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Old 02-25-2021, 05:23 PM   #1
bman60
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Default Condo getaway

Anyone familiar with Gilford meadows, Evergreen, Four seasons condos? How was their experience living there? We have vacationed in the area and would like to purchase something in that price range for a getaway/second home. Just looking for any advice in that area. Been reading this forum for a while now and enjoy it as it provides a lot of info. Thanks for any feedback!

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Old 02-25-2021, 09:31 PM   #2
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Every Condo, Town house complex has its own problems.
Make sure to request a copy of the bylaws and financial statements before you buy.
Make sure there are no siding, painting, roof, window or foundation issues.
Go knock on an owners door, asked them how they like it.
Some associations have split level townhouses, so you may have someone above or below you. Try to avoid that if you can.
Some have docks, others docks and mooring. Make sure the wait list is not too long.
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Old 02-25-2021, 10:05 PM   #3
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Thanks for some good things to consider. We will do our homework for sure.


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Old 02-26-2021, 09:32 AM   #4
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Make sure the association has a decent cash reserve......otherwise they will assess each owner for any future projects such as roofs, paving etc
Condo associations can be almost like a time share, being able to increase fees or charging for assessment by a vote form the board of directors
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Old 02-26-2021, 09:39 AM   #5
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following up on Bob's comment most good associations contract periodically with an outside firm to do a reserve assessment . they look at common areas that will need spending over next 15-20 years and look at the reserves to see what % they have covered . i good indicator of likely one time assessments
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Old 02-26-2021, 10:54 AM   #6
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All good advice. I'm taking notes. Thanks for the tips!


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Old 02-27-2021, 06:22 AM   #7
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Quote:
Originally Posted by MotorHead View Post
Every Condo, Town house complex has its own problems.
Make sure to request a copy of the bylaws and financial statements before you buy.
Make sure there are no siding, painting, roof, window or foundation issues.
Go knock on an owners door, asked them how they like it.
Some associations have split level townhouses, so you may have someone above or below you. Try to avoid that if you can.
Some have docks, others docks and mooring. Make sure the wait list is not too long.
Excellent advice !

If one has never been part of an HOA - then yes do read up.
Any HOA potentially can be a nightmare. Other owners can make it their full time hobby to seek out other HOA owners for "violations". Some have a standard monthly HOA fee - while others can throw in a one time special assessment.

One time in Meredith - a condo HOA decided to replace the roof and all of the siding. So all got a large one time fee to cover costs - in addition to the monthly Condo fee. Another time it was a special assessment to pave the parking area.

Then there can be parking issues. Or not enough parking for guests.

As stated above - do your homework.
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Old 02-27-2021, 08:14 AM   #8
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The above comments about the HOA's finances are important—the state of an HOA's reserves can affect a range of things, from your personal costs when things go wrong to overall maintenance and bank financing. All of those have a big impact on the viability and value, not to mention enjoyment, of an HOA.

I'll add just one more thing: the moment someone chooses an HOA of any type, one MUST accept there will be times that imperfection and compromise will be required. Because HOAs are, by definition, comprised of many people with many different beliefs and behaviors, they just simply cannot all align all the time. Differences over appropriate times, activities, behaviors, etc. will come up.

In addition, the norms of an HOA you acclimate to can change at any time with a board decision, neighbor swap-out, financial decision, etc.

Case in point: we were at Arcadia for four years with three neighbors that were essentially absent or silent throughout the summer. In the last three years, all have been replaced with much noisier, much more present families. We don't mind much—after all, we're there to have a good time ourselves—but there are certainly more nights now that sleeping on the porch is not as peaceful.

My parents held firm to never buying in an association their whole lives...until they bought in Arcadia. They, however, came to very much enjoy the security of people around, the access to conversation or activities at almost all times, and the friendships that developed from each.

I'll finish by saying that if I were looking for a condo, what I'd be wanting: owned above/below so I don't hear people above me, plenty of natural light with some view of something, gas fireplace for winters, easy walking to the water, docking (maybe a mooring, but I'm kinda walrusy and don't see that going well now or with age), good insulation for noise and warmth, nice community layout/common space, at least one garage, storage space (water toys, jetski, etc.), and, in a perfect world, within walking distance of restaurants, shops, convenience stores, etc. that don't suck. But even those can change, soooo...

Good luck!

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Old 02-28-2021, 10:11 AM   #9
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All good points but ultimately there is a reality you have to be willing to accept being that if you are making an investment in a piece of property that is deeded as part of an association of any kind you're stuck with whatever the association is not just now, but forever.

Obviously you can choose carefully not to buy into a bad situation but that doesn't mean that it will remain as such indefinitely. Does not take much to screw up a perfectly balanced and mutually beneficial situation for all interested parties. To many associations over time overstep their initial charter and instead turn into the 4th branch of the federal government, including the nanny rules and "taxes" or HOA fees that spiral out of control and are mismanaged.

Same can be said for neighbors, they can sell and move at any time. Will you get like replacements? Just never know.
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Old 02-28-2021, 06:28 PM   #10
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Default 1/4 share condo

if your not going to stay months at a time maybe a Fireside Inn 1/4 share

gives you 13 weeks a year, week every month,
2 weeks in summer (combines july and aug)
and 2 in winter combine (Jan and feb)

weeks change each year and they offer rental service

we have owned for 25yrs and has been great

they are 1 bedroom apt fully furnished, indoor and outdoor pool

works for us
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Old 02-28-2021, 08:32 PM   #11
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Yes that is a possibility although i think we would like to spend more than a few weeks especially in the summer months. But that is a great option to think about. Hope to find something by the end of season. Thanks much!


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