Village Green in Sarasota info

[Dry509]

Helllo
One of the areas we’ve considered buying into in Sarasota is Village Green. We have noticed that there are several units for sale now and that they have been for sale for a while. They were built in the 70s and there is a condo association. Does anyone have any idea why they might not be selling? The units we have looked at have cast-iron pipes and have not been re-piped by the way and have tile roofs. Any positive or negative info would be appreciated. Thanks in advance.

[Sunshine Rules]

Village Green's villas were built between 1969 and 1975. So yes, things like plumbing & electrical must be taken into consideration. Obviously, the ones with garages sell quicker than those with carports.

Most of the villas are located between S. Lockwood Ridge Rd and Beneva Rd, although there is one section east off of Beneva just south of Webber.

These are 55+ villas, set up as a number of units. Most of the units do not allow pets or restrict pets to one cat, which I think contributes to slower sales there as many potential buyers have a small dog they want to bring with them.

Insurance coverage is another issue for older condo communities. Insurance companies have been substantially increasing the price of coverage for the condo associations (the master policy that covers exteriors of buildings and any community amenities) on older buildings in which the roofs, windows & plumbing have not been updated within the past few years.

Condo fees are another item buyers always take into consideration, and some of the units in Village Green have monthly fees running in the $600 to $695 range. A lot of condo buyers prefer to keep monthly fees below $450/month.

Rental restrictions also impact buyers decisions. Some of the units have either put in rental restrictions such as new owners cannot rent out their units for first 2 years of ownership, rentals are restricted to ___ number of units per year. Although some of the units still allow 1 month rentals, many have changed their rules to excluding those and going to minimum 1 year leases. And there are a couple of units that don't allow leasing at all.

Who's responsible for the _____? Buyers should be aware that in many of these units the villa owner is responsible for roof replacement and repairs, windows and exterior doors (as well as the interior of their units). The condo associations for these particular units have the roof & exterior of the buildings painted every x number of years as stated in the condo docs.


Regarding any condo association here in FL, be sure to obtain and read thru the condo docs -- the Rules & Regulations, By-laws and BUDGETS. In the budget reports pay particular attention to the RESERVES portion as those numbers give critical information about the financial health of the condo association. If the condo association is not putting enough funds annually towards the budgeted reserve items, it's more likely than not that the villa owners at some point in time will be hit with special assessments to make up the missing reserves.

[Dry509]

Thank you so much for the detailed reply.

[Dry509]

Thank you so much for the detailed reply. The information is very helpful. The 50-year-old water pipes are giving us pause. A lot