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In CV you pay the Rec lease and a second fee to your own sub-division within CV for about $400-$450 per month. Real Estate Taxes are a few hundred a year and that is if you do not have a homestead exemption. In a 55 plus community the total number is not off the charts. You are paying for amentities not generally found in other places. Just look at the size of the clubhouses, some with indoor and outdoors pools/golf/tennis/fitness centers, performing arts centers, manned security, private buses to take you shopping and to dining and much more. If you do not want that you can probably save a $100.00 a month in 55 plus with minimal amemtities. You can by a 2 bedroom starting in the 20's that needs updating and pay about $5k to $6k a year to live there. The only other expense you would have is an electric bill and that is it. $400 to $500 a month for a 2 bedroom condo in Palm Beach county is not all that bad. The same generally goes for places like Kings Point in Delray Beach and Wynmoor Village in Coconut Creek.
id like to know also. but it could be that different buildings in cv have different fees. for example the elevated buildings have higher fees than garden apts. cost of elevator,lol. Also i heard some buildings have had assessments in the past.
Regarding the monthly fees, in general a 1 bedroom is in the $300-$350 per month range and the two bedrooms are in the $400-$450 per month range. Dues are slightly different in each sub-division in CV for some of the reasons already noted. Real Estate Taxes are in the $500-$600 range annually for a 2 bedroom. The four story buildings have some higher values thus slightly higher Real Estate Taxes. These numbers are for units that do not have a homestead, if you homestead it you actually may not pay any property taxes at all.
I have been thinking about getting a condo in palm beach county for some time...55+ community, like century village. the prices are so low, and interest rates so low..now is the time I thought. Possibly CV in Boca or west palm or others like kings point or village royale. Been following prices on Trulia and CV web for over a year.
actually called CV today as I am going down later this week and would like to look at a couple. Cost of HOA--well it is actually two costs..one is the HIOA fee and the other is a "recreation Lease". total fee--not the $200 -250 per month on both sites, but $390-450, because obligated to pay monthly recreation lease. If you google "recreation lease' and south florida or CV with it, you will discover that this has been the subject of lawsuits by HO's because in the 1970's the developers pulled a fast one..people did not know they were obligating themselves forever to the developer--that is right..the developer still has this cash cow recreation lease over 40 years later, and these leases had automatic price increases built right into them..some condo owners are paying almost $1500/ month in other developments. the recreation lease evidently covers such things as the clubhouse, pool , vans etc..its not included in the HOA which is only for the particular building. yes, something has to pay for those services, but one would conclude, as did i, that because there were so many units in these communities the volume of people playing HOA fees covered it; and who would suspect that after so many years the developer and his descendants would still be dipping their grubby fingers into retired people's pockets for their vigorish .
and guess what--they show and describe all the amenities on their web sites and in listings, while conveniently only disclosing the HOA fee --outrageous. its shady. and , the recreational fees are apparently a first lien, ahead of a mortgage, which is another reason why banks wont lend.
I feel sorry for the people stuck with these.
It's incumbent on the potential buyer to perform a certain level of due diligence, which includes asking for and reviewing the association declaration of condominium ownership, bylaws, rules and regulations and financial statements. Few buyers take the time to do that, however. Good for you that you're asking these questions now, before you make a purchase. But even if you don't ask these questions the real estate sales person should suggest you do and provide you with a copy, if the person is reputable.
The recreation fee isn't unique to CV or other S. Florida communities. I, too, am looking at CV West Palm as a possible retirement option. Prices are indeed at an all time low. And I also learned of the two fees. I don't know, though, if the "developer" reaps rewards from the recreation fees or if it's the master association which manages the entirety of the shared common elements. These facilities appear to be nice, and well maintained. And my understanding is that the cost to provide excellent transportation system which takes you not only throughout the community but to nearby Palm and West Palm shopping, venues, government centers, hospitals, etc. is included in the recreation fees. Some communities, nationwide, require a up-front buy-in to the recreation aspect, and then annual fees thereafter. I've been looking at the Green Valley 55+ community south of Tucson, AZ. That's how they do it there, and there's also been litigation about it.
There's one certainty regarding condominium homeowner associations: fees don't go down. Only up. And that's a factor we need to take in to account when planning our purchases. But, if we purchase a single family home instead ... the maintenance costs are likely to be similar in totality for the same thing.
I am curious of the transportation which is included in the recreation fees.
Does it work like a taxi but all fees included ? Do they have scheduled departure times to different locations using 10 or 15 passengers vehicles ? Do they take residents to where they want to within Palm Beach county for medical appointments ?
Just curious !
Thanks !
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Fees
