MY GUIDING PRINCIPLES:

· Professionalism

· Honesty

· Fairness

· Accountability

· Skill

· Care

· Diligence and

· Confidentiality!

Articles and opinions here in do not necessarily reflect the opinions of EXIT REALTY or its franchises.

THIS MONTH              

· Pg 3—Mallory Harbor 5 Year Sales Growth

·  

· Pg 3—Indian Key 5 Year Sales Growth

· Pg 4—Pack 836’s “Scout Helping Our Troops!”

· SOLD—Coral 3rd All Time Highest a Bargain

· Pg 4—Should You Stay or Should You Go?

·  

THIS MONTH

· Pg 1—CDD Editorial— ”Their Biggest Fan”

· Pg 1—CDD Vs Master HOA & HOA

· Pg 2—Chart Comparison of the three

· Pg 2—Reverse Mortgage Seminars Offered

· Pg 3—Insurance & Taxes

·  

No One Knows Coral Bay Like Eddie Velie, Realtor & Licensed Mortgage Broker

A Mortgage & Real Estate Newsletter By Eddie Velie Real Estate Svcs.

PACK 836 Scouts Supporting Our Troops!

         Coral Bay resident and Cub Scout Pack 836 Training Chair, Kim Sebring (center), with help from Lisa Hall (not shown), leads our effort to support our troops. The greeting cards on the table were produced by Margate & Forest Hills Elementary students.

         Pack 836 marked the induction of two marines as Honorary Members with framed certificates and Pack t-shirts this month. The t-shirts, on the table, are signed by Cub Scouts, parents, and leaders. They will be sent to the marines along with the greeting cards.

         Kim & Cub Master Rich Recchie (right) have prepared a list of things our marines need. To get a list or to donate, please call Kim Sebring @ 954-803-5622 or email her at GatorFanKim@hotmail.com. :-)

NEED TO SELL YOUR HOME? I WILL MEET OR BEAT ANY LISTING CONTRACT PROPOSALS.

CALL ME NOW.

EDDIE VELIE, Realtor  &

Licensed Mortgage Broker

EXIT United Realty

Discount Mortgage Finders, Inc.

(954) 263-6287

Eddie@VelieRealEstate.com

http://VelieRealEstate.com

Copyright: Eddie Velie

 

6336 Ocean Drive—

Sold for $417,000. This sale ranks as the third highest all time sale price in Coral Bay and is still a tremendous value compared to the same size home in other neighborhoods

JUST SOLD!

SHOULD YOU STAY OR SHOULD YOU GO?

         Everyone’s situation is different. If you are uncertain about what to do, CALL ME.

         It is a huge life changing decision. There are many variables like taxes, homestead exemptions, financing, schools, kids, parents, rent, sale, jobs, income, interest rates, timing, insurance, hurricane protection, your needs, your want, etc. The fear of making a mistake and ending up worse off than you are now is a powerful hindrance to decision making. I will make it easy for you! :-)

No One Knows Coral Bay Like Eddie Velie, Realtor & Licensed Mortgage Broker

Unfiltered

Coral Bay News

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VelieRealEstate.com

CDD EDITORIAL —

       “I am their biggest fan!” said, Tony Spavento an appointed CDD board member who has never been publicly elected. He is referring to his loyalty to the CDD management company, New Community Strategies.  He was also correcting a past editorial I wrote naming John Hall as their greatest fan. It is most probably the reason the CDD board still hasn’t voted on a new management company yet, even though they ordered a “request for proposals” last August.

       Why is this significant you might ask? Because, to say “I am their biggest fan,” is an endorsement for everything else the management company has done or in this case, has not done. New Community Strategies has failed to bring Coral Bay over the hump of basic maintenance and onward towards improvements.

       New Community is responsible for raising our assessments 119.2% in four years (see Figure #2 shaded area) while not getting done the list on the right (Figure #1). The previous management companies raised our assessments a net amount of 16.5% in 6 years and never (to my knowledge) closed a park, pool, playground, dock, boat ramp, etc.

       Yeh, yeh, yeh, I can hear their rebuttal now, Wilma did it! And, so did the home owners, teenagers, the CDD board,  the attorneys, the contracted vendors (pools, lawn, cleaning, sprinklers), the police department, etc., according to their manager.

       If Tony Spavento, who is now the CDD board Chairman, wants to be the management companies biggest fan, then he is willing to take responsibility. I’m a big fan of the recall process for irresponsible actions, irresponsible, and apathetic management of our publicly assessed funds. :-)

A Mortgage & Real Estate Newsletter By Eddie Velie Real Estate Svcs

Figure #2 Original research based on my tax bills since I moved to Coral Bay. EV

Failures of Coral Bay CDD

 

· Toddler playground is closed

· Peninsula park is closed

· Missing lighting in entry ways

· Missing lighting at main entrances

· Missing S. Bay Dr. fencing

· Other missing sections of fencing

· Inconsistent sign program

· Moldy signs posts.

· Boat ramp is closed.

· Docks at club house are closed.

· Gates are still up after 3 years.

Figure #1 for CDD editorial

Page 2

CDD vs. a Master HOA & HOA

       After talking to hundreds of members of our community, I realized that about 80 to 90 percent really do not know the difference between a Community Development District (CDD) and a Home Owners Association (HOA).

         In small developments of about 200 or less lots, one single HOA is usually sufficient to manage the common areas of the community. When a development is large like Coral Bay, a community can have many HOAs. Coral Bay has 8 individual HOAs that share common areas or public property. All that common area requires coordinated management that the city often does not have the means for.

         The extra layer of management can be either a CDD or a Master HOA. The developer wanted a CDD because the City of Margate mandated a master HOA. The two boards are interchangeable. The Planned Unit Development (PUD) documents state, “The Coral Bay CDD will be the master community association ~” and, “A master community association in the form of a CDD will control and maintain the general appearance and infrastructure of the entire Coral Bay subdivision.”

         The Carolinas, a neighboring community, have a master HOA. In past newsletters I compared the two forms of management and the master HOA appears to be able to provide the same services for significantly less money. This can make their homes more valuable than ours because potential buyers don’t have to qualify for the larger monthly payments caused by the Coral Bay CDD adding $125 per month to our payments.

         The CDD maintains all community property that we all own together. This includes roads,

Velie Real Estate Offers Reverse Mortgages

         ARE YOU OVER 62 AND CAN’T MOVE BECAUSE OF THE TAX INCREASE? The answer is a reverse mortgage. You still own the home, you can still sell the home, you can still leave the home to your heirs, AND DRAW MONTHLY INCOME FOR THE REST OF YOUR LIFE. Or, have your monthly mortgage payment made for you with the reverse mortgage freeing up more income to ENJOY YOUR GOLDEN YEARS!

         CALL ME NOW FOR A FREE, NO OBLIGATION PRESENTATION TO YOUR SOCIAL GROUP, CLUB, OR ASSOCIATION!  DON’T WAIT — CALL NOW! (954)-263-6287

A Mortgage & Real Estate Newsletter By Eddie Velie Real Estate Svcs

No One Knows Coral Bay Like Eddie Velie, Realtor & Licensed Mortgage Broker

GET SOME BREATHING ROOM FROM YOUR BILLS

       Eddie Velie, Realtor & Licensed Mortgage Broker in now offering a FREE RE-FINANCE ANALYSIS! Pay off those cars, credit cards, 2nd mortgages, or get cash out for the much needed vacation —

 I COME TO YOU!

CALL NOW FOR YOUR FREE

NO OBLIGATION APPOINTMENT! 

         The above table shows the difference in several characteristics between a HOA, CDD, and a Master HOA as well as some similarities. Many owners have complained of double taxation so I included it here. This means we pay the same tax rate as other Margate neighborhoods that have the same services we do but, we pay the CDD $125 extra per month again on top of the City tax. For example, most of Margate does not pay extra for parks, pools, landscaping, street lighting, etc.

         The rest of the table is FYI. The bottom line: Please don’t go to the next CDD meeting to complain about a neighbors house. Conversely, please don’t go to the next HOA meeting and ask when they will put the gates back down. Thank-you.

:-) Eddie Velie

No One Knows Coral Bay Like Eddie Velie, Realtor & Licensed Mortgage Broker

A Mortgage & Real Estate Newsletter By Eddie Velie Real Estate Svcs.

Insurance & Taxes

         Our new governor and the legislative branches are trying to do something about our whacky tax system and our unfair insurance rates (i.e., only Florida policies are pooled together instead of sharing the risk across the country). They are brainstorming and each idea introduced seeks publicity and is getting it. Each branch wants to change a little something while adding stipulations like, “it requires a constitutional amendment.”

         Meanwhile, all we can do is wait to see how it all pans out. Even the signed-into-law insurance bill isn’t turning out the way they expected. :-)

 

 

 

         The above chart shows two separate HOAs within Coral Bay that normally would not be compared due to the size of the lots and the size of the houses. Mallory Harbor’s average lot sizes (shown) and average home size are more than twice the size of the Indian Key averages but Mallory Harbor only sells for 15.4% more (Compare ($350,786 - 303,942) / 303,942 = 15.4%). And, while Mallory Harbor only has 101 homes, Indian Key has 214 homes. However, Indian Keys turnover (19.6 sales per year) is 3 times that of Mallory (6.8 sales per year). Additionally, Indian Key’s value has grown by 77.96% over 5 years, while Mallory Harbor has only grown 59.55%.

         You may be wondering what all this means? It means that Indian Key has outperformed Mallory Harbor in every category that could bring “net worth” to the individual homeowners in these two associations. Yes, there are economical considerations like more people qualify for lower priced houses. Yes, some price ranges do grow faster than others do. During the boom times of 2003, and 2004, I read more than one article discussing how the $200K price levels were out performing others. However, I cannot help but believe that HOA management has a lot to do with it. No, I have never met Mr. Whittle. Moreover, the last time I checked, I could not find his CAM license in the state database. Perhaps Indian Key has a better sense of community pride. Perhaps its “pride in ownership?” Perhaps they have a better HOA board? Perhaps. :-)