Latest / Short Term Shopping / The Condo Show

Transcript

The Condo Show · Short Term Shopping

• 0:00
  Speaker A: Foreign. Here we are in Gulf Shores. We are going to talk about condos today. I'm excited. All condos in Gulf Shores talk about several of the different buildings that they have and the differences and maybe even some assessment types stuff and, and hopefully educate you guys on the best that Gulf Shores has to offer. We're going to do inexpensive, up to not super inexpensive, but also not quite luxury. So it's the condo show on short term shopping with Luke and I've got Cindy here. Cindy, tell us a little bit about yourself.
• 0:52
  Speaker B: Hi, Luke. So I live in Orange Beach. I work Orange Beach, Gulf Shores, Fort Morgan areas. I kind of grew up here. My parents have had a beach house here since I was a little girl. So I grew up in the area. I knew the area really well. I watched it grow from literally nothing here to just, you know, metropolitan of condos, basically.
• 1:24
  Speaker A: Okay, cool. And you're with the short term shop?
• 1:26
  Speaker B: Of course I am with a short term shop.
• 1:28
  Speaker A: All right, wonderful. Cindy, at the ShortTermshop.com I would assume.
• 1:33
  Speaker B: Yes, that's right.
• 1:34
  Speaker A: Okay. All right, well, without further ado, let's do it. I love it. It's a condo show. Let's see what you see. What's doing over there. And these are all, these are all for sale at the recording of this podcast.
• 1:44
  Speaker B: Yes.
• 1:44
  Speaker A: Okay, let's share screen and take a look.
• 1:47
  Speaker B: All right, let's jump into it.
• 1:50
  Speaker A: Are we going to start with the lesser expensive or.
• 1:52
  Speaker B: We are, we are. We're going to start with the one bedrooms. Actually the first one that I have is at Grand Caribbean. It's my listing. It's the only listing that of mine that we're going to see today. But this is a one bedroom, one bath. It is across the street from the beach in Orange beach. However, you have direct golf views. What I really like about this condo is it has the bunks. The kids love these. They hold on really well.
• 2:29
  Speaker A: Slow down. I'm so excited. First of all, I noticed the purchase price. I'm going to go even further back than that. By the way, today I'm using my, my Dolly Parton coffee mug.
• 2:40
  Speaker B: Yes.
• 2:41
  Speaker A: So rest in peace. She's the greatest of all time. It's a horrible situation. She's an absolute leader and we're, we will, we will miss her. Just a great American hero. So rest in peace, Dolly. However, I, I want to get back to the condo here. I noticed the purchase price that seems very low. Is this, is, is this as low as it gets? Do we ever dabble in the 200s.
• 3:05
  Speaker B: Not really.
• 3:05
  Speaker A: No, I was gonna say not really. It's probably, you know, like, is this. You know, maybe I hate to use the word deal, but this seems like it's pretty down there.
• 3:15
  Speaker B: Absolutely. Especially for Orange Beach. I tell people the prices are a little bit lower in on Fort Morgan. They go up a little bit, Gulf Shores, and then a little bit more when you get into Orange Beach. So. So to have a property in the middle of Orange beach, walking distance to everything. Yeah, it's. It's a really great price.
• 3:41
  Speaker A: Orange beach does have, you know, correct me if I'm wrong, a little more regulation as far as rentals are concerned than, say, Fort Morgan. But, you know, what's the deal with these condos? These are all, for the most part, obviously trust but verify. Going to be owner operator friendly and that kind of a thing.
• 3:59
  Speaker B: That's right.
• 3:59
  Speaker A: Okay, cool. How long has this thing been on the market?
• 4:02
  Speaker B: This one's been on the market for about a month. 42 days.
• 4:07
  Speaker A: Okay. Okay, got you there. 42 days on market. All right, go ahead. Tell me a little bit about this building and the unit.
• 4:14
  Speaker B: Okay, so this particular unit is listed at 325. It is in the heart of Orange Beach. Walking distance to tons of restaurants. There is beach access right at the condo with, you know, stoplights you can get across the street. Very easy access. As a matter of fact, you can kind of see it right here in this photo. This is the access point. And
• 4:47
  Speaker A: so you're building a building that's on the sand. May be more expensive.
• 4:53
  Speaker B: Yes.
• 4:53
  Speaker A: Okay. But this. This building is attractive because we can have a very low price per night on this thing, basically.
• 4:59
  Speaker B: Right.
• 4:59
  Speaker A: I gotcha. Okay. And it's a one, one. Let's. Let's flip through some pictures here.
• 5:04
  Speaker B: Let's do it. So this is kind of your entryway. We'll walk through again, the bunks. Very popular with the kids. Kids love them. They rent really well.
• 5:18
  Speaker A: Yeah, this is good for a family on a budget. Basically. You got the adult room. They can bring their kids, and they get the pool right downstairs, the beach across the street. It's much better situation than a hotel room, basically.
• 5:31
  Speaker B: Absolutely. And again, you can walk to restaurants. You can even walk to the grocery store, cvs, Walgreens. And you can see the water views right from the living room. Yeah.
• 5:45
  Speaker A: Wow. 325. And you can see the Gulf.
• 5:48
  Speaker B: Absolutely.
• 5:50
  Speaker A: Wow.
• 5:50
  Speaker B: Absolutely.
• 5:51
  Speaker A: That's a deal. I like that. Okay. The appliances need updated. The countertops look like they may need updated as well, but in the couch you know, but it's got a fresh paint job, it looks like. And you know, the good thing about a tiny little unit like this is you can update the whole thing for not a massive amount of money because it's tiny.
• 6:13
  Speaker B: Right. There's your balcony view, second floor.
• 6:18
  Speaker A: Okay.
• 6:19
  Speaker B: Unit 205. So we're kind of right in the middle of the building. This is a. So right across the street is a public beach access. So there won't be anything that builds right here.
• 6:33
  Speaker A: And this is what I'm using. Or does it have its own private beach?
• 6:37
  Speaker B: No, this is, this is what we're using. This is the beach access here. Right.
• 6:42
  Speaker A: Okay. So you know, the. Again, low price per night. I mean, low purchase price. You know, these are the kind of things you're giving up is the private beach, et cetera. But looks like a pretty good beach situation. Nice looking pool.
• 6:55
  Speaker B: Yeah.
• 6:57
  Speaker A: Okay. Heated pool. I don't know if you have the answer to that, but that's the question I ask. It's not.
• 7:02
  Speaker B: It's not.
• 7:03
  Speaker A: Most of the time they're not.
• 7:05
  Speaker B: No, Only on some occasions I see heated pools. But you're right, most occasions not.
• 7:13
  Speaker A: Yeah. Which comes in handy for trying to get, especially in a little unit like this, getting winter time bookings if it's heated. But most the time you know, they're not. But you got a little hangout room there. That's cool.
• 7:24
  Speaker B: Yes, it is. And I'll tell you another thing that's great about this particular unit. The COA is only 325amonth.
• 7:32
  Speaker A: Oh my. Okay, so.
• 7:35
  Speaker B: And just. Just a little information. Most. Now it will vary from complex to complex, but most of the coas will cover everything except for your electric, so trash, water, sewer, Internet, common area insurance. If you have a mortgage on the property, you know, you would want to have an HO6 policy insurance policy on it. And also this property does have an insurance assessment. The insurance assessment for this year was $2,483.
• 8:16
  Speaker A: Is that ongoing or. We don't know.
• 8:19
  Speaker B: It's ongoing right now. We will see some condos that are not doing it anymore that are not having any more assessments, but a lot of them still are. Again, that will vary from complex to complex, but it's very easy for me to get those numbers for buyers.
• 8:38
  Speaker A: Okay. Any idea what something like that would? You know, gross income or maybe like what air DNA would say gross income, that kind of a thing?
• 8:46
  Speaker B: I would say probably 30 to maybe 37ish.
• 8:53
  Speaker A: Okay. All right. I like it. I like it. All right. Cool. What's next?
• 8:58
  Speaker B: Let's get. Sorry. We have a brand new MLS that we just started.
• 9:07
  Speaker A: Okay.
• 9:07
  Speaker B: We're gonna go out to Fort Morgan for another one bedroom. We've got a one bedroom, one bath. The HOA for this property is 332amonth. Again, covers everything except for your electric. And you would need an HO6 policy
• 9:28
  Speaker A: for this also, which is going to be walls in. In case there's a flood or something like that.
• 9:33
  Speaker B: That's right.
• 9:34
  Speaker A: Wait a minute. Hold on. Go back. Very beautiful pool. It looks like a newer pool.
• 9:40
  Speaker B: It is. So this property at Gulf Shores Plantation has been completely updated after Sally in 2020. So most of these units have already been updated.
• 9:54
  Speaker A: Okay. And you're on the water. Like you walk over that bridge and you're on the beach.
• 9:58
  Speaker B: You're on the water. Yep. This is. This is beachside on Fort Morgan. Great thing about Fort Morgan too. A lot of people love. You can have your pets on the beach. You can't do that in Orange beach or Gulf Shores, but you can on Fort Morgan. Fort Morgan is a little more, I don't want to say isolated, but. But it is. There are some restaurants, there's a dollar store. But a lot of people, you know, they work hard, they just want to go on vacation. They go to the beach, they come in in the evenings, they cook dinner. Again, we have. We have the bunks. They cook dinner and they. They just want to relax. They're not interested in really going out or going to dinner and that kind of thing. So that's more of what Fort Morgan is. It's more of a relaxed vibe.
• 10:52
  Speaker A: That's. I love Fort Morgan. It's my vibe for sure. It's very quiet and country like it is right down the street from Gulf Shores. Now you do have to go up and around to get to Gulf Shores proper. If you've never been there before, you look it on the map, it looks like you should be able to just drive straight through, but you can't.
• 11:09
  Speaker B: Right. So Fort Morgan jets out from Gulf Shores. It's 22 miles long. It's a 22 mile long peninsula. On one side is Mobile Bay. On the opposite side is the Gulf. And it's very thin. A lot of places you can actually see the Gulf and the bay.
• 11:28
  Speaker A: This is very attractive to me. You can see the pool and the Gulf from your unit. You can watch the. Okay. I gotta be careful what I say there. You're. You're late. Teenage children from the pool. From the. Yes. From the balcony and. And See the. The water, you know, and if you're. I mean, this is ridiculous. Price tag, too. I think this is a great something to explore. Not saying this exact unit is the greatest deal of all time or anything like that, but if you're on the newer side of just starting out in real estate, maybe your budget's not that great. And God bless you, there's nothing wrong with that. You know, baby steps. This. This does seem like a pretty decent option here.
• 12:13
  Speaker B: It does. Properties at Gulf Shores Plantation rent very well.
• 12:19
  Speaker A: You think we can get over 40 for something like this a year gross income? Or maybe not.
• 12:23
  Speaker B: I do, I do.
• 12:25
  Speaker A: I think this one does gross more than the one we just looked at, the Orange beach one.
• 12:28
  Speaker B: Absolutely it does. I mean, it's. It's unbelievable how. Well, properties on Fort Morgan rents go
• 12:35
  Speaker A: back to the price tag and the days on market, so same price tag. I'm taking this one over the other one, that's just me. But. But again, some people want to be in Orange beach because there's more action, there's nightclubs, there's that kind of thing.
• 12:47
  Speaker B: Right, right, right. You have a lot more of a nightlife, fine dining in Orange beach compared to Fort Morgan. Again, it's just more of a relaxed lifestyle.
• 12:58
  Speaker A: Looking at this picture here on the left, not all of these are going to have Gulf view.
• 13:02
  Speaker B: That's right.
• 13:03
  Speaker A: Yeah. I think this is a hot one here. I think we should get this sold. It seems to me like we should be able to find a good candidate for this thing. It's been on the market for two months.
• 13:12
  Speaker B: I agree, I agree.
• 13:14
  Speaker A: I wonder what they paid for. Do we have a right there? Is it going to be property details like the history, history, history, history. Right there. Let's see if that tells us anything at all. Let's see if we can find what they paid for it. 2011, they paid 122. 20. 22, 309. So the current owner doesn't have a ton of wiggle room. No, they're probably after closing costs and realtor fees and all that. They're already. Looks like they may be losing a couple of bucks, which is not uncommon for 22 peak Covid sellers.
• 13:49
  Speaker B: Right? Yeah, I'm still seeing a lot of that, as a matter of fact. You know, Peak Covid. Trying to get the most that they can get. The sellers are trying to get the most, and we're just not. We're just not there. You know, it's different market.
• 14:05
  Speaker A: 100, 100. I like this one. I'm gonna write it down. So far we've only done two. And Cindy, don't let me talk too much. Next thing you know, we've only gotten through three properties. This is my front runner here. Number 3201. Okay, let's go to the next one.
• 14:21
  Speaker B: Let's do it. So the next.
• 14:23
  Speaker A: Look at the actual unit on that one. I don't even care. It's so small. I can change the whole thing with a couple of bucks. All right, here we go. 455. This is a 12 and a half.
• 14:34
  Speaker B: 11 and a half. 11 and and a half. We are back in Orange beach at Palm Harbor Hoa for this one is 898. List prices at 455. Let's take a look at some of the photos again.
• 14:52
  Speaker A: Always trust but verify that you can owner, occupy, owner, owner operate these things, et cetera.
• 14:59
  Speaker B: Yes, absolutely. Should not be a problem for any. I've never seen a real problem here before. I really, really like the furnishings in this property. It's such. I've actually, I've been in all of these and this is a beautiful condo. The balcony is a little small. That's probably the only thing. But great views and you're right on the water. The property itself has kind of a resort feel to it. And this also. Look at that great view. This also does have an assessment. The assessment is for $3,504 for the insurance.
• 15:45
  Speaker A: Oh my. Look at you. Just to know that off the top of your head, bravo. I'd like to hire you at the short term.
• 15:53
  Speaker B: You already did.
• 15:54
  Speaker A: And I'm so happy to be here. You're hired.
• 15:58
  Speaker B: Look at these views from this.
• 16:00
  Speaker A: Yeah, some of the views are almost better than they are from the balcony.
• 16:04
  Speaker B: Ye.
• 16:04
  Speaker A: Yeah. Well.
• 16:05
  Speaker B: And it's the way this, this particular complex is more of a U shape and a lot of people really don't like that. You can see your neighbors. Your neighbors can kind of see you from the balcony. So a lot of people do not love that. But it's such a beautiful complex. I had to bring it especially you know, in Orange beach. Under half a million. And, and let's take, let's go through this bathroom real quick because it's just not something you see very often. I mean it's, it's a huge bathroom for a one one and you have the stand up with a whirlpool and kind of resort, resort style. So you can see what I'm talking about with the U shaped building here.
• 16:50
  Speaker A: I like this one too. Is getting a Little more pricey. What's the square footage?
• 16:55
  Speaker B: Uh, that is a great question. He caught me off guard.
• 17:00
  Speaker A: No worries. We'll find it here. It's going to be 836.
• 17:04
  Speaker B: Oh, did you it.
• 17:05
  Speaker A: It's at the top of the. You did.
• 17:07
  Speaker B: Okay, sorry. 8:30.
• 17:08
  Speaker A: Hard. Hard to navigate a new MLS. I get it.
• 17:12
  Speaker B: Yes. I'm learning. I'm doing better than I was a week ago.
• 17:16
  Speaker A: Yeah. Yeah. This been for sale for over two months here. Almost three months. And go again to the history. I feel like this one's maybe got some wiggle room. Go to the history there and see. When did they buy it? Canceled. Expired. That's a. Same. Same owners. Can't close. Oh. Oh, yikes. One year ago, Two years ago. See a lot of that going on right now, I think, you know, it's just like people don't realize, you know, every people. People are. They're sheep. I hate to say it, but they're like, oh, this thing's not gaining a million dollars in equity a year. Let's sell it, you know, and then at that point, it becomes a boat. If you've only owned it for two years and not that great economy, you're probably going to lose a couple bucks, you know, so they are. And they are after real estate fees and closing costs, et cetera, they're only asking 20 grand more than they paid for it. So maybe no wiggle room here, but you never know.
• 18:15
  Speaker B: I think one of the things. I think one of the reasons this has been on the market for so long is it does have a higher assessment. You know, it's a lower, lower price for one bedroom. 3,500 plus assessment. Yeah.
• 18:32
  Speaker A: Yeah. And they. And that might be why they're selling it. Maybe they don't want to deal with the assessment and the fact that it's not worth. You know, it's worth right at what they paid for it, and they're probably going to lose a couple bucks on the closing costs, etc. We're seeing a lot of this right now, you know, So a lot of it has to do with just finding the right seller that's willing to say, screw it, you know?
• 18:51
  Speaker B: Right.
• 18:52
  Speaker A: But I do like the building. I like the pool. I like the beach. Love it.
• 18:56
  Speaker B: Let's move on to. Let's get into some two bedrooms. Okay. The. The next one that we have is at Caribbe. As you can see, it is also across the street. This one's listed at 7.95.
• 19:11
  Speaker A: So this is the bay on the bottom of the screen.
• 19:13
  Speaker B: Yeah.
• 19:14
  Speaker A: Okay. With boat slips. Do you know anything about the boat slips? Do I bought, Do I buy it? Do I rent it?
• 19:21
  Speaker B: I think that you can rent them. I don't, I don't think that any of them come with a boat slip.
• 19:27
  Speaker A: Okay, we can look into that for you.
• 19:30
  Speaker B: HOA. Here is 801, which seems really, really high for a two bedroom. However, Caribbe has a ton of amenities. A lot of people really love to vacation here because of the amenities. They also, they did not have an insurance assessment. However, they had an assessment for some capital improvements this year and that assessment was for a little over 5,000. Let's take a look at some photos. So what I want to show you here you can see one of the pools and right under this bridge, you can't really tell here. This is a restaurant called Cobalt, One of my favorite restaurants in Orange beach, by the way. Walking distance. So right under this bridge is a beach access. They do have a little buggy that will, that will take you from Caribbean to the beach access. So it's not, it's not like you're really having to cross, cross Beach Road to get to, to get to the beach.
• 20:45
  Speaker A: Okay.
• 20:46
  Speaker B: I think that this one needs a little bit of updating, maybe the furnishings. But I, I really love Caribbe. I think it's the, it's such a sleek. I mean I, I really look at those views, get through some of the photos and then I really want to show you.
• 21:06
  Speaker A: It's a little bit grandma. It is. It's a little grandma, but that's okay.
• 21:10
  Speaker B: It is a little TLC and. Yep. So check out this pool. Isn't that awesome?
• 21:18
  Speaker A: That is cool. That's huge. That's like.
• 21:19
  Speaker B: Yeah, of course here you've got Lazy River. This one is guarded. You have a guard at the gate. So you don't just have people driving up to you. Back here is Robinson island where a lot of people take their boats. This is Old river behind us, so you'll see tons of boat traffic. Just a really cool spot to be able to hang out and watch the boats go to and fro. You can see them here on the Lazy River. Of course they have indoor outdoor pools. They have gym, the cabanas, little bar areas. Yeah. I mean this property really has it all. Look how fun that is.
• 22:04
  Speaker A: Yeah, lots of. I mean there's all kinds of stuff going on. Multiple pools, the whole thing.
• 22:10
  Speaker B: Absolutely.
• 22:11
  Speaker A: Purchase price.
• 22:13
  Speaker B: This one is 795.
• 22:15
  Speaker A: Oh, we're getting up there. Okay.
• 22:17
  Speaker B: Yeah.
• 22:18
  Speaker A: Okay. Yeah, but this is a little bit more. A little bit more luxury here.
• 22:23
  Speaker B: It is. And that's one of the reasons why I wanted to bring it is because of all of the amenities. It's just a great vacation spot. Okay, you wanted to get a look at number two of our tutus?
• 22:39
  Speaker A: Absolutely.
• 22:40
  Speaker B: Okay, we're at Crystal Tower, which is one of my favorite complexes.
• 22:44
  Speaker A: A little bit bigger. We got 1100 square feet and quite a bit cheaper than the last one at 499.
• 22:49
  Speaker B: Under half a million for a 2. 2. All of the condos in this complex are all tutus. They're all the same. HOA is 800. They did have an insurance assessment. It was only 3,000 this year. I love this complex for so many reasons. The actual complex itself is across the street from the beach. But when you're standing in the condos, you really can't tell what is on the beach is this really cool lazy river. So you have a lazy river on the beach. You have a huge. Check this out. This is the airwalk that goes over. It's air conditioned airwalk that goes from the condo to the lazy river.
• 23:45
  Speaker A: All right, you're sucking me in. And you got views from both sides too.
• 23:49
  Speaker B: Yeah, you do. And people love to bring their kayaks, their paddle boards. Go out to the bay, have fun. You have access to everything. There's the lagoon. So let's get into this condo. There you go. There's those views. Everybody's always looking for furnishings need to be a little updated, but no big deal. I love the tile in this building too.
• 24:17
  Speaker A: Yeah, got the grandpa chair, but that's okay. No big deal.
• 24:22
  Speaker B: Yeah, let's get may or may not
• 24:26
  Speaker A: have been a DVD player. The appliances need updated. The countertops are fine. You got, that's, you know, I put that washer and dryer in most of my rentals. No big deal. Yeah, the front, the, the bedroom set is a little, you know, rooms to go, but that's okay.
• 24:42
  Speaker B: It is. But again, you have the primary right on the water access to the balcony. One thing about this building though, because it is across the street, I personally think like units like 70456 have that better view because they're right in the middle of the building rather than being kind of on the side. So your guest room has views of the lagoon and then the primary has views of the gulf. And there's our view. This will be the view from the balcony with a great airwalk going over. It's actually the only condo that has an airwalk. There's View of the pool and I wanted to try to get into some more of. There we go. You kind of see the property itself.
• 25:41
  Speaker A: It's very cool. It's definitely interesting. I would want to see this one in real life. I think that soaking it in would be helpful.
• 25:49
  Speaker B: It is. And I can't. I put. I've sold so many of these, Luke. People say, no, I want to be right on the water and like, please go look at it. Just take a look. Stand on the balcony. They put it under contract. Everyone loves it. When they actually get in the building. It has huge indoor pool. Also on property on the property. It has an outdoor pool. They have a gym. And then again across the street is the lazy river. All right, well, let's move on to our last two bedroom at Admiral Quarters. We're in Orange Beach. You can see the price jump to Orange Beach. 870,000 for a two bedroom. But your square footage, you're a little bit over 1500 square feet. Admiral Porters does currently does not have any insurance assessments. This is a two bedroom, two full bath. HOA is a little bit higher, a little over 1200amonth. But that also kind of helps to offset the assessments, the insurance assessments. And you've got ice maker, wine cooler, ice makers, a no brainer for beach days.
• 27:17
  Speaker A: Oh, I love ice makers. I'd put one in every room.
• 27:24
  Speaker B: Yeah, I do too. I really like the flooring in here. I, I love how they've decorated this condo. It looks beautiful and I love this island. It's. It's very open. Just. It's just a very beautiful condo. So here's our primary bath.
• 27:47
  Speaker A: Yeah, this one's ready to go.
• 27:49
  Speaker B: It's definitely ready.
• 27:50
  Speaker A: Yeah.
• 27:51
  Speaker B: I'm not crazy about those closet.
• 27:52
  Speaker A: I'm not crazy about those corner showers. I have one of those and it always annoys me but nobody ever says anything about it, so I just leave it.
• 27:59
  Speaker B: Nice walk in laundry too.
• 28:02
  Speaker A: Very nice. The flooring has definitely been redone in pretty good. Looks like this tile. It's like LVP style tile, I would guess. Oh, this is wood style floors.
• 28:15
  Speaker B: Right.
• 28:16
  Speaker A: I'm guessing that's tile.
• 28:18
  Speaker B: It is. You're correct. Sorry. Go ahead.
• 28:23
  Speaker A: You've been in the unit. I have. Oh, look at you go. You're hired.
• 28:27
  Speaker B: I'll keep coming back.
• 28:28
  Speaker A: Okay. Cool.
• 28:29
  Speaker B: Yeah.
• 28:30
  Speaker A: Yeah, this is cool. This is cool. Yeah, I like that.
• 28:32
  Speaker B: It is. So here's kind of the view when you, when you walk in from the entrance. Here's the view from the balcony.
• 28:42
  Speaker A: You're going to See dolphins from that balcony.
• 28:44
  Speaker B: You absolutely can see dolphins from this balcony. Hurricane shutters. And this is actually a really nice long balcony, which.
• 28:55
  Speaker A: Hold on a second. The hurricane shutters save you money on your insurance, most likely.
• 28:59
  Speaker B: Yes.
• 28:59
  Speaker A: And also if there's a storm, not necessarily a hurricane, but you have somebody pull those down and then you don't necessarily worry about your doors breaking. Those doors are very expensive.
• 29:10
  Speaker B: Yes, they are. Yes, they are. And it depends too, from complex to complex, who is responsible for the doors, indoor pool, whether the coa is responsible or whether the owner is responsible for doors.
• 29:26
  Speaker A: Jim, I like this one. What's the history on this one? What did they pay for it?
• 29:31
  Speaker B: Let's go back up.
• 29:32
  Speaker A: Been for sale for a minute. It looks like two or three expired listings here.
• 29:37
  Speaker B: So 23, they paid 8,90.
• 29:40
  Speaker A: They are asking less than they paid. This is so common right now. What a weird market.
• 29:45
  Speaker B: Yes, I know. It really is.
• 29:49
  Speaker A: What a weird market. I mean, honestly, it's in your best interest to keep, to, to not sell right now. But if you are for sale, you know that, you know, I think, I think sellers are finally starting to realize what's going on out there and if they really want it gone, what it's going to take.
• 30:07
  Speaker B: They are. It's taken. It's taken, I think, far too long, but it is still quite difficult. I mean, I recently just put a house under contract in SCR and Gulf Shores and they were very unrealistic, you know, in their pushback. Was. We bought at the height of the market in 2022.
• 30:27
  Speaker A: How's that my problem? That's not my problem.
• 30:29
  Speaker B: I know. I'm so glad you said it because I wanted to.
• 30:33
  Speaker A: Yeah. But I bought in 22 also. I bought a ton of stuff in 21 and 22, but I'm not looking to sell it. So, yeah, it's not looking that great on a spreadsheet right now. But, you know, it's all about time in the market. You got to keep it. And if you're not. If you're not able to keep it or don't want to keep it, then that's your problem. You know, I hate to tell you.
• 30:53
  Speaker B: Yeah, I mean, you know, I ran numbers, I was like, listen, the numbers do not work. If we. Let's put it. Let's just put it under contract. You're not going to get a better price on it. So I. We did good. We got it going and I think everybody ended up happy.
• 31:07
  Speaker A: That's great. This one is expensive. I mean, I don't know if the two bedroom is going to gross, you know, 80, 90 grand. Is it?
• 31:14
  Speaker B: No.
• 31:14
  Speaker A: Yeah, probably.
• 31:15
  Speaker B: Admiral Quarters does really well. It does, but I don't think that you're going to get those numbers out of it.
• 31:22
  Speaker A: Okay. Three. Three.
• 31:23
  Speaker B: Yes. We're moving into some of the three threes. San Carlos. So we looked at a two.
• 31:30
  Speaker A: Two.
• 31:32
  Speaker B: Well. Nope, that's a lie. Sorry, we didn't look at that. So San Carlos is close to West Beach. It's in such a good location. These properties rent really well. They're super popular. San Carlos does not have an assessment. Their HOA is a little over a thousand dollars a month. It's listed at 775 for a full three. Three. A little over 1400 square feet. So let's get into it. Let's take a little tour. Love it. I, you know, I love my job so much. Who doesn't love going to look at these condos every day?
• 32:18
  Speaker A: It is fun, isn't it? It's.
• 32:20
  Speaker B: It really is.
• 32:21
  Speaker A: Have so much personality and you can just, you know, I look at this and all I can think of is like, and this is really crazy and random, but three's company. You know, they lived in that tiny little apartment and it was, it wasn't tiny, but there was three of them in there, you know?
• 32:36
  Speaker B: Right.
• 32:37
  Speaker A: And I think they were in like Southern California. So it was sunny all the time and things like that. And it just makes me want to say come and knock on door. But. Yeah, I don't know, it. It is, it just gives you this heart, this warm feeling looking at these things.
• 32:53
  Speaker B: Yeah, I, it never gets old. I hear so many agents over time that say, I just don't want to show property anymore. And I'm like, I just, it's so much fun. I can see myself ever saying that.
• 33:06
  Speaker A: Well, I hate to tell them, but that's the job, you know. I mean, you probably need to move on. Yeah. Go find something else. But this. So this. Got updated floors in the living rooms. I mean in the bedrooms. But the living room, in the hallway is that. We call that Florida tile.
• 33:22
  Speaker B: Yeah. Yeah. And you can tell it's. It's older too. It's got the look.
• 33:28
  Speaker A: That's a big balcony there. It's deep.
• 33:31
  Speaker B: They are. It is a big balcony. Gosh, those views are amazing.
• 33:36
  Speaker A: Dolphin City right there have views of the pier.
• 33:39
  Speaker B: You can watch people out. They've got the little banana boats out here too. Yeah.
• 33:45
  Speaker A: Okay. I like this building.
• 33:47
  Speaker B: Yep. And again, great location. So it's just down the street from the Hangout, what we call the tea in in Gulf Shores. It's where the shrimp festival, oyster festivals, all of the concerts are. So you're walking distance to all of that. So great location. Again, they rent. Awesome. I don't have any numbers for you today though, Luke. Sorry.
• 34:15
  Speaker A: That's okay.
• 34:16
  Speaker B: All right. And we also have an indoor gym where you can get a little run in if that's what you're into while you watch the beach. Saunas. The amenities here are. Are really good. Gym, sauna, there's a game room, outdoor pool. All right, let's take a look at our next one. Okay. I'm really excited about this property. I'm very excited about this property. And one of the reasons why, first of all, no assessments. The layout of this particular 33 is different than most of the condos that we see. Most of the condos that we see are more of a shotgun style. This isn't. This is a primary on the balcony. And also one of the guest bedrooms is on the balcony too, with their own bathroom. The layout's just totally different. And the other thing. Can we talk about. HOA is $850, no assessments for a three bedroom, three bath. San Carlos and Lighthouse are right next to one another in Gulf Shores. So great, great, great location. And these rent so well. And I mean, look at the square footage over, you know, right under 1550. The great thing about this specific unit, the parking garage is three stories and you can park on the third story right next to the front door of this unit. This is an end unit condo. It needs a little bit of updating. You can see it's got the really dark, dark walls, but check out this 80 foot balcony.
• 36:19
  Speaker A: That's sick. Yeah, yeah, yeah, it's. I mean, I don't even want to ask you the history on it because every single one of them has been at covet purchase. But based on the furn furnishings, it looks to me like this has been owned by the same people. For. In other words, if somebody did buy this in Covid, they didn't update anything.
• 36:38
  Speaker B: Right? Yeah, it does have a little bit older, like the big pieces of furniture. I mean, the TV's a giveaway, right. But here's your primary. That's right on. Right on the water. Here's your guest bedroom. That's right on the balcony, also with its own private bath. And here is a bath that connects to your third guest room that has balcony that. Sorry. That has bunk beds. So just a really cool property. They have indoor gym or indoor pool, outdoor pool. Kiddie pool, little sauna. And that's the view from the balcony.
• 37:25
  Speaker A: Go back to the main page. Yes, ma'. Am. History. This thing's high dollar. Folks, don't. Don't get too excited here. It's high dollar. Expired. It's been listed at least two or three times here. And that's all we have. So we could look up more history if somebody were to need. Oh, it looks like they. They listed it themselves. List with freedom. That's like a, you know, list yourself or whatever. So, you know, not a very sophisticated seller. I'd want to know what they paid. I usually, you know, most of the time, people. Why are they selling? How much did they pay? Most of the time, you don't give a crap about that. But in today's market, it is kind of useful to. To know what they paid and when they paid, when they bought it. Because of all the. Look, almost everything we looked at today was a Covid seller.
• 38:14
  Speaker B: Yep.
• 38:14
  Speaker A: You know, and that was coincidence because again, people are sheep. You know, you got all these 22 people that all these people bought real estate in. 22. And now they're like, oh, it's not you. Like they're. They're treating it like a boat. I'm sick of it. It's just sits in my driveway and I don't use it anymore. So let's sell it for a loss. Which is not what you want to do with real estate, but that's what's going on. So, you know, keep that in mind. Did you have any more?
• 38:39
  Speaker B: I do.
• 38:40
  Speaker A: Oh, all right, one more and then I gotta go.
• 38:42
  Speaker B: Okay. Can do we. I'll show you another three. Three at the colonnades. I really, really, really love this property.
• 38:52
  Speaker A: Reshare your screen. I, I turn that off, please. Reshare. Oh, I'm so, So I did that. There you go.
• 38:58
  Speaker B: All right, we're back.
• 39:00
  Speaker A: And. And we're back. Tell them what they've won. All right. 799.
• 39:05
  Speaker B: 333-799- for a 3, 3 in Gulf Shores. Fabulous location. Also, no assessments. And the HOA is only 720.
• 39:18
  Speaker A: Have you been inside?
• 39:19
  Speaker B: Yes, I have. I sold one of these. I sold one of these not too long ago. It's. It is a absolutely beautiful complex. You can tell it's more the tower. Personally, I like the towers. I do a quick walk through here. Ice maker. Now, this particular unit is only on the third floor, and so it has a little bit of a blocked view here. But I think if you get higher in the tower, the Views are just amazing. So you can see where they have, say, the pool here is on the second floor and this is the roof. This particular condo is on the third floor. So this is kind of the overhang for. Yeah, but again, in this complex, you know, having the HOA at only $720 a month and. And no assessments for a three. Three, it's a good, great deal. The colony rents.
• 40:20
  Speaker A: Keep in mind, the HOA in almost all cases, but trust but verify. Don't even trust, just verify will cover the exterior insurance. So that's one of the big bonuses of. Of a condo is if. If this thing was a house on the water, your insurance is going to be very, very, very high. So in. In condos, that's usually included in your monthly HOA fee.
• 40:44
  Speaker B: That's right. Yep. Almost. I mean, all of them. I don't know that I've ever come across a condo that's not included in the. In the coa. You just have to have the HO6 policy. And just to kind of give buyers an idea of what that looks like for a two bedroom, I would guesstimate 1700 two grand for the year for your HO6 policy.
• 41:09
  Speaker A: The interior.
• 41:11
  Speaker B: Yes.
• 41:11
  Speaker A: Okay. All right.
• 41:13
  Speaker B: Those are the ones that I have for you today.
• 41:15
  Speaker A: I love it. I love it. It's cindy@theshorttermshop.com. she clearly knows her condos in the South Alabama beach market. Love me some Alabama. I do. I love it. And I used to own a property not far from where you grew up.
• 41:31
  Speaker B: Yes.
• 41:31
  Speaker A: Which is the six, by the way. I don't know if you know that,
• 41:34
  Speaker B: but as it is in the sixes. As a matter of fact, my dad put in your security alarm.
• 41:39
  Speaker A: Oh, I know your dad. Yes, I know. I think I still have his phone number. He's your dad.
• 41:45
  Speaker B: Yes. And you know, he's still working almost 80 and he's still. He. He refuses to stop.
• 41:50
  Speaker A: I can guarantee you I still have his phone number. He was like one of. On that property. He was one of the. My favorite people that. To work with. He was so nice. And I was running and gunning. When we bought that thing, it was like constant. The septic died the next day and this, that, and the other. And he was always a breath of fresh air. So I had no ide. That was your dad. Okay.
• 42:12
  Speaker B: My dad.
• 42:13
  Speaker A: Cool. All right, well, cindy@theshorttermshop.com, thank you so much and we'll see you again.
• 42:19
  Speaker B: Thanks so much for having me, Luke.
• 42:22
  Speaker A: All right, bye now.