Condo purchase questions (Cary, Clayton: apartment complex, rent, HOA)

[stevewl1164]

I am looking to get a condo at Amelia village Condos in Clayton NC. It would be a one bedroom unit on two of three floors. They are brick buildings and are in an identical apartment complex that has a pool and small workout area. The HOA sued to owner to avoid mandatory charges for those facilities and assessments on paving repairs. I was told that the owners won the right not to pay for those things, but have no rights to them now..but did for five or so years. They may be offered to individual owners later, not sure. The HOA fee includes building and grounds maintinance but not the previous privileges. I have not lived in an apartment for years but think this may be my final move as I am near 50 and single. The units sold for 76k eight years ago and are now around 50k. I do not PLAN on moving...but am concerned I am either getting a great deal....or buying into a declining value property. It is well maintained and looks new...in fact the unit has never been lived in...the owner kept five units and is now selling them. Any advice? Oh, the management company gets no complaints from the people I spoke with at the condos or one of the HOA board members. I googled the company Kohn-Ell and the reviews for the location were not good.

[RedZin]

Originally Posted by stevewl1164

I am looking to get a condo at Amelia village Condos in Clayton NC. It would be a one bedroom unit on two of three floors. They are brick buildings and are in an identical apartment complex that has a pool and small workout area. The HOA sued to owner to avoid mandatory charges for those facilities and assessments on paving repairs. I was told that the owners won the right not to pay for those things, but have no rights to them now..but did for five or so years. They may be offered to individual owners later, not sure. The HOA fee includes building and grounds maintinance but not the previous privileges. I have not lived in an apartment for years but think this may be my final move as I am near 50 and single. The units sold for 76k eight years ago and are now around 50k. I do not PLAN on moving...but am concerned I am either getting a great deal....or buying into a declining value property. It is well maintained and looks new...in fact the unit has never been lived in...the owner kept five units and is now selling them. Any advice? Oh, the management company gets no complaints from the people I spoke with at the condos or one of the HOA board members. I googled the company Kohn-Ell and the reviews for the location were not good.

Serious question.... why do you want a condo out in Clayton?

I could see wanting a SFH out there with some land, but condos tend to be of more value in places where there are nearby conveniences, public parks, public greenways, etc.

You can get a really nice little condo right here in Cary for under 100k if you shop carefully and they stand a much higher chance of appreciating.

Just a thought.

[saturnfan]

Rent an apt. Buy a house.

A condo in Clayton? Who had this brilliant idea?

[GotHereQuickAsICould]

Originally Posted by stevewl1164

I am looking to get a condo at Amelia village Condos in Clayton NC. It would be a one bedroom unit on two of three floors. They are brick buildings and are in an identical apartment complex that has a pool and small workout area. The HOA sued to owner to avoid mandatory charges for those facilities and assessments on paving repairs. I was told that the owners won the right not to pay for those things, but have no rights to them now..but did for five or so years. They may be offered to individual owners later, not sure. The HOA fee includes building and grounds maintinance but not the previous privileges. I have not lived in an apartment for years but think this may be my final move as I am near 50 and single. The units sold for 76k eight years ago and are now around 50k. I do not PLAN on moving...but am concerned I am either getting a great deal....or buying into a declining value property. It is well maintained and looks new...in fact the unit has never been lived in...the owner kept five units and is now selling them. Any advice? Oh, the management company gets no complaints from the people I spoke with at the condos or one of the HOA board members. I googled the company Kohn-Ell and the reviews for the location were not good.

$50K for a condo sounds almost too good to be true. However, according to the following link, a 1 bedroom condo in Clayton sold for $38,500 a year ago and $36,500 a few months before that. Not sure of the condition, but it could be that $50K is not all that unusual for a 1 bedroom in this HOA.

1607 Kenmore Drive, Clayton NC - Trulia

Have you checked out the HOA financials? Are there reserves building for future repairs? Who will be paying for the paving repairs? What do the dues cover?

The dues are $135/month according to: [Mod cut: Disallowed site.]

Without a pool or any other amenities, does this mean it all goes to landscaping and cleaning the hallways?

Kohn-Ell is a reputable property management firm, but the HOA board could decide to hire another firm next week. Many HOAs do this as they switch from developers to self-management. Some HOAs switch management companies every few years.

The appealing part is that barring assessments for repairs, the increase in your housing costs will be limited to dues increases.

If you are comfortable in the community and don't envision yourself selling in the future, this may be a good opportunity .

However, if you think you might be selling at some point, I would encourage you to look for at least a two bedroom unit. They are easier to sell as most people want an extra bedroom for an office and/or guest bedroom.