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When I was looking for a condo in SW FL, I avoided anyplace like the plague that has CDD fees. Those fees will adversely affect your selling price in the future. I was able to find my sweet spot in FL at a fair price and will be closing mid March.
The real question is not, "Are the fees to high?", but, "What are you getting in exchange for the fees?" It's like asking if $20K is too much to spend on a car, without knowing the type and condition of the vehicle.
If you are having a difficult time justifying the added $166 per month, the potential buyers (if/when you attempt to sell it), will have a similar question. Look at it this way, $166 per month is about the cost of an added $35K fixed, 30-year mortgage at today's rates.
If it makes sense to you, it will likely make sense to them. If not, then not so much.
If you are having a difficult time justifying the added $166 per month, the potential buyers (if/when you attempt to sell it), will have a similar question. Look at it this way, $166 per month is about the cost of an added $35K fixed, 30-year mortgage at today's rates.
That is an excellent way of looking at it! Thank you!
I think I'm going to post this question in the Florida forum, as these types of new developments are very common in Florida.
Personally, I would never accept such an extra fee. I'd look for something in an established area that doesn't have the fee. Frankly could not afford it.
When I was looking for a condo in SW FL, I avoided anyplace like the plague that has CDD fees. Those fees will adversely affect your selling price in the future. I was able to find my sweet spot in FL at a fair price and will be closing mid March.
Wut? You're leaving NC? I thought you hated it here.
What percentage of your assessed value is this $2000? As someone else mentioned, it sounds like a MUD, which usually insinuates that there are no city taxes, otherwise the city would pay for the infrastructure. Is this property located within a city limit, or are you saving on no city taxes?
I can only speak from where we were in Colorado, but you had both local taxes and the "special taxing district" as they called them. None of these covered HOA amenities where were separate, only the basic infrastructure of the development (roads, sewers, etc). Essentially it's a way for the city to put the infrastructure costs on developer and the developer to put both the cost and the risk on the buyer without simply including it in the base price of the lot. The real trap, at least in Colorado, of these districts was if they didn't sell all the lots, the fees on the ones that did went up to cover the whole amount that should have been paid if every lot had sold. There were districts where the fees jumped to $10K - $20K a year and the homes essentially became worthless because no one would buy a $150K home with fees that high attached to it. There were major lawsuits going on and action in the legislature, but I don't know the outcome.
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