Live Oak, Sanctuary, Osprey Lakes... (Oviedo, Seminole: short sales, foreclosures, HOA)

[Parrotrosie]

We are nearly ready to put an offer in on a home in the next two to three weeks and these are the three neighborhoods we have narrowed it down to.

I have read several comments (many by the agents on the boards here) and am a little confused, so if anyone can make clarifications...that would be great, before I put up any cash! LOL

Someone said that Sanctuary was 'blighted' with foreclosures much more than Live Oak, yet, when I look through all the listings, all I see, in BOTH neighborhoods, is 'short sale' after short sale after short sale, which is a pre-foreclosure issue. I won't even consider looking at a short sale in Florida, because your rules there are idiotic. Here in PA, if you list a short sale, the bank MUST GIVE YOU THE PRICE TO LIST IT AT...in Florida, you just put up any old price, wait to get an offer, and 45 days minimum later, usually more, the bank denies your offer and gives you a higher suggested price...so , to me, its a waste of my time. No wonder there are so many foreclosures down there.

Additionally, I have heard that Live Oaks HOA had a Major cash shortfall fiscal 2008 - any truth to that rumor? Would that be due to foreclosures or criminal activity or plain poor planning? It's not on their website, and neither is their HOA covenant. Nor can I get the covenant from the rep in the model home. she has sent me tons of other mail and email garbage, and I have requested this twice.

Sanctuary lists their HOA covenant on line in PDF format for all to view. I have read most of it. I get lost in Sanctuary...lol.

Osprey Lakes also has their covenant on line, I have also read theirs. They also have a 5% increase cap on their HOA fee per year...which sounds nice, in light of all these foreclosure issues. I also cannot find too many homes there that are not in short sale. Osprey Lakes has a major water quality and price issue that has yet to be resolved.

The sales rep for Engle in Live Oak tells me they are holding on to the waterfront properties until the market comes back, they want to build on them later, yet ,they are listed in the MLS...?? curious....

If Sanctuary does have more foreclosure issues, why do you think that is? Higher cost of some of the homes? Or something else?

We had a home selected in each neighborhood but just found out the Live Oak selection, was a short sale but is was not put in the MLS listing.....drat.

[Parrotrosie]

I stand corrected...Live Oaks has fixed their link to the HOA covenants and all three are available on line...the link had been broken for months and I had not check for a while. I just checked it now and it is on line and working again.

[Mom2M&J]

I lived in Live Oak for 2 years and loved it. Unfortunately, DH had to move back to Maryland. I highly recommend it.

[Sam.Morgan]

You are right with Osprey Lakes. There is a major water problem there and most residents and agents will tell you to have a well dug @ a cost of $10k approx. This does not solve the quality of water though.

The Sanctuary has a higher number of short sales due to the fact that there were many builders in one subdivision and the timing of the sales. Also, there were a lot of speculators (esp. from the North) that had bought there and were ready to flip when the market turned. The third reason is the size and cost of the houses; most that are in foreclosure are 4000 sq.ft.+ and were sold for $650-750K at their peak . Though, there are smaller homes, but fewer in number.

Live Oak on the other hand had more home grown buyers and the sales were contained due to the fact that only one builder was present (Engle Homes). The last I know was they had only 8 lots remaining before they moved out of the Oviedo area.

Why have you not looked at Oviedo Forest, which is in Oviedo too and built by Engle (good builders). The added advantage is that this subdivision was started as the market was turning around, so the number of foreclosures are limited and it seems that most ppl that have bought there are not investors. You will have to find out if any other builder may move in as I also heard that Engle was pulling out of this subdivision and there seems to be quite a few lots remaining .

I understand your situation with the short sales, but I think the bank wants to milk it as much as it can. The strategy is an old one, where they attract you with the price, you go see the listing, fall in love with the house and don't mind paying a little more. To cut it short, from all the banks that I have spoken to, it seems they all know the demand and value of Oviedo and Seminole County and are unwilling to go anywhere below $95-100/sq.ft. unless they have no other options. Add the benefits the builders are giving and that may work out to be the same or better for a new home.

Good luck and welcome to Oviedo .

[Parrotrosie]

Thanks for that insight Sam (and the comments...Mom!). Not looking at Oviedo Forest because I just don't have the time frame to have a home built. Plus I am 1000 miles away...and ..well...its a headache even if you are right there on sight!

We ended up putting in an offer today on a home in the Sanctuary that had all the 'must haves' on our list...its a little smaller that we might have 'wanted'...but its as big as we 'need'...lol It's easy to get carried away with all the lovely homes on the market!! Has the screened in pool with jacuzzi, all one floor living...for MomMom (and keeps that AC bill in line)...does have one upstairs bonus room with its own AC, we will have one spare bedroom for guests, and best of all, Daddy will have a room for his music / recording studio! lol! There will be lots of other kids for my daughter to play / hang around with..she can't wait! It's not a short sale...its a regular sale..lol

I hope we can agree on a price is all!

[gb1980]

I live in the area of the Sanctuary and Live Oak and would like to welcome you to the neighborhood. It is a very nice area and I moved here because of that in 2001.