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Old 01-04-2014, 08:23 PM
 
3 posts, read 10,542 times
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My husband and I are thinking of buying a second home in Palm Beach Gardens and really love Mirabella and Mirasol. I see that with Mirasol there is a mandatory golf club membership at $130K initiation, $18K per year in fees and HOA fees of $600. There is no such requirement at Mirabella and the HOA is about half.
Is Mirabella just as nice as Mirasol but you don't have the golf, or is Mirabella a cheap alternative if you don't want to spend the money on the golf? We want to use this as an investment property and don't want to buy something that will be a) undesirable and b) hard to sell in the future. Any thoughts appreciated.
We're also looking at the Paloma development in PB Gardens - any thoughts on that? Looks gorgeous, the builder is very well known, seems centrally located. You don't have the golf community, but there is a pool, club house, tennis, etc. We could then join PGA if my husband wants to play golf.
We are not currently working with a realtor, just want to be informed before we commit. Thanks!!
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Old 01-05-2014, 07:24 AM
 
Location: Palm Beach County
1,701 posts, read 4,061,769 times
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As you mentioned Mirasol has a large equity, fees every month, and is a golf/country club so it is different from the other two communities.
Both Mirabella and Paloma are very nice.
You'll most likely get more home for your money in Mirabella since prices took a large drop when the market crashed (they've rebounded nicely though)
Paloma will feel a little newer, and the layouts are a little nicer. Kolter just bought a huge parcel of land in the area and will be developing more communities.
Paloma is a little more centrally located.
Pga has reasonable memberships and is close to both of these communities if your husband wants to golf.
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Old 01-05-2014, 09:36 AM
 
13,521 posts, read 16,166,551 times
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Investment.......pass on all of the above. The HOA/Club dues will doom anything in Mirasol and 80% of the homes are the same. As that place ages (not new anymore, some sections are 10+ years old) the population will age and suddenly when you say Mirasol, you will mean "all old people" which is the death blow to a community.

When you say investment the insurance, HOA, taxes are a constant drain on the "investment appreciation" to the point you need to make 10% gains annually just to get your money back! Then factor in the travel to get there, the other costs to own (utilities, upkeep) and suddenly you realize you can't use it enough to justify the carrying costs.

With the invention of VRBO.COM why bother owning a vacation home when you can rent so easily?
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Old 01-06-2014, 03:35 PM
SXN
 
350 posts, read 1,212,518 times
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Quote:
Originally Posted by NYCMEL View Post
Is Mirabella just as nice as Mirasol but you don't have the golf, or is Mirabella a cheap alternative if you don't want to spend the money on the golf? We want to use this as an investment property and don't want to buy something that will be a) undesirable and b) hard to sell in the future. Any thoughts appreciated.
They're all desirable and the demand has picked up quite a bit from the past few years. I bought into one of the places you listed in your post in 2011. I checked the sold prices for the past 3 months of sales in my neighborhood. Comparable homes are up 17-25% and days on market is getting shorter and shorter. Home across from me was under contract within 4 days of posting on the mls.

As an investment depends on how much time you actually spend enjoying the amenities and getting your HOA money's worth.
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Old 01-06-2014, 04:38 PM
 
13,521 posts, read 16,166,551 times
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Quote:
Originally Posted by SXN View Post
They're all desirable and the demand has picked up quite a bit from the past few years. I bought into one of the places you listed in your post in 2011. I checked the sold prices for the past 3 months of sales in my neighborhood. Comparable homes are up 17-25% and days on market is getting shorter and shorter. Home across from me was under contract within 4 days of posting on the mls.

As an investment depends on how much time you actually spend enjoying the amenities and getting your HOA money's worth.
SXN you would have the answer to this: If your place is up 17-25% in 2+ years then lets say that is an average of 21%/2 years or 10.5% appreciation annually.

So on a 500K buy in 2011 your house now would be worth 605K now (105K gross profit). Now deduct your improvements, your HOA and club dues, your taxes (no mtg in this scenario) and then factor your 85% return of club initiation if applicable (Mirasol refunds 85% of your fee upon resale, keeping 15%).

After all this, deduct 30K for real estate commission (5% on 600K) and my question to you is do you still have a positive number in your equation?
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Old 01-08-2014, 06:03 PM
 
1 posts, read 5,633 times
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As the President of Mirabella at Mirasol I would be happy to discuss why Mirabella is the best community for the money in North County. Call me at the number below to discuss...

Michael J. Peragine
President, Board of Directors
Mirabella at Mirasol HOA
mjperagine@gmail.com
(561) 342-1258 Mobile
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Old 01-09-2014, 10:49 AM
SXN
 
350 posts, read 1,212,518 times
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Quote:
Originally Posted by City Guy997S View Post
SXN you would have the answer to this: If your place is up 17-25% in 2+ years then lets say that is an average of 21%/2 years or 10.5% appreciation annually.

So on a 500K buy in 2011 your house now would be worth 605K now (105K gross profit). Now deduct your improvements, your HOA and club dues, your taxes (no mtg in this scenario) and then factor your 85% return of club initiation if applicable (Mirasol refunds 85% of your fee upon resale, keeping 15%).

After all this, deduct 30K for real estate commission (5% on 600K) and my question to you is do you still have a positive number in your equation?

My home, as are many in my community are new. I didn't need to make any improvements save for some mulching in my landscape. I live in Mirabella so there are no club initiation fees. Not sure why one would include taxes in the equation since I deduct those every year anyways. Same goes for HOA fees, I use the following services regularily swimming pool, tennis courts, gym and not sure why I wouldn't expect to pay for them.

Regardless, even with adding up two years of HOA dues, property taxes, 6% in Realtor fees and taking them into account, I would still be $14K in the positive. Granted, I took a hit when I sold the property I owned prior to this one - so it is probably a wash. But it beats renting for the past two years.

Also, Michael the HOA president just posted in the thread. He's awesome. Common sense, practical hard working guy. We don't have any of the drama and nonsense that can be found at other HOA's in the area.
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Old 01-09-2014, 04:59 PM
 
13,521 posts, read 16,166,551 times
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Quote:
Originally Posted by SXN View Post
My home, as are many in my community are new. I didn't need to make any improvements save for some mulching in my landscape. I live in Mirabella so there are no club initiation fees. Not sure why one would include taxes in the equation since I deduct those every year anyways. Same goes for HOA fees, I use the following services regularily swimming pool, tennis courts, gym and not sure why I wouldn't expect to pay for them.

Regardless, even with adding up two years of HOA dues, property taxes, 6% in Realtor fees and taking them into account, I would still be $14K in the positive. Granted, I took a hit when I sold the property I owned prior to this one - so it is probably a wash. But it beats renting for the past two years.

Also, Michael the HOA president just posted in the thread. He's awesome. Common sense, practical hard working guy. We don't have any of the drama and nonsense that can be found at other HOA's in the area.
Great post!

I only was including all the fees since the original poster was looking for "an investment property" and that would have to figure in on the investment equation. Glad to hear the HOA is one of the good ones!
I remember years back you guys had a resident with a big yellow monster truck that was causing a stir. He claimed it was his daily driver despite the fact it looked like a mini 18 wheeler!
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Old 01-09-2014, 05:50 PM
 
1,759 posts, read 1,892,335 times
Reputation: 735
Quote:
Originally Posted by PERAGINE View Post
As the President of Mirabella at Mirasol I would be happy to discuss why Mirabella is the best community for the money in North County. Call me at the number below to discuss...

Michael J. Peragine
President, Board of Directors
Mirabella at Mirasol HOA
mjperagine@gmail.com
(561) 342-1258 Mobile

What's the average price of a home there now? thanks Michael!!!
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Old 04-16-2014, 07:14 PM
 
141 posts, read 276,690 times
Reputation: 66
Originally Posted by PERAGINE
As the President of Mirabella at Mirasol I would be happy to discuss why Mirabella is the best community for the money in North County. Call me at the number below to discuss...

Michael J. Peragine
President, Board of Directors
Mirabella at Mirasol HOA
mjperagine@gmail.com
(561) 342-1258 Mobile




Quote:
Originally Posted by 071402 View Post
What's the average price of a home there now? thanks Michael!!!
I would love to know what the price per square foot is going for there.
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