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Old 07-14-2013, 04:59 PM
 
494 posts, read 880,896 times
Reputation: 1348

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Anyone have any personal experience/recommendations re the following condos?

Pines at Deep Creek
Tala Lakes
Villa Manor
Lakeshore
Loveland Courtyards
Players Club
Oak Forrest
Oaks III/IV
Aqui Esta Villas
Lakeside Gardens
Promenades

(and any others in a similar price range that you'd recommend considering).

I'm interested in financially sound associations and all the things that taken together make someone say there is "pride of ownership" at the place. (Possible to find this in a lower priced condo in the area?)

Would be grateful for any info anyone can post or direct message. I already have the real estate listing type info, but would like to know more if anyone has lived there (or decided not to after considering a place), knows someone who has, etc. Basically, quality of life/riskiness of investment info.

Thanks!
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Old 07-15-2013, 06:49 AM
 
Location: Port Charlotte, FL
3,961 posts, read 8,521,289 times
Reputation: 1858
Here is a blog I wrote about condos:

Factors to consider when purchasing a condo

There are several factors that need to be taken into consideration when purchasing a condo. One thing that might help to narrow down your choices is a list of must haves versus needs. The purchase of a condo is a big investment and you want to make sure that it will meet your requirements for living, lifestyle and purpose of use. Examples: Amenities such as pool, tennis, golf, exercise room, pet friendly, within budget, 55+ and close proximity to amenities such as beach, restaurants, shopping, medical facilities, highway, etc.

Then you need to determine your budget. You need to take into consideration the monthly fees, taxes, insurance, interior maintenance, utilities, etc. Create a budget that fits within your parameters and then weed out the condos that do not fit within your budget. Some condos include water/sewer/cable/trash and others do not.

Some condo developments have special assessments on top of the HOA fee. For example, if the units need a new roof and there isn’t enough money in reserves, then they will ask the owners to pay a special assessment for the roof, which could mean extra money for a certain number of years until it is paid off. This could happen in any condo community.There may also be a master homeowner association fee plus a condo fee. Some communities have other required fees such as golf, restaurant and even Community Development District (CDD) fees.

When looking at the taxes in the MLS, what a current owner is paying is not necessarily what you would pay. The current owner may be homestead and have an exemption and it will be reassessed once purchased. If you are not a resident of Florida, you cannot claim homestead.

Another thing I would suggest is contacting an insurance agent if you have not already done so. You can start with Island Insurance Agency, 941-764-8050. They represent several different agencies andcan shop for rates. AAA is another company that represents several different agencies. The cost of insurance may help in deciding on a condo location as well. I recommend contacting at least 3 different agencies of your choice.

The bylaws, covenants and rules and regulations are not always readily available beforehand, but you will need to read them before purchasing. You will also want to get a copy of the financial documents to see if they have a healthy reserve and are financially stable.Some communities have a web site where you can read the minutes of meetings,which generally gives you a good idea if there are any problems within the community. If not, you could do a Google search to see if you can find any history on the community or reviews by owners.

If you are considering renting it out, then you would need to see what the rental restrictions are. It is generally a good rule to avoid communities where more than 20% of residents are renters. Vacancy rate is another issue. If there are several units vacant or going into foreclosure, are there enough funds to cover owners who are not paying their share of the condo fees?

Here is the web site for Florida HOA members – http://www.floridahoamembers.com/

Be sure to thoroughly research all that you can before purchasing any condo.
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Old 07-15-2013, 12:08 PM
 
494 posts, read 880,896 times
Reputation: 1348
Great info, TamRE, thanks! (Tried to rep you but got the have-to-spread-it-around-first pop-up.)
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Old 07-25-2013, 12:23 AM
 
Location: LIMERICK, PA
24 posts, read 61,857 times
Reputation: 11
Default The Pines at Deep Creek

I just put a deposit on a foreclosure at the Pines. I heard there might be financial problems with the property management company. Does anyone have any info on them?
I just want to purchase a simply plan to retire in sometime in the next 5-10 years. Is it worth a $35-40k investment?
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Old 07-25-2013, 02:38 AM
 
Location: Port Charlotte, FL
3,961 posts, read 8,521,289 times
Reputation: 1858
You should always get a copy of the condo docs and financial statements before purchasing a condo. I haven't sold in Pines at Deep Creek in awhile, so I haven't seen their latest financial statements. There were previously a lot of short sales and bank foreclosures so there were HOA liens against many of the properties. Have your Realtor get you a copy of both right away. If you are not working with a Realtor, then you should contact the HOA property management company - Palmer Property Management 941-875-9273.
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Old 04-08-2017, 03:00 PM
 
Location: Blue Ridge Mntns., NC
10,841 posts, read 15,144,732 times
Reputation: 9688
Quote:
Originally Posted by TamRE View Post
Here is a blog I wrote about condos:

Factors to consider when purchasing a condo

There are several factors that need to be taken into consideration when purchasing a condo. One thing that might help to narrow down your choices is a list of must haves versus needs. The purchase of a condo is a big investment and you want to make sure that it will meet your requirements for living, lifestyle and purpose of use. Examples: Amenities such as pool, tennis, golf, exercise room, pet friendly, within budget, 55+ and close proximity to amenities such as beach, restaurants, shopping, medical facilities, highway, etc.

Then you need to determine your budget. You need to take into consideration the monthly fees, taxes, insurance, interior maintenance, utilities, etc. Create a budget that fits within your parameters and then weed out the condos that do not fit within your budget. Some condos include water/sewer/cable/trash and others do not.

Some condo developments have special assessments on top of the HOA fee. For example, if the units need a new roof and there isnít enough money in reserves, then they will ask the owners to pay a special assessment for the roof, which could mean extra money for a certain number of years until it is paid off. This could happen in any condo community.There may also be a master homeowner association fee plus a condo fee. Some communities have other required fees such as golf, restaurant and even Community Development District (CDD) fees.

When looking at the taxes in the MLS, what a current owner is paying is not necessarily what you would pay. The current owner may be homestead and have an exemption and it will be reassessed once purchased. If you are not a resident of Florida, you cannot claim homestead.

Another thing I would suggest is contacting an insurance agent if you have not already done so. You can start with Island Insurance Agency, 941-764-8050. They represent several different agencies andcan shop for rates. AAA is another company that represents several different agencies. The cost of insurance may help in deciding on a condo location as well. I recommend contacting at least 3 different agencies of your choice.

The bylaws, covenants and rules and regulations are not always readily available beforehand, but you will need to read them before purchasing. You will also want to get a copy of the financial documents to see if they have a healthy reserve and are financially stable.Some communities have a web site where you can read the minutes of meetings,which generally gives you a good idea if there are any problems within the community. If not, you could do a Google search to see if you can find any history on the community or reviews by owners.

If you are considering renting it out, then you would need to see what the rental restrictions are. It is generally a good rule to avoid communities where more than 20% of residents are renters. Vacancy rate is another issue. If there are several units vacant or going into foreclosure, are there enough funds to cover owners who are not paying their share of the condo fees?

Here is the web site for Florida HOA members Ė http://www.floridahoamembers.com/

Be sure to thoroughly research all that you can before purchasing any condo.


A heads up: I just tried the Florida HOA members link that Tam linked above. Please be careful with that link (I know this is an old thread) -- but I just recd. an alert that the link contains the Trojan Virus. Yikes, hope my malware caught it.


Otherwise, a great post by TamRE as always.
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Old 04-09-2017, 09:21 PM
 
Location: Port Charlotte, FL
3,961 posts, read 8,521,289 times
Reputation: 1858
Quote:
Originally Posted by QuilterChick View Post
A heads up: I just tried the Florida HOA members link that Tam linked above. Please be careful with that link (I know this is an old thread) -- but I just recd. an alert that the link contains the Trojan Virus. Yikes, hope my malware caught it.


Otherwise, a great post by TamRE as always.
Yes, that post is almost 4 years old. Here is another link that will take you to the list of homeowner associations in Florida by county - List of homeowners associations in*Charlotte*County FL

The site also gives you the pros and cons of Living in an HOA community
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