Quote:
Originally Posted by Laker14
On another thread a poster mentioned that when he/she bought a new property from the developer in one of the newer sections, they had to sign a contract that explained that the property could not be rented out.
I didn't want to hijack that thread with questions, so here goes.
1. Is that accurate?
2. When did they start that practice?
3. What would the developer's likely motivations be for such a covenant? Wouldn't it make the market for their homes more desirable if folks wanting to buy as an investment were also able to buy the new homes?
I'm not understanding this at all.
|
1. Yes it is true
2 as of last fall restrictions were put in place on specific neighborhoods
3 i asked the sales team and was told that once a neighborhood has exceeded a number of new owners that are immediately leasing, then the developer triggers this clause. Intent to maintain TV as a retirement home community vs a transient rental community
The restriction is for 1 year from purchase date. Much like the similar 1 year resale restriction to minimize house flipping