Boca West Country Club?

[NYC-UES]

Thanks everyone for your input.
My initial inclination was to 1. Live in Delray and 2. Buy a condo closer to the water and join a golf club. In looking at the costs of living closer to the water, it seemed more cost efficient to live in a golf community. Comparatively, BWCC seemed like ‘a deal’ compared to a condo on the intracoastal/ocean. But based on all the feedback, BWCC will be a challenge to re-sell and the monthly fees will be high regardless of the base cost of a 2B/2BA.
I’ll keep looking at other communities (I really appreciate the list…) for something upscale, but not ridiculous.

[City Guy997S]

Originally Posted by beach43ofus

How do you discount a $10,000 condo? Sell it for $5,000? If so...wow! I heard of that from my best friend who lives in Boca, but geez. How do they base the property taxes off of a $10,000 sale price in Boca West?

Do you get a $283.19 annual property tax bill?

Here is one for $1......yeah $1 is the asking price!
https://www.realtor.com/realestatean...-15357?view=qv

Three are listed for $1 on realtor.com
1 for $100
2 for $1000

21 units listed for 20K or less (asking price).

[dcfas]

Yup. Buy in at BW 70k, get a free apartment. Hoa plus golf fees, though. Might be $1500/month. Some would feel it is worth it. I prefer the Jupiter area, though I am still looking myself.

[beach43ofus]

Originally Posted by City Guy997S

Here is one for $1......yeah $1 is the asking price!
https://www.realtor.com/realestatean...-15357?view=qv

Three are listed for $1 on realtor.com
1 for $100
2 for $1000

21 units listed for 20K or less (asking price).

I wonder what the property taxes are? 4 cents?

[City Guy997S]

Originally Posted by beach43ofus

I wonder what the property taxes are? 4 cents?

I looked it up! They value it at $4200 (last year it was valued at $25,500 but when the widow died they revalued it at current market).

Ad Valorem- $78
Non Ad V - 252
Total tax - $330

I still can't believe someone hasn't figured out a way to capitalize on these "practically free apartments"

[beach43ofus]

Originally Posted by City Guy997S

I looked it up! They value it at $4200 (last year it was valued at $25,500 but when the widow died they revalued it at current market).

Ad Valorem- $78
Non Ad V - 252
Total tax - $330

I still can't believe someone hasn't figured out a way to capitalize on these "practically free apartments"

There's no escaping the fees for the golf courses and clubhouses, and amentities. So many homeowners have lost their shirts in there, if there was somethat that could be done, it would have been done by now. This has been going on for 10+ years now.

I lived in a similar situation (not nearly as bad), and it becomes the single family home owners vs the multi family and golfers versus non-golfers.

The only way I could see it changing would be if the condo owners + non-golfers in single family homes could gain control of the master community HOA Board. Afterwards, re-write the rules, and get the condo owners to all vote (most by proxy) outnumbering the single family dwellers & golfers, then re-write the all the HOA docs. Make golf membership optional, then the golf courses start to go under, One by One. But the condo values would pop back up almost immediately.

This route would take an enormous amount of time and energy, and likely a 67% or 75% majority vote.

Basically, the condo owners and non-golfers are currently legally trapped into paying for the golfers' pleasure, but they should have known that going in.

Rent your unit to minimize the loss, or sell at a huge loss, and walk away. 2 very bad options. I rented our unit in a similar situation in a North Georgia Mountain resort for 4 years, then sold at a $20k loss...I felt fortunate. It took 2 years to sell!

[City Guy997S]

On the fees, it would be interesting if you could amortize the costs over say 10-15 years to see where your break even would be buying a similar condo without the club dues. 2/2 condo for 200K upfront vs. the $100 2/2 condo with 70K in first year fees. Sharing the unit/joint ownership with someone probably would be the best scenario as long as they could join as one membership fee.

I knew a couple of brothers that bought a 2/2 condo and essentially shared it for 20 years as a golf getaway. Worked out great until one brother died and his widow didn't want the condo anymore.

[DaniellaG]

Originally Posted by City Guy997S

On the fees, it would be interesting if you could amortize the costs over say 10-15 years to see where your break even would be buying a similar condo without the club dues. 2/2 condo for 200K upfront vs. the $100 2/2 condo with 70K in first year fees. Sharing the unit/joint ownership with someone probably would be the best scenario as long as they could join as one membership fee.

I knew a couple of brothers that bought a 2/2 condo and essentially shared it for 20 years as a golf getaway. Worked out great until one brother died and his widow didn't want the condo anymore.

It is not just the 70K but also the yearly dues plus HOA monthly which would be around 1600 a month for the entire time you own the condo and would only go up as years pass

[City Guy997S]

Originally Posted by DaniellaG

It is not just the 70K but also the yearly dues plus HOA monthly which would be around 1600 a month for the entire time you own the condo and would only go up as years pass

I get that, they will surely go up as the building ages but all condos have an HOA fee and rising costs as they age so that would be a linear comparison between a nice condo and a $100 Boca West condo.