Outlook Village Condominiums is located in Pinellas Park, a city in Tampa Bay Florida. Outlook Village is a walled community offering 66 two bedroom / two bath units in two spacious floor plans all surrounding a scenic pond. Outlook Village was originally built to be sold as condominium units however they were never sold to individual owners. Since condominium docs are still in place this offers the buyer an opportunity to sell out the units to individual owners or continue to operate the property as a rental community with a conversion as an exit strategy.  Condo conversions in Pinellas County of similar vintage suggest an average per square foot selling price of $140 per square foot. 

The property was purchased by the current owner from the RTC, which put into effect a Land Use Restriction Agreement (LURA). The LURA states that 21 of the 66 units must be rented to or sold to families or individuals whose annual income does not exceed 80% of the area’s median income. There is no price ceiling that restricts what the new owner can charge a Low Income buyer for a condo unit. For a family of four the income restriction is $43,500/year. The remaining 45 units may be sold to buyers of any income level.

If you are interested in a condominium property located in an infill location in Pinellas County, Florida this is an investment opportunity that you will want to pursue.