- Franklin Ave Condos Garden Conversion Built 1960/no garages
- Gateway Condos Built 1980
- Regency Condos River Road Built 1971/121 Units/no garages
All the above complex fit the description below:
- Style: Converted Garden Apartment
- Typical Price Range: $155,000-$250,000
- Typical Taxes: $4,000- $6,500
- Typical Maintenance Fees: $250 + -
- Approximate Year Built: 1970-1980
- Garages: Unknown
- Complex size:75 + - Units
Availability: Smaller complex, typically several units available. Note: Larger complexes- 150 units and above typically have 5-10 units available, smaller complexes with less than 50 may have 1 or two. Call us for availability 973-256-0303
About this type of complex: This nice condo development is what we call a Garden Apartment Conversion type building. What that means that it was probably built as a rental use building years ago. At some point the building was converted to a condominium type use and the units were sold.
About these type of units: USUALLY, (in building built before 1970) but not always, the maintenance fee includes heat and hot and cold water (but each building is different) so please verify prior to purchasing. Some complexes have garages, some don't. One bedroom units are typically around 700-800 sq. ft., two bedroom units may be 800-1000 sq. ft. If the complex is under 50 units it probably does not have much as far as amenities which keeps the maintenance fees more affordable. Larger complexes typically have outdoor pools.
Caveats: One caveat when you decide to purchase a unit that is an older conversion type building you should be aware of is to take a close look at the financials status of the association. Many of these older units are reaching the end of the useful life of roofs, boilers etc. and sometimes a special assessment may be need to pay for new items which you may be it with if you don’t do your homework beforehand.
The Good: These are very usually very affordable units, usually priced under $250,000 or less. If you are looking for a place to get started or a second home while you live in Florida a portion of the year, this type of complex may be a great option. They also rent easily and are sought out by investors.