Home Buying in Dunedin>Question Details

Thanks In Ad…, Other/Just Looking in Boca Raton, FL

I have heard that some condos in Dunedin are land lease. What are some 55 condos in the lower price ranges that are not land lease?

Asked by Thanks In Advance!, Boca Raton, FL Sat Jan 12, 2013

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I have contacted our land lease company and asked them to explain what labor statics they use to calculate our land lease yearly. I sent them a copy of our contract from 1970 when our condominiums were built. I also inquired how i can find out if I have over or underpaid my land lease. I did this is February 2014; made 3 more requests; sent a letter return receipt requested and have not heard from them. who in Florida can help me get this information?
Thanks
Nancy Dunedin FL
0 votes Thank Flag Link Thu Apr 17, 2014
Annette, not sure if you're aware how pejorative the term "trolling" is--and that it does not accurately describe what I'm doing, which is simply gathering information (which various websites and people are generous enough to freely provide) to narrow down my search. That way, when I do contact a realtor, it will be because I already know that the type of property I want is likely available in their area and I can be specific about what I'm looking for (and be willing to move quickly and decisively because I'll already know from my own research that I'm not likely to come across anything better).

On the land-lease issue, I don't think these are a good deal for a 55-year-old who is trying to find a place to remain in for the rest of their life (or for as long as they can manage to live independently). It seems like a great deal for someone now 55 who doesn't intend to stay for very long anyway, or for someone now in their late 70s or older who wants to live out their life in that home. Even though I have a few relatives who lived till their 90s, and one who passed 100, none of them reached 111, so my concern would not be outliving the lease but rather that 25 years from now, when I'm around 80 (and perhaps not in a position to go looking for a new home), will my surroundings be good given that at that time younger seniors will not be drawn to a community whose lease will quite possibly be up within their lifetime.

Thanks to everyone who responded--this info is very helpful!
0 votes Thank Flag Link Mon Jan 14, 2013
Heather Ridge, Scotsdale, Skye Loch and Pinehurst Village are not land leases.

Douglas Arms,Heather Hill, Heather Lake and Patrician Oaks are land leases.

These communities all have units in the $30-60K range.

As Annette stated, find a full time professional realtor you are comfortable with. They will go over all your needs and options, first to see if it is feasible and second, if so, to make sure you don't miss out on an opportunity.

I feel an informed client makes the best decisions regarding their real estate needs. Let me know if I can be of assistance.

Sincerely,

Pam Cohn
Broker Associate, GRI, SFR, NHS
Real Estate Consulting, Marketing & Sales
Prudential Tropical Realty
2539 Countryside Blvd #3 Clearwater, FL 33761
pcohn@prutropical.com
727-204-7155
0 votes Thank Flag Link Mon Jan 14, 2013
You are correct, there are LOTS of land lease condos in FL,
Land leases keeps the price down for those who are looking for low cost housing.
Most of these lease do no mature until approximately 2069 in North Pinellas County. That means a 55 year old buying today will be 111 years old before the land lease expires. That is placing a LOT of hope on Obama Care.
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Most of these land leases are in age restricted communities.
Some alllow pets, many don't.
Some allow leasing, some don't.
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As you have properly concluded, if the price is 'too good to be true' there may be an issue that makes the valuation appropriate.
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It is important to know your needs and choose what makes the most sense to you. You would be well advised to work directly with a real estate professional. As you have experienced, everyone is looking for exactly the same condo for which you are looking. It becomes very easy for an agent to place their buyer directly onto one of these properties. Trolling aggregate websites will not allow you to spot the deals before they are long gone.
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There are a number of communities that you will find allow you to celebrate all that Dunedin has to offer. The REAL issue is your definition of "lower price range.' Too often this is an unrealistic objective. The Florida real estate fire sale ended two years ago.

Best of success
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420.4041
0 votes Thank Flag Link Mon Jan 14, 2013
Thank you both for taking the time to answer.

My price range...well, the lowest priced condos that were coming up when I searched on Dunedin seemed too good to pass up until I learned that some are land lease. For my situation, I'm better off renting unless a very low-priced home turns out to have no major downside.

I know I'm looking for a needle in a haystack, but when I see some of these low prices, I figure it doesn't hurt to look into them just in case I might find something.

Thanks again!
0 votes Thank Flag Link Sun Jan 13, 2013
What do you mean by "lower price range"?
0 votes Thank Flag Link Sun Jan 13, 2013
I see the agents Lois & Bill Szydlowski Tampa Agents mention Douglas as not Land Lease, but Douglas Arms is Land Lease. Helen Maday - Realtor @ C. RUTENBERG REALTY 727-492-2773
0 votes Thank Flag Link Sun Jan 13, 2013
there are 32 condos in Dunedin that are not land lease, at least from the MLS data which may or may not be correct. They are Pinehurst, Douglas, Edgewater and Royal Stewart. Let me know if you would like me to email you the list.

Bill Szydlowski
813-323-4443
0 votes Thank Flag Link Sat Jan 12, 2013
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