Condos in 55+ Communities (Tampa, Gulfport: for sale, foreclosure, HOA)

[deebin]

My aunt's 55+ condo was in that below 30k price.
When she passed away and left it to me, I considered keeping it (and be a snowbird) but paying the monthly HOA fee did not compute. It was too high in relation to the low value of the condo.

[ApolloBeachRetiree]

Originally Posted by taurus430

Thanks tiny for the reply. That was another question that came up for me. I have Children and Grandchildren and it seems like your hands are tied with 55+. I would want it that if I don't travel down (I'm over 65), that my kids can use the condo otherwise the condo is just sitting there as I pay monthly expenses. I know there are rules for renting, but I don't want it for that.

I am 66 and I did not even consider an over 55 community when I was looking last spring. I bought in MiraBay and wanted to be surrounded by people of all ages. If you have to sell a house or condo in an over 55 community, you must find another over 55 buyer.

[tinytrump]

Originally Posted by Pinballdad

I am pretty sure Florida passed a law that if your parents pass, you can move in. It's called an 80/20 law or something. Our condo is not 55+ but we did look at several last spring time. We were worried about the 55+ law so we checked into it. Also, you can buy in a 55+complex even if you are under 55. You can only stay in it for I think 2 weeks a year though. This 2 week provision is so you can paint and fix it up.

Those old folks don't obey rules.. and if you get in and they are not happy- there will be hell to pay. Being a leasing agent in one of my jobs in life- I had to explain things to the board- they were going to make me pay a deposit to move out in case I damaged their new elevator. THEY HAD no clue. anyhow I paid them nothing and nothing was damaged. point was- they did not even know legally what they were doing with rules they were imposing.

55 & Over Housing: What is the 80/20 Rule? | Florida Condo & HOA Legal Blog

now there is one place called Seville in Clearwater and every building has it's own association. Some allow pets other one member can be no less than 40- etc.

[taurus430]

Originally Posted by deebin

My aunt's 55+ condo was in that below 30k price.
When she passed away and left it to me, I considered keeping it (and be a snowbird) but paying the monthly HOA fee did not compute. It was too high in relation to the low value of the condo.

I don't see the logic in this, maybe someone can help. If you inherit a condo and can afford the upkeep, why not keep it but I don't see the logic in comparing the worth vs HOA fees. When purchasing a condo, I can understand this, but you didn't purchase.

[BucFan]

Originally Posted by PowderSpringsDad

I am 66 and I did not even consider an over 55 community when I was looking last spring. I bought in MiraBay and wanted to be surrounded by people of all ages. If you have to sell a house or condo in an over 55 community, you must find another over 55 buyer.

Not necessarily.

55 & Over Housing: What is the 80/20 Rule? | Florida Condo & HOA Legal Blog

[BucFan]

Originally Posted by taurus430

I don't see the logic in this, maybe someone can help. If you inherit a condo and can afford the upkeep, why not keep it but I don't see the logic in comparing the worth vs HOA fees. When purchasing a condo, I can understand this, but you didn't purchase.

HOA fees can get expensive in some communities (mine is $400/month). That's quite a sum of money in many people's budget.

[tinytrump]

Originally Posted by BucFan

Not necessarily.

55 & Over Housing: What is the 80/20 Rule? | Florida Condo & HOA Legal Blog

its still very IFFY- buying and selling later- I could have bought that place for less that $40K but I was like going to a tomb every night, and they complained all the time about the party guy on 1st floor- and I NEVER heard him or any noise from his apt,, they just didn't like that he was having fun. just too constricting..

[deebin]

My logic was this: For a condo worth $25k, it didn't seem plausible to pay near $400/month HOA (never mind a small annual property tax) for a place I might inhabit less than half the year.
On top of that, it also needed some renovations.

[ApolloBeachRetiree]

deebin, not sure about Del Webb, which is north of Mirabay, but, yes, we are in a flood zone (AE). Insurance varies depending on company and agent. My homeowners will be about 1500 per year and my flood about 900 year (2 buildings - each insured).

[Pinballdad]

Originally Posted by deebin

My logic was this: For a condo worth $25k, it didn't seem plausible to pay near $400/month HOA (never mind a small annual property tax) for a place I might inhabit less than half the year.
On top of that, it also needed some renovations.

My hoa is $490 month and property tax over $2,400 a year. My wife and I will use it less than 4 weeks a year. But---it is ours and we got in at a great price. It may even appreciate at the same rate as we are paying for all that stuff. Either way I could flip it tomorrow for $15 k more than I paid. So it depends on the deal you can get up front.