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Old 06-15-2012, 01:05 PM
 
Location: Yellow Brick Road
35,485 posts, read 43,333,736 times
Reputation: 19885

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Quote:
Originally Posted by Happy in Wyoming View Post
I'm curious about something. What happens if 80% of the units are in foreclosure and the lenders (who may actually be halfway around the world) walk away? Does the HOA (assuming it still has members) multiply your fees by five to pay the bills? I have no idea but I'm curious.

In California banks have actually demolished homes that were just too expensive too keep funding.
I don't know what happens. I know what has happened where I have a second home right now - the fees have skyrocketed since 2008.

However, in Florida, maybe the situation has stabilized in many of these areas, with folks buying the properties for bargain prices and living on the premises. I am very curious about all this and hope it means retirees can find decent housing at bargain prices -- and in financially stable complexes.
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Old 06-15-2012, 01:34 PM
 
Location: Forests of Maine
21,819 posts, read 28,390,921 times
Reputation: 8849
Quote:
Originally Posted by gomexico View Post
... So, what do you think, or know, might be available in the $25,000 to $50,000 price range in the places you've already retired to or at destinations where you have an interest in retiring to?

Thanks!
We routinely see homes on the market asking $40k.

I also see listings every month of homes that are up for auction, the opening bid is usually $1k. They sometimes sell for as low as $11k.
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Old 06-15-2012, 01:48 PM
 
Location: Mid-Atlantic east coast
3,864 posts, read 5,441,540 times
Reputation: 5849
Quote:
Originally Posted by MrRational View Post
Very? I'd call it somewhere between slim and gotta be outta your mind.

On the other thread I put up some listings for my rather affordable town.
One of them qualifies under this but is listed at $215,000 and still needs a few things. LINK

So... I'm gonna call you on this assertion of yours. OK?
Please provide a listing link for three examples of this. Thanks.
I'm willing to do the research to support my assertion--IF asked politely, and if the poster is genuinely interested.

It's likely not a good investment of my time to provide this info for someone who calls me "outta my mind." Isn't your mind made up already? Could you happily live in a bungalow or cottage of around 1000 square feet in a working class neighborhood? With a kitchen that might be dated and retro and not sport granite counter-tops and stainless steel appliances?

Some of us can--and be happy doing so--living simply--others cannot and would be miserable.

Civility and genuine interest is called for before an investment of my time. My ego doesn't need the boost to prove my point.
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Old 06-15-2012, 01:54 PM
 
Location: Virginia
18,717 posts, read 15,435,155 times
Reputation: 42347
Quote:
Originally Posted by LittleDolphin View Post
I'm willing to do the research to support my assertion--IF asked politely, and if the poster is genuinely interested.
I totally agree, there's no need to be rude. I cringed just a little when I saw that post. And yes, people are definitely interested in seeing some examples. At least I'm interested... and since so many of us come to this forum to learn about places to retire I suspect others are too. Beaufort is a community I know fairly little about, but would love to know more, so if you feel like adding a few details about the area to your listings, that would be even better. (And if you happen to have any photos that would be fantastic, especially photos showing details of the town so we can see what it's like to live there. Hospitals, walking paths, traffic, local beaches, libraries, typical street shots, that sort of thing.)
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Old 06-15-2012, 02:20 PM
 
Location: CHicago, United States
6,937 posts, read 3,492,554 times
Reputation: 3393
Quote:
Originally Posted by Happy in Wyoming View Post
I'm curious about something. What happens if 80% of the units are in foreclosure and the lenders (who may actually be halfway around the world) walk away? Does the HOA (assuming it still has members) multiply your fees by five to pay the bills? I have no idea but I'm curious.

In California banks have actually demolished homes that were just too expensive too keep funding.
I'm not up-to-speed on real estate law in Florida, but here in Illinois ... and I have some experience dealing with these issues as President of my condominium association ... the units in foreclosure stay in court for a couple or several years and the owner has either died, vacated for other reasons or is still living in the unit. Once the bank goes into court to take possession it can take as long as 3-years to process the case because there are so many defaulting owners in this region of the country.

In the interim the associations here, when an owner stops paying assessments, can petition the court to have the owner evicted and the unit turned-over to the association at which time the association may rent it out to earn income until such time as the court makes a determination and/or the bank steps in and sells it or starts paying assessments. We've done that with 4 of our units and we'll recover about $50,000 this year alone.

If an association has a general revenue shortfall it has the legal responsibility and no other choice but to raise assessments or levy a special assessment on unit owners to cover required expenses to maintain the common elements. Of course, the defaulting owners won't pay and the burden falls on the responsible ones.

It can be a real challenge for associations and this is one of the issues new buyers in any condominium building/complex anywhere n the country need to research beforehand. Buyers are, at some point, entitled to review financial statements, including reserve fund account balances and to inquire about upcoming capital projects, defaults, etc. Few of our new owners actually take the time to do that. There's a building next to us with more than $5 million in debt on their books, for which new owners are responsible for their proportionate share, and though it seems irresponsible to buy ther to me there units continue to be sold in that building. We're actually in pretty good shape, overall.

When I looked at the Century Village property in Boca Raton, which I liked very much, in many of the buildings I saw realtor lock boxes on the door handles ... indicating a lot of units were for sale. Each grouping of buildings in these large complexes has its own association and finances. Because mine was a familiarization trip to inspect some units and the grounds and other common areas I didn't ask for nor was I entitled at that point to review financial records. I'd certainly ask for those documents at the beginning of any serious consideration, however ... because why get excited about a price, complex, etc. only to learn it's on thin ice financially?
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Old 06-15-2012, 02:24 PM
 
Location: CHicago, United States
6,937 posts, read 3,492,554 times
Reputation: 3393
Quote:
Originally Posted by MotleyCrew View Post
Sun City original in AZ condo's can be found for as little as $40,000, bank owned.
You'll find similar prices in Green Valley, south of Tucson. I really like Tucson (I lived there some time back and have a sister living there) and I've been to Green Valley many times. It's an active, mature community offering a wide-range of activities and easy access to excellent health care options in Tucson. Also, too, it's close to Mexico ... a country which I have traveled through and/or lived in for the past 43 years. I'd find the nearby mining operations and potential water shortages caused by them and the also nearby pecan growers challenges for me to overcome if I became more serious about it. I've done a lot of research, though, and what you can get for what's being asked is pretty darn good. There are "recreational association" fees as well as HOA fees there.
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Old 06-15-2012, 02:57 PM
 
Location: Mid-Atlantic east coast
3,864 posts, read 5,441,540 times
Reputation: 5849
Great, I'll post some listings...sorry, if there's been any confusion..the listings are NOT in Beaufort, but in other small towns of interest. One is a college town (Oxford Ohio), other listings are in Greenville, SC, which has a nifty re-worked downtown with a riverfront riverwalk and waterfall, lots of cultural events and has been successful in attracting new businesses. Columbia and Lafayette IN are cool small towns that might prove attractive to retirees.

$49999 1167 sf
http://www.realtor.com/realestateand...4_M43563-34582

1612 Fairfax Dr. Lafayette IN
$49900 1632 sf
http://www.realtor.com/realestateand...9_M48951-62844

3651 Woody Ln Oxford Twp, OH 45056
http://www.realtor.com/realestateand...6_M47681-04536
3/1 .45 acre $52,500

2999 N Talley Rd Columbus, IN 47203
2/2 1170 sf
1.35 acres
http://www.realtor.com/realestateand...ex=IN542614653

1602 Lawton Ave Columbus, IN 47201
53,900 3/1 1656 sf
http://www.realtor.com/realestateand...1_M38349-86735

Prop taxes $496

10 Glenmore Drive Greenville, SC 29617
$60,000 3/2
http://www.realtor.com/realestateand...7_M61676-18106

3 Almena Dr Greenville, SC 29617
3/2
$59900
http://www.realtor.com/realestateand...7_M56091-82882

15 Orlando Ave Greenville, SC 29609
$55,000 2/1 remodeled adorable
http://www.realtor.com/realestateand...9_M63681-83408

311 Furman Hall Road Greenville, SC 29609
3/1
$54,900
http://www.realtor.com/realestateand...9_M66828-23948

205 Von Hollen Greenville, SC 29617
$65,000 3/1 sweet bungalow yellow, FP--I find this one charming!
http://www.realtor.com/realestateand...7_M62714-18613
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Old 06-15-2012, 03:22 PM
 
Location: University City, Philadelphia
15,768 posts, read 4,900,407 times
Reputation: 9396
Quote:
Originally Posted by jenny1951 View Post
NNEREN.com : Listing Detail

I would buy this in a heartbeat if my place was sold. Wonderful town, no crime, clean air, tax rebate, 15 minutes to an excellent teaching hospital (Dartmouth-Hitchcock), and a very nice park. Don't limit yourself to the sunbelt. Think out of the box, as you are already doing. Life is good in New England.
This is an attractive mobile home, and I think it is very livable. The price is affordable. I would not be unhappy here ... BUT ... the monthly association fees are $420, not bad, but how do we know those fees won't keep going up and up every year? The taxes are $1,023 per year for a home that costs $39,900 ... seriously????

I wouldn't limit myself to the sunbelt, but I hate snow and ice (we get an average of 24" of snow here in Philly) and I think Vermont would be out of the question.
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Old 06-15-2012, 03:39 PM
 
Location: CHicago, United States
6,937 posts, read 3,492,554 times
Reputation: 3393
And here's a list I quickly put together just now of properties in the under-$50,000 price range in communities I've considered as retirement localtions. They don't particularly represent the specific properties I've looked at but will provide an glimpse at what you might get for the prices:

Green Valley, AZ


$34,000: http://www.realtor.com/realestateand...4_M12168-60857

$40,000: http://www.realtor.com/realestateand...4_M24566-81951

$42,000: http://www.realtor.com/realestateand...4_M28340-11540

$45,000: http://www.realtor.com/realestateand...4_M29620-32831


Tucson, AZ


$40,000: http://www.realtor.com/realestateand...6_M14662-35955

$45,000: http://www.realtor.com/realestateand...6_M24824-48826


Clearwater, FL


$29,000: http://www.realtor.com/realestateand...9_M62928-64354

$32,500: http://www.realtor.com/realestateand...4_M55465-58826


Boca Raton, FL


$17,000: http://www.realtor.com/realestateand...4_M55465-58826

$18,000: http://www.realtor.com/realestateand...4_M60720-48632

$20,000: http://www.realtor.com/realestateand...4_M67610-41034


Delray Beach, FL


$17,000: http://www.realtor.com/realestateand...6_M51414-00443

$20,000: http://www.realtor.com/realestateand...6_M64820-45780


Palm Springs, CA

$36,000: http://www.realtor.com/realestateand...4_M20611-11216

$40,000: http://www.realtor.com/realestateand...4_M19983-97862
$49,000: http://www.realtor.com/realestateand...4_M21150-40875

Last edited by gomexico; 06-15-2012 at 04:18 PM..
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Old 06-15-2012, 03:53 PM
 
4,876 posts, read 8,710,488 times
Reputation: 6193
Quote:
Originally Posted by gomexico View Post
I'm not up-to-speed on real estate law in Florida, but here in Illinois ... and I have some experience dealing with these issues as President of my condominium association ... the units in foreclosure stay in court for a couple or several years and the owner has either died, vacated for other reasons or is still living in the unit. Once the bank goes into court to take possession it can take as long as 3-years to process the case because there are so many defaulting owners in this region of the country.

In the interim the associations here, when an owner stops paying assessments, can petition the court to have the owner evicted and the unit turned-over to the association at which time the association may rent it out to earn income until such time as the court makes a determination and/or the bank steps in and sells it or starts paying assessments. We've done that with 4 of our units and we'll recover about $50,000 this year alone.

If an association has a general revenue shortfall it has the legal responsibility and no other choice but to raise assessments or levy a special assessment on unit owners to cover required expenses to maintain the common elements. Of course, the defaulting owners won't pay and the burden falls on the responsible ones.

It can be a real challenge for associations and this is one of the issues new buyers in any condominium building/complex anywhere n the country need to research beforehand. Buyers are, at some point, entitled to review financial statements, including reserve fund account balances and to inquire about upcoming capital projects, defaults, etc. Few of our new owners actually take the time to do that. There's a building next to us with more than $5 million in debt on their books, for which new owners are responsible for their proportionate share, and though it seems irresponsible to buy ther to me there units continue to be sold in that building. We're actually in pretty good shape, overall.

When I looked at the Century Village property in Boca Raton, which I liked very much, in many of the buildings I saw realtor lock boxes on the door handles ... indicating a lot of units were for sale. Each grouping of buildings in these large complexes has its own association and finances. Because mine was a familiarization trip to inspect some units and the grounds and other common areas I didn't ask for nor was I entitled at that point to review financial records. I'd certainly ask for those documents at the beginning of any serious consideration, however ... because why get excited about a price, complex, etc. only to learn it's on thin ice financially?
Good Information. When I was younger, I lived in a Coop (Housing Cooperative) in New York City. They are the more common group ownership in the very expensive and highly selective buildings in Manhattan. Perhaps the rich know something that is better and this arrangement may be more able to to solve the problems of group ownership. They are much different than a condominium ownership as all members own a share in the total property with no individual ownership of the residential unit. In a condominium entity, the buyer has the full legal ownership of just the unit. The current owners of the Coop also have the rights to interview and reject prospective buyers in the Coop, that is denying them a share of ownership in the Corporation of this type of housing tenure. I have been to such group interviews, as an observer, and I can tell you that the prospective buyer is fully grilled as the wealth and their personal habits.

I am not talking about co-housing, as I believe that is another form of ownership. For each buyer owns his property and may have an shared interest in the common building.

Are these Coops available all over the country for the lower income? I have never seen them here but I have not a need for housing for decades, so I would not have done a thorough search.

Livecontent
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