Lake of the Four Seasons LOTFS (Porter, Winfield: for sale, rental, HOA)

[moorreese]

My wife and I our shopping for a home and stumbled upon LOTFS and we see lots of homes for sale that are VERY inexpensive. I just wanted to ask why so many homes in this area are currently for sale and if anyone can give feedback on this community.

[Chuckity]

Originally Posted by moorreese

My wife and I our shopping for a home and stumbled upon LOTFS and we see lots of homes for sale that are VERY inexpensive. I just wanted to ask why so many homes in this area are currently for sale and if anyone can give feedback on this community.

I just pulled up the actives and there are only 43 single family homes on the market right now - for the size of the community, that's really not that many.

There really isn't a reason for the number of homes for sale - other than that it's the beginning of the spring selling season AND we're pretty top heavy with inventory overall with not nearly as many buyers as their should be.

What exactly would you like to know about LOFS in particular? I'd much rather answer specific questions than just spew random facts.

I will give you one fact though - LOFS is so big it actually straddles both Lake and Porter County.

[moorreese]

Are you able to discuss the amount of the annual assessments? That would be great to know. Random facts are fine too!

[Chuckity]

Originally Posted by moorreese

Are you able to discuss the amount of the annual assessments? That would be great to know. Random facts are fine too!

I can discuss whatever you'd like.

I've never sought business through my City Data postings and always refer potential clients out to other agents if I'm contacted privately - I'd rather tell the truth in my responses than have to worry if I said the wrong thing.

That's just how I roll.

Anyhow, by anual assessments do you mean property taxes? Late last year voters added a property tax cap to the state constitution. Basically, it should work out like this: annual property taxes should be equal to 1% of your assessed valuation if the owner occupies the residence, 2% for rental properties and 3% for commercial. So if the LOFS house is valued at $200K, theoretically your property tax is going to be $2,000.

It's also worth mentioning that though LOFS is a "gated" community, it's really not that difficult to get into. The very first time I went there I was stopped at the gate and asked what my name was and who was I visiting. In a nutshell, I said my name is Smith and I'm visiting the Jones household. The gatekeeper said, "Wha?" I said, "my name is Smith and I'm visiting the Jones household". Gatekeeper: "Wha?" Frustrated Me: "I said my name is Jones and I'm visiting the Smith household."

They waved me through. Morons.

Anyways, overall, LOFS is a pretty safe community - and economically, it's pretty diverse. From condos to be had for less than $100K to gigantic lakefront houses for half a million.

If you like lake living, it's definitely somewhere to take a look at. In the summer, it really does give off the vibe of a vacation community.

Couple of things: the HOA does not allow for sale signs on properties. So if you're going to take a drive out to see what's available w/o making an appointment w/ an agent, make sure you have the MLS listing that includes the exterior photo. (The gatekeepers shouldn't have a problem letting you in - people do it all the time.) Also, make sure you have a GPS ... seriously, that is one wonky subdivision and it's very easy to get turned around in there.

[PJSaturn]

I think LOFS is a great community. Nice houses, excellent services such as road maintenance, clubhouse with great restaurant, beautiful lakes, social activities, family oriented, etc. I have family and friends who've lived there since the early 70s, so it's a home away from home for me as well. Seems like the prices of homes are pretty reasonable. POA dues is pretty high, though. Every April you've got to come up with that in a lump sum.

[nwihomes4sale]

Between the Lake and Porter county side there are 82 homes for sale. The POA fees I believe are 1230.00. Lake of four seasons has a weird covenant that states that the right and left of the property have first right of refusal . I myself have never heard of anyone taking the offer.

[NWILoanGuy]

LOFS is a nice area. That said, there are two things that I find negative. First, the covenants and restrictions are a little restrictive. May just be a personal opinion, as it seems to work for the vast majority of those who live there.

The second is the fact that, while the town of Winfield is growing by leaps and bounds, there are really no areas for new homes to be built inside the community. The average age of the homes there is over 30 years.

Despite my personal opinions, the folks I know that own homes there are content and have no intentions on leaving. Hope this helps.

As a sidenote, the Lake County property taxes may be greater than the maximum 1% cap in the rest of the state. I believe it has something to do with refusing to adopt a county income tax.

[Bluefox]

Originally Posted by NWILoanGuy

LOFS is a nice area. That said, there are two things that I find negative. First, the covenants and restrictions are a little restrictive. May just be a personal opinion, as it seems to work for the vast majority of those who live there.

CC&Rs tend to be a little prohibitive but they usually do a pretty good job of insulating home values within the community. I'd rather deal with the loss of some liberties than see a drop in the value of my home, so I'm all for them.

[sunnyandcloudydays]

If Winfield does grow wont the taxes increase.
Not familiar with Indiana taxes but I was curious