[Sanbo]

Can anyone tell me what the bond cost would be for a Designer home in the following villages? Fernandina and Gilchrist
What is the bond cost of the CYV in Megan Villas/Sanibel?

[graciegirl]

Originally Posted by Sanbo

Can anyone tell me what the bond cost would be for a Designer home in the following villages? Fernandina and Gilchrist
What is the bond cost of the CYV in Megan Villas/Sanibel?

I am going to guess about 24K on the designer. Designers bond cost was about 21K in 2008 and our premiere was 48 last year.

[jimbo2012]

$19,500 in Fernandina #215

[KeepingItReal]

....

[Rbgold]

Fernandina 205 is just under $22,000.

[keithwand]

Fernandina 207 around 40K before interest etc.

[jimbo2012]

yes, but 207 is a Premier section, not a standard designer lot.

[janmcn]

Originally Posted by KeepingItReal

Bond amounts are determined by the unit number where the home is located . The unit number is right before the lot number. (Unit 227- Lot 106) = 227-106
Villas have a unit number but are also listed by name.

Anyone can find their bond amount, interest rate, and annual administrative fee amount for their unit at this link:

Village Community Development Districts

Example: The Megan Villas has 62 lots platted Bond amount is $13,338.17 @ 6.963% yearly interest. The additional administrative fee is $67 per year.
The average annual assessment for 30 years $1,114.87.

Who gets away with charging 6.93% yearly interest in this day and age? After paying $1114.87 per year for 30 years, you would wind up paying $33,446.10 plus fees, for the $13,338.17 bond And from what I understand that interest is not tax deductible.

IMO, it would be better to add the cost of the infrastructure into the price of the new homes like a lot of developers do. Obviously, having the bonds separate keeps house prices lower.

[graciegirl]

Originally Posted by janmcn

Who gets away with charging 6.93% yearly interest in this day and age? After paying $1114.87 per year for 30 years, you would wind up paying $33,446.10 plus fees, for the $13,338.17 bond And from what I understand that interest is not tax deductible.

IMO, it would be better to add the cost of the infrastructure into the price of the new homes like a lot of developers do. Obviously, having the bonds separate keeps house prices lower.

The amount of interest seems excessive to me too.......but It is a marketing strategy to have the amount of the infrastructure separate from the price of the home. Different to be sure. But not illegal, immoral or fattening.

[Challenger]

Originally Posted by janmcn

Who gets away with charging 6.93% yearly interest in this day and age? After paying $1114.87 per year for 30 years, you would wind up paying $33,446.10 plus fees, for the $13,338.17 bond And from what I understand that interest is not tax deductible.

IMO, it would be better to add the cost of the infrastructure into the price of the new homes like a lot of developers do. Obviously, having the bonds separate keeps house prices lower.

Bond interest rates are set at the time the bonds are sold and are not controlled by the Developer. The buyers are the ultimate determinant of the interest rate. It is a financing method. My suspicion is that it was cheaper to finance by this method than through a development loan by some private finance source( bank, insurance co. etc). The total cost of a home in the Villages is and always has been the sales price plus the bond. The bond is essentially a first lein on your home.

[jimbo2012]

I guess if it concerns you, it is possible to get a home equity loan at 2.99%

A $20,000 loan at 6.93% is $132,

At 2.99% is $84.21

or $17,000 over 30 years.

But I think the Interest quoted on mine was 5.5%

[keithwand]

Doesn't the developer "issue" the bonds and did so at the rate they wanted to?
Not the same as corporate bonds and general obligation etc.
At 6% interest I'll take all the bonds I can buy.
Give me 7% and I'll go out 30 years!
We had a bond in Orlando too although not as much as here.
Our first offer from someone to buy our house included that they would "pay the bond" annually like we did.
The offer was good but went with renting the house out instead.
I think it will work the same here so no real reason to pay off the bond.

[Villageshooter]

Most of us will not live long enough to payoff the bond,,, I just look at as another thing my kids will have to do when they sell my stuff at the estate sale.... Just more blood money squeezed out us ,,, for the expensive koolaide we have drank

[KeepingItReal]

.....

[Challenger]

Originally Posted by Villageshooter

Most of us will not live long enough to payoff the bond,,, I just look at as another thing my kids will have to do when they sell my stuff at the estate sale.... Just more blood money squeezed out us ,,, for the expensive koolaide we have drank

If there were no bond, the cost of infrastructure would still need to be paid and would be included in the price of the house. There is no such thing as a free lunch. It is not blood money and ad hominem attacks are not useful.