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Old 06-23-2020, 07:00 PM
 
78 posts, read 69,043 times
Reputation: 56

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Hello all, I started doing research on 55+ communities and I came across the Century Village network. Are these buildings financially stable? Any advice on where to start is welcome. Any red flags that a potential buyer should be aware of?

I've seen online that some of the units used to sell for $15-25k within the last 5-10 years. My thoughts are how can that be, how can a low buy in and low hoa support an entire network? Does Century Village itself hold a lot of debt? I'm used to the cost of living in the north, the costs on the century village units seems unusually low by comparison. 30-60k for an apartment with hoa fees under $500 is unheard of where I'm from (probably because taxes are significantly lower in fl?).

It seems like 2 bedrooms are probably 50-70k, and have likely double or tripled in pricing from previous years. Should this be a concern as a potential buyer? Most of the units on the affordable end are original and appear to be from the 70s/80s. If there are major issues such as plumbing or out dated electric does the unit buyer have to fix or building handle partial cost of upgrade repairs?


Advise on common problems in the buildings and how to spot them would be helpful.
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Old 06-25-2020, 01:12 PM
 
12,588 posts, read 14,717,519 times
Reputation: 18770
Quote:
Originally Posted by candlestix View Post
Hello all, I started doing research on 55+ communities and I came across the Century Village network. Are these buildings financially stable? Any advice on where to start is welcome. Any red flags that a potential buyer should be aware of?

I've seen online that some of the units used to sell for $15-25k within the last 5-10 years. My thoughts are how can that be, how can a low buy in and low hoa support an entire network? Does Century Village itself hold a lot of debt? I'm used to the cost of living in the north, the costs on the century village units seems unusually low by comparison. 30-60k for an apartment with hoa fees under $500 is unheard of where I'm from (probably because taxes are significantly lower in fl?).

It seems like 2 bedrooms are probably 50-70k, and have likely double or tripled in pricing from previous years. Should this be a concern as a potential buyer? Most of the units on the affordable end are original and appear to be from the 70s/80s. If there are major issues such as plumbing or out dated electric does the unit buyer have to fix or building handle partial cost of upgrade repairs?


Advise on common problems in the buildings and how to spot them would be helpful.


Old buildings can get expensive if the HOA doesn't have enough cash in reserves. CV is generally full of older people on a low fixed income so they will never vote to raise HOA fees for extras unless it is absolutely necessary.

Be careful of 2nd floor and above units with no elevator, nobody wants them as an elderly resident.

I wouldn't expect a windfall profit selling a unit in CV.
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Old 07-18-2020, 09:04 AM
 
Location: The Bubble, Florida
845 posts, read 262,877 times
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I'm looking at the Zillow listings for the CV in Century Village right now. The lowest ones are in the $40K's and are all 1 bedroom, with either 1 or 2 bathrooms, on the 2-floor walk-up buildings with no elevators. These units are small with the smallest being 580sf and the largest 785sf.

There are some under $75 in the 4-level units with elevators to each floor, but those are also 1 bedroom, with 1 or 2 bathrooms.

The units in the 80's, tend to be all elevator-access 4-level buildings, with the smallest units at 785 sf and the largest over 900sf.

A golf course view off the balcony is a major selling point that adds to the value of the units.'

The public record for one specific random property (4026 Ventnor Drive, Unit H, shows that it was originally sold in 1988 for #45,571. Then sold in 2004 for $80k. Then for $78.5 in 2012. Then it was listed $89.5 in 2020, and is available for sale at that price now. So it doubled from its original price back in 1988. That's pretty typical of the housing market in the USA, nothing out of the ordinary at all.

That's just Deerfield beach. So I'm not sure which ones you're looking at.

The reason they may have sold so cheap is because the people who lived in them were probably dead, and had no mortgage on them. The adult kids who inherit them don't qualify to live in them (these are senior community condo units) or don't want to live in them, so there's really nothing they can do with them, other than continue paying HOA fees and taxes.
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Old 08-31-2020, 04:58 PM
 
78 posts, read 69,043 times
Reputation: 56
Quote:
Originally Posted by Ghaati View Post
I'm looking at the Zillow listings for the CV in Century Village right now. The lowest ones are in the $40K's and are all 1 bedroom, with either 1 or 2 bathrooms, on the 2-floor walk-up buildings with no elevators. These units are small with the smallest being 580sf and the largest 785sf.

There are some under $75 in the 4-level units with elevators to each floor, but those are also 1 bedroom, with 1 or 2 bathrooms.

The units in the 80's, tend to be all elevator-access 4-level buildings, with the smallest units at 785 sf and the largest over 900sf.

A golf course view off the balcony is a major selling point that adds to the value of the units.'

The public record for one specific random property (4026 Ventnor Drive, Unit H, shows that it was originally sold in 1988 for #45,571. Then sold in 2004 for $80k. Then for $78.5 in 2012. Then it was listed $89.5 in 2020, and is available for sale at that price now. So it doubled from its original price back in 1988. That's pretty typical of the housing market in the USA, nothing out of the ordinary at all.

That's just Deerfield beach. So I'm not sure which ones you're looking at.

The reason they may have sold so cheap is because the people who lived in them were probably dead, and had no mortgage on them. The adult kids who inherit them don't qualify to live in them (these are senior community condo units) or don't want to live in them, so there's really nothing they can do with them, other than continue paying HOA fees and taxes.
I've noticed a few flippers in these units. I stopped looking due to covid.
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