Big ?? about leasing in 55+ community

[Joanne R]

I've been doing a lot of research on 55+ communities in Fl. I was sure that I'd found the most economical way to go was mfh in a land lease community. Now I've come across 2 communities ( both of which I was interested) that have had major problems with the management co: failure to rebuild a clubhouse, failure to maintain pools and common areas. So happens that both these communities are under the same corporation, although they are in different parts of the state.
Now I've become skeptical of such communities.

Is this a common problem with land lease communities or a red flag to this particular corporation ? Can someone recommend a community on either the east coast or southwest coast that is fairly new?

[Jane]

YOU NEED TO LOOK AT RESIDENT OWNED 55+PARKS.

SALES AGENTS FOR MFG. HOMES WILL KNOW WHERE THE NEW PARKS ARE

[David Oxhandler]

Communities are like any business. You will find the good the bad and the ugly. Shop around and find a situation where you will be happy. Florida has a lot of communities. Florida Manufactured Home magazine has a great search feature online for locating Communities in our state.Florida All Age Family Communities55 Plus Communities

[Joanne R]

Thanks for the advice. There are just a zillion and 1/2 communities---we are trying to weigh one against the other, and are becoming even more confused! Too many choices......don't know how we're going to finally decide this one! I like the new area of Coquina Crossing----love those cute homes!-----also Lighthouse Cove in Oak Hill intrigues us, as does Aberdeen in Ormond Beach. Too many choices!!!

[Alex Gibson]

If you look at the overall record of land lease communities you will find that most of them are financially solid and have lived up to their commitment to their residents. When buying in a retirement community that you own the land you may also have the problem of insolvency. In many cases the board of directors are not prudent and don't keep sufficient funds in reserve to handle unforseen capital situations, resulting in assessments to the residents. Many of these communities will not spend the money for professional management and as the community ages the amenities decline and values decline with them. Land owned communities are not necessarily the answer to this dilemma. Contacting a qualified independent broker is your best bet. They should have knowledge of the communities where they have homes listed. Will know the values in the community and will be familiar with their prospectus, rules & regulations. Additionally they will know if the "company/corporation" is in trouble financially and will steer you to the right community for your needs. One such company in Central Florida is Action Resales located in Lakeland. They have listings in many Central Florida Communities in Polk & Hillsboro counties. They, of course, only represent resales . If you want new construction you can visit the community, speak to the residents and take a good look at the overall condition of the community. Ask the sales person the hard questions about their management and financial solvency. If they hedge you know something's up! Your best information can come from the residents already living there.

[Gerry Malouin]

I honestly believe that it is a red flag about management companies. They do not provide the time and experience needed to run a community. They are kept on the basis of not spending too much money and so things that need to be done do not get done. You would be better in a community with on-site manager employed by the board and where the board has several committees to oversee the many aspects of maintianing and improving a community.

With regard to a newer community (newest in fort myers area) go to www.crystallakesflorida.com
To become familiar with this area go to
www.fortmyers-sanibel.com

[ruth]

I am soooooooooo glad to hear that I'm not alone in the confusion syndrome with Mfg. home parks. Wow! I visited Sarasota Dec. 2004, and looked around for 2 weeks at various parks and homes. Either the land lease increases annually (It's already high), or the park is a piece of trash to start with, or no one can give you an honest answer,or the "resale" property is 20-30 years old.
I like the idea of owning my own land with a new mfg home if I can take the interest and property taxes off my income tax each year (like a "real home"). I have to talk to my tax accountant in April to see what he thinks. Keep me posted. Ruthy