For those who own condos
- Thread starter tyler
- Start date
InkaRoads
cronopiador
Obviously, the trailer style is not for you..
curiousgeorge
Guest
Wow, did I read this right? In Las Palomas it is over $500 a month to lend your condo to a guest?? Is this above and beyond the HOA fees? Do other condos in Rocky Point charge you to use your own condo when you are not renting?
Would anyone buy into a resort with this policy?
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The owner pays the HOA fees every month if it is a rental or not. The condo management/HOA requires a MINIMUM rental fee and you have to charge that, plus there are numerous other fees charged to the renter, even if they are a friend/relative of the owner. They would never let a condo owner rent a unit for $500 a month. The MINIMUM mandatory rental fee at Las Palomas is more that $500 a week for the smallest condo! The problem is that you can find a condo for rent cheaper, but you are still looking at $100 a night at most 2bd 2bath condos. If you go on Craig's list, you will see 99% of the ads for condos are for Las Palomas because their HOA forces them to charge more than the other condo developments.
I'm sure the Las Palomas owners who bought a unit to rent out are very, very unhappy right now.
I understand, but you can't be happy that you may be paying three or four times as much each year to have that preference. And, if things get any worse down there, you may even lose your ownership. I had a friend who built a house further down in Mexico on a beachfront lot. He had about $500K invested over five years with the idea of living there when he retired. The government seized it from him.
I predict that you would have been so much better off buying in San Diego in the long run.
curiousgeorge
Guest
Is it really a fact that owners who LEND to guests are charged a guest of owner fee at Las Palomas? According to the previous poster, he says it is over $500 a month. I would be upset with paying $1 to lend my condo to a guest, but $500....Wow!
How do the owners at Las Palomas stand for that?
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InkaRoads
cronopiador
I believe it is a matter of reading the fine print, then you will be better informed and possibly decide to go for something else, sometimes, as you just realized, owning a condo is not as grand as it is viewed as, a simple home with a nice front and back yard and enough space for your toys and maybe 1 or 2 blocks from the beach is all you need and still pay less than the HOA fees to own the whole dag thing!! IMHO :eek3:
S
Submarine
Guest
I think I'd rather be hit in the head with a 2x4 loaded with rusty nails than own one of those over-priced condos and have to deal with exhorbitant HOA fees. I purposely picked my home in Gilbert because it was sans HOA (only 14 neighborhoods are).
Why not rent this cute home in Moorea, only $1236/mo
http://translate.googleusercontent.com/translate_c?hl=en&ie=UTF-8&sl=fr&tl=en&u=http://www.degout.pf/detail.php?1224&rurl=translate.google.com&twu=1&usg=ALkJrhgJUBBiVX9FZkAOBgl7dx6hjezUrw#
http://translate.google.com/translate?u=http%3A%2F%2Fwww.degout.pf%2F&sl=fr&tl=en&hl=&ie=UTF-8
That's where I'll be retiring to if I can learn enough french that they let me stay.
Why not rent this cute home in Moorea, only $1236/mo
http://translate.googleusercontent.com/translate_c?hl=en&ie=UTF-8&sl=fr&tl=en&u=http://www.degout.pf/detail.php?1224&rurl=translate.google.com&twu=1&usg=ALkJrhgJUBBiVX9FZkAOBgl7dx6hjezUrw#
http://translate.google.com/translate?u=http%3A%2F%2Fwww.degout.pf%2F&sl=fr&tl=en&hl=&ie=UTF-8
That's where I'll be retiring to if I can learn enough french that they let me stay.
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rockyptjoe
Guest
Hey...we ought to march on the capital demanding that you can live there without learning the language!!! You have rights!!!:stir::rofl:
Where and what were the circumstances?
Not really sure, but hubby knows. He's out of town today, so I'll post when I find out. It was along the Baja coast I think. He lost everything!
He just called..... La Bufadora (south of Ensenada). Apparently it was some kind of development with houses, a restaurant, hotel, etc. After many years, there was a dispute about who really owned the land. The people who built the development lost the case and everything was awarded to the other party. They took ownership of everything and kicked all the Americans out.
I remember hearing about that. I believe there was a big write up about it on the old forum. A little internet research should tell ya the story.
Yup. Remember it well. If I'm not mistaken, he brought in a tractor/bulldozer and completely razed the buildings before he left, rather than just hand his many years of work and money over to the Mexicans.
It was at least ten years ago. My friend and his wife lived in Santa Clara, Ca. They would drive down every couple of months and add some furniture or appliances. It was a three story house with state-of-the-art everything. They took every extra penny they had and put it in the house. The worst part was that it took so long for the problem to arise. You would think after a certain number of years you could feel safe with your land.
I'll take the RV parks any day over buying a condo down there.
I remember the case but I thought you were referring to a current situation. This type of situation has happened up and down the Baja and Sonora coast also, but often with equitable resolution.
On the other hand many subdivisions in Penasco were knowingly purchased as a lease/ bill of sale transaction and were eventually regularized with trusts being issued. It all depends on how much you know about how things work and who you are dealing with in Mexico.
Look for instance at the various good faith opinions on the other thread. They can't all be correct. Mexican investment can be profitable and enjoyable but it is not for the uninformed or faint of heart.
dry heat
Pigeon coup coordinator
At Las Palomas we have a guest impact fee that amounts to the following: $25 fee per stay and $5 per person per night, thus if you let someone go to your condo without you being there they will pay this fee. If you are there as the owner, no fee is paid. The guest impact fee pays for the following: 24hr key card service, pool towels, 24hr hotel services (ex. something goes wrong with the A/C or plumbing issue). The initial reason why this impact fee was added was becuase at one time 60% of all the guests at the resort were "guest of owners without the owners being present", thus it was obvious that many owners were undercutting the rates of fellow owners who rented via the approved onsite management company, the resort was seeing a higher than average impact on the grounds due to all of these guests at the resort that were paying the owner directly and thus violating the HOA rules (no different that any other resort). In regards to the HOA fee, my 2 bedroom is $280 per month and includes water service, cable, maintenance of grounds, etc. The HOA impact fee actually went down for 90% of the owners at Las Palomas this year due to a re-assesment of the nominal value of the condo's. In regards to voting rights, if any owners including the developer is past due on their HOA fee's they do not have any voting rights, this was the case for many in 2009- including the developer.
playaperro
El Pirata
http://www.mexicomatters.net/mexicorealestate/13_untoldsecretaboutpuntabanda.php
Remember it well, It was called "punta banda".
Remember it well, It was called "punta banda".