Verano and Bahia in Delray Beach (Hollywood, Lake Worth: apartment complex, foreclosures, renters)

[poorlonesomeschoolboy]

Does anyone have experience with Verano or Bahia in Delray?

It sounds like both these communities have been hit hard by foreclosures.

It seems like there is a lot of construction going on at Verano. The HOAs of those units are high.

Bahia seems to sell cash only (so probably mostly renters live there). It's a relatively recent construction but I am not sure about the quality.

How is it to live or own there? With the market improving, do see improvements in the communities? Do you feel that management is making good decisions for the long term?

[BigBubbles]

The Verano property is going through major construction with owners paying higher assessments until completion. The structural damage from the hurricanes of 2005 left the roofing with issues as well as the common areas requiring structural supports. Basically the developer RAK ran a scam on the purchasers and they were left holding the bag. They weren't even allowing inspections on certain areas during the purchasing frenzy. They had salespeople who were great looking Latina women to pull in potential investors who purchased 3-5 units at a time. When they couldn't afford to hold the properties the units went into foreclosure. Now Verano is on the comeback, and those that purchased in the last three years will benefit greatly. There are still record low deals in the buildings and as the improvements are made the pricing should rise as well as the rents bringing in a higher level of ownership/renters. There are still a few renters that need to go, however the owners are just trying to pay the fees and assessments until the tide turns to move back or sell for a higher margin. The management company is overseeing the construction with the workers living in a couple of the empty units to be on-call 24/7. The construction on building 10 was completed this year and the next on the list will be completed by summer. The construction is taking place in order of the most need, so they are moving into the phase where construction will speed up. The association took major steps to secure the funds from those owners who were not paying their fair share of the assessments, including going to court to file papers forcing the rent collected from those units to cover the cost of the assessments first. The condo association has been aggressive in recouping the dollars to improve the property. Hope this helps!
Owner since 2005

[ByeByeLW]

And the people (renters) that live in Verano tend to want to stay there as many of them switch apartments rather than move.

And the condos behind Verano on Homewood are nice and I'm sure none of that will change.

[cfbs2691]

I live near Bahia... it's not bad, but it wouldn't be my first choice as the neighborhood is iffy and it is primarily renters.
I'm pretty sure Bahia was originally an apartment complex and built accordingly.

[ByeByeLW]

I'm not sure why southern Palm Beach county would be a renter's first choice. Broward, they say, is crowded. I don't think it's so much more crowded, and you get a lot more for your money . Public transportation (the bus) is a million times better in Broward if you feel like you may have to rely on it at some point. You could die on the side of the road waiting for PalmTran, even though it has gotten better.

I don't rely on the bus but I sure wish I would have bought in Broward rather than Palm Beach county. Just my two cents. want quaintness? Hollywood> Lake Worth. Just my opinion.

[cfbs2691]

I walk through Bahia now and then.. the landscaping is sub par for sure and the pool area needs some TLC without a doubt.

[Macala]

I saw there are many balconies with stands and some cracks in the columns. What is happening exactly with them? Is the same issue happening inside the properties? How long the repairs are going to take?
Thank you.