Century Village Condo Question

[Jungle Boy]

Have submitted condo appraisal on 2055 form.

Century Village is a large 55+ development, with over 5000 individual condo units, and is made up of 16 associations.
There are a few main gates, and the associations share many of the development amenities.
Unit owners pay 2 fees. One fee is to the association, and one is for the shared amenities. Both fees are mandatory.

The subject association has 588 units.

The lender has requested that in the Condo Section, I list the total number of phases as 1, and the total number of units as 588.

I'm thinking that even if I comply with this request, I need to point out in the section below that total units in the development are 5,000 +, and that there are a total of 16 associations.
BTW, I have pointed out the above fact in an earlier part of the report.

I'm not clear though that when the report asks for TOTAL NUMBER OF PHASES, what is it really refering to. Am I correct in thinking that it's refering to the number of associations ?

The lender has requested that I list only the association fee, and not the fee for the shared amenities.

I have not budged on the fee issue, because if a fee is mandatory, then it has to be paid. My thinking is that if someone was to consider buying the subject unit, the additional fee would certainly be a consideration. Therefore the lender needs to know about it.

Please comment on this. Thanks in advance !

 

[Ben Vukicevich SRA]

Raimo,

It looks like the project is not Fannie approved so the appraiser gets grilled on silly stuff..

http://www.efanniemae.com/syndicated/docum...condopud/FL.pdf

I don't see Century Village listed.

You are correct in reporting both fees....looks like the buyer is right down to the limit on the qualifying ratios so the extra HOA fee may be an issue in qualifying for the loan.

As far as the legal phases..you can only determine that from reading the docs. We had one builder up here that made every individual building a legal phase... thirty buildings...thirty phases.

Good luck.

Ben

 

[Chris Colston]

Report exactly what you know about "Cemetary Village". Your subject is in 1 phase of many, or 1 association of many. The underwriter wants your report to match the condo questionaire. You may have to do some investigating to determine if each association is a phase or operates as a seperate condominum within the Master Association. As the later your subject would have only 1 phase within the individual association. Which one are you working in...Palm Beach County or Broward County?? I'm very familiar with Broward County, there each association is a condo within a Master Association and there is only one phase for each condo.

I'm surprised you are even doing an appraisal in there. Most of those things sell for cash, furnished, after the owner dies. New owner throws out the furniture, updates the carpet, tile and kitchen and then stays until.......and the cycle continues. :rainfro:

 

[Jungle Boy]

Thanks Ben & Chris

Your replies are both very helpful.

Yes, each association operates as a separate condominium witthin the master association.
I'm doing the one in Boca, which is in Palm Beach county.

I've appraised about 5 or 6 in the West Palm Century Village, and never ran into this.

THis is a refi. I guess even older people need to take ( don't want to assume that it is really "want to take" ) part of their equity and turn it into spending cash. This actually makes sense if you want to live it up when you don't have so long to be around anymore. Not trying to be being funny, just thinking aloud. And actually, the many of the residents in these communities probably need the money.

In Boca, 2/2 are selling for 100 grand and up. Wow.


Well, gotta go rent a slab compactor. Footing and slab density test is Monday morning.

 

[Otis Key]

"Cemetary Village".

Are you attempting to imply or say something Chris? Some of us resemble those remarks! :rainfro: :rofl: :rainfro: :rofl: :rainfro: :rofl:

 

[Ben Vukicevich SRA]

Raimo,

Chris mentioned a good point. Call the lender and see if they already have the condo questionnaire filled out by the HOA management agent. Have them fax it to you and copy off of that. Or else call the management agent directly and fire your questions at them.

 

[Jungle Boy]

Ben

Wise advice. Didn't think of asking for the sheet from the lender.

I always call the management agent when appraising on the Condo form.

Due to this one being on a 2055, I got a little lazy.

:redface:

 

[Howard Klahr]

A word of caution in regard to the Century Village Developments. The comments previously listed are correct most of the condo projects within the overall master development are individual condos with separate associations. As a result, this is how to report the information on the form. I will usually add some brief information regarding the overall development in a narrative comment to clarify the situation.

However, the second fee that you reference as going toward a master association in many of the Century Village developments, both Broward and Palm Beach County is actually for a Recreation Lease and that needs to be addressed differently than just a association fee.

 

[Chris Colston]

Originally posted by Howard Klahr@Aug 6 2005, 10:23 PM
However, the second fee that you reference as going toward a master association in many of the Century Village developments, both Broward and Palm Beach County is actually for a Recreation Lease and that needs to be addressed differently than just a association fee.

Good point! I forgot about THAT (as noted above, I've been out of the S. Florida market for almost 5 years). Haven't some of the associations paid their portion off, though?

Raimo, looks like you have more research and more typing to do.

 

[Jungle Boy]

Thanks Howard.

Chris,
yeah yeah yeah, you're just loving this, aren't you

You know, to ask a question on the forum makes plain great sense. But you have to be prepared to realize that sometimes you just don't have it all together.

It may get a little embarrasing sometimes. But in the end, it is all good !

Swallow the pride.