Home Buying in Naples>Question Details

Jon, Home Buyer in Germany / UK

We are looking with interest at buying a property in the Andalucia community in Naples. This community is

Asked by Jon, Germany / UK Tue Jul 22, 2008

only 33% finished. Is this a sensible option to consider? what could happen on the rest of the land that has not been built upon yet?

All advice/views are wlecome!!

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Answers

6
Hi Jon
I like to think out of the box. Although, there are a lot of empty lots and Andalucia is only a1/3 complete which is definatley the down side of that situation. but from another perspective the increased cost of HOA fees, and the fact that the developement isn't finished may work to your advantage. If the properties there have been bought at a higher price, the current inventory is at a lower price; the inabilty to sell them at the lower price creates a favorable atmosphere for short sales. If there are short sales available they would give you leverage in negotiating with the bank. The amount of discounted price would definately off set any increased HOA
0 votes Thank Flag Link Fri Aug 22, 2008
Jon,

Daddy always said "Pioneers get arrows in their backs!" The other REALTORS give great advice. There is no hurry unless you are going to have a mortgage (rates are headed UP). Lots of great produce on the market.

phillip.moody@PrudentialNetworkRealty.com
0 votes Thank Flag Link Tue Jul 22, 2008
Dear Jon,
All the agents who have answered this question give you good advice as well; the prudent thing to do in such a down market is to sit down with your realtor and evaluate the financial stability (if that is possible) of the builder/developer of the community. While it is certainly attractive that the product is new and innovative, it won't translate to positive resale benefits if the builder slows the project down to nothing or, worse yet, drops the project because of financial woes.
There is so much on the market in terms of resales that now offer incredible values, you should examine those, too. Hope this helps.
0 votes Thank Flag Link Tue Jul 22, 2008
Jon,

Scott is correct in telling you one of the disadvantages of owning in a community that is not complete is the burden of the HOA fees to the homeowners!

Are you familiar with Aviano by Toll Brothers? The development is complete and has many resales. The location is straight west of Andalucia, with access on Livingston Road. I have a single family home with wonderful tenants in until January, 2009. If you are interested in seeing the listing with photos, please email me at sellnaples@gmail.com.

Sincerely,

Teri Daggett
Realty Pros of Naples
0 votes Thank Flag Link Tue Jul 22, 2008
Jon,

As Scott mentions, there are some liabilities that you embrace when becoming involved in these types of situations.

In the current market, there are many opportunities that do not present a high level of risk involved with a home purchase. In addition to numerous vacant lots waiting for development these home owners run the risk experiencng decreased community services.

Our advice is not to eliminate Andalucia as a possibility but to continue to look and explore other options. As this is done, your best course of action will become clearer.

Good luck,
The "Eckler Team"
Michael Saunders & Company
billeckler@michaelsaunders.com
941-408-5363
0 votes Thank Flag Link Tue Jul 22, 2008
Jon,

They have plans to finish the rest of the community, but it might take a little while due to the slow down in the market. They started selling at the end of the hype and only were able to pre-sell a small portion of the community and several people walked away from their deposits. There are several other communities I would consider before going into Andalucia. There is a chance the home owners will have an increase in HOA dues to cover the deficit, most communities project HOA dues based off a completed community. I would be more than happy to send you over a custom home report on other communities that are very similar to Andalucia, but are complete and are stable.

Thanks,

Scott Riddle
239-289-1849
0 votes Thank Flag Link Tue Jul 22, 2008
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