Top of the World home price - Too good to be true? (Clearwater: for sale, real estate)

[Blanco111]

I am wondering about the prices of new homes for sale in this retirement community. The prices of the new Home Series (both Premier and Estate) houses seem too good to be true. But the Move in Ready homes are more in line with what I've seen in other retirement communities (The Villages, for example). I don't know if I'm allowed to include a link here. But I will. http://www.ontopoftheworldcommunities.com/home-series/ I'm hoping someone will go to the site to see what I mean and post back here why the "too good to be true" (my words) prices of the Premier and Estate houses are so low for what you get.

An example is the house that impresses me the most for what I want:

Westminister 2,420 sq feet $244,990 I haven't been able to find anything close to that in my on-line searches of retirement communities.

Yet one of the Move in Ready houses:
Huntley II 2,324 sq feet $317,055

For $250 K (what I'd like to pay for a new house) all the other retirement communities show very ordinary houses with less than 2,000 sq feet

[dontaskwhy]

$244,900 buys a lot of home in the Ocala area. Nothing unusual.

Definitely consult a local realtor and/or Real Estate Attorney.

[Blanco111]

Thanks for responding. So why are the "Move in Ready" houses not such great deals?

Is Ocala's weather noticeably hotter and muggier than say The Villages?

[dontaskwhy]

"Move in Ready" homes are not bad. Don't know what makes them any different. Just do your homework if you decide to buy. Good luck.

The weather between the 2 areas is not radically different, only about 30-45 minutes apart from each other.

[Ocalagala]

I also think you have to research whether the model you are interested in is in a section where you own the land or lease the land. Huntleys, I believe are in the Candler Hills section where you own the land. Those homes are higher priced because of that.

[Zzzzzx]

If you're looking for a condo, there's also a top of the world in Clearwater, Florida. But you have to be 55 or older, it's a retirement community.

[Blanco111]

Originally Posted by Ocalagala

I also think you have to research whether the model you are interested in is in a section where you own the land or lease the land. Huntleys, I believe are in the Candler Hills section where you own the land. Those homes are higher priced because of that.

That's the answer. Thanks. I had to go back and look at the Premier series of homes in the Renaissance and Windsor neighborhoods. The Homeowners Association fees are about $100 more and the exterior landscaping maintenance and insurance are included. These houses are priced less per square foot. But those homes come with a Warranty Leasehold Estate Deed. You don't own the land after 99 years.

In the Estate series of homes in the Stonebridge and Candler Hills neighborhoods the HOA fees are $100 less and you do your own exterior landscaping maintenance and are responsible for the exterior insurance. Houses here do not come with a Warranty Leasehold Estate Deed. And so you own the land. But like you pointed out, (as with the Huntleys and the other Move in Ready homes) the houses are more expensive. Example:

Argyll 2,170 sq feet $269,990

I was looking at "total sq feet" not "A/C sq feet". Plus the Name "Estate" made me wrongly assume that these houses were bigger than the Premier series.

I typed this all out mostly to help me wrap my brain around this stuff. Now I have to decide if I want to buy a home with a Warranty Leasehold Estate Deed. Ponderous!

[Ocalagala]

I'll chime in with my opinion. I think many people are skeptical/turned off by the idea of leasing (not owning) the land and therefore that could affect resale. However, other than that ... I don't think it much matters. 99 year lease is a long time. You'd have to go through several generations to get near the end of that lease. And remember, you are getting a house that will cost you less because of the lease.

That being said, I bought in Candler Hills just because I felt more comfortable with what I'm used to...owning my house and the land on it. Good luck, Blanco111, on your decision. I take it you have visited the community?

[rjm1cc]

You will find the quality of construction the same. Probably better than most communities. No debt. Differences will be the lot location, upgrades and owning or leasing the land. The builder is filling in lots and that is why you have some ready to buy homes. You can start from scratch and pick your lot and home if you like. I think build out might be about 6 months. Some buyers need to move faster than that. Also look at resales.
Also look at the monthly fees as some include outside maintenance and some do not.

[AnonChick]

Originally Posted by Blanco111

That's the answer. Thanks. I had to go back and look at the Premier series of homes in the Renaissance and Windsor neighborhoods. The Homeowners Association fees are about $100 more and the exterior landscaping maintenance and insurance are included. These houses are priced less per square foot. But those homes come with a Warranty Leasehold Estate Deed. You don't own the land after 99 years.

In the Estate series of homes in the Stonebridge and Candler Hills neighborhoods the HOA fees are $100 less and you do your own exterior landscaping maintenance and are responsible for the exterior insurance. Houses here do not come with a Warranty Leasehold Estate Deed. And so you own the land. But like you pointed out, (as with the Huntleys and the other Move in Ready homes) the houses are more expensive. Example:

Argyll 2,170 sq feet $269,990

I was looking at "total sq feet" not "A/C sq feet". Plus the Name "Estate" made me wrongly assume that these houses were bigger than the Premier series.

I typed this all out mostly to help me wrap my brain around this stuff. Now I have to decide if I want to buy a home with a Warranty Leasehold Estate Deed. Ponderous!

These deeds really are dependent on what you want to "do" with your later years, and what you want to see next to you during them. For many people, their adult years are for home ownership. It's the American dream. I own this land, I can raze it to the ground, build on it, sink a swimming pool in the ground, park three cars on the lawn if I want. It is mine.

Of course, at some point, you will have to do lots of things to it. You'll have to do something with the lawn, you'll need to either keep the driveway in good shape or tear it up and make a gravel path (and then keep THAT in good shape). You'll need to keep up the garage, any gardening you do you'll need to keep up. Maintenance is a lot of work, it's what adults do with their property, but when you become a senior citizen, you might not want to have to do all that. "Life's too short" becomes a harsh reality.

That's what the leased land options are for. You don't own the land. Of course, you can't put it in your will and give it to someone else since it's not yours, but you are also not responsible for it. You pay a fee every month, and it's someone else's problem. And - when you die, it reverts back to the landowner and continues to be their problem. Your estate has no debt on it, your beneficiaries pay no estate tax on it. However, until they sell the house that's on that leased land, they'll still be responsible for paying the monthly fees.

The other downside to leased land, is that the landowner gets to tell you what you can and cannot do with the lawn and the "face" of the dwelling. If he doesn't want pink doors on his property, he can forbid it. If he doesn't want rock gardens, he can forbid it. This can be a double-edged sword - generally, the landowners will be an association, and they'll come to agreements on what they feel is acceptable, and there are usually choices and options you can pick from. This means also, that your neighbor can NOT park his pickup truck on his front lawn, or use the palm tree next to the front door as a dog run for his pekinese. So while there's the "I hate feeling like I have to conform!" problem, there's also the "thank goodness my neighbor has to conform too!" benefit.