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Port St. Lucie - Sebastian - Vero Beach St. Lucie, Martin, and Indian River counties (Treasure Coast)
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Old 03-16-2010, 05:34 PM
 
15 posts, read 54,039 times
Reputation: 23

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Ive been browsing some townhomes in East Lake Village and I really love them but I was searching online and came upon some disturbing info. It seems like the entire community has to pay a yearly non advalorem tax assessment for the next twenty years. Ill be paying way more taxed than I do here in Miami.

Do you think its a wise decision to buy a townhouse there with that looming problem? Also does anyone here live there and can give me more info on this? Thanks.
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Old 03-16-2010, 06:41 PM
 
Location: Port St. Lucie, Florida
4,509 posts, read 7,731,690 times
Reputation: 1969
This is what I found:

The Property taxes include the following non-ad valorem annual tax assessments: (i) an annual assessment levied by the City of Port St. Lucie for the East Lake Village Special Assessment District ("SAD") over a twenty (20) year period in connection with the issuance of the related East lake Village Assessment Bonds, Series 2003D (such annual assessment currently is $955/year (ii) an annual assessment levied by the City of Port St. Lucie for the maintenance and improvement of the storm water utilities ($93 In 2007) and (iii) an annual assessment levied by the City of Port St Lucie for the collection of solid waste ($247 in 2007). These assessments are subject to annual modification. In lieu of paying the East Lake Village Special Assessment on an installment basis over a twenty (20) year period, Purchaser has the option to pay off the East Lake Village Special Assessment in full at any time without incurring financial obligations or penalty. Neither Homes by Kennedy nor Homeowners' Sub-Association of East Lake Village, Inc. has any control over the annual tax assessments charged to the homeowner each year.

I would think this is because East Lake Village is not just homes and apartments.. it also incorporates other businesses and additional features for the residents of that area that they are being assessed for the building and use of and improvement of storm drainage, roads, and waste pickup etc as mentioned.
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Old 03-16-2010, 07:55 PM
 
15 posts, read 54,039 times
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Thank you for the reply. That was the same info I found. I had found many communities that had this same taxing situation on the west coast of Florida. Thats why I didnt buy anything over there. I really like East Lake Village and Im saddened that it has this additional tax expense. Im still going to take a look at it when I go over there Friday but its a real damper to find that out.

I saw anoher community in Fort Pierce called Strawberry Village. If anyone lives close to there or has any info on the area, let me know.
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Old 03-17-2010, 07:38 AM
 
Location: Port St. Lucie, Florida
4,509 posts, read 7,731,690 times
Reputation: 1969
Before you look at any place in Ft Pierce, please do a search in City Data on Ft Pierce in general. I'm sure you will find a lot of information concerning living there, especially since you are not familiar with the area. Please also check out crime and sexual offender records for that area.
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Old 03-17-2010, 05:51 PM
 
15 posts, read 54,039 times
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Just finished doing a city search but I also looked at the community from the street view of Google maps and Im not impressed. I dont like the demographic information either or the sex offender info. Im going to tell my realtor to not search in Ft Pierce anymore. Im sticking with Port Saint Lucie. East Lake Village is still my first choice but Im going to check out Torino as well.
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Old 03-19-2010, 06:59 PM
 
Location: Port St. Lucie, Florida
4,509 posts, read 7,731,690 times
Reputation: 1969
Torino is great for single family homes. Just spent the morning there myself. I would not suggest buying one of the townhomes that is stuck out in the middle of it though. I'm not even quite sure why they did that, and most are empty. I'd be afraid you would be alone and never get your money out.

A totally different area than East Lake Village to be sure - the opposite in fact. Not quite sure what you are looking for....???
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Old 03-20-2010, 09:23 AM
 
15 posts, read 54,039 times
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Actually, I ended up deciding on the townhouses in the middle of Torino...lol I spent the whole day yesterday going all through Port Saint Lucie. I am so tired today and if I dont have to drive again for the next 10 years, it will be too soon.

Anyways, I was certainly not looking for a single family home. I hadnt removed them completey from my options but they were way down there on the list. Ive always lived in single family homes here in Miami but when I bought my first townhouse, quite reluctantly I might add, I actually fell in love with it much to my surprise. I just really love the community feel of living in a townhome neighborhood. Ive gotten used to it.

After reviewing East Lake and viewing some of the available models, which were resales since they only had one builder model left, I decided that it was just not for me. The location is very pretty and central to everything but I felt a little claustrophobic in there. I would still need a car, since the nearest Publix is not within walking distance and the special assessments for the taxes were going to cost me more in the long run than the savings I was getting from buying a short sale. I didnt feel it was worth it.

I decided on Torino because the area is very lush and beautiful. Everything looks new and pretty. It kind of reminded of Boca Raton for some reason. Its true that nothing is within walking distance over there but neither was anything in East Lake so for that, I rather be in West Saint Lucie.

I have a realtor, a good friend of the realtor that sold my house here in Miami so she sorted all the details and we had a meeting with the builder yesterday which went great. They showed me the communities plans etc. I was very happy with the model and the whole feel of the neighborhood so thats where Im going. We are so excited!

Im planning on buying long term, not for investment purposes, etc so being stuck out there is not a problem for us...lol Im also paying the entire amount cash so I dont have to worry banks. We live pretty much like retirees so schools, etc are not a concern for us. Its just me, my husband and our cat.

Thank you for your info and help!
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Old 03-20-2010, 09:51 AM
 
105 posts, read 257,563 times
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Congrats on your purchase!. I hope when I head down to Port St Lucie in April to look at homes I find something that will make me as happy as you seem to be.
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Old 03-21-2010, 03:31 PM
 
Location: Port St. Lucie, Florida
4,509 posts, read 7,731,690 times
Reputation: 1969
Congratulations! I hope you enjoy your new home!
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Old 03-23-2010, 12:03 PM
 
578 posts, read 1,622,504 times
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Torino is a great area. We tried to buy there but the one house we liked had a horrible seller. Stupid to because he sold it for less than we offered. The only draw back is the long drive to the store but that is the beauty of living in an area where you know no commercial development will go.
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