What Are the restrictive covenants in general?

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  #1  
Old 07-13-2007, 05:44 PM
mejahu mejahu is offline
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Default What Are the restrictive covenants in general?

Hello, Villagers I am glad to see there is a site to pose questions. I would also like to know in additon to what the covenants are, who is responsivle for the intrastructure (roads, sewers, sink holes or whatever) once the deveopment is completed. I am living in Indiana but have followed along with the Villages advertising for several years. I notice not much mention of the bond these days. Can anyone help with these concerns? I read the POA webpage and would like to learn more about the Villages.
  #2  
Old 07-13-2007, 09:34 PM
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Default Re: What Are the restrictive covenants in general?

This is one REALLY BIG issues here in the Villages. Sink holes ..... a problem getting the developer fixing them and some really big discussions about it. I know some have been resolved but not to all residents satisfaction. Roads, as long as there is access to the general public, roads are county issues but the other roads here in the villages where there is no "open" access will ultimately be the responsible of residents.

The main problem is that when the "family" is finishing developing in approximately 2011, the residents will hold responsibility for much of everything including repair of buildings, sidewalks, etc.

I live in a courtyard villa and have been advised that I am responsible for keeping the villa wall around my house including the outside of the wall and the grass and plants around it, in appropriate shape. So, if my villa wall begins to crack, myself and appropriate neighbors will have to contract the repair. Recent villa walls that were damaged in the tornado were repaired by the developer after much discussion.

FEMA advised in certain districts hit by the tornado that they would not provide financial assistance unless the roads were open access.

A concern now for many Villagers is that we bought into a community called "gated" and we really don't have that anymore. Just about anyone who has a contract to do work with the Villages has easy access to our neighborhoods.

The Bond is still an issue but as I understand it, this is fund by which the residents will pay for upkeep of the Villages after the developer "family" moves on. I just don't know enough about this issue to give you any other information.

I was distressed to find out much of what I know, AFTER, buying my place. Don't think we were given enough information prior to signing the papers. They do give you a HUGE book and tell you to read it all so you know your responsibilities and there are meetings held routinely to "explain" the responsibilities, but I still don't think we all know enough about who is responsible for what.

POA and VHA both say they report only the truth and facts we need but I won't print here what I think about the VHA even though we signed on a lifetime members two weeks after we moved in.

Just keep asking questions and hopefully people who have lived here longer than I will be able to help both you and I.

Again, regardless of the difficulties, I wouldn't live anywhere else. I love the Villages and can't imagine being anywhere else.
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Old 07-14-2007, 12:26 PM
darbyduff darbyduff is offline
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Default Re: What Are the restrictive covenants in general?

??? Pardon my ignorance, but what is POA and VHA?

Also..very surprised that "the family" will be moving on once TV is at capacity. Thought they would continue to "run things" so to speak. How does that speak to the video we have where the young lady speaks about her grandfather's dream of the perfect hometown?
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Old 07-14-2007, 12:47 PM
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Default Re: What Are the restrictive covenants in general?

POA - Property Owners Association - totally independent of Villages Developer; voluntary membership; tries to keep the Developer and community govt boards open and honest on all issues; can sometimes seem to lean too far to the negative on the Developer and Villages but serves a useful role.

VHA - Villages Homeowners Assocn - more closely aligned with the Developer but still independent and voluntary to join. Tries to work with Developer on issues rather than fight him/them.

Both groups publish their own newsletters with their take on issues.

The formal govt is the CDDs - Community Development Districts which have elected reps (mix of homeowner elected reps and Developer appointed reps). They develop annual maintenance budgets for common areas that dictates your annual bond maintenance fee (which is separate from the amenity fee).

The Developer owns quite a bit of the common and commercial property. He may sell parts off as business dictates, but, my feeling is the Morse/Schwartz family will be involved for a long time. They own a lot of the ancillary businesses (real estate, property management, Katie Belle's, some country clubs, etc) and I do believe the statement that the family wants to stay involved and see the dream through. Yes, they are in business to make a profit but I believe they also deeply care about the community and its continued success. I give them alot of credit for the concept and the risk they took that enable each of us to live this wonderful way of life.
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Old 07-14-2007, 02:56 PM
swrinfla swrinfla is offline
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Default Re: What Are the restrictive covenants in general?

Mejahu:
Perhaps a bit more to your original question - the covenants place restrictions on the home-owner with regard to yard ornaments (in newer areas, none are allowed, except seasonal), modifications to your home (must be approved by a committee of residents and Developer appointees - unless you're planning really serious stuff, usually not too big a deal), landscaping plans (ditto), placement of satellite dishes, etc. In other words, matters designed to maintain the superior outward appearance of TV as a whole. Individual stand alone home owners have a degree more flexibilty than villa owners (who have, as I understand it, very little choice in what they can do with their street-side facade).
Steve
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Old 07-14-2007, 03:46 PM
mejahu mejahu is offline
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Default Re: What Are the restrictive covenants in general?

Thanks to you, Steve, and all who replied to my questions. I'm not to big on a lot of restrictions but after observing what is happening to neighborhoods that don't have any, I can see why some may be necessary. Another question would be - what does the amenity fee cover? I see everyone paying to play in addition to paying the fee. I'm especially interested in the places to exercise. Do they have classes in additon to the machines? Melva in Indiana
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Old 07-14-2007, 03:59 PM
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Default Re: What Are the restrictive covenants in general?

We do have instructors in the Wellness Center but in the local fitness centers, you are pretty much on your own. However, everyone helps others out so you will always see someone who will answer a question.

As for the developer, I think Mr. Schwartz (God rest his soul) was a genius. He also cared a great deal about this community. I don't think the second generation is as motivated to be helpful to residents. However, the care given to the Villages is something not seen anywhere else. My understanding is that the family/developer expects to remove its' presence from the Villages after final development of home sites in 2011.
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  #8  
Old 07-14-2007, 04:14 PM
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Default The "Bond"

Think of the "Bond" as the amount of money needed to construct the roads, sewers, utility lines, irrigation systems, and so forth (the infrastructure) in The Villages. The amount spent on infrastructure construction is initially paid by the developer, but is then divided among the lots in a District based on the selling price of the homes built on each lot. A villa will have a smaller Bond than a Ranch or Premier home and becomes the responsibility of the homeowners. The Bond is a fixed amount and is listed as a closing cost for the original buyer of each new house or villa. The buyer of each house has the choice of paying the entire amount of the Bond up front as a closing cost or amortizing the payments of the Bond over a number of years--I believe the Bond is fifteen years. For that matter, a homeowner can opt to pay the remaining amount due on their Bond at any time during the tenure of the municipal bonds sold to repay the developer for his out-of-pocket expenses in paying for the infrastructure.

In the case of those amortizing their payments, the total of the cost of the infrastructure not paid by homeowners up front are combined and become the security for the issuance and sale of a municipal bond, the proceeds of which, along with all the front-end cash payments by home buyers, are paid back to the developer who "fronted" the cost of the infrastructure. So, those homeowners who opt for amortized bond payments pay the amount of their bond divided by 15 years plus their share of the interest and financing costs of the issuance of the municipal bond. Those that pay up front have no ongoing bond expenses, of course.

When an original owner who paid the Bond up front sells his house, theoretically he should be able to collect his payment back as the result of a higher market value than houses being sold by initial owners who did not pay the Bond payment up front. That's why you see "Bond Paid" in the listings of some houses for sale in TV, but not others.

There's no way of really proving whether those paying "up front" really get their money back with an elevated re-seal price, but a quick look at the prices of homes being sold in the secondary market suggests that they don't.

As far as maintenance or improvements to the elements of the infrastructure as they age or wear out, theoretically an amount is added to your monthly utility bills and cable bill sufficient to perform whatever future repairs or replacements needed. State laws govern how much the utilities must set aside and generally no additional outlays by homeowners are needed once the original Bond is repaid. That's the theory anyway. Until a few decades pass, there's no real way to prove or disprove the adequacy of the financing of the infrastructure but one seldom hears of an assessment to homeowners for items of that nature, in TV or anywhere else for that matter.
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Old 07-16-2007, 05:57 PM
bniles bniles is offline
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Default Re: What Are the restrictive covenants in general?

Hi i live in Mandeville LA., We have are home for sale and are planning on moving to the villages. I live in a gated community now and with out the covenants our home resale would be much lower if you just let people do as they please. We have to maintain our community. I will tell you that this Talk to the villages is great because i an making a list of thing that are discuss here and i can ask when i get down there .
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Old 07-17-2007, 09:21 PM
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Default Re: What Are the restrictive covenants in general?

I don't find the covenants and restrictions a problem, as a matter of fact if TV didn't have them it would be chaos in my opinion.
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Old 07-18-2007, 05:05 AM
villagerjudy villagerjudy is offline
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Default Re: What Are the restrictive covenants in general?

Please read the fine print in the neighborhood "covenants". For the first time in his life my husband read the fine print (Thank God). We were looking at a home on a large pond. The lot was elevated so the slopes were a bit steep. We loved it but........the covenants stated that the property owner was responsible for maintaining the landscaping from their property line to the waters edge. Right now "The Villages" are doing it but when "the family" leaves will that continue or will the new "managers" make folks live up the the "rules". That was a huge question mark. Nope we didn't buy the house.
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