U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Florida > Sarasota - Bradenton - Venice area
 [Register]
Sarasota - Bradenton - Venice area Manatee and Sarasota Counties
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 05-06-2010, 03:59 PM
 
2 posts, read 4,669 times
Reputation: 13

Advertisements

HI! I'm looking into buying a new condo (carriage home) and was wondering what the differences are between buying existing homes and building new. Besides the obvious, are there things one might not think of? For instance, will there be differences in closing? Big one: Do I need a real estate agent? Should I expect to pay less if I don't use one? I notice condo fees are higher than HOA fees for a townhouse in the same community. I know that I don't need property insurance on a condo, but is there another reason the fees are higher for a condo vs. a townhouse? Any other insights would be appreciated.
Rate this post positively Reply With Quote Quick reply to this message

 
Old 05-06-2010, 10:10 PM
 
Location: Venice
48 posts, read 109,275 times
Reputation: 22
Hi there toot, I can tell you on an insruance prospective newer is less expensive to insure. code change in 2002 makes a big difference - or if the home/condo has been updated (code wise). In regards to your question about a real estate agent, my opinion, YES... Soflgal posts all the time here and she is a real estate agent whoprovides lots of info for people on the forum - I am sure she will give you some advise.
Ok, on condo insurance question, yes, you will need to cover the interior condo and your personal property(contents) as well as liability. The master (condo) policy only covers the shell (exterior, roof, etc). You as the unit owner normally cover the drywall inward. However, each association may vary that is why you need a knowledgable real estate agent.
Good luck!
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-07-2010, 05:31 AM
 
Location: Palm Island and North Port
7,511 posts, read 21,836,522 times
Reputation: 2858
Quote:
Originally Posted by ms tooten toot toot View Post
HI! I'm looking into buying a new condo (carriage home) and was wondering what the differences are between buying existing homes and building new. Besides the obvious, are there things one might not think of? For instance, will there be differences in closing? Big one: Do I need a real estate agent? Should I expect to pay less if I don't use one? I notice condo fees are higher than HOA fees for a townhouse in the same community. I know that I don't need property insurance on a condo, but is there another reason the fees are higher for a condo vs. a townhouse? Any other insights would be appreciated.

Hi There,

High levels of foreclosures are causing all sorts of problems for condo associations, which are having to slash costs and amenities and often impose assessments on solvent owners to maintain deteriorating infrastructure.

Condo buyers need to find out as much as they can about complexes before they plunk down cash.

I suggested asking the following questions:
• How much money has the complex put into reserves to deal with future infrastructure needs?
• Are there any major repairs that need to be made?
• Have assessments and dues been increasing, and does the complex have plans to do so in the future?
• How many of the units are owned by investors?
• Do any investors control large blocks of units and are there any restrictions on renting?
These are the same questions that a bank will ask to determine whether to lend in a complex.

The continuing foreclosure flood is creating severe financial problems for condominium associations across Florida, and members are complaining that banks and mortgage companies are doing nothing to help.

In fact, condo owners say that many lenders are delaying foreclosures to avoid paying association dues. That is requiring associations to slash costs and cut amenities, and forcing owners to fork over more cash to keep complexes humming.

In something of a Catch-22, the financial problems at condo complexes also are prompting banks to tighten restrictions on lending.

Banks will not lend in complexes that have not set aside 10 percent of their budgets for reserves. They will not lend when more than 50 percent of the units are rented. They also will not lend where a few owners control too many of the units or where too many owners are in default on their mortgages and dues.

Not every condo complex in Southwest Florida is suffering from the crisis to the same degree.

The majority -- as many as 75 percent -- are older, more stable complexes that did not experience a direct blast from the boom-and-bust cycle.

The ones hit hardest were those that came out of the ground from 2004 to 2007, or were converted from apartments during the same period.

These complexes experienced heavy speculative buying during the boom and are now facing the most foreclosures.

http://www.heraldtribune.com/article...icle/301049999

CONDO CRUNCH
Condominium complexes that drew the most speculators during the boom also suffered the most defaults during the bust.

1. Bermuda on Osprey, Sarasota
• Built or converted: 2006
• Total units: 46
• Number of foreclosures: 35
• Ratio: 76%

2. Condominiums at Waterside, Rotunda
• Built or converted:2007
• Total units: 42
• Number of foreclosures:31
• Ratio: 74%

3. Village at Town Park, Lakewood Ranch
• Built or converted: 2005
• Total units: 272
• Number of foreclosures:143
• Ratio: 53%

4. Park View, Sarasota
• Built or converted: 2005
• Total units: 108
• Number of foreclosures: 55
• Ratio: 51%

5. Bella Villino, Palmer Ranch
• Built or converted: 2005
• Total units: 132
• Number of foreclosures: 44
• Ratio: 33%

6. Garden Walk, Bradenton
• Built or converted: 2005
• Total units: 174
• Number of foreclosures: 54
• Ratio: 31%

7. Watercrest, Lakewood Ranch
• Built or converted: 2005
• Total units: 180
• Number of foreclosures: 55
• Ratio: 31%

8. Admiral's Walk, Sarasota
• Built or converted: 2005
• Total units: 249
• Number of foreclosures: 75
• Ratio: 30%

9. Miramar, Lakewood Ranch
• Built or converted: 2004
• Total units: 84
• Number of foreclosures: 25
• Ratio: 30%

10. Laguna at Riviera Dunes, Palmetto
• Built or converted: 2005
• Total units: 168
• Number of foreclosures: 42
• Ratio: 25%

11. Greenbrook Walk, Lakewood Ranch
• Built or converted: 2006
• Total units: 226
• Number of foreclosures: 66
• Ratio: 29%

12. Serenade, Palmer Ranch
• Built or converted: 2005
• Total units: 324
• Number of foreclosures: 82
• Ratio: 25%

13. Parkridge, University Parkway
• Built or converted: 2004
• Total units: 347
• Number of foreclosures: 83
• Ratio: 24%

14. Las Palmas, Sarasota
• Built or converted: 2005
• Total units: 488
• Number of foreclosures: 105
• Ratio: 22%

15. Palms of Cortez, Bradenton
• Built or converted: 2005
• Total units: 450
• Number of foreclosures: 97
• Ratio: 22%

16. Citywalk, Sarasota
• Built or converted: 2002
• Total units: 70
• Number of foreclosures: 15
• Ratio: 21%

17. Vintage Grand, Palmer Ranch
• Built or converted: 2005
• Total units: 432
• Number of foreclosures: 68
• Ratio: 16%

18. The Sanctuary, Bradenton
• Built or converted: 2005
• Total units: 274
• Number of foreclosures: 40
• Ratio: 15%

19. Lake Vista, Lakewood Ranch
• Built or converted: 2006
• Total units: 240
• Number of foreclosures: 35
• Ratio: 15%

20. Villagio, Sarasota
• Built or converted: 2004
• Total units: 320
• Number of foreclosures: 42
• Ratio: 13%

SOURCE: Sarasota, Manatee and Charlotte county clerks of court

As far as the question about needing a Realtor, I would suggest it. Buying a home is a large investment and we are here to guide you through the process and look out for your best interests.
When coming up with a price to offer, much of the negotiating room depends on many things like how long it's been on the market, how desirable the location, condition of the home, etc. I usually pull comparable properties to see where the pricing should be and where to begin negations.

Most of your costs would be born from the lender. So if you have no lender your costs would be minimal. You would have proration of taxes. To figure this out you take the taxes for the year and divide by 365 and then you have your per day tax amount. You take that amount and multiple it by the number of days in the year that you will own the house.

Another cost would be title insurance (which is negotiable between the buyer and seller) on $100K it would be $575 and then a another $250 for the search and exam fee. A small settlement fee by the title company or attorney that closes it this is usually around $250-$500. On the higher end if it's an attorney.

You would have homeowners insurance and this varies greatly depending on location of the home, age, hip roof or not, hurricane shutters, etc.

If you want a home inspection that would usually run you around $300-$350, I would recommend it. If you were financing you would need a survey which usually costs around $300-$350. We have surveyors that will do the flood certificate for just a little more than the survey, like an extra $75.

I would also recommend a wind mitigation survey. This can be done for about $150 and it will in most cases save you a bundle of money on your home owners insurance. They just come out and rate your home for wind resistance. This website will tell you more about it: My Safe Florida Home
Good luck with your search!
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-07-2010, 06:04 PM
 
2 posts, read 4,669 times
Reputation: 13
SoFLGal-
I know you are full of valuable information, and I sincerely thank you for sharing with us all.
The questions that you say are important to ask of condo complexes, who do I ask? Also, the wind mitigation is irrelevant on a condo, right? Wouldn't the condo fees cover anything that would be damaged by wind?
I would LOVE to have the help of a real estate agent, but I'm thinking 6% of 200K is a lot of $ I can use in negotiating the price. This is pre-construction, so many of the concerns of buying a home are non existent. I'm sure there are still plenty of concerns, that's why I'm here!!
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-07-2010, 09:49 PM
 
Location: Cheektowaga, NY. Overtaxed to extreme
473 posts, read 1,112,796 times
Reputation: 138
Moderator cut: orphaned quote

Good luck to you ms. tooten toot toot. I understand your desire to save a few bucks now. But can you see the bigger picture? In the long run you may completely overlook the big picture which is something a realtor Moderator cut: snip may be tugging on your shoulder to provide you with information that you would otherwise never know and, really come to regret later. Really think about this process. Moreso if you aren't even a local.
Good luck to you and happy hunting! I hope your next place will be as homey and comfortable as we hope ours to be.

Last edited by Keeper; 05-10-2010 at 09:01 AM.. Reason: do not mention other members please
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-08-2010, 06:54 AM
 
Location: Punta Gorda and Maryland
6,103 posts, read 14,362,050 times
Reputation: 1245
This forum is a fantastic place to ask questions, and many of us are friends, and love to help. And our advice is free, unless you decide to attend a meet-up with us, and then it might cost you a Yeungling!

So here are some thoughts.
The condominum fees are well defined, and they are in the condominium documents you will be signing at closing - so READ THEM CAREFULLY. They will explain what they cover, which generally is everything outside of your unit. But, major issues will have to eventually be covered, like new windows, new roofs, new paving, maybe new siding repairs. You're insurance will have to cover losses within your unit, and other things that are required by the condo docs, law, and some other things. Wind mitigation reports will be required by the insurance company that the condominium buys, and they will always have to haggle over coverage of things with your insurance company if a major storm ever happens.

If you are talking about a new condominium, generally the buider's side of the real estate agent's commission is paid by them, so then you are really talking about a 3% commission for having the advice of a professional that really knows the laws, issues, and many other important issues that are tangent to buying a new home. That can be the best money you will spend if you get the right agent. There are many out there, that can facilitate the transaction, and preparation and review of the documents, but the other advice, review, consulation and good advice is where you get the value. Choose well.

I am not a real estate agent, but was in the construction business a long time owning and founding a large general contracting business in the mid-Atlantic area. I have been involved in many deals, and built many extremely high-end luxury condominium projects and affordable apartments. I know the difference, and have seen many apartments converted to condos, some well done and some that should never have been converted. The assembly differences, sound ratings, quality of material selections, etc..... are things to consider when buying.

Anyway the discussions you will have with a good agent, when comparing options along the way, cannot be covered here, and many of the discussions you wouldn't want to aire here either. If you were to try, you would be confused by people that are helpful, and well intending, especially on this site {complimenting all my friends here}, but most of the best information will be diffused and lost in translation. Plus this thread alone would have to be as long as several volumes in an encyclopedia.

In any case, ask away. We all love to offer our help, stories, advice, and concerns.

And, if you like to talk about fishing, kayaking, beer drinking, meeting new people, and being the fun loving, hot, flirtatious person that you are , or if you like to learn stuff about the area, then come here and in the mean time . . . Good Luck!!

Quote:
Originally Posted by ms tooten toot toot View Post
SoFLGal-
I know you are full of valuable information, and I sincerely thank you for sharing with us all.
The questions that you say are important to ask of condo complexes, who do I ask? Also, the wind mitigation is irrelevant on a condo, right? Wouldn't the condo fees cover anything that would be damaged by wind?
I would LOVE to have the help of a real estate agent, but I'm thinking 6% of 200K is a lot of $ I can use in negotiating the price. This is pre-construction, so many of the concerns of buying a home are non existent. I'm sure there are still plenty of concerns, that's why I'm here!!
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-08-2010, 08:06 AM
 
Location: Palm Island and North Port
7,511 posts, read 21,836,522 times
Reputation: 2858
Quote:
Originally Posted by ms tooten toot toot View Post
SoFLGal-
I know you are full of valuable information, and I sincerely thank you for sharing with us all.
The questions that you say are important to ask of condo complexes, who do I ask? Also, the wind mitigation is irrelevant on a condo, right? Wouldn't the condo fees cover anything that would be damaged by wind?
I would LOVE to have the help of a real estate agent, but I'm thinking 6% of 200K is a lot of $ I can use in negotiating the price. This is pre-construction, so many of the concerns of buying a home are non existent. I'm sure there are still plenty of concerns, that's why I'm here!!

Hi There!

On your first question, you might start with the HOA. Go talk to them. If you are building in the place they should be able to show you their "books", within reason. You need to make sure the place is financially sound. I've always found neighbors to be a pretty good source of info, for the most part. If they're happy with the place they're usually glad to tell you and if they're unhappy they're usually even more inclined to share that info.

Go here and search by the condo name: Search Real Property How many come up in names of a bank? You can also use that site to see if the owner of a property has the same address as the condo. If it's an out of state address for the mailing address then it's probably a rental or second home. How about pulling up a few owners name on the Clerks website: Search the Sarasota County Official Records Do they have a lis pendens (pre foreclosure) filing against them? Might be a sign that some people in that complex are in trouble. You can do some initial "snooping" yourself

KBuild on here is a certified wind inspector and he can probably give you the ins an outs on how that part works.

I would actually say that you have just as many concerns buying straight from a builder as from a homeowner. Make sure you get a home inspection, even though it's brand new. A few hundred bucks can save you thousands in the long run. KBuild can help you with that as well.

Good luck with your venture!
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-14-2010, 07:41 PM
 
Location: Beautiful beaches of Florida!
207 posts, read 719,521 times
Reputation: 80
I have currently been looking at purchasing in FL due to a job transfer (military) and am just realizing how difficult it is to acquire property insurance.

None of the realtors have mentioned this to me and I only found out after applying for preapproval and the lender suggesting I first take a look at insurance before I continue. (kudos to him for his honesty) I do not expect to live in FL permanently so resale is on my mind as well.

What are the costs of "retrofitting a home" that was built prior to 2002 and is not up to the 2002 guidelines? Is it substantial? 80-100K? I am looking at homes in the 400K range.

Has anyone used Frontline or Tower Hill? Are these low balling companies? My realtor keeps telling me not to worry about insurance that I will be able to get it...Im not worried about getting it-- more so about keeping it...

Any advice or comments appreciated!
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-15-2010, 10:29 AM
 
440 posts, read 1,000,676 times
Reputation: 222
Nwc07
We were initially looking at a single family house in North Sarasota-circa 1988. Quotes were between 1400-1900/yr. We tried to lower the quotes by getting a Wind Mitigation but the roof didn't pass- it would have lowered the cost significantly. We settled on a condo so the insurance was about 350.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-15-2010, 12:40 PM
 
Location: Wandering.
3,549 posts, read 6,305,873 times
Reputation: 2697
Quote:
Originally Posted by nwc07 View Post
What are the costs of "retrofitting a home" that was built prior to 2002 and is not up to the 2002 guidelines? Is it substantial? 80-100K? I am looking at homes in the 400K range.
It would really depend upon the age of the house, or the building codes it was built to.

Some things like the electrical system or windows can be brought current for a reasonable cost, and add more than just insurance savings.

For some things like roof systems the code changes are substantial. For really old roofs like mine (1924), I don't know that you could ever justify the cost of removing the entire roof and rebuilding it to current code, there are so many things that have changed since it was built, and the changes go far beyond the roof itself.

You really have to weigh the cost of insurance and other age factors into the decision. If I had purchased newer and out of a flood zone I could have purchased about 75k more home than I did for the same monthly payment (mortgage, taxes, and insurance). If you add in the effect that the lack of insulation, building methods, older appliances and AC, etc have on the utility costs it really starts to add up.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Florida > Sarasota - Bradenton - Venice area
Similar Threads

All times are GMT -6. The time now is 03:01 AM.

© 2005-2022, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top