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I am considering buying a condo or townhouse in Orlando as they seem to be really coming down in price. We love Disney and my hope is that once the kids are done with high school (3 years) we can more and more time down there. We are just entering our 50's and I am sick to death of the winters in New York (and the taxes and the electric, well you get the picture).
Davenport seems close enough to everything and has quite a few homes for sale. I have searched these forums and are aware that it is considered a "transient" area due to the amount of rental homes. This is not a concern to me as we would only be there for a few weeks here, maybe a month in the summer, the holidays. I guess we would be considered "transient" also.
My questions are about the costs of living above and beyond the mortgage. Does Davenport have HOA fees (we dont have those here) and does anyone know how much? How much is insurance? Does the HOA mow your lawn? Do you think we would need an alarm system since we wouldnt be there all the time. Electricity for a 2-3 bedroom?
Hope these questions dont sound stupid but I am trying to wrap my mind around owning a home over 1000 miles away from home and the costs involved.
Anyone know anything about ISLAND CLUB WEST PH II?
Thanks and if anyone has anything else they think I need to know about 2nd home ownership feel free to post.
Last edited by Vellamint; 12-30-2008 at 09:49 PM..
I am considering buying a condo or townhouse in Orlando as they seem to be really coming down in price. We love Disney and my hope is that once the kids are done with high school (3 years) we can more and more time down there. We are just entering our 50's and I am sick to death of the winters in New York (and the taxes and the electric, well you get the picture).
Davenport seems close enough to everything and has quite a few homes for sale. I have searched these forums and are aware that it is considered a "transient" area due to the amount of rental homes. This is not a concern to me as we would only be there for a few weeks here, maybe a month in the summer, the holidays. I guess we would be considered "transient" also.
My questions are about the costs of living above and beyond the mortgage. Does Davenport have HOA fees (we dont have those here) and does anyone know how much? How much is insurance? Does the HOA mow your lawn? Do you think we would need an alarm system since we wouldnt be there all the time. Electricity for a 2-3 bedroom?
Hope these questions dont sound stupid but I am trying to wrap my mind around owning a home over 1000 miles away from home and the costs involved.
Anyone know anything about ISLAND CLUB WEST PH II?
Thanks and if anyone has anything else they think I need to know about 2nd home ownership feel free to post.
The properties you mentioned do have HOA dues, if looking at Condo's and Townhomes there will always be HOA dues, but not all detached homes have HOA's. Island Club West Specifically have dues that run a little over 100/mo to 200/mo.
Insurance will vary widely, I beleive the HOA at Island Club (and most condo's/townhomes but not all) actually cover the insurance you will need to cover the structure. So the only insurance you would be responsible for would be for contents insurance, and liability.
HOA's in condo/townhome communities do cover lawn maintenance, and sometimes ALL your exterior maintenance including painting, roof replacement etc.... I would have to confirm this with the specific neighborhood though.
An Alarm system would be HIGHLY recommended.
Electricity for a smaller place like that shouldn't be too much, especially if you aren't staying there and have the A/C set high. Most of your electric will come from your A/C use, if you aren't there, I can't see any bill being over $50 and probably MUCH less. When you are there, it depends how well the property is insulated and the efficiency of the appliances, but I could see it as a MAX of $250 at the peak of summer, and usually between 100-200. (my personal bill for a townhome of similar size was about $60 last month)
Property taxes in 07' for 201 caribbean where about $2000 for the year, however they will re-assess based on current value every year. I'm not sure of the exact tax rate of that area, but it should be about 2% of value. So if you purchase the property expect the bill to go down quite a bit....and if it doesn't you can dispute the bill.
Where you planning on renting the property out while you were not staying there? If so you will have many different expenses to consider.
Island West Isn't too bad, not my favorite neighborhood for sure, but for the prices available it's hard to beat. The HOA just got a person in there that is really trying to clean up the neighborhood, re-do the club house and increase security, so the neighborhood itself should get nicer, but also expect HOA dues may increase to pay for the improvements.
Regal Palms at Highland Reserve I think is nicer just up the street, but are a little pricier, with much higher HOA dues (but an AMAZING club house and pool area). You may also want to check out Emerald Island.
The properties you mentioned do have HOA dues, if looking at Condo's and Townhomes there will always be HOA dues, but not all detached homes have HOA's. Island Club West Specifically have dues that run a little over 100/mo to 200/mo.
Insurance will vary widely, I beleive the HOA at Island Club (and most condo's/townhomes but not all) actually cover the insurance you will need to cover the structure. So the only insurance you would be responsible for would be for contents insurance, and liability.
HOA's in condo/townhome communities do cover lawn maintenance, and sometimes ALL your exterior maintenance including painting, roof replacement etc.... I would have to confirm this with the specific neighborhood though.
An Alarm system would be HIGHLY recommended.
Electricity for a smaller place like that shouldn't be too much, especially if you aren't staying there and have the A/C set high. Most of your electric will come from your A/C use, if you aren't there, I can't see any bill being over $50 and probably MUCH less. When you are there, it depends how well the property is insulated and the efficiency of the appliances, but I could see it as a MAX of $250 at the peak of summer, and usually between 100-200. (my personal bill for a townhome of similar size was about $60 last month)
Property taxes in 07' for 201 caribbean where about $2000 for the year, however they will re-assess based on current value every year. I'm not sure of the exact tax rate of that area, but it should be about 2% of value. So if you purchase the property expect the bill to go down quite a bit....and if it doesn't you can dispute the bill.
Where you planning on renting the property out while you were not staying there? If so you will have many different expenses to consider.
Island West Isn't too bad, not my favorite neighborhood for sure, but for the prices available it's hard to beat. The HOA just got a person in there that is really trying to clean up the neighborhood, re-do the club house and increase security, so the neighborhood itself should get nicer, but also expect HOA dues may increase to pay for the improvements.
Regal Palms at Highland Reserve I think is nicer just up the street, but are a little pricier, with much higher HOA dues (but an AMAZING club house and pool area). You may also want to check out Emerald Island.
Thank you for all your information.....
I do not intend to rent it out when I am not there. The prices do seem very, very good right now which is the only reason I am considering this.....I do not get in over my head. Do you know for a fact that the insurance is included in the HOA fees?
Thank you for your time. Did you know anyone that lives there.....?
With the HOA dues being as low as they are, my gut says property insurance is not included, but checking the HOA docs for the neighborhood is the only way to know for a fact. My fiance's best friend owns a property in that neighborhood, (but does not live in it) I will be sure to ask her when she get's off work what kind of insurance she pays. I can't imagine it being more than $100-200 for great coverage though. And you won't need as much liability coverage since you will not be renting it.
As an agent who specializes in this neighbourhood i am shocked. This is an extremely bad area. I went through my records from where i have dealt with other clients and i had emailed you directly and this is the area i told you about. Smashed windows, cars on breeze blocks and although the HOA take your money they provide no services, gate house abandoned and smashed up and vandalized. This is a bad area. Prices have fallen and i hate to be the bearer of reality, but if you want to spend $50,000 then you get what you pay for. You cannot buy a townhome or a decent condo in central Florida for less than $100,000.
If you want a realtor to tell you what you want to hear then I am not that person. If you want to hear the realty of the situation then feel free to contact me.
GregTraub, i have to say i have to say i have alot of respect for you because usually you and i are on the same wave length and you give the same advice i do, but i am shocked you would recommend this area. To me it is obvious you havent been to this neighbourhood because if you had you wouldnt recommend it. I suggest you take a drive over there tomorrow before recommending it and you will understand what i mean once you have actually seen the community.
Last edited by cfIfan; 12-31-2008 at 07:56 PM..
Reason: Bad spelling due to shock
Never recommended it, specifically said it's not my favorite actually. But again since they were looking for properties for well under 50K, not really much I would recommend.
I haven't been thru the community since probably July, and I wouldn't buy there. I did hear from the fiance's friend though that the HOA was trying to clean it up. No first hand knowledge, and I expressed it SHOULD get better, but not necessarily. If I didn't know someone who actually owns in there (though she wouldn't have if I met her before she bought), I wouldn't have much to say at all about the neighborhood. We're still on the same wavelength....
You actually can get decent condo's around Orlando for around 50K nowadays though cfiFan, none I know of around Disney, but in Lake Mary, Oviedo, and MAYBE the nicer parts of Metrowest you can get some OK properties I'd consider....High HOA dues though are what's keeping them looking nice. Obviously your not going to get the Taj at that price point, but I can only assume they weren't requiring luxury.
Last edited by GregTraub; 01-01-2009 at 02:23 PM..
You know i have alot of respect for you, but i think it was when you said "it isnt too bad". The neighbourhood is truely bad, the problem is, it doesnt matter what the HOA do now, as when at that price point for both renting and purchasing you will attract unsavoury characters, and no matter what the HOA do they arnt going to change that.
This is a truely bad community, and i did advice the op that yes the market is depressed, but you also have to be realistic. $50,000 may buy you alot in other states or even other parts of Florida, but in this particular area it wont.
Quote:
Originally Posted by GregTraub
Never recommended it, specifically said it's not my favorite actually. But again since they were looking for properties for well under 50K, not really much I would recommend.
I haven't been thru the community since probably July, and I wouldn't buy there. I did hear from the fiance's friend though that the HOA was trying to clean it up. No first hand knowledge, and I expressed it SHOULD get better, but not necessarily. If I didn't know someone who actually owns in there (though she wouldn't have if I met her before she bought), I wouldn't have much to say at all about the neighborhood. We're still on the same wavelength....
You actually can get decent condo's around Orlando for around 50K nowadays though cfiFan, none I know of around Disney, but in Lake Mary, Oviedo, and MAYBE the nicer parts of Metrowest you can get some OK properties I'd consider....High HOA dues though are what's keeping them looking nice. Obviously your not going to get the Taj at that price point, but I can only assume they weren't requiring luxury.
IMO, I would look to rent one of the vacation villas in either Aviana, Providence, or Water Song, or Reunion in Davenport as opposed to buying and only coming down occassionally. These areas are fairly safe, they are gated communities that I believe include maint. on both pool and property. They have beautiful homes and many amenities and are very convenient to Disney. If you buy a property and only come once a year you are asking for Major trouble. There are several vacation homes available that you can book a continuous date and live the best of both worlds. I have lived in the area for several years and have friends that live in Aviana full time and they love it, however most of their neighbors are long term vacationers. I also have a friend that lives in Reunion for 3 months at a time and returns each year and loves it also.
Best of luck on your decision!
You know i have alot of respect for you, but i think it was when you said "it isnt too bad". The neighbourhood is truely bad, the problem is, it doesnt matter what the HOA do now, as when at that price point for both renting and purchasing you will attract unsavoury characters, and no matter what the HOA do they arnt going to change that.
This is a truely bad community, and i did advice the op that yes the market is depressed, but you also have to be realistic. $50,000 may buy you alot in other states or even other parts of Florida, but in this particular area it wont.
cfIfan, thank you for your honesty and COURAGE! and GregTraub, you didn't get offended...that's what I call a professional. I spoke my mind once in a general manner and someone took it very personally, as if I were referring to her specifically. It left me wondering which nerve did I hit that got her so angry.
I have looked at those townhouses and something told me that it wouldn't be the best idea for me to purchase in there. No one I talked to had the courage to tell me what you posted here and now I'm glad I didn't let the price temptation blind me.
You are the kind of professionals people like I need to find a second home, miles away from our residence. I'll look you up, hopefully, one of you will have some time to help and guide me? Thanks, again.
Last edited by dcartier; 06-19-2009 at 04:49 PM..
Reason: bad spelling :-(
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