Buy Luxury Condos in Palm Beach Florida for $1 with this Wierd Trick!
If you’ve ever dreamed of owning your very own condo in Palm Beach County, you may be shocked to discover that your dream can be realized for less than the price of a coffee! It’s true. Dirt cheap listings are popping up all over the South Florida area for small condos whose owners are either moving into assisted living homes or have passed away and their families do not want to deal with the estate. These distressed properties are regularly listed well below their valuation, some as low as $5,000, $2,500 or, in extreme cases, even $1.
Stephan Burklin recently inherited a one-bedroom apartment at Boca West Country Club from his parents.
“My mother passed, and my father is moving to assisted living,’’ says the 51-year-old married father of three. “But it’s just too small for us.”
That unit was originally listed at $10,000. It is now listed at $1.
With amazing deals like this, why are there even any condos left on the market? The answer is usually “membership buy-in fees”. Many of these country club communities have hefty buy-ins ranging from $40,000 to $100,000 in addition to their monthly membership fees. To make the listings even more attractive, some sellers are willing to pay a portion of the buyer’s buy-in. This money generally comes from the recovery of a portion of the initial buy-in fee, usually 30-40%, which the seller then transfers to the buyer to cover a portion of their cost.
Another Boca West listing for $100 offers to pay $10,000 toward the $70,000 buy-in, effectively giving away the property for free.
Many of these properties are now considered small and dated, having been built nearly 40 years ago. Buyers are comfortable putting money into upgrades because the base cost of the units is so affordable.
Joel Schreiber bought his condo at Hunters Run Country Club for $4,000 but received $10,000 from the seller. He used that money to update the property to make it more modern.
“We made it into something that we are very happy with,” Schreiber said. “We love it here. We get the same amenities as does someone who bought for $1 million.” Those amenities include three golf courses, 21 Har-Tru tennis courts, a state-of-the-art fitness club, a large community pool, and seven restaurants. Schreiber has a fantastic view of the golf course.
For anyone looking to escape the cold of northern states and move south, these basement bargain prices are undeniably enticing. Consider that the average sale price for a condo in Palm Beach County is nearly $600,000.
In Boca West, the same country club that Stephan Burkin has his inherited condo unit listed at $1, a brand new building was recently opened with units ranging between $1 million to $4.5 million, with the majority of these units already sold. Any potential buyer of Burkin’s listing would have the same access to the club’s $50 million clubhouse, 4 golf courses, 7 restaurants, gym, spa and live entertainment from premiere talents such as Dianna Ross, Jay Leno, and others.
Another $1 unit was recently purchased by Paul Green. The New Yorker retired after 40 years in media and advertising and jumped at the chance to relocate to the land of sun and fun. The seller was willing to give him $35,000 to put toward the $70,000 initial membership fee. Green now enjoys a wrap-around terrace overlooking a golf course, and couldn’t be happier.
“The owner of my condo was 92, and his wife just passed away,’’ explains Green, 68. “He was motivated to sell for $1. I think the reason for the low prices is that people get scared off by country club fees. But the truth is, if I spend about $2,000 a month here, I can live the same luxurious lifestyle as someone who paid over $1 million. There are a lot of people moving down here from the north now.”
It’s not only people looking for their next home who are flocking to these deals. Investors are getting in on the action too. Jonathan Margolies purchase his first condo in 2016 for $2,000. The pro golfer relocated from Connecticut and just sold his investment for $80,000. He then paid $14,000 for an updated unit with $100,000 worth of recent renovations.
“They were eager to sell,’’ he explains. “My property taxes are only $200 a year and I spend about $1,700 a month in total. My friends are wary of the [pricey] club fees, but they are renting for $2,000 or $3,000 per month and I own my home.”
The days of $1 condo deals may be running out, though. According to Rhonda Scott, a real estate agent with Keller Williams. “There are still a number of these unbelievable opportunities in communities that also have homes for $2 million and $3 million,” she says. “But people are starting to recognize them and there is just a limited number available.’’
For many people, this isn’t simply an opportunity to buy a piece of property at an amazing price. It’s a chance to buy a completely new lifestyle. If relaxing in the Jacuzzi before heading out to enjoy happy hour at the country club sounds appealing to you, and you happen to have a spare George Washington in your pocket, you just might be able to make your dream a reality.
So while it looks like a $1.00 luxury condo sale, the reality is there are hefty yearly costs attached to that one-dollar bill. Even with the hefty carrying costs and staggering buy-ins, they are still deals in many cases.