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I posted earlier that in Fairfield Glade the HOA fees were reasonable. Let me update that statement. When I moved here I thought the HOA's were reasonable, however after three years I now see it a little differently. My HOA fees have gone up 10% every year since I've been here and while I do understand that costs rise I can also say that 10% annually is far too much. At a recent community meeting the current chairman who is once again running stated he was concerned for the seniors in FFG who are on a fixed income. I was glad to hear that but why has the HOA fees gone up 10% annually under his direction?
FFG is a nice place but like most HOA it has gone to the direction of a few to serve their agenda rather than the needs of the overall community. The older section, (original section), of FFG is treated like a blighted area while the newer areas get improvements such as road paving, hiking trails, etc. The community money is spent in the hopes of income from the golf that never seems to materialize. House values continue to decline while the HOA fees rise. The residents have to tighten their budgets and accept a declining market while the HOA gang go on a spending spree.
FFG could be a great place to live, but getting costs under control needs to be a number one priority. Increasing the HOA fees will only deprive residents and lead to further delinquencies reducing revenues even more. If you drive around FFG you will see about every third or forth house for sale. If you check the real estate sites you will see many of those homes have been on those homes have been on the market for a year or more. Most homes only sell when they are deeply discounted.
In nutshell, FFG has declining house values coupled with rising HOA costs in a stagnant market.
We've been considering moving to the Glade when our house sells especially because it is supposed to be a place that has a low cost of living for seniors living on a fixed income. Have been concerned about the large number of houses for sale and now wondering whether we can afford the climbing HOA fees and high sales tax. Can you tell me why the large volume of houses for sale and depressed values? At our age, we cannot afford to make a mistake. Thank for your input.
Last edited by chrisjef; 09-17-2013 at 12:51 PM..
Reason: Add text.
Been here 12 years. No limit but, IMO are board has been overly resistant to raising assessments. Our annual dues are cheap when you consider what we have. I expect they are sensitive to the fact that we have a lot of long time residents that moved here because TN and FFG was a cheap place to live and many want to keep us small. I wish they could come up with way to exempt them so we could make needed improvement which would improve the value of our homes and quality of life (not that it needs much improvement but it's a matter of pay now or much more later). I don't want to live in a five star gated community but we should maintain our four star status.
It appears that with so many homes for sale and the depressed values, raising rates in this economy might be the wrong thing to do and just might hurt property values further and cause foreclosures. I say keep a handle on costs and keep the Glade affordable for the shrinking middle incomers!
It appears that with so many homes for sale and the depressed values, raising rates in this economy might be the wrong thing to do and just might hurt property values further and cause foreclosures. I say keep a handle on costs and keep the Glade affordable for the shrinking middle incomers!
There are many of us here in FFG that bought thinking that RE values would rise slightly hedging inflation. Instead in the past three years there seems to be a decline in RE values. Examples I know of; house sold in 2000 for $107k sold last year for $55k. That same house is once again on the market for $95K. The house across the street from this home was on the market, and fairly priced, for a year and no one looked at it. Another house sold 2008 for $295K is now for sale for $287K. The owner upgraded the house and landscaping to the tune of $20K. If the house sells and he pays Realtor commission considering he will get less than his market price he will lose about $50k. Most owners who have sold here that I knew have sold for 10-20% below market price.
There are many foreclosures. They also sell lots here to those who want a resident status and as like most vacation spots the HOA and other fees go to delinquency.
You can get a bargain home here if you are not given the horse feather by a RE agent. The issue then is dealing with a Board of Directors who think money is growing on the local trees. Last year they upped the HOA fees 6% in spite of the governments inflation rate of 1.7& for 2012. It seems that as more properties are foreclosed and deserted the higher they will raise the HOA fees. The one reason they can get away with this is that the property tax rate in Cumberland county is so low.
FFG is about 15 miles for Crossville where there is some shopping. Knoxville is about 70 miles from FFG and Nashville about 100 miles. There are no Panera's, Atlantic Bread, DD's, or similar favorites. Most have done their market research and decided to set up shop somewhere else.
Living in FFG is like sailing on a slowing sinking ship. The view is great but how long will it last.
FFG is run by a few for the benefit of their agenda on the backs of the many. As you can see from the jmk post there is an awareness of the cost issue on the people who were the originators of FFG. The truth is that most residents don't use the facilities but still pay the full HOA fees. There is an older section that I am told is the original FFG. There are many older residents on modest incomes. FFG doesn't spend a dime in this area. All the improvements go to the newer or more costly areas of FFG. jmk states that improvements would increase the value of homes. Well, you could pave the roads with gold and the housing would still be in decline.
FFG reminds me of another situation where a farmer sold his 100 acre farm but kept the farm house. A RE developer bought it and put in an upscale housing development. The farmer had an agreement with the developer that his house and property would be grandfathered in and therefore could remain the same. Once the houses were built and the upscale people settle in the first thing that did was hire a law firm to get the farmers house tore down because it didn't meet the standards of the new community. After a few year and several court dates they won and the farmer was force to move. His house was torn down. This is the kind of people who are now in FFG. They no sooner move in and they want improvements immediately. They don't give a dam about the people who have been there for years before them.
The worst of it is that if you are unaware the the situation and rely on a RE agent you will end up with a home you will find is in a declining value mode. If you decide you want out selling that home will not only cost you the loss in RE value but also the RE commission. That is if you can find a buyer. Driving around you will see every third or fourth house for sale. Checking Zillow you can learn the purchase price history and the day on market, DOM. There is a reason there are so many houses for sale here at what seems to be a below market price.
jmk also states the HOA fees are cheap. He failed to mention they are going up at a rate of at least 6% annually. One thing that really stands out in FFG is why with all the golf and other income venues do residents have to pay any HOA fees at all. If these activities were run as a good business model they should be self supporting and generate revenue. There is a fee for everything regardless if you are a resident or not. How can they be operating in the red?
Thank you for your response, although it was disheartening to read. We've been to the Glade and know how beautiful it is. We are attracted to the amenities (clear lakes, pools, golf, hiking paths, and art guild) and more importantly, being able to associate with friendly people in our age group. I don't get the impression from your response that the HOA fees are the sole reason why so many people are selling their homes. I see many expensive homes listed for sale which I assume are owned by people who can well afford the HOA fees. Are they selling because of the lack of shopping and restaurants, the weather, the economy, crime? Why are you expressing much pessimism in the Glade's ability to recover (sinking ship) when the economy does? Do you see other problems that we should consider when making our decision? Do you know where former Glade residents are moving to? We really appreciate your input.
What you see is what I saw before I bought. FFG looks like something out of a travel magazine and it is easy to fall for it.
My opposition to the HOA fees are mainly the effect on many seniors here. I do a lot of yard sales and any day I go out here I will always find one to two old people, couple or single, with a small table selling ten to twenty items. It is clear they are not having a yard sell but trying to earn a few dollars. Many of these people live in modest houses valued under $100k. These folks pay the HOA fees at the same rate as the top valued homes. Many of these folks don't have the physical ability or mental strength to stand up for themselves and as a result the elitist of FFG dictate how FFG is run.
The HOA fees seems to be a go-to wallet for a financially failing golf club.
Secondly in 2010 inflation was "0", 2011 it was 3.7%, and 2012 it was 1.7%. In each of these years FFG raised the HOA fees at much higher percentage. i.e, 2012 the HOA fees were increased by 6%. With most resident being on a fixed income with the only increase coming from a meager Social Security it is easy to see that the HOA fees are outpacing the majority of residents income.
There is no decent shopping here. They put up a Weigel's and the place is mobbed. The only grocery store is Food City and there is a few Dollar stores. If FFG was a thriving area you would see mainstream retail and especially eateries, but no, not even a Panera's or even a Dunkin Donut. This is because food and retail services do their research prior to opening a new store. If their study says there is no market or not enough sales they don't built. Plain and simple.
We also have the issue of gasoline costs. Currently they are stable but it only takes a disruption of a hurricane or conflict somewhere in the world to drive the price up. The Closest shopping is 70 miles away. As gas goes up, as we all know it will, driving long distances to shop will become more and more unattractive.
You mentioned the friendliness of the residents and I guess you mean the waving. The reality is that the locals, Crossville residents, have a strong dislike for FFG people. IMO, the majority of FFG residents are among the rudest most obnoxious people I have ever met anywhere I have resided. I was met with more courtesy and politeness in the streets of NYC that here in FFG. Indulge the Farmers Market here to experience it. As Seinfeld once said, "there's no respect for the line here."
I suggest you look elsewhere but I have no suggestions. If you are intent on coming here I suggest underbidding on any house by 30% but agree to nothing more than 20% under market value. This way as prices fall you will have an edge. Most folks come here because of the low taxes, but the HOA fees go right along with that cost so taxes and HOA fees really are one of the same in one's personal budget. Currently with taxes and HOA fees the annual cost on a $150k home would run about $2k a year. In NJ I have a friend paying $7k annually and in PA I have a friend paying $5k. $2k taxes and HOA is a bargain. The only question is how long will it remain a bargain. As one poster said he would like to see HOA fees increased so he can get the improvements he wants. If you do get a good deal coming in then when and if you want to sell selling at a discount won't hurt you.
Most of all, buyers are a rare item here. Don't allow yourself to be pressured by a RE agent. Which brings me to another sore subject. I have bought and sold many homes in several different states. Every RE agent I used I have the highest regard for. That changed here in Crossville. Underhanded and unethical is by polite definition of the local RE agents so be careful. There is a ton of info on sites like Zillow. Hire an reputable home inspector. CYOA!
There is no decent shopping here. They put up a Weigel's and the place is
mobbed. The only grocery store is Food City and there is a few Dollar stores.
There is a Kroger, Wal-Mart super center, Food Lion, and UGO.
Quote:
If FFG was a thriving area you would see mainstream retail and especially eateries, but no, not even a Panera's or even a Dunkin Donut.
No Dunkin Donut but there is at least one donut shop. Crossville is lacking in restaurants but it is not that bleak.
Quote:
We also have the issue of gasoline costs. Currently they are stable but
it only takes a disruption of a hurricane or conflict somewhere in the world to
drive the price up. The Closest shopping is 70 miles away. As gas goes up, as
we all know it will, driving long distances to shop will become more and more
unattractive.
Those things will cause gas prices to go up anywhere. I have actually found gas prices to be cheaper in Crossville as opposed to Monterey or Cookeville. Not sure what kind of shopping the OP needs on a regular basis but a person can get most of what they need in Crossville and Cookeville, which has better shopping and eateries is only about a 35 mile drive.
There is a Kroger, Wal-Mart super center, Food Lion, and UGO.
No Dunkin Donut but there is at least one donut shop. Crossville is lacking in restaurants but it is not that bleak.
Those things will cause gas prices to go up anywhere. I have actually found gas prices to be cheaper in Crossville as opposed to Monterey or Cookeville. Not sure what kind of shopping the OP needs on a regular basis but a person can get most of what they need in Crossville and Cookeville, which has better shopping and eateries is only about a 35 mile drive.
No more Food Lion....
I hear Dunkin Donut is going in with the Circle "K" on 127 just north of I-40....
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