Property Q&A in Fort Myers>Question Details

Michelle Ste…, Home Buyer in Fort Myers, FL

Is the homeowners association strong and well funded for this property?

Asked by Michelle Stewart, Fort Myers, FL Sun May 17, 2009

This question is about this property:…

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Hi Michelle, If you are interested in property at Musa on Eagle Ridge then I would suggest calling on the office at Musa and make your inquiries to the Board of Directors of the HOA. All information is public information. This is a very large community and plus this particular developer is in multiple cities. I pass by the property often and the property still gives a luxurious impression. The pricing on the unit you are looking at is great compared to what I was selling units in there for 1 1/2 years ago. (About $70K less) Please keep in mind this is a short sale price just to move inventory. A non-distressed property will not sell that low. However, the short sales are pressuring the average pricing of homes and condos downward. This trend will level out very soon with the inventory dropping and the daily MLS listings starting to slow down. The Florida market as well as others have always gone through adjustments. This has been a major one because of the stress our financial market has gone through. Buyers are starting to pour money into homes rather than the stock market. Now the banks are getting cash for homes they don't have to hedge. The big thing to look for when researching HOA's is what is the maximum increase % of dues per year? And how are reserves being maintained? Are they foreseeing assessments as a means to support the lack of paying homeowners? You need to weigh the difference between the cost of the monthly HOA and assessments and/or master association fees against what your single family home will cost you to maintain it with the same types of benefits. For example, I live in a community with an HOA of $106 per month. I know it sounds cheap. But it covers the gate, trash removal, community upkeep and maintenance of common areas, a clubhouse with pool, tennis, basketball courts and playground. I still have to pay for my lawn maintenance and shrub replacement, painting, water, insurance, house painting and roof replacement. Whereas, your condo HOA includes all of that. Hope this helps a little.

Sarah Garrett, Realtor
"Chosen Best in Client Satisfaction 2006-2008 by Gulfshore Life Magazine"
0 votes Thank Flag Link Sun May 17, 2009
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