Arleen Hammel…, Home Buyer in Sanford, FL

Condo club fees

Asked by Arleen Hammel Radner, Sanford, FL Wed Apr 23, 2014

There are a few 55 condos here in Florida that require membership in the condo club at rates of around $70,000 and $81,000. Do they ask for a lump sum or payout over time? If a lump sum, how in the world does anyone buy or sell property in these places?

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Answers

3
This would be a lump sum payment that cannot be financed within a mortgage loan.
Equity Communities are very popular here and they do sell and buyers do buy and pay the membership fee.
1 vote Thank Flag Link Wed Dec 3, 2014
They just purchase or sell their properties, just like any other property.
0 votes Thank Flag Link Wed Dec 3, 2014
Membership has it's privileges.
Here in Palm Harbor area, such a community offers a environment much like the 'DISNEY' experience with water parks, pools, adventure recreation and the mandatory championship golf course and country club. Let's not overlook the other amenities such as concierge services, fitness, and executive office space and meeting space available for those executives freed from brick and mortar requirements.

The builder often pays the cost for the first year in new construction environments. After that, market prices and acceptance prevails.

You would be truly surprised how many are CASH purchases.Where did the money come from? Well tended IRAs. Where do the buyers come from? All over the world.
0 votes Thank Flag Link Wed Dec 3, 2014
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