55+ housing: condo or other?

[Oldbabe]

Originally Posted by tangomonster

We are a little scared in our current condo because the reserve fund isn't all that much and the board won't raise the monthly fee more than just what's needed to cover the rising costs of insurance, water, landscaping services, etc. They say that the homeowners in this community who are mostly seniors don't care about a possible assessment in five or ten years because they may not be around to worry about it; they would prefer to keep the current monthly fees as low as possible. So if an assessment is ever needed to cover a major/unexpected expense, we will have the money for it---but many of our neighbors may not, and that could get messy and interfere with repair/maintenance work....

I have a similar situation in my development. My townhome is in a HOA of about 56 others, so it's relatively small. Fifty percent are homeowner occupied; then rest are rented out. Some of that 50% are "affordable housing" that are sold or rented below market rate so that people who work in our expensive town can "afford" to live there. So we don't get much turnout for HOA meetings nor for community work days.

There was supposed to be a work day this weekend but nothing happened because no one volunteered except the board members and a few homeowners. So that's a problem because our HOA doesn't have much of a reserve at all. We barely paid all our bills last year and there's some deferred maintenance that going to come due in a year or so.

Even though my development is brand new, the HOA is underfunded and the homeowners don't want to raise the fees enough to fund the reserve for the future. I don't know what they think will happen. Maybe they plan to move before any big bills come around. Lots of them are in their 30s and 40s; only a few in their 50s like me. They all want things to go well around here and get paid for, but if you don't have a majority on the board to raise the fees then it doesn't happen.

That's my situation. I'm still debating with myself what to do. I dread moving again. It's so stressful and expensive. I'm just hoping things will get better here.

[playaman]

My wife and I actually bought a Del Webb home in one of that company's Texas developments this past weekend (in San Antonio). We looked at other "active adult" communities nearby that were actually nicer but more expensive (and further from old friends and relatives).

Although somewhat too much "me too" with respect to architectural features, I was impressed by the pure attractiveness of Del Webb's San Antonio development -- although there is a clear premium to pay for all the open space, the community center, and other amenities (including being in a gated community) vis-a-vis non "active adult" communities with similar amenities. At $100 per month, including membership in the community center (excellent fitness center, multiple swimming pools, etc.), I thought the HOA fees were really reasonable (less than half that being charged by other, more high-end "active adult" communities).

I noted with interest (but not knowing about this thread) that the sales rep made it clear that townhomes could be built if the economy takes a downtown and demand for the single-family homes diminishes. Given that three couples sought to buy the wooded, greenbelt lot that we ended up with (simply because we were first), though, that doesn't seem to be an issue for the short term.

[REWahoo]

Originally Posted by playaman

My wife and I actually bought a Del Webb home in one of that company's Texas developments this past weekend (in San Antonio).

I'll waive to you on my way to HEB.

[playaman]

I look forward to that waive REWahoo.

[HFWR]

Originally Posted by REWahoo

I'll waive to you on my way to HEB.

You don't have the waivos...

[Leslie]

Hey Playaman--
We looked at the Del Webb neighborhood too--gorgeous! I love that area, too. We're a few years out from moving again though. So, do you have to do your own yardwork?

Leslie

[playaman]

Leslie --

The house is yet to be built, but when we do move in sometime in late spring, I plan to have someone else do the mowing, edging, and grass cleanup. I enjoy working in flower beds, though, and plan to continue doing that myself. "Piddlin' in the yard" has always been a pleasant timekiller for me.

Let me know if you choose to become a neighbor.

[tangomonster]

The Atlanta newspaper had an article about Levitt 55+ communities. There were supposed to be three in North Georgia, but Levitt has decided not to go ahead with the third one. They are at the point of bankruptcy. Supposedly has to do with the general housing/financial crisis. They are unable to pay their sub/contractors. People who were supposed to close had the moving van on the road and then were told they wouldn't be closing. One community that has sold about 25% of the potential homes still doesn't have the clubhouse built after a year---and the enormous (excuse me---I guess to be current I should say ginormous!) clubhouse with all the amenities is one of the major reasons why people buy in these communities.

I don't know how this will play out. Don't know whether this doesn't bode well for over 55 communities. I do think Levitt builds homes other than for 55+.

[Brat]

My advise would be to buy after the development has been in existence 10 years. By that time contractor short-cuts should be evident, the home owner's assn mature so you can examine the financials.

Same opinion on condo buildings.