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.
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.
Future Home Realty
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.