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Currently in an apartment in Mount Laurel and looking to buy. Can anyone give me a review on the Lakes community? The town homes are in my price range and I like the homes but I notice there are ALOT of them for sale, particularly in the area closest to the condos and that worries me a bit. Not concerned with schools or anything of the like and it looks like a nice area but the amount for sale was surprising.
Searching did not yeild much recent detail, hope someone can help me out. Thanks.
I was looking in there as well, and one of the big issues I had was the stupidly high HOA fees for literally no amenities except a nice common area. $180 a month, for quite literally nothing. No pool, no tennis courts, no anything. Granted those are right up the street, but the pool is extra.
I did also notice a lot of turn around there which I suspect could be just the normal condo/townhome turnover that happens. Living with neighbors is not for everyone.
I ended up at the Orchards over in Marlton. It's definitely not a bad place, but it too has its issues, but the previous owner did an excellent job remodeling the place so I decided to go with it.
Like most condo/townhomes. As it ages, it's less appealing. Another factor that may play into the increase in amount of listing is that prices has slightly rises since the crash.. People are probably trying to get out while waiting it out. Lots of factors. I know my immediate neighbor moved from there last Fall. Never inquired about why though.
You may want to inquire from the office about the number of rental vs owner occupied. There may be an increase in that
I was looking in there as well, and one of the big issues I had was the stupidly high HOA fees for literally no amenities except a nice common area. $180 a month, for quite literally nothing. No pool, no tennis courts, no anything. Granted those are right up the street, but the pool is extra.
I did also notice a lot of turn around there which I suspect could be just the normal condo/town home turnover that happens. Living with neighbors is not for everyone.
I ended up at the Orchards over in Marlton. It's definitely not a bad place, but it too has its issues, but the previous owner did an excellent job remodeling the place so I decided to go with it.
Thanks for the reply. I believe the 180 a month is for the condos, which includes the outdoor portion of the residence and lawn care. That is through the condo association. More restrictions than the town home area, no grills whatsoever.
The town homes are 250 a year for the Home owner association. That does not include any outside maintenance or lawn care. Likely a portion of that is spent yearly on common area improvements. I actually saw one town home that had a 20 dollar fee but I believe that is for the backyard which appears to be maintained as a common area, no fences or yard boundaries. The rules for the town home HOA seem reasonable and typical for a town home.
Seems like most of the 2br town homes are 200-230k, taxes 5200-5500 with the 250 dollar annual HOA fee. Even though you really don't get anything out of it, I can deal with that yearly.
I may just try to strike up some conversations with people out walking, there seems to be alot of outdoor activity. I don't want to freak anyone out though, while not specifically scary looking, I am a big guy.
Well the one reason I am looking there is because it is classified as a rural area and eligible for a government guaranteed loan through the USDA. 0 money down, good rates no PMI in a qualified rural area. The line for rural begins about 2 miles west of that area. I live in MTL now at Ramblewood village paying way too much for a 1 bedroom apartment. That area and a good chunk of Marlton are not considered part of the rural area.
I am guessing SFH = Single family home? Would not be opposed at all if it was modern enough and not on a large piece of land. I want minimal lawn and yard care, did enough of that growing up that I never want to again. I can deal with a postage stamp town home lawn. The houses for sale in the over 55 communities are like mirages for me, i see one on a small piece of land, get excited than read deeper that its in an adult community.
I am defiantly not locked in on the lakes but for the most part it fits what I am looking for. There are parts of Marton and Northern Evesham that are considered rural but I from what I have seen so far the taxes are a good deal higher.
I work in MTL and since I am single living alone I have the luxury of choosing a home close to work and I happen to like the area as well. I am about a month away from seriously looking and taking action, already been pre-approved but trying to do some research before then. The Lakes seem to have many available options (obviously so many its worrying me) along with good location for me and I like the layouts of the homes.
Good point about the condo vs. townhome in the Lakes. I did not pay enough attention to your OP. my apologies for that!
About Adult communities, you can purchase one as a young adult (I'm 28 and almost did). Typically in NJ there's regulated as a % of total units. I.e. the association mandates that 80% of homes have to be occupied for 55+, the other 20% is anything goes. You can confirm with the association on the % and if it's allowed. They're typically significantly cheaper too. The downside to that is resale difficulty.
I'll tell you this though. If I had a 200-220K budget, I'd be looking for an Single Family home with a small yard (big enough for a pool).My budget was only 150K, which was impossible to find a nice place with 3 br (taking care of elderly father), so I had to go up to 165K.
I did not know that about the adult communities, I like the small houses on the small pieces of land. Thanks for that info godofelru.
Had a rude awakening yesterday. Saw a nice place near the lakes (older town homes built in late 70s off Larchmont. 3 bdrm, family room, basement, in ground pool, nice long driveway) but it already had 3 offers on it. But I was ready to jump at this and in doing so learned that earlier this year they moved the rural boundary and eliminated pretty much every development I was looking at. I could always go with a conventional loan, I have a very good job and great credit but with little or no down payment I'd be dealing with PMI which stinks.
USDA loans are a great program that not enough people utilize. They have an address checker on their website, which will tell you if a location qualifies or not. Check it out here: Disclaimer 1. There are quite a few sections of Mt Laurel that qualify, most of the river towns (Delanco, Riverside, Edgewater Park, Burlington City and Twp, etc). Hainesport is a great little town and close to Mt Laurel. Maybe extend your search area ...
I did not know that about the adult communities, I like the small houses on the small pieces of land. Thanks for that info godofelru.
Had a rude awakening yesterday. Saw a nice place near the lakes (older town homes built in late 70s off Larchmont. 3 bdrm, family room, basement, in ground pool, nice long driveway) but it already had 3 offers on it. But I was ready to jump at this and in doing so learned that earlier this year they moved the rural boundary and eliminated pretty much every development I was looking at. I could always go with a conventional loan, I have a very good job and great credit but with little or no down payment I'd be dealing with PMI which stinks.
Sidewinder shooting you a PM about the program I used to get my mtg with no PMI.
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