congrats!!!

Looks like a very attractive place for under 300k. Congrats.

Congrats! I bought a place in Rocky Mount (mile marker 5) three years ago and never looked back. I was there this past weekend and the weather was great.

Congrats Dan, that’s awesome!

lol. 12x50 is the slip.
you need one ever just let me know.

Got em down to $275k , they started at $304k when first listed.
Pretty crazy considering they bought in 2020 for $185k but replaced almost everything , HVAC,kitchen counters/cabinets, bathrooms, all appliances, tankless water heater, reverse osmosis sytem for the whole place, etc etc .. it`s turn key .

Congrats Dan!!! I had friends that had a condo(2nd tier too) at Emerald Bay 15ish years ago. We stayed there a couple times. Great views, but the trek to the docks sucked. Back then they had all kinds of huge(6-10k) special assessments because of structural issues with the decks and pool not being built properly. I believe they solved all those issues years ago though. Also, if I remember, the parking spots were narrow and they did not have nearly enough of them. I would double check those quarterly assessments, so you don't have any surprises, because they are actually pretty low. Mine are about the same for half the sq ft and a 10x40 slip.

Most of the action in the off season is down on the strip and a few other places on land.

That`s good info.
Yes the trek to the docks is very steep , since there is no assigned parking spots I figured we would just drive down and unload at the dock.
We were there for an open house and next day to look at our unit and there was plenty of parking, hopefully it stays that way during busier times.

I remember that. We were looking at the time and decided to pass on Emerald Bay knowing some large assessments were coming their way. I recall they had some issues with some large walls that was causing some movement of some structures along the water front. I believe that was back around 2005. We bought in Country Club Cove just down the street across from Four Seasons Lodge. I'm pretty sure those issues were resolved back then so hopefully Dan is safe from any lingering impacts from those issues.

Weather varies too based on Lake Water temperature. Warm water, warmer days in the cooler months. Cold water, cooler temps on warmer days. Get 5-10 miles away and it can be totally different.

Congratulations, now you will be able to enjoy the boat for a longer season.

Congrats on the new place! I've stayed there and it's very nice with a great location. If it eases your mind a little, I stayed there this year shootout week and the place wasn't busy at all with tons of parking. The pool has an amazing view of the channel with a "bench seat" at the end of the deep end.

Last weekend the board decided that the roof needs replacing and the quarterly HOA fees for 2024 went from $900 to $2900 lol

I was nice and pitched in $3k of that $8k increase
I`d be pretty livid if I had already closed .

That is crazy!!! Should not be nearly that much $$. Does the complex not have any cash reserves?? We have significant cash reserves for stuff just like this. Our complex did roofs on 2 buildings and it came out of our reserves.
What do mean by 2k of the 8k?? You will start getting the $2900 quarterly dues bill after you close...........or is the seller prepaying 6k of them??
I would want to see the complexes financials and board minutes for the last 3 years.

Here is copy of of mine. You notice, we pay quite a bit into reserves to avoid that type of thing. The 418 is sq ft
https://cimg0.ibsrv.net/gimg/www.off...25cdb63971.png

When did dues go up at HB? I'm pretty sure I was paying $450ish a quarter when I sold my condo a couple years ago.

I've seen way worse special assessments and the such at the lake over the years. Amazed at how poorly some associations are run and can't cover normal maintenance out of existing reserves. Wait until you need stuff done with the docks like new cables. :eek: :poopoo:

That`s exactly what I thought!!! , why don`t they charge every owner a little more a month and put that in a piggy bank for things like this but apperantly that would make too much sense .
I have all the financials and there is no "piggy bank" the cost of repairs is $152k.
The cost for every owner in 2024 is $8k, they`ll take a lump sum, or monthly payments. They offered to pay 50/50 .I offered to pay $3k of the $8k.They accepted . I propabably could have gotten them to pay for the whole thing but they came down on price quite a bit so...
2025 goes back to $900/quarter.

When I had my condos on KY Lake, the board was required to keep 10% of the yearly budget in a separate account. This was required for any lender to write a mortgage for a condo. I assumed this would be standard operating procedure. The way we did the assessments was everyone paid 13 monthly assessments a year and the extra one went into the rainy day fund.

13 payments a year once would get them to 10%. They did it every year? That must have been a very large fund after many years?

Gone up about a $100/quarter since you left. Mainly because Mikat wasn't doing anything and some much needed stuff was overdue.
My slip is a good chunk of that and then increased dock reserves by a bunch.

Not having sufficient reserves is disaster waiting to happen.

There were 19 condo buildings in the association. They would put 1 new roof on every year that came out of that fund. Oldest roof would never be over 20 years old. It worked well.

Not enough reserves I guess but they are saving up for pool repairs so I got that going for me.:evilb:


https://cimg8.ibsrv.net/gimg/www.off...1486864e49.jpg
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Apparently they are only having the owners in the 2 buildings/19 units foot the bill for the new roofs, which is also crazy to me. In my complex, everything for every repair, no matter what building or dock, is assessed evenly on per sq ft basis. There has NEVER been a special assessment at our complex since it was built in the mid 80's.

A friend bought a new unit in a big complex at LOTO years ago...probably around 2006 ish. He had $24,000 over 3 special assessments in the first 2 years of ownership!! New complex and decks were rotting off because they did not use treated lumber and had concrete decking, sewage treatment plant had problems and a couple docks had huge problems.
I don't think I could ever own a condo again and deal with an HOA....the fees are ridiculous!

One has to look at the HOA annual minutes and accts prior to purchasing. It is call due diligence. There are MANY associations that are ran well, and unfortunately a number that are not.

I would like to see what your friend really had to deal with, my guess being called new was subjective rather than actual. Granted bad lumber will rot faster, If they didn't maintain anything that too will always lead to issues at a faster pace. but it still would take a number of years before it is an issue.

Now all that being said.... There was a complex that had REAL legal issues due to decks being under engineered and it took a number of law suits to get those resolved but EVERYONE knew about it if they did just a single google search.

Again..... Make sure you look at the HOA history (I always recommend at least last 3 years) prior to purchasing, and then once you own there show up for the meetings at the VERY least the annual meeting when all the big items are voted on and there will not be any surprises.

I spoke with someone from the Association.
After asking why there isn`t any larger reserves and some other concerns I had I was told that the last board was $hit and that there is a new board in 2024 who should be managing things better .
I mean at least they were honest .

Closing this thursday .:evilb:

Condo Boards are all chit, condo management companies are chit, cheap azz condo owners are chit .Dum azzes have no experience with useful life and replacement costs, our condo association will let the columns of our carports rust out and collapse and than remove them before they will acknowledge the corrosion and repair them. Just Dumb.

We have a very good HOA Board NOW and most owners are very happy with our mgmt company NOW (Professional Services)

Our board and mgmt company(Mikat) were not good a few years ago.

Ya, I deal with a lot of condo boards in my business.
It`s mostly the old cranky a holes that have nothing better to do but try and make everyone elses lives as miserable as theirs.

Closed .

Spent Thursday to Monday making it our own .. love it!
Did not want to leave .
The views are amazing and we got some boating in .. couple freezing night rides included but still worth dragging the Nozzles down there .
The place is dead.
Everything on the water is pretty much closed so see ya next year.




Our realtor .https://cimg2.ibsrv.net/gimg/www.off...f7d1536634.jpg
https://cimg5.ibsrv.net/gimg/www.off...14cb848420.jpg

Congrats!!!!!!
I'm 99% sure I'm gonna be a 2 condo owner in about 3 months. We have a contract on the unit next to ours. It will be a gut and full remodel project.

Congrats!!! Looks awesome!

Id much rather wake up to this view than ILllinois .

https://cimg6.ibsrv.net/gimg/www.off...22e4d25863.jpg
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That`s awesome. Do you live there full time?
After this 25% down payment and monthly mortgage I`m not buying anything for a while. lol

Congrats Danno, never seen you smile that big.....:ernaehrung004:

Congrats, Welcome to the Best Performance Boat lake in the country (of course I'm biased!)

Don't be a stranger during the off season, you will get a totally different feel for the area, there is WAY more places to go, than just on the water. You just have to drive there because you cant get there by water. Plus you understand why many of us have made it our full time home!

Welcome !

Not full time. I'm prob at LOTO about 80 days a year. Its a 5 hour drive from my primary house. Its just a rare opportunity when the one next door becomes available and the price was right. The second condo plan is to have it available for family and so my boys can bring down friends with them. I plan on renting it out to cover as much of the costs as possible.

I had an offer to rent for a few months at $1500/month (I`m asking $2000)
I`m not sure a multi month renter is worth it .. who knows what the place might look like in a 4 months vs. short term rental and regular cleanings.