Yorktown in Safety Harbor (sale, real estate, apartments)

[thefishes540]

Hi all. Does anyone have any knowlegede of the condos/apartments in Yorktown at Beacon Place (this is how the property is described in the listing)? We are looking to purchase in the area and came across this listing. Any advice or knowledge would be much appreciated!

[kyle19125]

It's an excellent area, very safe with good schools and convenient to shopping/restaurants as well as recreation with nearby trails for running/biking/walking in Philippe Park. It's a late-80s build complex which wasn't the best time for construction quality in Florida so would do a little investigating of that, as well as percentage of rental units versus owner-occupied and the status of their reserve fund, as well as any assessments current or pending. A seemingly low monthly condo fee can multiply if a major repair such as roofs or central air comes into play and the reserve fund can't handle it, meaning an assessment above and beyond charged to each unit owner to cover the cost which can amount to hundreds of dollars extra per month. Given the cost of the units there along with the great location, I would wonder if something like that isn't going on which seriously affects marketability and sale price. I would make sure you're working with a real estate agent who knows the condo market well and be sure to obtain the "condo documents" which includes reserve fund information as well as assessments or pending assessments. Even if none are pending, bear in mind 30 year old roofs or 20 year old HVAC systems are due for replacement soon which should be factored into your decision, especially if the reserve fund is weak. Information on when those things were last replaced will be in the condo documents.

[thefishes540]

Originally Posted by kyle19125

It's an excellent area, very safe with good schools and convenient to shopping/restaurants as well as recreation with nearby trails for running/biking/walking in Philippe Park. It's a late-80s build complex which wasn't the best time for construction quality in Florida so would do a little investigating of that, as well as percentage of rental units versus owner-occupied and the status of their reserve fund, as well as any assessments current or pending. A seemingly low monthly condo fee can multiply if a major repair such as roofs or central air comes into play and the reserve fund can't handle it, meaning an assessment above and beyond charged to each unit owner to cover the cost which can amount to hundreds of dollars extra per month. Given the cost of the units there along with the great location, I would wonder if something like that isn't going on which seriously affects marketability and sale price. I would make sure you're working with a real estate agent who knows the condo market well and be sure to obtain the "condo documents" which includes reserve fund information as well as assessments or pending assessments. Even if none are pending, bear in mind 30 year old roofs or 20 year old HVAC systems are due for replacement soon which should be factored into your decision, especially if the reserve fund is weak. Information on when those things were last replaced will be in the condo documents.

Thank you very much for the great advice and info. I will be sure to check into all you mentioned!

[kyle19125]

Originally Posted by thefishes540

Thank you very much for the great advice and info. I will be sure to check into all you mentioned!

Your welcome! I see from your profile that you're from Seymour, Indiana. My Mom's side of the family is from Linton which is just west of you.

[thefishes540]

Originally Posted by kyle19125

Your welcome! I see from your profile that you're from Seymour, Indiana. My Mom's side of the family is from Linton which is just west of you.

Been there several times! The bank I work at has a branch in Linton.

[kyle19125]

Originally Posted by thefishes540

Been there several times! The bank I work at has a branch in Linton.

I haven't been there for 30+ years but feel the need since my Mom has passed to see the town again. I had heard it had gone through some rough times but am hoping it's recovered a bit.

[thefishes540]

Originally Posted by kyle19125

I haven't been there for 30+ years but feel the need since my Mom has passed to see the town again. I had heard it had gone through some rough times but am hoping it's recovered a bit.

Sorry for your loss. I think it has gone through some rough times as much of southern indiana has as well. This is part of why we are looking to move. A lot of great people but limited opportunities and entertainment.