About Kissimmee's Legacy Dunes

Well this one was not easy. Sun Trust took 11 months to approve this Short Sale! Nine of those were waiting on the file to be assigned to a negotiator. During this time we lost 2 buyers and finally found one to stick.....I thought. About 3 weeks ago I received the approval to close. Even though I had communicated with the Buyer's agent every week for the last 9 months I found out a week before closing that the Buyer had changed his mind!!!

So....I had to place the property back on the market as an "approved short sale". We needed a cash buyer that could close in 7 days at the full asking price. Luckily we found one. Lolita' Clay from Exit Realty brought a full price cash Buyer and they closed today. 3 days before the Short Sale approvals expired. Way to go Lolita!!!

Property:

4 bedroom 2 bath condo in Legacy Dunes. Legacy Dunes is a Short term rental community about 5 minutes from the main gate of Disney World in Orlando Florida. The condo was purchased in July 2006 for a whooping $335,400!! We sold it yesterday, 4 years later, for..........$60,000!!! That's a decrease in value of 82%.

Hardship:

Loss of income

Liens:

1st with Sun Trust for $269,150. Settled for $62,183 or $.23 cents on the dollar.

2nd with Sun Trust for $30,350. Settled for $10,973 or $.64 cents on the dolllar

HOA lien for $6,000. Received full payment from the Seller.

Details:

The Seller had to contribute $17,500 to Sun Trust plus had to pay the $6,000 to the HOA. No promissory note and Sun Trust issued a Waiver of Deficiency for both liens.

Another successful Central Florida Short Sale by Tutas Towne Realty!!

Are you facing foreclosure on your Sun Trust Mortgage? If so........

Property flipping in this market? You betta believe it! Legacy Dunes condos in Kissimmee are not only being marketed on Ebay but are actually selling and the investors are making a quick profit and not a bad one if I may say so myself. Are they being marketed honestly though? It would appear from this ad that the value of the property is being misrepresented. . .

This is just one of many examples of Legacy Dunes condo properties being flipped on ebay for a fast and hefty profit:

Here is the original listing from the MLS showing a closing date of May 1, 2009 for $27,000 (bank owned of course)

Here we are less than a month and a half later and we see this exact condo listed on E-bay for $59,000 with bids on it!!!!!! Even if this condo sells for $40,000 that’s almost doubling your money in less than two months. Could this be the start of another bubble though? Should end user buyers beware of the investor speculation going on in Legacy Dunes right now or should they feel secure knowing that they are buying at wholesale and could easily flip their condo for a quick buck if they wanted to? I say that this is just a temporary thing and those that ride it out while it last will make the money. As soon as all the bank owned inventory in Legacy clears out there won’t be any mark-up room to continue to flip.

As I was saying about the values being misrepresented. . . this condo is clearly NOT worth $96,000 however the person who is marketing this grabbed some information from the tax records to try and make this look like it’s the deal of the century and there are buyers out there that do not know how to find this information on their own that will believe this to be true. The Osceola property appraisers are in the process of reassessing the values for all the Legacy Dunes condos for 2009 and these values will be going down to reflect the market. The proposed annual tax statements don’t come out until August so this information is misleading in my opinion. At least they go onto mention that this information is subject to change. . .

Thinking about flipping or just owning one? Check out this list of Bank Owned Legacy Dunes Condos for Sale

If you’ve spent any time shopping for a vacation condo in Kissimmee lately than you’ve most likely run across a community called Legacy Dunes Condos. With prices starting in the $25,000 range you just can’t resist the urge to click on the picture and get more information. You’re first thought upon looking at the appealing photographs of Legacy Dunes may be, “Wow! Why are these so cheap? What’s the catch?” and you’re instinct is to click on the “get more info” buton. Allow me to save you the time and hype and lay it out on the table for you:

Why are Legacy Dunes Condos in Kissimmee So Cheap?

Reason #1: Legacy Dunes Condo Association Fees are Very High for What You Are Getting
Now I’m not against Condo fees like some of you may think, I am all for them when they are within reason but Legacy Dunes Condos not only charge high condo association fees but they don’t even justify it by including much. The condo fees cover the common areas, and trash removal. . . don’t all cheer at once. The fees are different per floor plan however paying almost $200 per month for a 1/1 600 sq ft condo probably doesn’t excite many Kissimmee home buyers.

Request Legacy Dunes Condo Association Fees List

Read The Full Article on Why Legacy Dunes Condos are So Cheap