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Old 09-01-2019, 07:11 AM
 
6 posts, read 635 times
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Looking at condos in Bermuda Village. Many are priced thousands below tax value. I saw one listed at 98,000 which had a tax value of almost 200,000! What's the deal? We're NC natives looking for a place to retire in the next couple of years and BV looked great - until those red flags! Can anyone explain that? Also - can anyone give us an idea of HOA fees? We're looking at properties on Hollybrook Dr. Thanks so much!
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Old 09-01-2019, 06:17 PM
 
Location: Sneads Ferry, NC
11,346 posts, read 20,065,726 times
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Quote:
Originally Posted by imalookin View Post
Looking at condos in Bermuda Village. Many are priced thousands below tax value. I saw one listed at 98,000 which had a tax value of almost 200,000! What's the deal? We're NC natives looking for a place to retire in the next couple of years and BV looked great - until those red flags! Can anyone explain that? Also - can anyone give us an idea of HOA fees? We're looking at properties on Hollybrook Dr. Thanks so much!
I found that Bermuda Village is in Advance or Bermuda Run. One has to suspect that the condo fees are very large. See the list of amenities here that include utilities, meal allowance, valet parking, onsite medical staff, shopping trips, etc: https://bermudavillage.net/independent-living-condos

Some of the descriptions say that only the agents are allowed to discuss the monthly fees. Frankly they sound more like independent living facilities. Near me they charge $2400/month.

If I were you, I would figure out how much I am willing to pay in monthly expenses, then contact a buyer's agent in the area if you are still interested.
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Old 09-01-2019, 06:56 PM
 
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As noted, Bermuda Village is an independent living retirement community with many amenities (utilities, laundry, housekeeping, maintenance, transportation, etc.) provided for an additional monthly fee. It isn't like buying a "regular" condo, thus the pricing isn't the same as other real estate.
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Old 09-04-2019, 09:57 AM
 
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I do know about the different options at Bermuda Village. They do have independent living condos that do not require assisted living options. I have contacted two agents who did not respond. I would like to hear from people living there, those who have lived there, or know someone who has lived there and are familiar with the reasons for these price/tax gaps. Some housing there requires club membership, some does not. I need to hear from a current or past resident - or someone who KNOWS the reason for this disparity. Agents apparently don't want to talk about it.
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Old 09-04-2019, 11:53 AM
 
669 posts, read 246,747 times
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Quote:
Originally Posted by imalookin View Post
I do know about the different options at Bermuda Village. They do have independent living condos that do not require assisted living options. I have contacted two agents who did not respond. I would like to hear from people living there, those who have lived there, or know someone who has lived there and are familiar with the reasons for these price/tax gaps. Some housing there requires club membership, some does not. I need to hear from a current or past resident - or someone who KNOWS the reason for this disparity. Agents apparently don't want to talk about it.
Ok, best of luck to you.
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Old 09-06-2019, 08:51 AM
 
Location: Sneads Ferry, NC
11,346 posts, read 20,065,726 times
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Originally Posted by imalookin View Post
..... I need to hear from a current or past resident - or someone who KNOWS the reason for this disparity. Agents apparently don't want to talk about it.
In the following thread, there are two posters who live in other parts of Bermuda Run: catamountalum2004 and Charlotte2Advance. You might try private messaging them or restarting that thread. They mention alternive communities. BTW, it is hard to sell condos in Bermuda Village, as some have been on the market over 600 days. The grounds are lovely, but I assume many retirees do not want all the services or cannot afford the fees.

Bermuda village
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Old 09-09-2019, 08:53 AM
 
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I live in Kinderton Village which is in Bermuda Run. I love our neighborhood and we have some small bungalow houses and some condos that work well for empty nesters and older couples. You should look in Kinderton to see if there is anything in there you like
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Old 09-10-2019, 09:19 AM
 
Location: Sneads Ferry, NC
11,346 posts, read 20,065,726 times
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Originally Posted by imalookin View Post
I do know about the different options at Bermuda Village. They do have independent living condos that do not require assisted living options.....
I know it is confusing, but "independent living" is part of the jargon of continuing care facilities (CCRC). It is a level below assisted living, and it does not mean "no services". CCRC's make their money providing services to people who can afford them. Typically, healthy people in their 50's would not be looking at a CCRC. It is for less healthy people or those approaching their 80's and 90's with substantial equity in their homes to cash out. I think you should be looking for "active adult" or "55+" communities.

Here's more on the CCRC business:
https://en.m.wikipedia.org/wiki/Cont..._United_States

Here are articles which provides costs:

https://www.kiplinger.com/article/re...community.html
Continuing Care Retirement Community: Can You Afford It? | Money
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Old Today, 04:28 AM
 
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Nice of you to reply. I still would like to hear what these fees are at BV - there has to be someone who has owned a condo there or knows someone who does. I'm astounded by all this secrecy. I think I am at the point now to not even consider it. Sounds like a money pit.
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Old Today, 04:34 AM
 
669 posts, read 246,747 times
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Quote:
Originally Posted by imalookin View Post
Nice of you to reply. I still would like to hear what these fees are at BV - there has to be someone who has owned a condo there or knows someone who does. I'm astounded by all this secrecy. I think I am at the point now to not even consider it. Sounds like a money pit.
On this forum? Why would you think that?
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