Investigating HOA's In SWF Area Only Please! (Sarasota, Punta Gorda: sales, real estate)

[cre8art]

I am "really" considering moving to the Sarasota "Area's" and I am Not very familiar with HMO's. My concern's with an HMO property is that "I don't want to own a home in my retirement years only to have it possibly taken from me by the HOA because I can no longer afford the "fee's". I don't expect this to happen, but when retired and living on a "fixed income" and with "possible" (most likely) "fee increases" I think it may not be the right choice for me?
Also with the current housing market conditions, what could be the effect of a HOA bankruptcy have on me should that occur? I am aware of 2 such properties that interest me (Palmer Ranch & Lakewood Ranch). I would like to hear about "how often fee's do increase and why"? I would like to live in an area where the homes are "maintained and cared for" and understand the "Value" of a "Good" HOA without the ABUSE of authority! So my question is "are there Good and Evil" HOA's in the Sarasota Region? I am not locked into living in an HOA development only because I can & will care for my "own" property and do not want to live in a neighborhood that does Not!
All input welcome, I have visited this forum many times and think that you "ALL" are the Greatest when giving your knowledgeable advise as True SWF
natives....and yes that includes you BIGHOUSE! LOL!

[davery5872]

Originally Posted by cre8art

I am "really" considering moving to the Sarasota "Area's" and I am Not very familiar with HMO's. My concern's with an HMO property is that "I don't want to own a home in my retirement years only to have it possibly taken from me by the HOA because I can no longer afford the "fee's". I don't expect this to happen, but when retired and living on a "fixed income" and with "possible" (most likely) "fee increases" I think it may not be the right choice for me?
Also with the current housing market conditions, what could be the effect of a HOA bankruptcy have on me should that occur? I am aware of 2 such properties that interest me (Palmer Ranch & Lakewood Ranch). I would like to hear about "how often fee's do increase and why"? I would like to live in an area where the homes are "maintained and cared for" and understand the "Value" of a "Good" HOA without the ABUSE of authority! So my question is "are there Good and Evil" HOA's in the Sarasota Region? I am not locked into living in an HOA development only because I can & will care for my "own" property and do not want to live in a neighborhood that does Not!
All input welcome, I have visited this forum many times and think that you "ALL" are the Greatest when giving your knowledgeable advise as True SWF
natives....and yes that includes you BIGHOUSE! LOL!

I'm not an expert, but I'm not sure an HOA could file for bankruptcy. Generally, an HOA will not spend more than they can take in, so they do not go in debt. What is happening is a sharp decrease in income of most HOA's. When units go into foreclosure, the banks do not pay the fees until the unit is sold. So many HOA's are operating on reduced incomes, sometimes drastic. I looked at many condos before I purchased. It was very hard getting info on the HOA's. We finally purchased in a rather small complex, only 78 units. The complex is 25 years old and has never had a special assessment. I also think in smaller complexes the reserves might be smaller, but you have the potential for more control within the HOA.

[leaving texAss]

HOA's suck. when i was looking for a home, my main criteria was NO HOA. i'm moving to florida to get away from this big-brother BS. unfortunately in central florida, it's hard to find a non HOA home. they are a con and scam!

[standingforethics]

Before buying in an HOA, go to www.alabamahoa.org for a sample addendum you could use in any state. It offers questions most people do not think about but can cause them problems down the road.

[HenryHelmhazzard]

FWIW, I have lived in developments with strict (and expensive) HOAs as well as a couple which were practically voluntary in nature.

I really never found any of them to be that much of a nuisance, other than fence height/type restrictions.

To the best of my knowledge, HOAs can put a lien on your property if you don't pay dues or are fined for violations of the deed restrictions which remain unpaid. I don't think they can force you out in any way if its your homesteaded property.

[d4g4m]

There are different kinds of HOA's
I live in a sub-division that once had an HOA to enforce deed restrictions. Many new residents buying in the community had a 'we don't need no stinkin deed restrictions' attitude. And they did whatever they wanted to do. Eventually because of lawsuits/lawyer costs, the HOA ran out of money. They asked residents for a dues increase and didn't get it. The HOA was disbanded. There is now a a group of community volunteers that try to promote community pride. Their accomplishments have been getting the speed limit reduced to 25 MPH and plastering the community streets with 3 and 4 way stop signs. They can't do anything about the boats and cars parked on the front lawns.
There is the single family home community where HOA membership is compulsory. Usually with a fee that covers mowing common area lawns, the requirement that you use Comcast for TV service, maintain the pool, tennis courts and enforce deed restrictions.
There is the most expensive, condo HOA, either villa or high rise. Fees usually cover the same as single family home community plus mowing all areas. Some have a recreation hall to run and maintain, plus insurance for the buildings and maintaining the exteriors and roof of buildings.
Many condo associations keep their monthly fee low by not having much of the fee going into the 'reserve' fund. The problem with a low reserve fund is when the board announces that there's not enough money to replace the leaking tile roof with new tile, they have to borrow money, you will be assessed $20,000 and to pay for it, the monthly fee will increase by $30 [for the next 20 years.] Or the community in Punta Gorda that didn't have enough in their reserve fund and not enough insurance on the recreation hall to replace when Charley blew it away. They had to get a one million dollar loan from the SBA to build a new one. Maintenence fee increased $25 a month for 20 years.
None of the above has anything to do with additional fees/taxes if the community is in a CDD.
Be cautious and ask questions if you are looking in a CDD and/or a deed restricted/HOA mandatory community. Ask potential neighbors what they are paying, what it includes and what pending or future assessments are in the pipe line. Find out how many units are in arrears. HOA's can not operate in the red. Your fee will increase to make up the difference. Also ask if the HOA is resident manages or off site paid management firm.
DO NOT rely on what the R.E. sales person tells you.

[cre8art]

Thanks to all for replies, I don't think I'm really interested in an HOA because of the info you have provided as well as other info & discussions I've read. Being a retiree I really don't like living with any "surprise" increase's or problem's that are not of my own control. I haven't been to the SWF area yet so I'm not very familiar with the "neighborhoods" (area's) Where I currently live (for 30Yrs) the community has been "maintained by all with pride. But it's starting to change over and a few do not have the same considerations for their investment as well as for others. Do the "local municipalities" enforce any "major" concerns in regards to certain situations that may arise? My only need that I may have is someone to "mow" my lawn (only part of a HOA that interested me... as well as others required in taking pride in the upkeep of their property).

[smiledoc1]

Originally Posted by cre8art

I am "really" considering moving to the Sarasota "Area's" and I am Not very familiar with HMO's. My concern's with an HMO property is that "I don't want to own a home in my retirement years only to have it possibly taken from me by the HOA because I can no longer afford the "fee's". I don't expect this to happen, but when retired and living on a "fixed income" and with "possible" (most likely) "fee increases" I think it may not be the right choice for me?
Also with the current housing market conditions, what could be the effect of a HOA bankruptcy have on me should that occur? I am aware of 2 such properties that interest me (Palmer Ranch & Lakewood Ranch). I would like to hear about "how often fee's do increase and why"? I would like to live in an area where the homes are "maintained and cared for" and understand the "Value" of a "Good" HOA without the ABUSE of authority! So my question is "are there Good and Evil" HOA's in the Sarasota Region? I am not locked into living in an HOA development only because I can & will care for my "own" property and do not want to live in a neighborhood that does Not!
All input welcome, I have visited this forum many times and think that you "ALL" are the Greatest when giving your knowledgeable advise as True SWF
natives....and yes that includes you BIGHOUSE! LOL!

We have a house in Village Walk which is in Palmer Ranch. Our HOA is run very well. It's not the type of living suited for everyone. Our HOA fees will decrease in 2010 by 3% because of good management.

[davery5872]

Originally Posted by cre8art

Thanks to all for replies, I don't think I'm really interested in an HOA because of the info you have provided as well as other info & discussions I've read. Being a retiree I really don't like living with any "surprise" increase's or problem's that are not of my own control. I haven't been to the SWF area yet so I'm not very familiar with the "neighborhoods" (area's) Where I currently live (for 30Yrs) the community has been "maintained by all with pride. But it's starting to change over and a few do not have the same considerations for their investment as well as for others. Do the "local municipalities" enforce any "major" concerns in regards to certain situations that may arise? My only need that I may have is someone to "mow" my lawn (only part of a HOA that interested me... as well as others required in taking pride in the upkeep of their property).

I guess it just depends on what you want. I enjoy not having to cut the grass, maintain the exterior and the pool. Also, to a certain extent there are costs with any real estate that are out of your control. Property taxes. I have always thought smaller condo complexes are easier to deal with. My complex only has 78 units. The first week we moved in we probably had 18-20 of the residents stop by and say "hi". Good luck.

[cre8art]

Originally Posted by davery5872

I guess it just depends on what you want. I enjoy not having to cut the grass, maintain the exterior and the pool. Also, to a certain extent there are costs with any real estate that are out of your control. Property taxes. I have always thought smaller condo complexes are easier to deal with. My complex only has 78 units. The first week we moved in we probably had 18-20 of the residents stop by and say "hi". Good luck.

davery5872
I would also enjoy all the above you have mentioned as well. What complex (area) do you live in as I am also considering a condo as well? I guess being naive about the SWF area I really don't understand HOA's and "What the Fee's" actually do cover and include? I do like friendly neighbors who watch out for each other,etc. And I like that the community is cared for and kept very nice by someone else...so I can finally enjoy "my-time" My question is regarding HOA's ....are property taxes, insurance & maintenance included in the fee? Or are taxes & insurance separate entities and additional costs above the HOA fee's? Can someone also tell me how often increase's/decrease's are implemented? And what cost's/fee's can occur to the homeowner or are they covered by the HOA should it suffer bad damage occurred by a "bad storm" or hurricane?