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Old 01-25-2014, 09:17 AM
 
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A bit concerned that the HOA in Town Park (Traditions) is not independent of the builder (Minto) - should I be?
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Old 01-25-2014, 09:40 AM
 
Location: Ponte Vedra
85 posts, read 185,276 times
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Quote:
Originally Posted by Javaman12 View Post
A bit concerned that the HOA in Town Park (Traditions) is not independent of the builder (Minto) - should I be?
Residents of a development can create an HOA a certain number of months after a developer sells a certain percentage of homes (in FL, the basic rule is 3 months after 90% of the expected total of the homes are conveyed to residents)...until then, the developer retains control.

I don't know what the anticipated build-out is for Town Park, but you can certainly ask the sales office what it is, and when they think the HOA will be started. Never hurts to ask, even though it may be just a guesstimate.

Here's a little light reading on FL HOAs from the Florida statutes: Statutes & Constitution :View Statutes : Online Sunshine
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Old 01-25-2014, 10:14 AM
 
Location: SC
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My HOA was created by the builder. They create and enforce all the covenants from the start. After they build out a certain percentage of the homes, they turn over control of the HOA to the community.

So, no I don't think there is need for concern because it seems standard practice to me.
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Old 01-25-2014, 01:33 PM
 
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I believe that's the standard practice for a HOA... I'm not real experienced on these and they are many people on here that know a lot more about this issue than I so please correct me if I'm wrong . I believe I have read that many times a builder keeps the HOA fees artificially low making the deals seem better and once the builder turns it over to the owners the fees increase and sometimes the increase is substantial.
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Old 01-25-2014, 01:43 PM
 
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I have visited Town Park twice now and asked the sales agent why happens to the HOA when the builder is done. She told me it gets turned over to a board made up of residents oh then make the decisions. I am particularly concerned how much the fees will go up. He said it would all depend on what the board decides and if they choose to have the gate manned 24/7 it could go up a lot.
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Old 01-25-2014, 01:50 PM
 
10,599 posts, read 17,896,657 times
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Quote:
Originally Posted by Javaman12 View Post
A bit concerned that the HOA in Town Park (Traditions) is not independent of the builder (Minto) - should I be?
Not unless it's an old community that is having problems building and selling properties.

Otherwise, as was posted, they need to have enough owners to support all those expenses - utilities, amenities, staff, etc.

AND a GOOD HOA will do a full inspection of the property before the homeowners take it over. For example in a high rise, having an engineer certify the building, or getting the pool, elevators, and other mechanicals inspected JUST LIKE YOU WOULD DO IN BUYING A PROPERTY. You want the BUILDER to make any repairs FIRST before assuming his liabilities.

You also don't want to live in an HOA that doesn't want to fund reserves. IMO. There is some of that going on, too.

ALSO, you want to find out how many units are owner occupied versus renters. And I don't mean if snowbirds are away for part of the year. I mean you don't want alot of full time renters there.
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Old 01-25-2014, 07:21 PM
 
Location: Venice, FL
1,690 posts, read 2,796,340 times
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Quote:
Originally Posted by artanis50 View Post
I have visited Town Park twice now and asked the sales agent why happens to the HOA when the builder is done. She told me it gets turned over to a board made up of residents oh then make the decisions. I am particularly concerned how much the fees will go up. He said it would all depend on what the board decides and if they choose to have the gate manned 24/7 it could go up a lot.
You also have to realize that the fees will be determined by the homeowners. I really don't think your neighbors are going to vote to jack up monthly dues $100 more a month. They are people just like you and have bills to pay. I have been on a HOA board and it wasn't an issue. As long as the HOA can pay the bills for the development and put a little back for a catastrophe, you won't see an increase. They just need to be fiscally responsible. Most of the time you employ a management company to oversee things anyway.
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