Home appraisals in Eastmark (Sun City, Sun Lakes: HOA, new home, transfer)

[MjeromeY]

Curious for those that now live in Eastmark on how the appraisals came in on the home? Brand new homes in brand new development so im sure sure how the people that appraise homes come up with value. I move in on the 12th of December and am very curious

[M.Unit]

No answers huh?
I know it's been a while since you posted this but did you end up purchasing at Eastmark or did you pass?
We've been looking but found out about a 1% exit fee upon selling your house...this was on top of the $3500 initial purchase fee which we would have the builder cover anyways but that exit fee, that seems ridiculous to me. The fee is charged to you if and when you decide to sell your house....i think it goes to the developer...and supposedly charged anytime a private seller sells again, not just the original home owner.
That's kind of leaving a bad taste in my mouth...

[ShampooBanana]

Originally Posted by M.Unit

No answers huh?
I know it's been a while since you posted this but did you end up purchasing at Eastmark or did you pass?
We've been looking but found out about a 1% exit fee upon selling your house...this was on top of the $3500 initial purchase fee which we would have the builder cover anyways but that exit fee, that seems ridiculous to me. The fee is charged to you if and when you decide to sell your house....i think it goes to the developer...and supposedly charged anytime a private seller sells again, not just the original home owner.
That's kind of leaving a bad taste in my mouth...

Are you sure that's not like an HOA transfer fee? Most HOAs have those, although yes, 1% does seem pretty high. If I really liked the community and planned to stay more than a few years it wouldn't really turn me off to it, though.

[M.Unit]

Originally Posted by ShampooBanana

Are you sure that's not like an HOA transfer fee? Most HOAs have those, although yes, 1% does seem pretty high. If I really liked the community and planned to stay more than a few years it wouldn't really turn me off to it, though.

Private transfer fee - Wikipedia, the free encyclopedia
This link describes what the fee is - definitely not an HOA transfer fee (I think those are usually $250 or something minimal like that). You're looking at easily $3500-4500 depending on the initial value of some of these new homes in Eastmark (assuming you sell over the next 5-10 years and there's no recession/decline in market).
One could argue that if you're value increased another 50-75k over that time period that the $3500-$4500 fee is a drop in the bucket but that's still a significant amount of money that should stay with the homeowner. A developer has already passed on much of the cost of infrastructure to the builders that are passing it along to the homeowner, as well as increase in your taxes.
It seems that if I were to sell 30 years later, why would the developer need those funds at that stage in the game?

I'm torn....i like the area but on principle i feel the fee isnt right

[5together]

Eastmark is QC schools which is a turn off for me!

[KatieBlue]

But they have a new Sequoia Pathfinder Charter school starting in the fall and the Basis school is currently there.

[asufan]

Originally Posted by M.Unit

Private transfer fee - Wikipedia, the free encyclopedia
This link describes what the fee is - definitely not an HOA transfer fee (I think those are usually $250 or something minimal like that). You're looking at easily $3500-4500 depending on the initial value of some of these new homes in Eastmark (assuming you sell over the next 5-10 years and there's no recession/decline in market).
One could argue that if you're value increased another 50-75k over that time period that the $3500-$4500 fee is a drop in the bucket but that's still a significant amount of money that should stay with the homeowner. A developer has already passed on much of the cost of infrastructure to the builders that are passing it along to the homeowner, as well as increase in your taxes.
It seems that if I were to sell 30 years later, why would the developer need those funds at that stage in the game?

I'm torn....i like the area but on principle i feel the fee isnt right

Sounds like the special assessments you see in retirement communities to pay for community clubhouses, rec centers, etc. Not too uncommon, you see those in places that have extensive amenities such as Sun City and Sun Lakes. It is meant to go towards maintenance or replacement of those facilities. I think in those retirement communities the buyer of the property pays that fee, not sure about the seller.