Terraces at Riverwalk

[Tommy trip]

Has anyone heard of any problems with the Condos at The Terraces at riverwalk? Or Heard of any of the healht concerns with the place due to Chinese Drywall at the place? There seems to be a huge amount of condos for sale, but nothing selling and no one seems to be living there? Just concerned that this might be one of those "to good to be true" deals?

[Ron]

I own a condo there. I paid 257k you want to talk about me being sick with health issues. That seems to be the only health issue here!! Let be know if u have questions [e-mail]

[Frank]

Ron,
How is the HO association doing? Is the property being maintained? I vsited in Dec 2008 and as "Tommy" has said, it was virtually a ghost town. Well maintained pool had noone using it. 2 of 8 buildings appeared never to be occupied and some of those had construction defeciencies. Current pricing (units prev sold for 200-295,000 going for 75,000 did seem too good to be true. In the other 6 units construction seemed pretty good. I love the layout of the various unit types. Units with "den" seemed to offer great deal/space. How is this project and homeowners association doing? I amd definitely interested but equally skeptical. Your hope should be that others buy at ANY price. After that the values will start to recover.

[Ray]

I bought a unit there in May and could not be happier - we have been going to Ft. Myers for almost 20 years and know most of the developments.
Riverwalk is a sister community of Osprey Cove and Heritage Pointe and was built with the came quality materials and construction. This development is no different than the tons of other developments that were obscenely overpriced when they were built and are now suffering the results of that greed... What we paid for our unit in Riverwalk is almost a third of it's original selling price and it's probably 'right-priced' for today's market. As to 'deserted',- not true - in the time we started looking, till just this past week end when we came back from a 2-week vacation there, there are 10-11 new owners (we ourselves were outbid on 3 separate units there) so the place is beginning to rebound...

[Frank]

Ray,

Is the Homeowners association run well and are its finances adequate? Has there been any issue with "chinese drywall" in these units? Seems like I heard nothing new from a negative standpoint since visiting last December. Sales activity seems to be picking up. You seem to be happy which is good for you and other owners---even those whose property values have dropped. Thanks for your comments.

Ray wrote:

I bought a unit there in May and could not be happier - we have been going to Ft. Myers for almost 20 years and know most of the developments.
Riverwalk is a sister community of Osprey Cove and Heritage Pointe and was built with the came quality materials and construction. This development is no different than the tons of other developments that were obscenely overpriced when they were built and are now suffering the results of that greed... What we paid for our unit in Riverwalk is almost a third of it's original selling price and it's probably 'right-priced' for today's market. As to 'deserted',- not true - in the time we started looking, till just this past week end when we came back from a 2-week vacation there, there are 10-11 new owners (we ourselves were outbid on 3 separate units there) so the place is beginning to rebound...

[Ray]

All seems to be in order with Associations - the place is well maintained: Pool, grounds, etc.
They have actually just switched to a new management
company that is used in some of the sister developments and the expectation is some savings on fees...

[Investor Looking]

There are so many good buys in Fort Myers right now that if you have ever thought of buying, now is the time. Just make sure you check out the fees, posibilty of chinese drywall & the financial status of the community you are thinking about buying in. With all the foreclosures, short sales, people aren't paying their fees & just wait for the special assessments to start popping up!

[Ray]

So true... and be ABSOLUTELY Sure you get AND READ your Condo Docs BEFORE you sign a contract. There are instances where there are $2000-$3000 'special fees' being levied that will appear on your HUD... If you know about them before hand, you may be able to negotiate with the seller/bank to split these fees....

[Lisa]

I am the owner in Terrace IV and part of the renewed Condo Association. There are several on the market and the units are selling within days. The one I have in building 7 it is beautiful: Corion counters, solid wood cabinets, tile floors, crown molding, super clean. The one I purchased has never been used appliances: mirco, stove, garbage disposal, fridge, stainless steel washer, and dryer. Access to the club house are with a key fob.

[Denise]

I bought at Terraces of Riverwalk in April, 2009. I LOVE IT. I strictly use it as a vacation home and try to come down as often as I can. It was a tad risky back then, but things have become stable. Condos are selling quite quickly. Everything is taken care of - condo fees will be lowering as more units sold especially in Buildings 7 and 8 - which have now come on the market. Those were risky, but now are able to be sold which will help the condo association even more!

[Frank]

I bought a unit in the 600 bldg.in Feb, just getting ready to close on another in the 700 bldg, 12 were sold iunderstand, the problem was people who purchased them for 275-300,000 were waiting for them to go for 355,000..guess what..yep.. now all under foreclosure.. time to buy...

[Ray]

Just got back today from a 2 week vacation there - the place looks great: new landscaping, trees & bushes... the lakes were treated for algae, and the xmas decorations are going up... We attended a board meeting last week and they announced that over 20 units have been sold in bldgs 7 & 8 - this is great news.

[Will]

Great information. Do you know the civic address of buildings 7 and 8?

[willywonka2]

I think there's just a massive supply of condos in downtown, and that's driving the prices. Heck, whole buildings are empty. There certainly could be issues there, but raw numbers of units for sale might not be the best good/bad indicator.

Tommy trip wrote:

Has anyone heard of any problems with the Condos at The Terraces at riverwalk? Or Heard of any of the healht concerns with the place due to Chinese Drywall at the place? There seems to be a huge amount of condos for sale, but nothing selling and no one seems to be living there? Just concerned that this might be one of those "to good to be true" deals?

[Lisa]

The address for building 7 is 8261 Pathfinder Loop, Fort Myers 33919. Building 8 is 8270 Pathfinder Loop.

[Denise]

Received notice that the Master Association fees WENT DOWN just over $30.00 per month at Terraces of Riverwalk. That is great news!

[Denise]

Thanks for this information, Ray!!! Great news!