Lisa Richards, Home Buyer in Alburg, VT

Why have property values in Cory Lake Isles dropped so significantly compared to other areas in New Tampa, such as Arbor Green?

Asked by Lisa Richards, Alburg, VT Wed Jan 18, 2012

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Answers

7
Lisa,

While both Andrew and Liane are correct, the fundamental underlying reason that Cory Lake Isles values are lower has to do with a combination of factors that began with the homeowner lawsuit. During the building boom, the developer was in charge of the Community Development District (CDD) and did not carefully account for all expenditures which was the underpinning of the lawsuit. Once control changed over from the developer, many deficiencies were uncovered including unmetered and unbilled city water usage for a period of nearly 10 years.

Additionally many investors sought properties in the community expecting to flip for a quick profit, but when the market turned, it bit very hard in Cory Lake Isles due to the very large annual CDD expense (approx. $4,000) per year making the community more expensive to live in for comparable homes. The result was the natural effect of supply and demand, the economy and the banks wanting to rid themselves of the homes quickly no matter what the cost.

The great news is that the new CDD officers over the last three years have done an exceptional job of managing the resources and taking corrective action within the community to insure financial solvency and the quality of life expected. This is despite the fact that one the primary builders owes 3 years worth of assessments on lots it planned to build on. Also during this time, the CDD was able to repurchase land for pennies on the dollar that had been intended for a condo development, but is now being explored for other uses such as a water park or other amenity.

The community is a wonderful place to live and is really on the mend financially which is why there are only 22 active homes for sale as of the time this was written.

If you are wondering how I know, I live in Cory Lake Isles.

Please contact me if I can be of any further assistance or if you have any more questions about the community.

Nadia
2 votes Thank Flag Link Wed Jan 18, 2012
One of the biggest problems with this community is the facade of safety. The roads are all public and no one can be denied access, however some people are and once this is common knowledge, I feel not only will there an influx of people just driving through the neighborhood but possible lawsuits do to violations of public rights.
0 votes Thank Flag Link Thu Jul 17, 2014
were there any problems structurally with the homes to lower the values? I love the homes in there, they look unbelievable online for the price. Did they cut corners in any of the lawsuit issues?
0 votes Thank Flag Link Mon Aug 5, 2013
Hi Lisa.

Great question. And Kudos to you for doing your homework and asking such a great question. I know it may seem a bit biased that Nadia lives in Cory Lake, but her answer is SPOT ON, truthful and well defined. What better answer then one from a Resident Realtor who knows the intricate details of the community?

Thank you Nadia. You offered some very valuable information for Realtors as well.

Regards,
Charlene Weston
Realtor/Team Leader
Weston Group
0 votes Thank Flag Link Wed Feb 15, 2012
Thank you Nadia. Your answer here is a big help to a buyer that I'm working with who is asking about Cory Lake Isles. They love the look of the homes here but I was a little hesitant about the community because of the issues with the association and the developer. It sounds like things are closer to getting worked out than I had hoped. Great response!
Lea Lagueux
Future Home Realty
0 votes Thank Flag Link Tue Feb 14, 2012
Hello Lisa,

Liane is correct. There were some homeowners who sued the developer. A lot of the communities developed during the real estate boom were hit harder by the crash because they were not as stable as older communities. There tend to be more foreclosure and short sale in communities developed during the boom, especially communities with high CDD fees like Cory Lake Isles. When CDD fees are too high communities become less desirable to live in.
0 votes Thank Flag Link Wed Jan 18, 2012
Google "Cory Lake Lawsuit". That community faced some issues with the CDD early on and I think that may have caused many people to sell or go into foreclosure, along with the fact that it was built during the boom and many communities that were built in this time period are struggling. Arbor Greene is a bit older.
Web Reference: http://www.lianejamason.com
0 votes Thank Flag Link Wed Jan 18, 2012
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