The majority of homebuyers in the Miami Redland, Homestead area answer "NO" when I ask them if they know what a Community Development District is. If the property they're looking at is located in a CDD (as these districts are commonly reffered to) this fact has to be disclosed to them.
But disclosure alone isn't enough for me. I like to make sure they understand the implications of their potential home being located in a Community Development District. Their bottom line depends on it.
Please continue reading about CDD's here. The link will open up in a separate window.
Maggie Dokic, SFR is a licensed real estate broker in the state of Florida selling residential real estate in Miami, Palmetto Bay, Pinecrest, Coral Gables, Gables by the Sea, High Pines, the Redland and other select areas of SW Miami-Dade County.
Maggie has earned her SFR certification to be able to better serve the needs of her customers in today's non-traditional real estate market. SFR is a Short Sale, Foreclosure Resource Specialist. Designees have been trained to understand the highly specialized options available to Sellers facing short sales & foreclosures and Buyers looking to buy them.
For more information on our local real estate market, or to see or sell a home in Miami, Palmetto Bay, Pinecrest, Coral Gables or the Redland, visit my Miami Real Estate blog or contact me at Maggie (at) TheBlogThatAteMiami (dot) com.
The opinions expressed herein, are those of the author, and not necessarily of Keller Williams Realty.
None of this information is to be deemed legal or financial advice. Please contact your attorney or accountant for same.
Chris - interestingly enough I got a blogosphere comment the day I posted. And it was only a matter of time for the B&S to start. =)
Neal - no, not like PUD. A CDD's creation includes the capacity to charge the homeowners for the payment of the improvements and services added.
Umm, no Dan. You read that I wouldn't be doing it often as most of my posts are members only. I will not be writing to my peers on my outside blog. I only do that here in the Rain. But whatever gets written to my consumer on my outside blog will make it to Active Rain a few days later.
It's so easy to just keep going when one of these comes up. What's the harm? I've never found them distracting on the many blogs I've seen it done and have always stated that.
Thanks for stopping by this lovely morning =)
Maggie - It is really important to go the extra mile and educate the buyer. Most times people don't understand a disclosure you need to ask questions. This education is necessary especially when it is going to hit in the pocket book.
Jennifer - I found out just last week that there is a lawsuit involving one of the nation's biggest builders and the claim that they may not have disclosed the CDD appropriately. It made for a lot of folks owing a lot more money than they bargained for. Fuming would be an understatement.
Katerina - thank you! Ultimately that's what it all boils down to. =)
Maggie... I'll take your word for it and stand corrected, just teasing anyway ... Figured I'd get bonus points or a Deputy Dan Badge... LOL
Paula - thanks for not beating me up like the rest of my..umm... friends... =)
Don't stick yourself when pinning this on.
Maybe you should get Sandy to help you.
Wear this with pride.
Compliments of Marshal Maggie =)
Wow... isn't that fancy.... Since you didn't poke me with the pin I'll try not to abuse the power and act like a prick....
Dan - did you forget that this is a public post? Shame, shame.
Mana - thanks for the kind comment. =)
Ashley - thanks! It's hard to write that much content that we won't duplicate and the benefits of posting on AR are too good to pass up, so I'll keep going this route I think.
Miss Maggie,
You're right on this one having a impact on the bottom line. We have them here too in CA. (in the newer areas) calleed CFD's. Most refer to the as Mello-Roos, that the generic name (named after two CA state legislators) and they're all different depending on the developer and location. Sorry to say, very few folks get beyond the very basic disclosure and that's the issue here.
Good one girl, and I don't mind for one minute clicking though,...now let's see how long did that take, maybe 20 seconds...oh darn how will I ever find the time?
great info!
these are little known even among the real estate industries!
Lynda - I had heard of the Mello-Roos. Now they make more sense. I still think it sounds like a chocolatey-marshmallow treat! lol
George - you're such a dear for making the effort. I appreciate it! =)
David - yeah, they're no big secret, but often overlooked even by real estate insiders.
Thesa - ! I'm going to have to wash out your fingers with soap too! LOL In Dan's defense, he offered offline to get rid of it. I'll need to make you a badge too. What do you want on yours?
Great post, Maggie and a subject too many buyers (and many Realtors) don't know about or understand its ramifications. In some cases, the lien has allowed for better quality improvements than the developer could otherwise afford, resulting in a nicer looking community, while in other cases, the lien simply has allowed the developer to shift infrastructure costs to the consumer. Lots has been written about them.
There were serious allegations in Homestead a few years ago. It was unfortunate but the buyers I met and spoke with were not initial purchasers. They were purchasing from an investor/flipper - and that's who had received the disclosure. Probably a loophole there, since these poor buyers are now the "original" owners, but were not the initial contract purchaser.
Sharing this information is really helpful for everyone. But buyers need to realize that this is the kind of stuff that a professional Realtor can help them navigate.
Great post, Maggie and your outside blog is awesome.