Because depending upon the amenities offered. Example does the complex have a pool? Does the location have a guard & a gate 24/7? Does the property for sale have private streets? Is the area considered to be low crime? Does the listing have a club house that can be rented by the homeowners for a nominal cost?
All of these things are factors to consider when purchasing a home, condo, townhouse. Is the area considered to be exclusive. Is there a fabulous view of the mountains? Is there a work out room available and maintained correctly for the residents?
These factors can make or break an association fee. Association fees can vary from nominal $28.00 per month. (Rivers Edge) To all the way up to over $750.00 per month for Westin La Paloma (Homes) or even some of the Townhouses located in the Hyatt Conquistador area. So yes, there is a distinct reason why they do not discuss Association Fees. They can change your bottom line number immensely or insignificantly. *PLEASE NOTE: All Real Estate Agents that work for reputable firms that have the proper licenses are obligated by law to disclose the Association Fee to the prospective buyer. You must ask the Agent what the costs are associated with the Association Fee, also what is provided by the Association? They will give you a complete listing of what is included. Painting, Roof Maintenance, Paving of Streets and Alleyways, or even just maintenance of the common areas. All of these things can have a profound effect on the monthly or yearly association fee!
TIP: If you are going to pay your Association Fee in advance, say for 1 full year. Instead of paying the bill monthly, you are possibly putting your funds at risk. If the Association gets sued, if a judgement is issued by a court with Jurisdiction over the area. Those are the funds that they take first. So you could lose your Association fee that you pre-paid.
Also to be on the "Safe Side" most homeowners & rental policies have riders that can be added to protect you, in the event that the 'Association' does get sued. This therefore limits your liability, and may prevent you from losing a great deal of money in the future.
"I am sorry if I have been a bit long winded. Just wanted to make sure that I answered the group's question sufficiently enough for prospective buyers to be able to make an educated determination about the factor of Association Fees. It can really make or break a property purchase/sale. So CAVEAT EMPTOR or BUYER BEWARE! Make sure to have an attorney or a trusted advisor go through all the paperwork with a fine tooth comb. Many Associations can put limitation or deed restrictions onto the Association. Like wether or not the prospective property can be rented out in the future or not. So yes, it is very important to factor in HOA or Homeowners Association Fees." In conclusion, another factor that can come into play is does the HOA have an Association Management Firm that has a manager for the property? If the answer is yes, it is good in that you will have, hopefully a good manager who is responsible and educated in all the applicable laws for your state. The 'Management Firm' continues to send their employees (your property manager) for continuing education, & has a license issued to practice, Property Management in your state. This is crucial as the laws in all 50 contiguous United States and all of our other US possessions have laws that change or are updated on a regular basis. Association Management Laws are like the Constitution or the Bill of Rights, as they are "living documents" that change as the social changes in society occur. This is done to protect your Homeowners Association and also to protect you the prospective buyer/homeowner.... more
Now is definitely the time to buy--interest rates, prices. Inventories are declining which will start pushing up prices. And I have been working with buyers for the last couple of weeks and we are finding a shortage of 'quality" homes--homes that don't need a lot of work to bring them up to current standards.... more
You could hire an appraiser to appraise the property for you. This will cost you a few hundred bucks. You could also ask a local REALTOR to run some comps for you. You would need to work with a REALTOR with experience on land.
Another thing to consider is whether or not the land is in a development that is selling similar parcels. You could call the developer and find out how much the land is being sold for.
I hope this helps.
Jose Dias, REALTOR
Realty One Scottsdale... more
Hello...The prices in Stone Village have come down significantly by 30 to 40% from the highs. As of today all homes in Stove Village are in escrow.
There is currently a bank owned home in escrow on Lone Mesquite in Stone Village ....2543 SQ.FT. at $369,900...which is listed at $145.46 SQ.FT. I have seen it and it needs work. The backyard faced North with a Tortolita Mountain view. We shall see what it closes at but am sure it will be for less $ per SQ.FT.
Across the street on Lone Mesqutie there is an owner occupied home in escrow....2528 SQ.FT. at $479,900...which is $189.68 per SQ.FT. I have seen it also and it is beautiful and in perfect condition...it has a guest house and pool with views. No final sales price yet as it just went into escrow today.
Another home on Par Four is in escrow (regular sale not bank owned or short sale)...3114 SQ.FT. at $430,000 ...$138.09 SQ.FT. I have also seen it and it is in great condition. Nice mountain view.
The most recent closing was a bank owned home on Par Four which closed in January. It was a 2528 SQ. FT bank owned home closed at $314,000 which translates to $128.13 per SQ.FT. Not a reall good lot...it was an interiour lot with a wall and home behind...no view from the back yard.
Each home needs to be evaluated as to condition, location and size. A good buyers agent will help you evaluate and determine the value and the right offer to make.
Lindsay L. Liffengren
You certainly picked an interesting area to consider buying in. Price per sq. ft. is one of the considerations as is the direction your yard faces. in many cases a north or east facing back yard will add to the value, views are another factor and of course the condition of the property. How is the curb appeal, does it require attention? First impression when you enter the home, appliances and other factors. Have you has report on recent sales of similar properties in the immediate area.These are all areas that your Realtor can help you with. I suggest it is important to work with a Realtor whose service can be very valuable.... more