Wednesday, December 10, 2008

Sick of Winter Already? How About a Condo in the Sunshine State?

Florida license plate After battling snow squalls this weekend and soggy weather this week, last night's Consumer Alert on CTV news caught my attention - time to buy Florida condos? Sign me up!

In all honesty, purchasing a second home is several years down the road for this homegirl, let alone an investment condo in the sunny state. However, recognizing that real estate can be a terrific investment opportunity, it was nevertheless fun to allow myself to, at very least, be tempted.

And the temptation is certainly there. A condo in Sarasota, that was cited as an example, sold for $176,000 in January 2005. The price tag last month - $90,000 in November!

Of course, buying investment properties can be a 'buyer beware' game, and there are many items to be aware of, including outrageous condo fees, higher property taxes for non-residents and extra insurance requirements (think hurricane season).

Is your interest peaked by an investment property? Check out the video at CTV News.

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