Would you do it?

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jriosdds_IHB

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I am considering renting my townhouse and rent at the marquee.



My place is a tri-level townhouse and I can rent it easliy for $2600. I presently pay about $250 for cable, broadband internet, and gym memberships.



It's just my wife and I. The rents at Marquee are ridiculously cheap - low $2000s for a 2 bed 2 bath condo. Some are willing to excute 1 to 2 year leases. A friend of ours rents there and that place is like a resort.



Don't knock the place unless you've have stayed there:http://www.marqueeparkplace.org/
 
I checked out the web site just to see what's inside the buildings I drive by every day. I happened to open up the manager's messages archive, and WOW! The number of apologies to residents was "enlightening" to say the least. The reasons ranged from noisy repairs, security gates that are jammed (open or closed), power failures, broken elevators, vandalism in the work-out room, etc. etc. I guess the worst were the numerous instances of boiler failures, resulting in no hot water on several floors. Small wonder that there are units offered at low rent.
 
I bought there WAaaaayyy back (was drinking the Kool Aid). Then quickly realized it was pure folly and I needed to sell NOW!

I got out and thankfully have never looked back.



It seems like a nice place, but honestly that glass lifestyle doesn't fit me. Thankfully it will go better.

good luck

-bix
 
[quote author="jriosdds" date=1214392976]I am considering renting my townhouse and rent at the marquee.



My place is a tri-level townhouse and I can rent it easliy for $2600. I presently pay about $250 for cable, broadband internet, and gym memberships.



It's just my wife and I. The rents at Marquee are ridiculously cheap - low $2000s for a 2 bed 2 bath condo. Some are willing to excute 1 to 2 year leases. A friend of ours rents there and that place is like a resort.



Don't knock the place unless you've have stayed there: http://www.marqueeparkplace.org/</blockquote>


Your talking about the place that is $600 a sqft and has an 800 a month association fee? Its 2000 to rent a 2/2?
 
My thinking is that there is a lot of competition in that building for renters. Most families w/kids would not want to rent there.
 
[quote author="25w100k+" date=1214443231][quote author="jriosdds" date=1214392976]I am considering renting my townhouse and rent at the marquee.



My place is a tri-level townhouse and I can rent it easliy for $2600. I presently pay about $250 for cable, broadband internet, and gym memberships.



It's just my wife and I. The rents at Marquee are ridiculously cheap - low $2000s for a 2 bed 2 bath condo. Some are willing to excute 1 to 2 year leases. A friend of ours rents there and that place is like a resort.



Don't knock the place unless you've have stayed there: http://www.marqueeparkplace.org/</blockquote>


Your talking about the place that is $600 a sqft and has an 800 a month association fee? Its 2000 to rent a 2/2?</blockquote>
Last time I checked in MLS, the HOA was $1,100 and the prices have come out to a nose bleed level of $450-$500/sf.
 
[quote author="awgee" date=1214446413]Why is the rent so inexpensive?</blockquote>


Because that's all it's worth.



and when the HOA is $1100 and you're paying $4000+ to cover the mortgage you can't really wait around for a month or more trying to squeegee out an extra $100 or two for rent.
 
[quote author="No_Such_Reality" date=1214449329][quote author="awgee" date=1214446413]Why is the rent so inexpensive?</blockquote>


Because that's all it's worth.



and when the HOA is $1100 and you're paying $4000+ to cover the mortgage you can't really wait around for a month or more trying to squeegee out an extra $100 or two for rent.</blockquote>


That makes it all worth the while to rent if you can secure a year lease or longer. The owner is subsidizing the cost of the amenities.
 
[quote author="jriosdds" date=1214451754]...

That makes it all worth the while to rent if you can secure a year lease or longer. The owner is subsidizing the cost of the amenities.</blockquote>


Doubtful, you have to factor the moving costs, security deposit (probably outrageous), and the potential default, abscond with the deposit and need to re-move factor.



On top of that you get to be a landlord, deal with a tenant, security deposit, maintenance and sundry hassles and potential lawsuits. For what? $400/month?



If you can't figure out how the landlord is making it cashflow, be concerned.
 
I thought about moving here as well. I like the area and have no family.

Paying top dollar at the IAC in Quail Hell at present.

But I do love my attached garage and quiet neighbors.



But the thought of the pink notice on my door that the unit was being

forclosed on has an effect on my decision process. Sure you have a lease.

But who wants the headache. It like renting from someone who is selling drugs

in the back unit. Only a matter of time till you suffer from their stupidity.

How long can they continue to lose money and subsidize your savings ?

That HOA fee alone is a red flag. Rent for $ 2600.00 when you know almost half

is going to HOA ? The old saying of its "too good a deal to be true". Beware.



As long as your willing to think about it on a month to month basis.

Go for it. But the lease isnt worth the paper its written on IMHO.

Think of it like a hotel room with a monthly rate and your good to go.
 
Find out how many units are in foreclosure. The banks in Fla are not

paying their share of maintenance to the assns. Enough foreclosures,

and the remaining owners will not be able to make up for the unpaid

maintenance. So even if your landlord is peachy keen, he may find

himself frantic if half of those units go into foreclosure and the hideous

maintenance doubles. It is not becoming rare for half the units in one

of our towering infernos to not be paying maintenance.



Is the insurance paid??
 
There are only a couple of units in the pre-foreclosure or foreclosure stage.



Amazing considering all the speculation in that building...
 
If you've already lived in your town home for the previous 2 years, I'd say go for it, if it makes you happy.



Moving is also a time when you can donate/throw out a lot of stuff, and adopt a more minimalist living style. Knowing that you're renting, and that you must move again later is good incentive to have less stuff.



Being a land lord can be a headache and I'd strongly suggest a property manager. If you need a recommendation later, PM me.
 
Is this the one ? <a href="http://orangecounty.craigslist.org/apa/723234926.html">Craigslist is your friend</a>



So, how do you explain this one for $4000 a month ? I mean, it's furnished.....<a href="http://orangecounty.craigslist.org/apa/708008389.html">but whoop dee doo.</a>



Don't see any in the "low" 2000's....but there sure are plenty of listings..... <a href="http://orangecounty.craigslist.org/search/apa?query=marquee&minAsk=min&maxAsk=max&bedrooms;=">see here.</a>
 
[quote author="Trooper" date=1214472218]Is this the one ? <a href="http://orangecounty.craigslist.org/apa/723234926.html">Craigslist is your friend</a>



So, how do you explain this one for $4000 a month ? I mean, it's furnished.....<a href="http://orangecounty.craigslist.org/apa/708008389.html">but whoop dee doo.</a>



Don't see any in the "low" 2000's....but there sure are plenty of listings..... <a href="http://orangecounty.craigslist.org/search/apa?query=marquee&minAsk=min&maxAsk=max&bedrooms;=">see here.</a></blockquote>
I think I remember seeing a leasing comp that closed last year or early this year for $2,300 and all the other ones were around $2,500 and up. I'll have to check on MLS since it's been a while.
 
I already visted the place. Owner offered $2100. It's a couple of floors below my friend's unit. Depends on the floorplan and location (height and views). Typical pricing structure for a highrise.



There's also one listed on the MLS (#601; 1300 sf) for $2200.
 
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