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Old 07-06-2012, 05:51 PM
503 posts, read 929,951 times
Reputation: 1392


I've seen listings for On Top of the World, and it looks really nice for the price, but I've been reading the many helpful threads here that mention land lease, etc., so I'm unsure if I should look there.

If anyone lives there or has looked into this in depth and can provide details, I'd be very grateful for more info. Without knowing anything (pro or con) about this particular developer or the specifics of the arrangements there, my gut reaction is I'd be too concerned about whether my fees could go up astronomically or other things could happen to adversely affect me as a property owner in a situation where the homeowners don't own the land and amenities outright.

But these homes are really nice, so I don't want to assume they're a bad deal for me without looking into it further. Does anyone know if there is any protection for owners (re amount of future fee increases, and whether amenities can be sold off in the future) there?

Also, any recommendations for inexpensive 55+ condos/homes in the area where the owners do own everything themselves?

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Old 07-06-2012, 09:11 PM
Location: Ocala, FL
429 posts, read 512,863 times
Reputation: 1407
We are closing on a house in Pine Run Monday. Completely furnished down to linens and silverware, 2 bedroom 1-1/2 bath, $35,000, not a foreclosure. We have a little bit of updating to do and then will be renting it out. HOA fees are $84 a month and include trash pickup and use of 2 pools, tennis courts, shuffleboard, etc. There is a nice community center with a library. Most Pine Run houses run in the $40-$50K range, we just got lucky on this one. It's an estate.

We looked in Oak Run which has HOA fees of $104 a month. Oak Run has 6 pools, including 1 indoor pool, hot tubs, shuffleboard, etc. Oak Run also has 2 golf courses one can play on for an additional fee. Oak Run houses run from $40,000 on up to $200,000 depending on the area of the development. The HOA fee covers trash pickup and basic cable in addition to use of the amenities.

Palm Cay is another small development, HOA fees about $85 a month, only 1 pool, not much on amenities. Houses run from $50,000 to $65,000.

Pine Run, Oak Run, and Palm Cay were all built by the same developer and are near On Top of The World, off Hwy 200 in Ocala. You own the lot your home is on. They are NOT trailers/manufactured housing, but are stick-built homes, most frame with aluminum siding, 1000-1200 sf range. Oak Run also has some cement block homes (high $). All 3 were built in the 1980s and have survived hurricanes relatively unscathed. All are gated communities with 24-hour security.

On Top of the World already has astronomical HOA fees. $392 a month and you still have to pay $20 per round of golf. One can buy a 2 bedroom 2 bath condo in there for around $30K. We turned down a 2 bedroom 2 bath condo in there for $17K. It may still be available, but it did not have a garage or even parking. You had to park across the road and tote your groceries in the rain. OTOW has a lot of golf carts, I noticed, and paths for same. People ride them to the nearby grocery stores. You do not own your land in OTOW. The $392 covers your yard care, maintenance of the building (except the roof for which they will assess you when it needs replacing), insurance, trash pickup, and I think it may cover basic cable.

Hope this helps.
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Old 07-07-2012, 05:32 AM
503 posts, read 929,951 times
Reputation: 1392
Thank you, this info is exactly what I was looking for. I really appreciate your taking the time to post it, as I had come across the names of some of these other developments on realtor.com but didn't know what I'd be looking at in terms of fees.

Thanks again, and best of luck with the house you bought--sounds like you got a great deal!
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Old 07-07-2012, 06:50 PM
Location: Florida
4,972 posts, read 4,365,278 times
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Top of the World is confusing when you first look at it. I look at it as a series of "different" communities under the same name. The communities do not all have the same amenities. I think you can find existing home with a wide range of prices. Some of the communities include all outside maintenance, including painting the exterior of the home, and some you are responsible for doing this. Some communities lease you the land and other sell you the land. Probably best to call Top of the World and tell them what you want and your price range.
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Old 07-10-2012, 06:32 PM
503 posts, read 929,951 times
Reputation: 1392
Thanks for the reply. Hope your home search is going well!
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