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Old 02-17-2015, 06:20 PM
 
Location: Tampa, FL
27,798 posts, read 32,275,077 times
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I'm guessing infrastructure....some of these communities have extra wide streets, sidewalks everywhere - we even have a bridge or two with cobblestones and fountains. Manmade lakes as well.......all take money to build and maintain......miles and miles of sewer systems through the community. Who pays for all this if not the homeowers through CDD.....if the builders put the money on the price of the home, I can imagine the home prices would be astronomical in some cases - ---just my take on CDD, but could be totally off/incorrect.

Last edited by BucFan; 02-17-2015 at 06:41 PM..
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Old 02-17-2015, 09:29 PM
 
3,826 posts, read 5,774,140 times
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Originally Posted by PhotoProIP View Post
We pay $167 per month for HOA, but don't have CDD's! Phew! I would never buy anywhere there's CDD's. They're a rip off and these communities don't let them expire like they should. (Builders have set a certain number of years for them to be active, then they should expire, but they never do). Interestingly enough not many communities around Miami and Orlando have CDDs. We re-searched once out of curiosity.

I would call and make 100% sure they're yearly and not monthly; those who fill out those websites sometimes may not list the correct information. We looked into a community once that charged $750 per month for the HOA fees. This was not a condo, but just one of those planned communities.
You are not entirely correct. CDD fees consist of 2 parts - bond pay out (the one builder borrowed and homeowners are responsible to pay it off - normally 30 years) and maintenance. If first part could be paid off (even upfront in advance), maintenance part will never go away and will increase over the time. It's hard to predict how it will change because we don't have any communities with paid off CDD bonds. But maintenance part will increase to keep up with all amenities and repairs.
Some of CDD I saw were similar to this - 1000 (bond) + 600 (maint) = 1600 a year.
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Old 02-17-2015, 09:32 PM
 
3,826 posts, read 5,774,140 times
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Originally Posted by minister View Post
will they list "CDD" on the realty listings? I haven't seen those yet. For what its worth, I don't have a realtor yet - so I don't have that luxury yet.

our HOA here in Nashville includes keeping the common areas tidy, signage up to date, pool, basketball and tennis courts.

Do the HOAs in Tampa cover other things, or is that in the CDD?
I highly recommend this site - Florida Homes for Sale direct from MLS it's not only updates frequently, but also include HOA and/or CDD info
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Old 02-17-2015, 09:35 PM
 
278 posts, read 432,390 times
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Thanks everyone. Florida real estate sounds ridiculously over-complicated! Here's hoping I don't buy into a "tricky" neighborhood. I'm a bit nervous now.
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Old 02-17-2015, 09:39 PM
 
3,826 posts, read 5,774,140 times
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Originally Posted by BucFan View Post
I'm guessing infrastructure....some of these communities have extra wide streets, sidewalks everywhere - we even have a bridge or two with cobblestones and fountains. Manmade lakes as well.......all take money to build and maintain......miles and miles of sewer systems through the community. Who pays for all this if not the homeowers through CDD.....if the builders put the money on the price of the home, I can imagine the home prices would be astronomical in some cases - ---just my take on CDD, but could be totally off/incorrect.
Bingo!!! Exactly!!! All these developers with CDD communities borrow money to build even simple infrastructure like road from main roadway to community, utilities, drainage, and moved over these expenses to homeowners. In my opinion it's an easy way out for developers not to invest into anything upfront and be long gone by the time people might face financial difficulties. There was a link on this forum not to long ago with the financial status for all CDD communities in FL and a lot are facing REAL difficulties... but developers are not responsible for these.
Some developers paid for infrastructure upfront with their money and factored this in into house prices, but looks like this practice is no longer around.
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Old 02-17-2015, 09:42 PM
 
3,826 posts, read 5,774,140 times
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Thanks everyone. Florida real estate sounds ridiculously over-complicated! Here's hoping I don't buy into a "tricky" neighborhood. I'm a bit nervous now.
Wait until you will meet local agents who will hide important info from you... in order for deal to go through Check and double check everything. At the end you will be financially responsible for your purchase and no one else. "But my agent told me so" will not be count...
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Old 02-18-2015, 02:52 AM
 
Location: The Villages, Florida
676 posts, read 1,265,989 times
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Quote:
Originally Posted by minister View Post
Thanks everyone. Florida real estate sounds ridiculously over-complicated! Here's hoping I don't buy into a "tricky" neighborhood. I'm a bit nervous now.
It's not tricky of you ask lots of questions. Yes, we are in a CDD neighborhood. I paid off the bond portion. We do have property/CDD taxes that in total are much higher than we paid in Georgia.

However, our lifestyle has improved, we are very happy here, and I budgeted the costs of everything and factored everything into our long term financial plan. No worries here.

Simply plan ahead.
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Old 02-18-2015, 02:53 AM
 
Location: The Villages, Florida
676 posts, read 1,265,989 times
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Originally Posted by EngGirl View Post
Wait until you will meet local agents who will hide important info from you... in order for deal to go through Check and double check everything. At the end you will be financially responsible for your purchase and no one else. "But my agent told me so" will not be count...
Find an agent you can trust...always ask lots of questions.
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Old 02-18-2015, 04:27 AM
 
4,586 posts, read 5,586,604 times
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Quote:
Originally Posted by EngGirl View Post
You are not entirely correct. CDD fees consist of 2 parts - bond pay out (the one builder borrowed and homeowners are responsible to pay it off - normally 30 years) and maintenance. If first part could be paid off (even upfront in advance), maintenance part will never go away and will increase over the time. It's hard to predict how it will change because we don't have any communities with paid off CDD bonds. But maintenance part will increase to keep up with all amenities and repairs.
Some of CDD I saw were similar to this - 1000 (bond) + 600 (maint) = 1600 a year.
Well, this information about CDD's is not usually made available to the masses and is also not easy to understand either. A lot of people get hit with it out of the blue.
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Old 02-18-2015, 04:37 AM
 
Location: The Villages, Florida
676 posts, read 1,265,989 times
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Originally Posted by PhotoProIP View Post
Well, this information about CDD's is not usually made available to the masses and is also not easy to understand either. A lot of people get hit with it out of the blue.
I was told about the CDD up front by both my real estate agent and the home builder's rep. Again, it is pretty simple to ask about CDDs and to research them. Like anything else, the buyer is responsible for doing his due diligence before signing the contract.
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