About Me

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BROWARD COUNTY AND PALM BEACH COUNTY, FLORIDA, United States
Natalie West is a highly experienced and recognized Real Estate agent with The West Group of United Realty Group! Natalie has had the real estate bug since she was a young woman. She started her career by owning and operating a five star title company at the age of 19. After receiving her Real Estate license, Natalie assisted a top producing Realtor while raising her young son. Natalie then decided to pursue Real Estate full- time for the past 13 years and fell in love with helping others to attain their dreams. Real Estate is Natalie's Passion, not just her job. Natalie truly loves what she does and is excited to assist you with your Real Estate needs.

Monday, February 27, 2012

MORE PARENTS BUYING CONDOS FOR GRADS

For some parents, a handwritten check with a lot of zeroes just isn’t good enough as a graduation present. It seems so insubstantial and unoriginal. So how about a piece of SOUTH FLORIDA in the form of CONDO? A fabulous idea!

Real estate brokers say that in the last year, they have seen more parents shopping for condominiums for their grown children, hoping to take advantage of low mortgage rates and prices that are still about 20 percent down from the market’s peak.

These congratulatory condos are often small one-bedrooms, but on occasion they are bigger-ticket items because the parents see it as a long-term investment and a good place to park their money.

In many cases, brokers say, the parents often don't live in the area and view South East Florida as a potential second home for themselves when the child decides to move on. Some buy it as a straight-out gift, a gesture of affection sweetened by the present generous tax exclusion. Others buy it as an investment and retain ownership, and still others acquire it through a family trust for joint ownership.

There are mundane issues to be figured out, like who pays the maintenance and for any work that needs to be done, and who gets any profits when the condo is sold. Make an agreement preferably in writing.

In one of the simplest scenarios, the parents buy and keep a condo in their name and agree to pay the monthly carrying costs, and the child lives there as a family member, not a renter. Condos permit this, but some co-ops allow only owners to be residents and may require that the child’s name be put on the proprietary lease.

If you’d like me to show you some CONDOS don’t hesitate to get in touch with us at your earliest convenience.