The Lofts at Brownwood
 

Here is a link where you can view the floor plans for The Lofts apartments.

The Lofts at Brownwood | The Villages

Got the email last night. Waiting for response of cost on yearly lease. The 3 bedrooms are a surprise. Wonder how many will be allowed to have resident passes.

Same as a three bedroom house, maybe.

When four people purchase a home you are given 4 resident passes, if 6 purchase last two have guest passes. Thinking it will be the same for apartments

This week they started putting the yellow lap siding on some of the buildings. They're starting to look more like real buildings.

Latest on The LOfts
 

First units available approximately June 1st.
>>> One yr lease.
>>> One bedroom starts at $1650
>>> 2 bedroom starts at $2145
>>> 3 bedroom starts at 3195
>>> Plus utilities and $162 amenities fee.
>>> Renewable after one year at prevailing rate.

Petoskey 1
Approx. Square Footage 783
Bedrooms 1
Bathrooms 1
Laundry In-Suite Washer & Dryer
Patio / Balcony Yes
Furnished Optional

https://cdn2.thevillages.com/wp-cont...heLofts-3D.jpg

https://cdn2.thevillages.com/wp-cont...erspective.jpg

Leland 1
Approx. Square Footage 1017
Bedrooms 2
Bathrooms 2
Laundry In-Suite Washer & Dryer
Patio / Balcony Yes
Furnished Optional

https://cdn2.thevillages.com/wp-cont...heLofts-3D.jpg

Wow! It looks like moving from a paid for CYV to a 2 Bedroom apartment would triple your monthy living costs.

Only if you do not understand opportunity cost.

In other words what would the dollars from a "paid for CYV" he doing it you did not have said CYV? It would be earning returns.

Yes, but only if you can earn a return that is higher than the real estate appreciation, which has been pretty good lately in The Villages.

Those CYV dollars wouldn’t be earning that kind of money per month even with costs of owning the CYV amortized in with the figures. If those returns were from stocks, one would also have their cash on the table and could lose it all or most of it anytime. Just mulling over the total picture here.

I must be missing something here. The prices shown say “plus utilities and $162 amenity fee”. So if the utilities are the same as at this hypothetical 2bdrm courtyard villa, wouldn’t the only other thing you pay for on the courtyard villa is taxes (which are written off) and yard maintenance?

I would hope the cost of rent would be more than the cost of yard maintenance.

For real comparisons you’d need to throw a mortgage in there.

I don't think you're missing anything. Even if you factor in a mortgage, your living cost could go up by about 2 to 3 times, depending on the value of your CYV, and your mortgage rate.

Compared cost of our home, with everything but mortgage, our monthly expense of our 3 bed house is less, than what the lofts would be

another factor to consider regarding cost analysis. If you haven't bought yet, and are considering the "rent vs. buy" comparison, if your money is tied up in IRA type accounts, whereby, in order to come up with down payments, furniture etc you have to increase your withdrawals from such accounts, one must consider the tax hit one takes. They are pretty substantial when you are talking 200K, or more, for a purchase. And one incurs a significant degree of loss of liquidity with ownership.
From the developer's standpoint, the question is not whether it's the right move for you, but whether there is a suitable market "out there" for the number of units being built.
I don't think these units will languish unoccupied. The developers know their stuff, and they will do well here.

Apartment complexes can be future condos. It was a pretty common event in the Chicago area. (as a subnote there has been a trend lately to reconvert them back to rentals).

I wonder how long that would take to happen. Considering the average of TVers, maybe most might not live long enough to see these apartments convert to condos.

IMHO, most people who would consider downsizing, are persons who lose a spouse--when this happens lots of times there is a severe income loss too--if your house is paid for, you will lose a significant cut in lifestyle if you become a renter in the lofts
I know woman who had to leave TV when her spouse passed and another woman who has to rent her house one month in order to live here--another aspect of high rise living, which we experienced was having to haul every thing up in an elevator & then haul it down a long hall way--In Cary our condo had a multi-level parking deck & we could park fairly close to our unit--in Palm Coast we had to take everything up 8 stories & walk down a 200' walk way-- a real pain

We have friends who lived on Palmer sell their 4000sf home, and move to the assisted living. They do not need the assistance. No up keep, have amenities, just leisure. But they are paying over $4000 a month. Not sure of their SF, but they are looking at the Lofts for much less money.

Not bad, thought they would be higher than that

In addition to the basic rent, they estimate an additional $355 per month for the amenity fee, electric, water, sewer, trash, and basic cable TV.

I think you don't get much for a lot of money.

Here is an estimated comparison of a 1014 SF, 2 bedroom apartment to a 2 bedroom courtyard villa:

Rent, $2,145 x 12 = $25,740
The Lofts estimate for amenities, electric, water, sewer, trash, cable, $355.25 x 12 = $4,263
Total cost, $30,003

CYV costs for the same items:

Tax bill, $3,800
Electric, $85 x 12 = $1,020
Water, sewer, trash, amenities, $225 x 12 = $2,700
Cable (same as The Lofts estimate), $60 x 12 = $720
Yard maintenance, $60 x 12 = $720
Total cost, $8,960

These costs do not include mortgage interest, investment costs, or appreciation for the CYV.

Another aspect about apartment living--vermin--one unit gets roaches--everyone will have them sooner or later--and you haven'r lived till you had to make a trip to the communal trash compactor that's filled to overflowing-some condos/aparments have trash chutes--they work better than a common compactor site--gross

Seems like a lot of money to live in a closet.

CYY missing many costs - Replacements- roof, air condition, paint(in and out) Homeowners ins. , loss of investment return on home price. Total costs $8960+++++

The good news is that only those that want to live in the Lofts will live there.....and I doubt any of them will care what others think. It still amazes me how many on here can always find something negative yet, I assume, still stay here.

You still need insurance in an apartment, and possibly interior paint.

I don't think comparing costs is being negative.