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Perhaps the only insightful post here (with a few exceptions). We have a lot of cheap crummy apartments that were converted into condos where I live (in NE Florida) during the building boom. Perhaps 1 or 2 will wind up in a Madison Oaks situation - but I haven't seen one yet.
Florida has perhaps one of the most "mature" set of condo laws when it comes to the country as a whole. And the laws and the condo documents spell out exactly what can happen. But that still doesn't mean that condos in general are right or wrong in general for anyone. Much less specific condos. Or that sh** doesn't happen no matter what kind of place you live in. As with most things in life there are advantages/disadvantages and tradeoffs. Robyn
It related to this particular condo which had been a rental community. This was common back in 2005/2006 but then the bubble burst. It was not just Florida - this is very unique.
I actually own a condo that my parents lived in - it's all ages, tennis, pools, on a golf course, gated.
Over 400 units and well managed - never a financial issue; repairs - they are right on top of it; each unit (2007) had to get impact glass; HOA dues are fairly reasonable so it's stayed a nice place.
People love living there so it's fine.
My only complaint - no pets (except for anxiety purposes). Could never live in a place without my dogs.
Give me a SFH with rocks, low maintenance ground cover, cactus, etc. Sweeeeet!
A "low maintenance" single family home? Not likely. But, as you wish ... when I lived in Tucson the landscaping of homes was the easy part ... because of municipal restrictions on watering, plantings, etc. Other maintenance costs weren't always so low, however!
Perhaps the only insightful post here (with a few exceptions). We have a lot of cheap crummy apartments that were converted into condos where I live (in NE Florida) during the building boom. Perhaps 1 or 2 will wind up in a Madison Oaks situation - but I haven't seen one yet.
Florida has perhaps one of the most "mature" set of condo laws when it comes to the country as a whole. And the laws and the condo documents spell out exactly what can happen. But that still doesn't mean that condos in general are right or wrong in general for anyone. Much less specific condos. Or that sh** doesn't happen no matter what kind of place you live in. As with most things in life there are advantages/disadvantages and tradeoffs. Robyn
It really just show that rentals are needed and more profitable now. That is why rents are going up most places with a lot of the permits taken being rental apartments. When they say housing is up you have to look further to get single family stats from others but even then many can be bought as rentals. or lease.i have sen lots of stories covering condos that have few living in them because people walked away.Last I remember the women was only occupant of one and they wanted her to move to another like other had done but she refuse the trade.
And one "Special Assesment" could cost you an easy $20-30K
Such a special assessment isn't commonplace. I'd describe it as rare. What's to say you'll not experience damage from a storm or need a new roof, flood damage repair, new siding or plumbing repairs, etc., in a single family home? Nothing. With a condo you share the big expenses. Single family homes? You pay it all, yourself.
RENT in a 55+ community. They will do all that for you and you won't have to put up with the BS of condo OWNERSHIP.
Many 55+ communities don't permit rentals. About the "BS of condo OWNERSHIP" my experience has been that it's the uninvolved, ignore everything until there's an assessment increase, owners who peddle the BS. Also, people who've never lived in a condo but who've made up their minds it's a bad ownership option.
Other than the relatively few over-55 communities, condos are considered much less desirable choices than SFHs.
LOL.
Condos in my building are selling for $714 per square foot. In fact, there are a couple currently on the market at $784 & $789 psf. That sure sounds to me like some people desire to live the condo lifestyle.
Location: RI, MA, VT, WI, IL, CA, IN (that one sucked), KY
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Quote:
Originally Posted by Jo48
RENT in a 55+ community. They will do all that for you and you won't have to put up with the BS of condo OWNERSHIP.
Why would I want to be in a community of all elderly? Ugh. That's a good way to assure there isn't much exciting happening.
I know condos vary a lot across the country, but most around here aren't complexes or communities (thankfully), they're converted victorians and small buildings that often have a house feeling with shared expenses.
Why would I want to be in a community of all elderly? Ugh. That's a good way to assure there isn't much exciting happening.
I know condos vary a lot across the country, but most around here aren't complexes or communities (thankfully), they're converted victorians and small buildings that often have a house feeling with shared expenses.
What an inaccurate generalization.
Most of the "elderly" people that I know in these communities have schedules that would rival most other communities. Most people remain as active being involved in a great number of activities.
You are bored ONLY if you want to be.
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In all fairness, I have to confess that I held many of those same preconceptions until I made a two month visit to one of the active retirement communities.
Last edited by jlawrence01; 06-11-2014 at 06:00 AM..
I had a beautiful townhouse type condo in the Twin Cities before I moved to where I live now. I loved it! It was ideal for a single lady...lawncare taken care of, shoveling taken care of, maintenance on outside of house taken care of. Even when a tornado blew part of my roof off and destroyed my siding, I didn't have to deal with anything. All the condos received new roofs and siding without having to pay a cent. Our condo association was fantastic.
I sold at a good time and received a great price for it. I would do it all over again in a minute, but I am currently living with my mother as her caregiver.
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Thanks to Robyn 55 and jghorton
