Traditions of America (Philadelphia, Pittsburgh, Lancaster: for sale, 2014, HOA fees)

[caco54]

This is a 55 and over community. Visited last week. Nice homes but total price out of my budget.

[JohnZ963]

I think it's a safe bet to assume they are targeting retirees with fat pensions from NJ and NY who are selling more expensive homes with a lot of equity to come to "relatively cheap" PA. I doubt these homes are within reach for the typical Lehigh Valley native retiree couple, like a retired PPL accountant married to a retired LPN from St. Luke's. Most of these homes are $350-400k+, $6,000-$8,000 annual tax bills, plus HOA fees (couple hundred a month?).

Most of the retired long time LV residents I know either stayed in the same home they raised their kids in, or left the area altogether when they retired.

[caco54]

Try $500K, $10K taxes and $240 per month HOA

[toobusytoday]

I know several people that live in the Center Valley HOA and all from this area were retired Administrators, often both husband and wife. My understanding is that there are two more 55+ places opening within the next two years though, one is being built right now on Route 378, on the eastern edge of Lehigh county in Southern Lehigh School District and the second where the current Locust Valley Golf course is located, also in SL school district. The one on 378 is rumored to offer lower cost 55+ homes, but that probably still means starting at $300,000. TOA is going to build the one on Locust Valley golf course and will most likely be similar to the one off of Lanark Road in Center Valley. They have been approved and will start building this summer.

[PacoMartin]

On their website they list the following locations

1. Green Pond Lehigh Valley, PA From the mid $300s
2. Locust Valley Lehigh Valley, PA Coming Soon!
3. Silver Spring Mechanicsburg, PA From the mid $200s
4. Lititz Lancaster County, PA From the low $300s
5. East Petersburg Lancaster County, PA From the upper $200s
6. West Brandywine Philadelphia Suburbs, PA From the mid $300s
7. Richland Pittsburgh, PA From the low $300s
8. Southpointe Pittsburgh, PA From the mid $300s
9. Cranberry Pittsburgh, PA From the upper $300s
10. Dublin Suburbs Columbus, OH Coming Soon!
11. Chesterfield County Richmond, VA Coming Soon!

© 2020 Traditions of America

However, this list clearly does not include established locations (like these two in Hanover Township, Northampton County). Traditions of America at Hanover on Route 512 has only one of 241 homes for sale while Traditions of America at Bridle Path has sold 141 of its 204 homes in the 18 months it's been open. - Posted Jul 09, 2014

While many of the homes were bought by retirees (often widows) from NJ I met one couple who had a home directly across the Monocacy Creek from Traditions of America at Bridle Path. They had 3 beds 3 baths 2,200 sqft cape cod built-in 1954 on a lot with 0.66 acres. They sold it on 5/28/2013 for $319,000 and were living in a long term hotel until their Traditions of America home was built as they were anxious to be relieved of the nuisance of owning an older home

Pulling one of the homes from the TOA at random that is a similar square footage (I don't know which one they actually purchased)
3 beds 2 baths 2,354 sqft
10/7/2013 Sold $518,273
3/2/2019 Sold $460,000
So the TOA home lost 11.2% of its value in 5.4 years, but the monthly costs during that time are massive.

I don't know if their old home appreciated, but its Zestimate is $365,000 today. Even if it did not appreciate at least it didn't depreciate. I guarantee that they would be better off than buying the TOA home. Even if they used a fraction of those TOA monthly fees to pay for home maintenance help, repairs, uber rides, and a country club membership.

Don't forget the opportunity cost of tying up an extra $200K in an overpriced cottage where you don't own the land. Even if you put that money in a CD it would earn something,

People are buying into this idea of a carefree existence with a clubhouse and friends down the street, and they are blowing their whole net worth. You should hire people to maintain your old home and cut the grass and join a country club instead of frittering away your savings.