55+ Communities (Dover: rent , work, homes)

[Charley]

Originally Posted by Keats

The thing that worries me about Nobles is it is huge(800 homes),and they don't look like there selling.Is that builder big enough to handle slow times,or could it be another bankrupcy. Thanks Keats

It will be 800 homes on 243 acres. Their goal was to build/assemble and sell 80 homes a year over a ten year cycle. They are the same builder who built Wild Meadows and they are already talking about the possibility of a third community but they didn't tell me where.

Charley

[Keats]

Originally Posted by CMTAD

It will be 800 homes on 243 acres. Their goal was to build/assemble and sell 80 homes a year over a ten year cycle. They are the same builder who built Wild Meadows and they are already talking about the possibility of a third community but they didn't tell me where.

Charley

We're going down tomorrow to see Champions club.Then I'm getting a UNO pizza (my favorite),supposed to be a Chicago pizza,and then I'm going to the slots,if my wife doesn't drag me over to Nobles again.I have 2 years to retire,so I'm not in a hurry either.My wife loves the style of the houses at nobles,but I'm more concerned about the fishing in the area.I here it's pretty good,but fishermen are liars just like builders. Take care. Keats.

[kc50down]

Originally Posted by CMTAD

When we come down in August, I think we're going to give Champion's Club a look. I like Nobles Pond very much ... but I'm not locked in yet.

Charley

Charley
FYI The samples for the Americana Series at Champion's Club are not available for viewing yet. One model is almost completed and the others will be up in a month or so. I would call before going down. Wish I had.
I did visit Noble's Pond again to see their carriage homes. Very nicely done. I spoke to Holly there and found out that the lease you sign is for 25 years and the cap on the monthly fee is 4.9%. After speaking to her I am comfortable with the land lease option. Noble's Pond are modular homes and can be financed through conventional mortgages unlike the mfg. homes.
I did find When Pigs Fly and had a great lunch. Thanks to all who recommended it.
Kathy

[Charley]

Originally Posted by kc50down

Charley
FYI The samples for the Americana Series at Champion's Club are not available for viewing yet. One model is almost completed and the others will be up in a month or so. I would call before going down. Wish I had.
I did visit Noble's Pond again to see their carriage homes. Very nicely done. I spoke to Holly there and found out that the lease you sign is for 25 years and the cap on the monthly fee is 4.9%. After speaking to her I am comfortable with the land lease option. Noble's Pond are modular homes and can be financed through conventional mortgages unlike the mfg. homes.
I did find When Pigs Fly and had a great lunch. Thanks to all who recommended it.
Kathy

Thanks Kathy,

I plan to see Americana in August and do plan to contact them first.

On the Nobles Pond lease, one minor correction on the cap. It's either 4.9% OR the value of the CPI, whichever is greater. So if the consumer price index is 5.0% or more, they can go with the CPI instead of 4.9%. That is their protection against inflation and it's pretty standard in many of the land leases I've seen.

I've reviewed the CPI data since 1913. (Yes, I do my homework). The CPI was above 4.9% in the following years - 1946, 1947, 1969, 1970, all years between 1973-1982, 1989 and 1990. Since 1990, inflation has been held in check and the largest CPI was 4.2% Of course, there is no telling what the future brings.

I'm glad you enjoyed Where Pigs Fly. It's a favorite stop for me whenever I'm in town.

Charley

[elizamary]

charley...........I didn't know Nobles Pond was a land lease?

Originally Posted by CMTAD

Thanks Kathy,

I plan to see Americana in August and do plan to contact them first.

On the Nobles Pond lease, one minor correction on the cap. It's either 4.9% OR the value of the CPI, whichever is greater. So if the consumer price index is 5.0% or more, they can go with the CPI instead of 4.9%. That is their protection against inflation and it's pretty standard in many of the land leases I've seen.

I've reviewed the CPI data since 1913. (Yes, I do my homework). The CPI was above 4.9% in the following years - 1946, 1947, 1969, 1970, all years between 1973-1982, 1989 and 1990. Since 1990, inflation has been held in check and the largest CPI was 4.2% Of course, there is no telling what the future brings.

I'm glad you enjoyed Where Pigs Fly. It's a favorite stop for me whenever I'm in town.

Charley

[Charley]

Originally Posted by elizamary

charley ... I didn't know Nobles Pond was a land lease?

It is.

Charley

[elizamary]

Originally Posted by CMTAD

It is.

Charley

Oh okay....Thanks

[Sue&Fabe]

I just found this forum today and haven't had time yet to read all the posts. I am finding it very informative. We are looking to retire to Delaware to a 55+ community in a year or two.
Can someone please tell me the pros and cons of land lease?
If I don't own the land what happens if I want to sell ?

Susan

[elizamary]

Originally Posted by Sue&Fabe

I just found this forum today and haven't had time yet to read all the posts. I am finding it very informative. We are looking to retire to Delaware to a 55+ community in a year or two.
Can someone please tell me the pros and cons of land lease?
If I don't own the land what happens if I want to sell ?

Susan

Hi susan,
We live in a land lease in Southern Meadows. There is a whole topic on land lease verses owning the land.
If you don't own the land, you just sell the home. Most sell at a profit.
you will hear pros and cons on this topic. listen to everything and weigh it out to suit your personal needs. I'll see if I can find the topic and put it up front for you to see.

[rdlr]

Originally Posted by Sue&Fabe

Can someone please tell me the pros and cons of land lease? If I don't own the land what happens if I want to sell ?
Susan

Hi Susan,
Nobody can answer that question for you but a good, local real estate attorney. Since I'm not one I'm not able to even take a guess what the repercussions would be regarding any time left on your lease, should you want to sell your unit. Each subdivision/developer is different, and most of these communities are relatively new. So, the short answer is, before you sign any documents, have your attorney look them over. Don't rely on a sales agent in a model home to tell you everything. They are not looking out for your best interests.