| Name: |
Bamajedi
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| Subject: |
Need some help with condos
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Date:
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4/25/2013 12:37:50 AM
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We've been thinking about getting a condo at the lake (don't really want a house due to yard and other maintenance). I know that condos have monthly fees associated with them. We are looking primarily within Stillwaters and I'm hoping someone could give me some information about the fees. What is the average reasonable fee for the area and what do these fees usually include? I'm assuming that property tax and building insurance are covered by the fees?
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| Name: |
John C
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| Subject: |
Need some help with condos
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Date:
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4/25/2013 9:42:59 AM
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The fees vary greatly, depending which condo complex you are talking about. If they are inside Stillwaters, they all must pay a Stillwaters Association Fee that's like $500 a year, and the SW Fire Dept Fee is like $200 a year.
Then you pay fees to your particular condo association. They range on the high end from 250 a month to low end of about 150 a month, approx. Yes, they do usually include tax and outside insurance. As an owner you should get insurance on your contents, that is similar to renter's insurance. Some include cable, others don't. It's very much a condo complex by condo complex situation.
When I am helping condo buyers I always get the association documents before closing for their review, so they can confirm that they approve of everything.
Hopefully these videos will be helpful, here's a video tour of Harbor Pointe, I shot it about 3 years ago:
http://youtu.be/D8itsvwdm4U
Also here's a video on Villas On The Harbor:
http://youtu.be/Nglfnv4ylBg
Also, here's a tour of Crowne Pointe, even though it's not in Stillwaters, it's a condo, FYI:
http://youtu.be/H7OPMzq1fOk
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| Name: |
GoneFishin
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| Subject: |
Need some help with condos
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Date:
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4/25/2013 10:51:14 AM
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It is my understanding that the fee does not include your property tax. It does include insurance on the outside of the building and the common area. You are responsible for insurance on the inside of the unit. Stay away from any complex that allows short term rentals.
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| Name: |
Weatherly
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| Subject: |
Need some help with condos
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Date:
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4/25/2013 12:35:53 PM
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I sent you an email
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| Name: |
John C
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| Subject: |
Need some help with condos
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Date:
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4/25/2013 1:05:42 PM
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Gonefishn brings up a good point. The property tax associated with the land and the structure of the building up to 1 " away from your sheetrock - this is covered by the assocation fee. The property tax value of your unit itself (usually defined as your sheetrock in) - that is not covered. You will get a bill for that from the assessor.
But I stress - all associations are different. The key thing is to get a copy of all HOA documents and financial records for your review ~before~ you close, for the particular unit you have under contract.
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| Name: |
lucky67
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| Subject: |
Need some help with condos
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Date:
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4/25/2013 4:49:58 PM
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make sure you request//review current budget//reserves//assessments//any pending legal issues; some projects can get "underrfunded" which can lead to increased HOA fees//assessments--especially those projects that have been issue of foreclosure by the lender
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| Name: |
Bamajedi
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| Subject: |
Need some help with condos
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Date:
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4/25/2013 5:49:36 PM
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Great info folks. The whole condo approach is new to me and I'm about scared off at this point ;) I live in Pelham and frequent the lake often in the summer but I really need a place for the family to crash after a long day on the lake. It appears like condos, mixed with the ever worsening economy, may be a bad route to take.
The unfortunate part to living out of town is that I don't know the scoop on many of these places. From here, a place might look promising, while every soul in the lake area knows that the place in question is going down the drain.
Are there any condo options that people would recommend? Any areas that offer nice vacation properties that don't cost a lot? Anyone know of any property that might not have direct waterfront yet have a short walk to a dedicated dock (I have a 26ft pontoon that I keep at the ridge). At this point I'd want to stay below $300K and probably less for a condo due to fees.
I really appreciate the help since I don't really have any contacts at the lake and I'm hesitant to trust a realty company
Thanks!
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| Name: |
Jim Dandy
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| Subject: |
Need some help with condos
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Date:
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4/25/2013 7:01:03 PM
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Suggest you give John C (replied to you above) a try.
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| Name: |
itisd
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| Subject: |
Need some help with condos
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Date:
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4/25/2013 8:37:36 PM
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I don't like condo's on the lake !
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| Name: |
wix
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| Subject: |
Watch out
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Date:
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4/25/2013 9:39:57 PM
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Several of the condo developments have gone thru bankruptcy the past few years, and the future is very iffy for them. While the price may seem like a real deal you need to watch out for the " investor owners" who care less about the development, they just want to turn a fast buck. Banks still control some of the developments...bad. Suggest you look at cabins. You can find some in the $300K range that would be a much better deal, and investment. Condos, generally have been a flop at Lake Martin.
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| Name: |
roswellric
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| Subject: |
IMHO
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Date:
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4/25/2013 9:54:18 PM (updated 4/25/2013 9:56:18 PM)
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Make sure you do the following before buying any condo or townhome:- Get an inspection and reserve replacement projection of the entire project from someone that is knowledgeable with multi-family projects.
- Get a copy of the balance sheet of the association.
- Examine the reserves of the association to see if they make sense with #1 & 2
- Read the association documents.
.
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| Name: |
John C
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| Subject: |
Watch out
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Date:
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4/25/2013 9:56:56 PM
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I have to respectfully disagree with Wix on a couple of statements:
"some are under bank control" - of the waterfront condos, off of the top of my head, I can only think of one (Stoneview Summit) that could possibly be under bank "control" if you define control by ownership of a majority of units. In the case of Stoneview Summit, I could even be wrong on that one, so please don't quote my guess as fact. I don't have exact knowledge, but my guess is that most of those units are not owned by the bank. Other than that, unless someone can correct me, I can't think of another one.
"condos have been a flop at Lake Martin" - I know people who have owned condos at Lake Martin for a very long time and enjoyed them. They would not consider their condo a flop. They are folks that place a priority on convenience, or upkeep, or pools, or some other aspect that they like. One thing I learned quickly about selling real estate, people are different. They want different things in a lake place. They like different areas of the lake. Vive le difference.
"investor owners" - are not inherently evil, in condos or elsewhere. I can point to a lot of people that "invested" in homes or lots during the boom that lost more than their shirt. I can also point to myself that was an investor in some bank stocks that are now worthless. If I had invested that money in a condo, at least I would have a condo, instead of $0.89 per quarter in dividends.
This all gets back to my original statement. For any condo, insist in writing about getting the HOA documents and financials. Also - for a home or lot purchase - watch out, too. Do your homework, get help, and get a good deal.
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| Name: |
Ulysses E. McGill
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| Subject: |
[Message deleted by author]
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Date:
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4/26/2013 3:49:04 AM (updated 4/27/2013 10:00:22 AM)
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| Name: |
TotheLake
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| Subject: |
Need some help with condos
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Date:
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4/26/2013 7:58:47 AM
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When we were looking for a new place on the lake in 2005 we looked at some townhouses and realized they aren't for us. It wasn't the fees but we realized that we tend to spend all of our time outside at the lake when we are there and we like to grill out and have friends and family up. In the townhouse the only place you could go is out on the small deck or in the common area if it wasn't already taken up by another family. We haven't regretted buying a house. Yes, it does take a little maintenance but very little. The yard takes 20 minutes max to cut, we keep the house clean and at the beginning of the summer we wash the decks, etc and get it ready for summer. We have our own boat slip, boat ramp, the boat can float in the water until at least mid November for those times the weather is still warm in October and November. The best part is we don't have to pay anyone any extra fees to use the property.
Good luck with your decision!
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| Name: |
Whatever
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| Subject: |
Need some help with condos
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Date:
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4/26/2013 8:38:27 AM
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I suggest you check out Marina Bay Condo at Blue Creek bridge. Small complex which is well run with excellent leadership.
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| Name: |
wix
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| Subject: |
Need some help with condos
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Date:
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4/26/2013 9:54:44 AM
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Is that the one on the side of hwy 49, with the travel trailer rental space?
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| Name: |
bhamtiger
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| Subject: |
Need some help with condos
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Date:
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4/26/2013 1:32:20 PM
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you may want to consider renting a few times this summer at some different places on the lake, almost every complex has someone that rents on VRBO. and the rates aren't bad. we did that for two summers before we bought our condo. got to know the people a little and each complex, see how convenient they were to places on and off the lake we like to frequent and talk to the owners before we made a decision. as for the HOA dues. my complex charges 200 a month, and for that I get cable, internet, two pools a boat slip a grilling area and a boat storage locker along with not having to deal with cutting grass, etc. I pay 150 a month at my house in bham for just internet and cable. so to me it is not a bad deal. I've been very happy with our purchase but I was lucky and bought after the bubble burst. my two cents, take your time and check some places out before you rush into anything.
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| Name: |
Bamajedi
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| Subject: |
Need some help with condos
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Date:
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4/26/2013 3:08:07 PM
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It sounds like you might be referencing Crown Point condos. If so, we stayed there last summer. It was nice although I was surprised to find that I had to carry my big ol cooler down stairs to get to the boat. $200 does sound reasonable for those perks though. If you I'm wrong about the condo, please let me know what property you purchased.
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| Name: |
bhamtiger
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| Subject: |
Need some help with condos
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Date:
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4/26/2013 3:16:28 PM
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I've stayed at crown point before, and they are nice units in a great spot on the water, but we ended up buying at north lake, for me it was 30 minutes closer to home, much better price, and very close to grocery stores of alex city. also got a 3 bedroom unit for a less than we could get a 2 bedroom at crown point. not on the most glamorous part of the lake, and not as nice of construction as crown point, but it fit all our needs and we have been very happy there. it is also very close to river north marina which has been nice too.
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| Name: |
bhamtiger
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| Subject: |
Need some help with condos
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Date:
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4/26/2013 3:22:10 PM
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one other note, at North lake, one key consideration is the boat slip. I got lucky and rented my unit before I bought and knew it had a good slip. many of the slips are not good, I would like buy any unit that came with a sea wall slip. from what I remember all the slips at crown point were good slips.
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| Name: |
Bamajedi
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| Subject: |
Need some help with condos
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Date:
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4/26/2013 5:13:03 PM
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I've taken the boat up to hwy 280 area and it is a pretty long cruise from the ridge! I've considered that area for the same reasons you mentioned. I keep telling myself that gas is cheaper driving by car than boat. I usually drop anchor near sand island or the blue creek area. One concern I have with Alex city area is that I'll probably be far from home when that big thunderstorm hits, which is quite often in summer. Being close to shopping and dining would be a huge plus especially with two little kids. I'll look into that area though
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| Name: |
Whatever
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| Subject: |
Need some help with condos
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Date:
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4/26/2013 10:11:07 PM
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Yes but the trailer area is not part of the condo's
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| Name: |
muddauber
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| Subject: |
Watch out
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Date:
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4/27/2013 11:06:04 AM
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Regarding Stoneview Summit. The banks (now 5) lawyer "owns" the condos. After the original bankruptcy settled several years ago, the banks could not legally purchase them, so their lawyer did. Stoneview Summit has not been in bankruptcy for sometime. They turned the association over to the owners, so the banks really have no say on the daily operations nor budget nor reserves. However, they via their lawyer are responsible for all the land not yet developed.
The thing about condo associations "health" is not just the budget but the reserves. A healthy association should be putting at least 15% of its budget into reserves which is something I do not believe most of them do not do. Most do the required min of 10%. Those will very likely have special assessments in the future especially as so many do not do a lot of the annual maintenance to cut down their fees.
The StillWaters fire dues are really a tax. $100/yr for home owners (includes condos).
My 2 cents worth. In StillWaters, I'd recommend only one association. Villas on the Harbor. Yep, the oldest one around here. Yet the association is run well and Ralph Hudson built em right.
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| Name: |
leebo
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| Subject: |
Need some help with condos
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Date:
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4/28/2013 9:29:30 AM
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Have a friend that owns at Sunset Pointe and he is very happy
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| Name: |
cstewa
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| Subject: |
Need some help with condos
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Date:
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4/29/2013 3:46:28 PM
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bamajedi, You will not regret getting hooked up with John C. and letting him show you all the options. No pressure nice guy.
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| Name: |
John C
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| Subject: |
thx cstewa ! /eom
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Date:
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5/7/2013 1:45:47 PM
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