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Old 01-28-2012, 11:05 AM
 
8 posts, read 22,960 times
Reputation: 16

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Im looking to buy a vacation home and eventually retiring or wintering in South Florida. I'm in PA now.
I'm looking at 3br/2bath detached homes vs townhomes with garage. My criteria are safety first, newer modern units and 15 mins drive to decent restaurants/shopping etc. I'm looking to keep HOA < $300.

I've narrowed the townhomes down to Renaissance Commons in Boynton Beach and Ocean Cay in Hypoluxo. Also, feedback on Coconut Key Lane area of Delray Beach would be appreciated.

I read some feedback here about Renaissance and it seems positive though taxes seem a little high. How about Ocean Cay? It seems closer to the Intracoastal and beach with the benefit of lower taxes and HOA dues.

I'm coming down in a week to tour with a realtor and may purchase if I find something.
Thanks in advance for your input!
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Old 01-28-2012, 12:23 PM
 
Location: Palm Beach County
1,701 posts, read 4,145,469 times
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If you are using it as a retirement home do you really want a three story town home? Some people are active and could care less, but just want to make sure you know what you are looking at. Ocean Cay and Renaissance are both three stories.

Coconut Key is a one story complex and is going to be your closest proximity to Atlantic Ave where there are a lot of restaurants, night life, and a great beach. There's a good deal on a foreclosure in there now too.

Your taxes are going to be roughly 2% of your purchase price so assuming you are looking around 150k based of the neighborhoods you've selected you can expect to pay around $3000 a year for taxes. If you are seeing higher than that there's a very good chance it could be an older listing with a higher tax bill.

Intra-coastal complexes are nice for the obvious reason of being on the water, but the commercial/vacant land on a1a can be a detraction for some people. There is only one unit on the market without an offer right now in Ocean Cay. It is a short sale that has been on the market for quite some time.

I would also take a look at Legacy and Carriage Pointe. Legacy is only one car garage but good location. Carriage Pointe are very large units for the money at 2200 sqft.
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Old 01-28-2012, 02:00 PM
 
8 posts, read 22,960 times
Reputation: 16
Skylinet,
Thanks for the response, I read several of your other posts on this forum. Yes, I'm assessing the pros/cons of 1-story detached vs 3 story townhome. I will be using it primarily as a vacation home/winter getaway as I'm still a few years away from retirement, this is advance planning.

I'm very active, I have a vintage Porsche track car and teach high performance driving as a weekend hobby which would be part of my winter activity in Florida with 4 major racetracks within 4 hours of this area so the 3 stories doesn't bother me as I could use the exercise. That's why I need garage space as I may store my car there.

I'm seeing taxes in Renaissance in the $4k range and just under $3k in Ocean Cay, the vacant land doesn't bother me. Renaissance seems nice but a little sterile on the curb appeal, I like more grounds and landscaping and Ocean Cay seems to be a good compromise with a patch of grass and white picket fence to call your own. I especially liked the end unit with the hardwood floors but it seems to be no longer listed so may be gone. The granite counters are nice to have as well.

I forgot to mention I'm in the $150-175k range. Where are Legacy and Carriage Pointe located?
You didn't say anything negative about Ocean Cay and Hypoluxo, is that area generally better than the Renaissance Commons area given it's closer to the water?

Your feedback is greatly appreciated! It's tough buying real estate long distance not knowing the area.
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Old 01-28-2012, 02:24 PM
 
8 posts, read 22,960 times
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Skylinet,
Follow-up question, does the HOA fees typically cover maintenance of townhouse exterior/painting/roof in addition to grounds? Someone told me it may include insurance of the building itself while I would have to insure the interior and contents. Since I will be a remote owner for the most part, I'm thinking the townhouse is a better fit rather than a detached home.
I Googled Carriage Pointe, seems like a good value but close to 95, I will add to my short list.

Thanks again for taking the time to respond.
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Old 01-28-2012, 02:42 PM
 
Location: Palm Beach County
1,701 posts, read 4,145,469 times
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Coconut Key is a one story attached home.
Insurance will cover the exterior you will have to get interior and contents which is usually minimal. Not all communities have insurance on the exterior so you may have to get that as well.
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Old 02-01-2012, 03:03 PM
 
2 posts, read 5,697 times
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I would highly recommend spending a night on Atlantic Ave in downtown Delray before you make any decisions. It's a very unique, small-ish town atmosphere that I haven't really seen anywhere else in the area.
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Old 02-02-2012, 07:47 AM
 
Location: Ocean Ridge
154 posts, read 362,383 times
Reputation: 110
Seems like you hot to make a move SLOW DOWN!
1. values are not going up!


Do your due diligence before looking at anything,
especially in lower range units it seems like darn near every association down here has the worst management unlike properties we inventory northern states we run positive funds for repairs as in roof’s,painting,grounds and updates in Florida it’s the opposite! and associations cringe when our group comes in! We hit the books,find the hold outs and every association has multiple hold outs that just cant afford the units or life styles they think they could life in fairy land with out repairs & updates!
So do your drive thru, then hire the best darn inspector you can find like BBB & Angies List,Yelp, get positive reviews and send him in to your choice,after that find out what plans and repairs in progress and what expenses may pop up? New roof? pier & dock work?s Sea wall’s all the joys on the intra costal!
Then you can have peace of mind in purchasing, If I was you do a winter rental in some development and get the scuttle bug as you will find a classic mix of neighbors!
Good luck!
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Old 02-03-2012, 07:31 PM
 
2 posts, read 8,427 times
Reputation: 11
i'm looking to sell my 3BR, 2.5BA townhouse in Delray Beach in about 3-4 months. I think it is what you are looking for. 2-car garage, HOA is $240/month, community is really nice. Property tax is < $3K.
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Old 02-03-2012, 07:50 PM
 
623 posts, read 1,227,788 times
Reputation: 148
gschiller: please pm me details and thanks.
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Old 02-03-2012, 08:04 PM
 
2 posts, read 8,427 times
Reputation: 11
3br/2.5ba townhouse in bexley park community of delray beach (33445). Community is only 5 years old. I am the original owner. stainless steal appliances in kitchen, granite counter-tops, 18" tile, 2 car garage. I am having some work done to repair issue with windows which will be completed in 3-4 months.
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