Port St. Lucie - Traditions good or bad deal? (Jensen Beach: real estate market, to rent)

[gregs]

A friend of mine is buying in Traditions. She is having second thoughts about continuing with the contract. The real estate market slump and the new home market is questionable. She had heard of people walking away from contracts and surrendering their deposit rather than closing. Any comments would be appreciated. Any feed back on Levitz would also be appreciated.

[pslOldTimer]

Sounds like the old story, "I'm not buying a computer this year, because the price will be down next year." In the meantime, you have no computer. Tradition looks like a nice place to live, and the folks who live there seem to be happy. There must have been something she liked well enough to make the deposit in the first place.

[backtofla]

psloldtimer --- you always have good recommendations and thoughts. would you read my post about "needing advice/suggestions" i started the other day? thanks

ps- sorry, didnt mean to take away from your thread, gregs

[LingLing]

Originally Posted by pslOldTimer

Sounds like the old story, "I'm not buying a computer this year, because the price will be down next year." In the meantime, you have no computer. Tradition looks like a nice place to live, and the folks who live there seem to be happy. There must have been something she liked well enough to make the deposit in the first place.

You know that you can always rent a computer!!! Just kidding. I recently bought our house in Tradition. I love my house and the town. The problem with Tradition is the same as most new development in south Florida. Too many investors bought from builders and they are the ones who are walking away from their deposit. I believe the Levitz is building 55+ community so I didn't check them out. If you plan to stay there for several years and you paid a price that is comparable to or lower than 2004 level, I will proceed if you really like the place. Or you may have to consider the whole thing carefully.

[in2dadark]

Originally Posted by gregs

A friend of mine is buying in Traditions. She is having second thoughts about continuing with the contract. The real estate market slump and the new home market is questionable. She had heard of people walking away from contracts and surrendering their deposit rather than closing. Any comments would be appreciated. Any feed back on Levitz would also be appreciated.

It's not bad if you don't mind living on a vacant movie set.. (ie too contrived)..

[pslOldTimer]

Originally Posted by in2dadark

It's not bad if you don't mind living on a vacant movie set.. (ie too contrived)..

Well, you're right for some folks, it's too contrived for me, also. But, it's closer to a traditional family community than anything else being built today, and if it has a bit of a Disney World feel, well, then, lots of folks like Disney World. I mean, the "town hall" looks more like a traditional New England village church, but that's a nice looking style. And, the Public is disguised to look like several different, smaller storefronts, but how else can you make it look like a small town?

[massimj]

There is another way to look at it all. I live close by in Jensen Beach, and I visit Tradition for special events, like the one they just had for New Years Eve. The layout of the town is complete, and being planned, it is organized very well. Everything you could want is close by. From I95, to Publix, and Target. They have everything so close, you would spend no time traveling to U.S. #1, and taking you life into your own hands as you navigate mall traffic.
The down sides are these. If they don't sell enough, and keep the stores busy, some ofthem may close. If that happens, it will trigger an element of fear that can have a terrible effect on further sales.
I went through the Target store and it was not very busy, but it was a holiday evening. The prices were the same as other Tragets, and comparable to a W-mart, but yet there is a W-mart, and Home Depot close by, so the shopping is complete.
I heard that they have a two bedroom unit for $90k, but I didn't hear about the details, like how much is the monthly on the unit. At $90k, I would consider buying it to have a way out of my house when I decide to downsize. I would want the option to rent it out, and i don't know if they will allow that either. I like the area, and will take a closer look at the condo market for the area. Prices will come down to adjust to the current market, so dropping your contract and any deposit of , say $10k or less, might be to your advantage. I'm not saying to not buy, but waiting for the market to adjust, and buying at pre-2004 prices can be a good thing.

Originally Posted by pslOldTimer

Well, you're right for some folks, it's too contrived for me, also. But, it's closer to a traditional family community than anything else being built today, and if it has a bit of a Disney World feel, well, then, lots of folks like Disney World. I mean, the "town hall" looks more like a traditional New England village church, but that's a nice looking style. And, the Public is disguised to look like several different, smaller storefronts, but how else can you make it look like a small town?

[Lilybeans]

Sounds like she was just speculating. Did she plan on living there, or was she just trying to flip the home.

[mytimenow]

Originally Posted by gregs

A friend of mine is buying in Traditions. She is having second thoughts about continuing with the contract. The real estate market slump and the new home market is questionable. She had heard of people walking away from contracts and surrendering their deposit rather than closing. Any comments would be appreciated. Any feed back on Levitz would also be appreciated.

Levitz filed bankruptcy very recently, so you would need to be very careful about commiting to new construction or partially built properties right now until after Creditor's Meeting - if she has already signed a contract with them, she should be talking to her attorney to see what the ramifications are.

[lumina]

Originally Posted by pslOldTimer

Well, you're right for some folks, it's too contrived for me, also. But, it's closer to a traditional family community than anything else being built today, and if it has a bit of a Disney World feel, well, then, lots of folks like Disney World. I mean, the "town hall" looks more like a traditional New England village church, but that's a nice looking style. And, the Public is disguised to look like several different, smaller storefronts, but how else can you make it look like a small town?

Yes, pslOldTimer! My husband and I just moved to Tradition from New England primarily because it did remind us of home. We jokingly call it "Stepford" (once we realized they pump in classical music - speakers in the bushes) but really love the "It's a Wonderful Life" vibe. The marketing play for the middle-aged buyer's childhood memories is obvious but it works as far as I'm concerned - the layout and set-up of the community gets residents out in the parks, strolling to get an ice cream or to the coffee shop, biking and attending events - so as a newcomer, I've had a better chance of meeting people, knowing my neighbors and seeing familiar faces. It's clean, beautiful and safe.

I've never complained about the HOA fee. Every time I take the turn into my driveway I smile and think that life is pretty good here. And I welcome all those who call it "contrived, fake and movie-set". I don't mind paying the fee to Tradition to upkeep the atmosphere you all enjoy when you visit. I'll see you at the next community event you attend here . You buy the ice cream.

As far as purchasing real estate - this made sense for us. We bought an extremely well-built DiVosta home (2 years old), for a sensible price (our 25 y.o. 900 s.f. 2 BR condo in NH went for $189,000 with approximately the same HOA fees, half the space, no garage, higher property taxes). All real estate transactions should be well-researched, informed and professionals (lawyers, inspectors, agents/brokers) utilized whenever possible.

Good luck to your friend! See you at the next shin-dig . . .