Home in Venetian Golf and River question (HOA, loans)

[jclarkx2]

Question for those living in VG&RC, I thought the CDD fees included the membership to the River Club. Is this true? What are the costs to live in VG&RC? I looked there last March and will look again the next time I come down. According to sale listings for homes in VG&RC, they show that the costs are the CDD fee and a very small HOA fee (I've see the HOA fee to be $174 annually). Does anyone know how many more years are left on the bond?

I was concerned when I first looked there about the mining company. Good to hear that it has ceased operation. My concern now would be that a new and even worse company could come in and take over that property. Has there been any new zoning that would prevent this from happening?

[macrodome2]

Originally Posted by TamRE

The community of Venetian Golf and River Club has a master association fee, an HOA fee and high CDD fees which are included in the taxes. Just be sure you are aware of all the fees involved before purchasing and get a copy of the HOA docs and financials.

I don't live in the VG&RC, but CDD fees apply to infrastructure, not amenities- so they would not include memberships. My experience is the listings don't always tell all. See TamRE's is a realtor and should know.

[motordavid]

jclarkx2:
-If one buys a SFH or condo in VG&RC, one is a rez and therefore can use all facilities that are part of the River Club.
-The Golf Club and golf access is limited to those residents that choose to join the 'golf side' of the club. Golf initiation fees are rising, (called 'margining' in the sales side), and will be limited to 400; currently there are ~320 golf members. Annual golf club fees are separate item and charged only to rez that have decided to join the 'golf side' of the community.
-Current estimated CCD fee for this tax year is ~$2429 per household unit, regardless of house 'size', plus interest on the bond, for a total of ~$3650. This annual CCD fee was increased a couple years ago when the 'club/community' bought the River Club operation, building land and RC facilities from WCI, the developer.
-Our POA fee is ~$175 per qtr, as our new house is in a 'section' that has not gone through the organizational process yet, to become an HOA under Chapter 720 of FL law. Some community 'sections' in VG&RC are in an organized HOA, though I can't recite their HOA quarterly fees.
-Per public record, the Bond is ~$14+ million, but I can't quote the remaining term.

Handy CCD site for FL:
Florida Community Development Districts Bonds

We have only been in our new SFH in VG&RC since late last December, and we migrated north back to our western NC mountain home in April, so I am not an yet an 'expert' on VG&RC, but I do follow the various Boards and meetings closely.

WCI will be turning over the community in the undetermined near future. Having lived through a 'turn over' in Naples, (from Lennar), turn overs are not as easy and simple as the developer would insinuate, fwiw, but any new/newly developed community has to go through that process.

We bought and contracted to build in VG&RC a year ago, as we, (my wife, lol!), wanted a bigger FL winter home and a 'step up' in golf community situation. We had spent the past 9 winter seasons in north Naples. Looked hard all around 'Naples' and found many of those 'larger houses/step up golf communities', but the prices have become breathtaking in Collier county, and the seasonal traffic and situ was no longer in our desire. So, good bye Naples, hello Venice area.

I like it OK; my CEO likes it very much, at VG&RC. Not pitching it, as everyone has their own req's and needs.

Hope this info is helpful to you.
GL, mD

[jclarkx2]

Thanks motordavid, that does help. Perhaps you can help with this, I read the last minutes that were posted online. The last page of the minutes consisted of a letter by a homeowner questioning the feasibility of some of the boards spending. What really caught my eye was the mentioning of buying the golf club similar to like the purchase of the River Club. Is this true? Since I'm not a golfer, I would have no interest in having to pay additional for golf. Seems like if this happens, it would decrease future purchasers and possibly anger current owners.

[motordavid]

jclark...that issue is complicated, complex and full of potential situations mixed with lots of rumor.
Typical club/CDD quagmire, imo...

The CDD Board sent out a recent background and FAQ letter recently. Difficult to copy & paste here, or even paraphrase it succinctly.

That Board is looking at all options, golf club-wise, as they should, due to the inevitability of turnover by WCI, and the fact that the golf 'side' is currently 'run by' WCI appointed employees, but supported by golf member annual dues and fees.

Thus, the CDD Board is doing their fiduciary job in assessing what might become of/might happen to the golf course/golf club house, et al 'side' of the community.

I have no inside dope and it's a ways to a longer way off, but one of the FAQ possibilities is that non-golf members but rez of VG&RC would have no 'dawg in the fight' or be responsible for any change of mgmt. or 'ownership' of the golf club side of the community. Not saying that will be the outcome, but a possibility.

It is a good golf track, but I understand that many rez and potential shoppers have no interest in the golf side of this or any community. And, I am not pitching VG&RC to anyone...there are dozens and dozens of communities in Charlotte, Sarasota and Manatee counties to peruse and choose from.

We were attracted to VG&RC for several reasons, and in our short winter term last season, it has met most of our expectations. No community is 'perfect' and all have some FABs and some determents, in my experience.
GL, mD

[SoFLGal]

jclarkx2:

If you're not into golf, there are many other communities in the Venice are that might work out better for you:

Belliago on the Island of Venice

Islandwalk

Myakka River Trails

Stoneybrook at Venice

Venetia

Venetian Falls

Grand Oaks

Verona Reserve

Ventura Village

Grand Palm

are a few that come to mind in the Venice area.

[dpbarr2000]

VGRC is a lovely community. Make sure you are well informed about the CDD fees. They are high compared to other new home communities in the Venice area.

[Sogo]

We are visiting VG & R early Apr and meeting with friends who live there year round. Are most of the residents "snowbirds"? Do you know the % of year rounders? Also I read somewhere that condo fees only include security and cable. Who is responsible for gardening, lawn maintenance etc?

[Natec130]

Could another bond or CDD be sought after to buy the golf course? Or would the golf course land be developed into more homes and no more golf course? And what would happen to the home value or increase of the CDD in both scenarios? I’m looking to buy and would not necessarily need the golf as I like the Jacaranda course close by. Would appreciate any input. Thanks

[Sunshine Rules]

Here's what can happen when the residents do not own/control the golf course(s) / country club within their community:

https://www.heraldtribune.com/news/2...y-country-club



The golf courses can also be sold to developers for new housing:

https://www.heraldtribune.com/news/2...d-into-housing

https://www.yourobserver.com/article...ta-golf-course



Some other food for thought:

https://www.bisnow.com/south-florida...elopment-87959


Excellent article:

https://clubandresortbusiness.com/go...ng-homebuyers/

In Sarasota, the Foxfire, Sarasota Golf Club, Oak Ford, Forest Lakes and Sunrise courses have closed in the past decade. On the other hand, said Jim Schell, General Manager of Venice Golf & Country Club, those people who still play golf remain passionate about it, the Herald-Tribune reported.