park North has condos available for sale! Keep Park North in mind and make sure to recommend a friend to stop with a real estate agent to check out the deals.
Warrantable
Park North has some real benefits over other condo complexes in Orlando. For one, Park North is warrantable. Warrantable means that a buyer can obtain a loan that is eligible to be sold to Fannie Mae or Feddie Mac (FNMA). Loans which are not saleable to FNMA (non-conforming) are considered riskier, typically with higher loan rates and larger down payment requirements. Park North is warrantable so it is considered a normal loan. Here’s the complete Fannie Mae criteria as of November 2007. Related link: Finding FHA approved condos. Another downtown condo might not be warrantable so make sure you ask!
Low HOA fees!
Another benefit is that we have one of the lowest or the lowest HOA fees for a luxury downtown complex. On average, downtown Orlando’s condos charge $.32 a square ft. Park North’s fees are only $.28 a square ft. Park North owners pay about 25% less in HOA fees than other condos in downtown Orlando.
Save money on gas
Living downtown has its benefits. You’re close to everything. Even if you might not walk to the store or dinner every night- living downtown will still save you fuel and money. If you have to meet a friend in Lake Mary or South Orlando you are centrally located so you never have to drive too far in any one direction. Plus, Park North is incredibly close to I-4 which makes driving a breeze. No more spending 20 minutes to get to I-4 now you’ll only be 2 minutes away.
Call Park North at 407-426-8300 to set get more info about buying in Park North.
I meant the development to the south. I love the complex. Would love to live there! I just don’t want to get into a legal issue with neighboring developers. However, I do need to know the percent of owner reside there and what percent, consequently, is rental units. And what permission is needed to rent your unit?
Alan