Laguna condos in Vero (for sale, foreclosures, renter)

[cape_cactus]

Hello all, first post for a future Vero resident.

I've been looking at the Laguna condos in Vero as an intermediate step to my future house in Vero. I've got property to sell before I buy my final house in Vero, but refuse to go thru another Massachusetts winter, so I'm thinking about these condos as an interim step.

Questions (I know its a brain dump, but any help is appreciated):
1. I've noticed there are still foreclosures in the complex, which maybe good for me now, but still hold down values. Are they dwindling?
2. Can I rent it out short term (later, for when I buy my home, might keep the condo)
3. Parking: assigned spaces, how many?
4. HOA fees?
5. Construction quality?
6. Homeowners reserve adequately funded?
7. Here's a sensitive one: I just want a peaceful place to live, any idea of the character of the place? Retired, young families, large percentage rental, deserted because they are vacation homes for snowbirds, etc?

Appreciate all the help, you all on this board are a remarkable source of information, thanks in advance.

[runswithscissors]

I drive by several times a day - it's an excellent location unless you have to commute regularly on I-95, then I'd be looking by the mall unless you prefer to trade the commute time for the close beach access and quiet environment on Indian River Blvd. It's also a stone's throw from Miracle Mile so you can get there, too, in about 6 minutes versus sometimes 15-20 to the "mall". The "mall" means where most of the shopping is so if you need a hammer...that's where you have to go.

But that part of Vero (north) is my favorite because of low density. The community is pretty, too. The Publix and a few other stores you can ride a bike to very close on 53rd.

I worked for someone there, it's peaceful and very nice. Their unit was your basic build (no fancy granite or anything in the kitchen)...as the prices reflect. Don't remember visible kids.

I don't speak with them regularly so I don't know of any details.

It's illegal for a realtor to tell you the demographics of a unit/community other than the bylaws on age qualifications. (I am not a realtor, just FYI). But it's easy enough to get the vibe. LIke when I rented in Woodfield I IMMEDIATELY knew I wouldn't buy there because of all the CHILDREN constantly around, filling up the pool etc. They have way too liberal kid bylaws there for a 55+ community. Even people BABYSITTING their grandchildren EVERY DAY while the parents worked.

They even had to create an ADULT ONLY "hour" for the pool. WHAT THE HECK?

It should be limiting the KIDS to a "kid only" hour and NOT limited the property owners who live there but shame on THEM for not reading the bylaws first.

You can get the answers to your other questions from the HOA/realtor because they have to show you the documents and financials about reserves etc. You can also get the foreclosure and comp info several ways. But IMO the realtor should provide that.

Everything is in the bylaws about renter policy. If it's age qualified or other things like pets.

ALL HOA bylaws are on file with the state on a website but I don't have the link, It's in my posting history somewhere on this forum.

My 55+ HOA condo unit is in a group of 6. One man has lived there for decades and is so nice and willing to watch your condo if you ask. One spends summer away. One on my atrium is empty when the lady died. The other one on my atrium is an "investor" who also bought it to "retire to". They are only here a couple weeks per year, They rent it out for the season and while the various people are nice they ARE renters, meaning thinking it's ok to put stuff on the atrium etc but when I inform them about it they stop.

It's just annoying that you never know who's there and what you'll find out there etc so I actually LOVE it when my whole atrium is empty all summer LOL. I assume the unit with my neighbor who died will be sold eventually. There's a lockbox on the door and it's been listed off and on.

In general, each grouping will take on the "personality" of the owners. Meaning no furniture on the atirum versus people with seating or plants or whatever. That's how we operate OURS. But NO TRASH and SHOES and TOWELS or CLUTTER is permitted per the bylaws.

Before making an offer, my realtor took me around to the clubhouse, pools, etc (she also lives there, too) and I got to speak with a ton of residents and ask all the questions I wanted. They were ALL very nice and open and it turned out to be representative of after I purchased.

She and the owners actually put my name on the security guard list for entry and gave me a KEY after I paid my down payment and let me come and go to measure and take pictures and whatnot. I went to the common areas and observed the activities often. Talked to people etc. (the unit was empty). But that is highly unusual and I probably wouldn't have done that if it were my unit LOL.

I also got to observe parking mores. I was NOT about to get aggravated with that. IRONY, my NEW neighbor (the last of the 6 owners) who just moved in downstairs thinks it's ok for them to NOT observe parking rules. I have mentioned it several times then the husband pulled up right behind me when I was trying to back out of my spot to ILLEGALLY park behind me. Like beat me out when I couldn't even see him till the last minute. So when I heard the husband told the wife "the hell with them", I reported it to the HOA managing office. NO. Yes you WILL observe the rules.

But that was the ONLY time in 6 years I've ever had an issue and it's pretty minor.

I don't feel snowbirds are that big of a problem. They tend to be LONG term owners and are still a community. You still have lots of permanent residents. It just means your HOA is quiet during summer, say from May-June through Oct-Nov. That's not so bad as long as the HOA and units are maintained properly. Your mileage may vary, though. Especially in a community that is all ages.

[runswithscissors]

BTW there's only one property listed for sale there (?) so my GUESS is the foreclosure issue is dying down like it is in other communities around here.

But you can get the pre foreclosures etc, too.

[cape_cactus]

Hello Scissors, thanks for the great info, I've been able to dig some info out online but there's nothing like on the ground info.
Much appreciated...........Cactus

[Ncliving60]

We are also looking at Laguna. Do you mind sharing what you discover? Are there structural issues? Seems there are a lot of condos for sale there, so wondered if there is a particular issue going on.

TIA

[runswithscissors]

Originally Posted by Ncliving60

We are also looking at Laguna. Do you mind sharing what you discover? Are there structural issues? Seems there are a lot of condos for sale there, so wondered if there is a particular issue going on.

TIA

I don't know where you're seeing "alot". And why you'd assume "structural issues" LOL.

There are only 5 on Realtor dot com and a few just went on the market in the past month or so. (it's prohibited to post listings here for reference)

The comps are high, around 2008 prices. If there were a problem they'd be down to 60% of the 2008 comps like what happened everywhere here.

Yes there are foreclosures so maybe you're looking a realty trac with the pre foreclosures or something.

They CANNOT sell you a condo with "structural issues" not disclosed.

Also you can check Fairways and Harmony Cir down the street both in Grand Harbor if Laguna makes you nervous

[cape_cactus]

NCliving60,
Seems like a nice, well maintained, relatively new (10-15 yrs) complex. Didn't discover any "structural" or chronic issues, it just seems that they are still winding through the units that had been foreclosed on. They went for $150k-$200k and higher in the boom times (7 years ago! where has the time gone), and people who bought at the top are still underwater. There's a substantial gap in the pricing of foreclosed units and "regular" market units, don't know what the "regular" market sales comps are, your realtor could get that for you.

The design of the units are very similar (floorplan, kitchen design, cabinets, even the ceiling fan and track lights in the living dining area), but each unit will have its own issues, so each unit needs to be evaluated on its own merits.

Location is great, 30 seconds to the bridge and your on the island, downtown is close by also. Shopping (mall, big box stores, etc) is a bit further away, but Scissors covered that (above)

Hope this helps, good luck!

[Ncliving60]

Runswithscissors, sorry if we offended you with the words "a lot". It is all relative, we suppose. We were very impressed with the community--enough so that it has remained on our radar. Thank you, kindly, Cape_cactus. Your response was spot on. We really like what we see and will definitely continue our explore there. It is a lovely place.

[cape_cactus]

Just thought I'd post an update.........

I moved in last May, picked up a foreclosure property that was in pretty reasonable shape and have been making some minor improvements since (all that was needed, really).

Definitely was a smart choice moving in here.

Community is quiet, and well maintained, with a mix of owners, renters, and snowbirds. Number of cars in the parking lot started increasing just after the snow started falling up north.

HOA is in great shape financially, much improved over only a few years ago. Very few delinquencies, the foreclosures are gone (or almost all gone), reserves are good, and substantial improvements are being made.

Location on Indian River Blvd is great, close to the downtown, 30 sec and over the bridge to the beaches, new(er) Publix at 53rd & US1. New housing development about to be built nearby, $400k and up, good for property values. As runwithscissors mentioned, though, it's a bit of a drive to Home Depot and the Indian River Mall, so you need to pick your priorities and make your choices.

Thanks to all who provided valued info, hopefully this update partially returns the favor.

[runswithscissors]

That's fantastic congratulations!

I'm glad you like it and appreciate the update!