Home Buying in Clearwater>Question Details

tw, Home Buyer in Clearwater, FL

Grand Venezia/Bellagio update?

Asked by tw, Clearwater, FL Thu May 2, 2013

I am a Canadian looking at the Grand Venezia/Bellagio condos as a vacation home, and would like an expert to update me on the situation there. Is it true that there are still high vacancy rates? On the MLS it’s showing HOA fees of 400-500; are those accurate? Would this community work for me if I don’t plan to have a car? Thanks in advance :)

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BEST ANSWER
Hi TW,

I've lived at the Bellagio since 2004 and am very familiar with the property. No, there are not high vacancy rates and we have very few listings, either for sale or rent. Yes, the HOA fees are in that range, but the amenities are way above average.

It may not work if you don't have access to transportation, unless you like fairly long walks or bike rides.

If you want more in-depth information, please give me a call.

Leslie
727-688-7988
0 votes Thank Flag Link Fri May 10, 2013
Grand Venezia is under going reconstruction at an original estimate cost of $10.5 million. There is a pre-approved loan of $5 million and assets of about $3 million to invest in the reconstruction. This leaves about $2.0 million in unfunded liability for the project to continue. There are 12 buildings to be repaired. Three are in progress. Currently the cost of reconstruction is running near $100,000 per building over the budgeted amount. If this trend continues the additional funds needed will be closer to $3.3 million dollars. Currently the condo fees average about $500/month. This is expected to increase to make up the funding deficit.
1 vote Thank Flag Link Thu Jan 21, 2016
Do they anticipate the HOA fees going back down after the bank loan is paid off? I have my eye on a unit there. It is one of the larger ones so the fees are 735 a month. I'm worried it may affect my ability to sell later on. I plan on keeping it for at least 12 years so I am hoping the fees would be lower if I decide to sell after the construction loan is paid off. Also, do you know the progress on the CDD tax? It appears Grand Venezia pays this but Bellagio does not. Thank you.
Flag Fri Jan 29, 2016
I have vacationed here it's lovely. The condo fees are now $590 a month! Rediculious!
The area Strip Malls are vacant! Restraunts Closed! It's 20 minute drive to the Beach! In 5 years you have paid for 2 condos! I am looking else where! Sadly.
0 votes Thank Flag Link Wed Feb 4, 2015
The Condo Fees are now $590 a month that's the most rediculious cost factor, most of the strip malls are empty.
It's a 20 minute drive to the beach. The place is beautiful, but in 5 years you have paid for 2 condos!,
0 votes Thank Flag Link Wed Feb 4, 2015
Hi there - I'm also a Canadian looking to buy in that complex, however, it is ranked as a high risk investment. Not sure you are aware, however, there is a construction defect lawsuit currently in progress against the builder which could impact the HOAs over the next few years. Additionally (sorry to be the bearer of bad news - but have to do my research) back In 2010 Grand Venezia property, Building 2 in March had a documented mold problem and ownership was in the process of removing exterior walls and correcting the problem - not sure where they are at with this.

Do you have any other information on your end?
0 votes Thank Flag Link Sat Aug 31, 2013
EF,
Where did you get your info on the construction defect lawsuit?
Frank C, Prospective buyer
Flag Fri May 1, 2015
Hi
Building 2 was indeed stripped of the outer shell and had all water intrusion issues remediated. The community is great, we have lived there for 4 years and purchased a 2nd unit this year.
Flag Sun Feb 2, 2014
No one will present you better Grand Bellagio then I since I reside there for over 9 years, as well as this is my primary market area.
I would answer all your questions
Leo Meyerkov
727-504-0810
0 votes Thank Flag Link Thu May 30, 2013
Rod: You buy or live in a unit, You unite with your family and friends.
0 votes Thank Flag Link Sat May 4, 2013
Im not sure what you mean by that.. can you please clarify?
Flag Sat May 4, 2013
HI TW,

You are looking to purchase a unite at one of the most exclusive condominium complex in clearwater,the occupancy rate is not that big if you consider the size of the comunity. HOA fees are $400-$500 depending on the size of a unite. Need more info call me at your convenience.



ROD KUZMANOSKI

Keller Williams Realty

Cell:727-657-3488

Webb:http://www.mlsfinder.com/fl_psar/radovankuzmanoski/
0 votes Thank Flag Link Thu May 2, 2013
Hi TW,

I'd love to fill you in! You may contact me directly for information about this community.

Linda Mann
Realtor, REMAX All Star
727-422-0069, Mobile
lindamann1@live.com, Email
0 votes Thank Flag Link Thu May 2, 2013
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