PDA

View Full Version : Condo Owners Who Rent To Tourists



crdavies
01-24-2017, 03:55 PM
Hi all!

I am considering buying a condo in the Palma Real complex. I have done much research on the process and even met with a Realtor while on the island.

My question is for those of you who own a condo in Aruba for investment purposes.
Do you find that you've atleast broken even, if not made a profit off of renting out your condo?
I am able to check calendars on websites like VRBO, however some of those "rented" weeks could always be the owner themselves so it is hard to decipher if the units are really profitable or not.

I of course want this property for my pleasure as well, I hope to spend more time as the years go by, but in the meantime, would like to know that I can pay my mortgage and HOA fee's off of renters most of the time.

Thank you in advance!

Crystal

Andrea J.
01-24-2017, 04:13 PM
Welcome to the aruba.com community forum crystal!

I hope many will be able to give you their thoughts and experiences.


Hi all!

I am considering buying a condo in the Palma Real complex. I have done much research on the process and even met with a Realtor while on the island.

My question is for those of you who own a condo in Aruba for investment purposes.
Do you find that you've atleast broken even, if not made a profit off of renting out your condo?
I am able to check calendars on websites like VRBO, however some of those "rented" weeks could always be the owner themselves so it is hard to decipher if the units are really profitable or not.

I of course want this property for my pleasure as well, I hope to spend more time as the years go by, but in the meantime, would like to know that I can pay my mortgage and HOA fee's off of renters most of the time.

Thank you in advance!

Crystal

schexc
01-24-2017, 05:25 PM
We've spent the last 9 trips looking at properties and almost bought a unit in Palma Real. The real estate people that we spoke with over the years expressed a 50% vacancy during the year, so you'll have to do the math. Fortunately, the best rental tenancy is during high season, when most owners charge a premium rate for vacation renters.
Palma Real has been consistently maintained over the years and we've stayed there numerous times. We think you'll enjoy it there. Best of luck!:cool:

crdavies
01-24-2017, 10:10 PM
Did anything in particular deter you from buying at Palma Real (you mentioned you almost bought a unit) just curious if there is anything I should look out for from someone who has been through this process! Thanks :)


We've spent the last 9 trips looking at properties and almost bought a unit in Palma Real. The real estate people that we spoke with over the years expressed a 50% vacancy during the year, so you'll have to do the math. Fortunately, the best rental tenancy is during high season, when most owners charge a premium rate for vacation renters.
Palma Real has been consistently maintained over the years and we've stayed there numerous times. We think you'll enjoy it there. Best of luck!:cool:

schexc
01-25-2017, 06:14 AM
There re were no negative reasons for us at Palma Real, it was more about the timing for us. We wanted a one bedroom on the first floor, which is not considered ground level there. There are only four such units to choose from that meet that criteria and we missed the one we wanted, as the price dropped while we were building our new house. We weren't in a position to manage both at the same time, so ended up making a purchase at a different location two years later.

If you have anymore questions feel free to ask. We are very satisfied with our real estate agent too.


Did anything in particular deter you from buying at Palma Real (you mentioned you almost bought a unit) just curious if there is anything I should look out for from someone who has been through this process! Thanks :)

Jacki
01-25-2017, 09:31 AM
Welcome to the Aruba.com Community Forum Crystal! Good luck with the process and thanks schexc for sharing your experiences :)

brady bear
01-25-2017, 09:49 AM
Welcome to the forum.. wishing you luck.
Keep us updated. Never know if one of us would rent from ya too.

Andrea J.
01-25-2017, 10:19 AM
one of the things that i would want to see are the financials of the hoa/poa.
i would hate to purchase and then find later that the $ in the reservesare insufficient and then have to pay a special assessment in order to get a project completed.
(roof, pool, etc)
please make sure that the place's financial reserves are sufficiently funded.

schexc
01-25-2017, 10:40 AM
The HOA at Palma Real is competitively priced. We can't speak from our own experience but all of the owners that we spoke to told us that there was a very strong HOA board there. There is quite a mix of owners in the development, which lends itself to varied amounts of discussion as to how funds get appropriated, but I imagine you'll find that in most situations. Since we've been watching the property and staying there they've painted the exterior, updated the exterior lighting and replaced the seating around the pools. We never experienced any delay in trash pickup and the grounds and pools are taken care of regularly. They've always had 24hr gated security, but had never used the gate, which we though was a little unsecure, but last trip they had installed a functional gate. The security guard makes rounds throughout the property every couple of hours too. We don't know the status of their reserve fund, but we were told that the owners contribute a few dollars extra on top of the HOA to cover the unexpected.

crdavies
01-25-2017, 02:50 PM
Thanks to everyone for the well wishes and tips. I did receive info on HOA previously, it is a bit high in comparison to some of the other complexes I've considered which offer more amenities. i.e. the new Pearl near Eagle beach (which looks like it is an amazing project!) is similarly priced and offers much more. However, the lower price of the Palma Real unit may help even that out for me. I also have made the decision to only look into complexes that allow a dog, if I will be spending months or even several weeks on end there, my pup will be joining me, so that was a hard decision to make because it narrowed down to just a few complexes that fit my criteria! I will however now be asking about their 'reserve fund' and have also asked the realtor today if I can see a copy of the Bylaws (does anyone know if for some reason I would not be allowed to see those, you never know if the laws will be different in another country!)
Any other info will be greatly appreciated!
Crystal

schexc
01-25-2017, 03:59 PM
With regards to The Pearl our minds think alike. We hope to be there the second week of March.


Thanks to everyone for the well wishes and tips. I did receive info on HOA previously, it is a bit high in comparison to some of the other complexes I've considered which offer more amenities. i.e. the new Pearl near Eagle beach (which looks like it is an amazing project!) is similarly priced and offers much more. However, the lower price of the Palma Real unit may help even that out for me. I also have made the decision to only look into complexes that allow a dog, if I will be spending months or even several weeks on end there, my pup will be joining me, so that was a hard decision to make because it narrowed down to just a few complexes that fit my criteria! I will however now be asking about their 'reserve fund' and have also asked the realtor today if I can see a copy of the Bylaws (does anyone know if for some reason I would not be allowed to see those, you never know if the laws will be different in another country!)
Any other info will be greatly appreciated!
Crystal

crdavies
01-25-2017, 05:18 PM
Congrats, looks like a wonderful complex, I saw construction just last September and it was coming along nicely!

With regards to The Pearl our minds think alike. We hope to be there the second week of March.

Aruba4ever
01-25-2017, 05:22 PM
crdavis- welcome first of all. Secondly good luck on your purchase. One thing to think about is flying your dog back and forth. There are not many airlines who do it and they have some restrictions about when you can do it because of the heat. I am sure if you have spoken to a realtor you realize that you need to put down 40% in order to purchase. As far as the Bylaws go, I don't expect them to be in English even if they exist. Unless you can read Dutch you will need some help understanding what you are looking at. I can't stress the importance of getting a lawyer to represent you in the transaction. I would not buy or sell a property at home without a real estate attorney so its a 100% must in Aruba if you ask me.

Best of luck and keep us posted.

crdavies
01-25-2017, 08:24 PM
Thank you! Yes an attorney would be a definite for us, too large of a purchase to do without one! I've been in touch with a bank on the island for quite a while now, they probably have a file a mile long on us by now (lol) so that is squared away also...the dog is all set as far as flying goes, we fly with her frequently, and to and from Aruba. The country has fairly easy regulations as far as getting her in, it's always getting her back to the states that is a bit more strict. Good call on the Bylaws, I didn't think of them being in Dutch! Thanks again- Crystal


crdavis- welcome first of all. Secondly good luck in your purchase. One thing to think about is flying your dog back and forth. There are not many airlines who do it and they have some restrictions about when you can do it because of the heat. I am sure if you have spoken to a realtor you realize that you need to put down 40% in order to purchase. As far as the Bylaws go, I don't expect them to be in English even if they exist. Unless you can read Dutch you will need some help understanding what you are looking at. I can't stress the importance of getting a lawyer to represent you in the transaction. I would not buy or sell a property at home without a real estate attorney so its a 100% must in Aruba if you ask me.

Best of luck and keep us posted.

GETA62
01-25-2017, 10:03 PM
crdavis- welcome first of all. Secondly good luck on your purchase. One thing to think about is flying your dog back and forth. There are not many airlines who do it and they have some restrictions about when you can do it because of the heat. I am sure if you have spoken to a realtor you realize that you need to put down 40% in order to purchase. As far as the Bylaws go, I don't expect them to be in English even if they exist. Unless you can read Dutch you will need some help understanding what you are looking at. I can't stress the importance of getting a lawyer to represent you in the transaction. I would not buy or sell a property at home without a real estate attorney so its a 100% must in Aruba if you ask me.

Best of luck and keep us posted.

All contracts and documentations are available in both ( Dutch and English). We did not have any problems without knowing Dutch. :D.
Jonson and Jonson is very honest and reliable notary company. Good Luck with pirchase

Jacki
01-26-2017, 09:22 AM
All contracts and documentations are available in both ( Dutch and English). We did not have any problems without knowing Dutch. :D.
Jonson and Jonson is very honest and reliable notary company. Good Luck with pirchase

Good to know! I also thought all legal documents were in Dutch.

Aruba4ever
01-26-2017, 10:52 AM
You are not the only one, lol.


Good to know! I also thought all legal documents were in Dutch.

crdavies
01-26-2017, 11:00 AM
Received 3 packets of documents today, all in English!!! Including Bylaws, Tenant rules, introduction letter, latest board meeting information. All very helpful! Would still love to hear from anyone that rents their unit out; that's really the final thing holding me back from make a decision.

lucky
01-26-2017, 11:47 AM
on rental,it really depends on how much the person charges for rent,if your way above the norm you'll have few rentals,below much more.where we stay at the gold coast townhouses the fellow we rent from charges from $100.00 to $200.00 less a day then everybody else charges in the complex so his unit is rented much of the time.hope that helps

crdavies
01-26-2017, 12:36 PM
Thank you for that information, I would plan to price fairly compared to comparable units and of course give a larger discount for family and friends.


on rental,it really depends on how much the person charges for rent,if your way above the norm you'll have few rentals,below much more.where we stay at the gold coast townhouses the fellow we rent from charges from $100.00 to $200.00 less a day then everybody else charges in the complex so his unit is rented much of the time.hope that helps

Tim nel
01-26-2017, 06:01 PM
much were they asking at the Pearl? and is it a two B/R, how much for HOA fee's. Welcome to the forum and the best of luck to you!

crdavies
01-26-2017, 07:03 PM
Hi Tim,
Pearl starts at a one bedroom $198,000 (up from a few months ago). Both complexes start around $200 in HOA fees...I feel you get more bang for your buck at Pearl as far as fees. Thanks!

much were they asking at the Pearl? and is it a two B/R, how much for HOA fee's. Welcome to the forum and the best of luck to you!

schexc
01-26-2017, 08:03 PM
http://www.arubahouses.com/Real_estate_aruba/THE-PEARL-2-and-3-bedrooms-condominiums-forsale.htm

Aruba4ever
01-26-2017, 10:26 PM
I was going to say you should expect somewhere between 35-40% of your weeks to be rented, then I read a previous post with the 50% quote. If it were me, I would take 50% of whatever any realtor told me and feel good about that number. The only difference was if they produce tax returns or copies of checks. If the difference in your vacancy rate is a deal killer I would pass because of the potential stress involved. If its just a "wish" to be able to rent it out 50% of the time and not have it be a financial burden I would buy it yesterday. Good luck!

Aruba4ever
01-26-2017, 10:32 PM
I think both places look nice but if I was in the market I would really check out the Pearl. Its only a little more than the other property and it will be brand new. It looks very nice as well. Its a much shorter walk to the beach and you don't have to drive or walk along a main road to get there. I also think it may command more money if you rent it out based on location and being brand new.

schexc
01-27-2017, 06:10 AM
Ditto...


I think both places look nice but if I was in the market I would really check out the Pearl. Its only a little more than the other property and it will be brand new. It looks very nice as well. Its a much shorter walk to the beach and you don't have to drive or walk along a main road to get there. I also think it may command more money if you rent it out based on location and being brand new.

schexc
01-27-2017, 06:12 AM
We approached it like this; if it rented it reduced our expenses, if we didn't it was an investetment in a place we call home.


I was going to say you should expect somewhere between 35-40% of your weeks to be rented, then I read a previous post with the 50% quote. If it were me, I would take 50% of whatever any realtor told me and feel good about that number. The only difference was if they produce tax returns or copies of checks. If the difference in your vacancy rate is a deal killer I would pass because of the potential stress involved. If its just a "wish" to be able to rent it out 50% of the time and not have it be a financial burden I would buy it yesterday. Good luck!

crdavies
01-27-2017, 08:55 AM
I agree with everything you're saying about Pearl, it peaked my interest the most! But given we wish to eventually spend weeks/months on end in this investment, we've made the decision to only look at dog friendly units. Sounds silly, but we will always have a dog in our life over the years and don't want to leave her home if we spend say a month straight. I looked into houses as well, but not living in the country I feel so much better with the amenities a condo has to offer. If anything, maybe Pearl can be leverage for me to negotiate an even better price on other complexes? Who knows!


I think both places look nice but if I was in the market I would really check out the Pearl. Its only a little more than the other property and it will be brand new. It looks very nice as well. Its a much shorter walk to the beach and you don't have to drive or walk along a main road to get there. I also think it may command more money if you rent it out based on location and being brand new.

brady bear
01-27-2017, 09:15 AM
Don't blame ya. I couldn't leave my two fur babies at home for a month..
Gee I am leaving today and giving them so much love right now.

schexc
01-27-2017, 12:08 PM
Good point. What type of unit are you looking at in Palma Real?


I agree with everything you're saying about Pearl, it peaked my interest the most! But given we wish to eventually spend weeks/months on end in this investment, we've made the decision to only look at dog friendly units. Sounds silly, but we will always have a dog in our life over the years and don't want to leave her home if we spend say a month straight. I looked into houses as well, but not living in the country I feel so much better with the amenities a condo has to offer. If anything, maybe Pearl can be leverage for me to negotiate an even better price on other complexes? Who knows!

lucky
01-27-2017, 01:43 PM
have you checked out the townhouses at goldcoast? pets are allowed there

Aruba4ever
01-27-2017, 04:38 PM
As a owner of 2 labs I can understand why you are only looking at places that would accept your pets. I too would not want to buy a house for only a part-time location. The benefits condo living offers would greatly out weigh having my own home.


I agree with everything you're saying about Pearl, it peaked my interest the most! But given we wish to eventually spend weeks/months on end in this investment, we've made the decision to only look at dog friendly units. Sounds silly, but we will always have a dog in our life over the years and don't want to leave her home if we spend say a month straight. I looked into houses as well, but not living in the country I feel so much better with the amenities a condo has to offer. If anything, maybe Pearl can be leverage for me to negotiate an even better price on other complexes? Who knows!

crdavies
01-28-2017, 01:45 PM
Yes I have thank you, a bit higher of a price range then i'm looking at :)


have you checked out the townhouses at goldcoast? pets are allowed there

crdavies
01-28-2017, 01:46 PM
1 bedroom unit!


Good point. What type of unit are you looking at in Palma Real?

schexc
01-28-2017, 05:37 PM
What level? I might know of one for sale that hasn't listed yet.


1 bedroom unit!

crdavies
01-28-2017, 08:31 PM
The particular unit I have been eyeing is 3rd floor, private balcony. But i'd consider others



What level? I might know of one for sale that hasn't listed yet.

schexc
01-28-2017, 11:11 PM
If if my memory is correct then #42 an #43 are for sale. There is another one that backs up to Palm Aruba too, maybe #48? I think #47 recently sold. We've stayed in 42 and 43. Of the one's we stayed in #43 was in the best condition. I don't think either of them had updated inverter A/C units. From what we experienced 175-185,000.00 seems to be fair market value. Number 47 could have been purchased for less, maybe 150-160,000.00, but needed some TLC. The mid level units were in the 145-160,000.00 range. Our last few trips we rented a ground level unit from a very nice owner from California. She offered her unit to us, but we never discussed price. I think either 45 or 46, ground level sold for $150,000.00 a couple of years ago.


The particular unit I have been eyeing is 3rd floor, private balcony. But i'd consider others

crdavies
01-29-2017, 12:22 PM
Thanks for all of that, 43 does happen to be the one i've had my eye on! Currently listed for 179. Still doing some research and trying to decide if it is worth the purchase. The market seems to be growing, and I don't see it slowing down anytime soon. My thought is if I wait another 5 years, will it be listed for 200k+?


If if my memory is correct then #42 an #43 are for sale. There is another one that backs up to Palm Aruba too, maybe #48? I think #47 recently sold. We've stayed in 42 and 43. Of the one's we stayed in #43 was in the best condition. I don't think either of them had updated inverter A/C units. From what we experienced 175-185,000.00 seems to be fair market value. Number 47 could have been purchased for less, maybe 150-160,000.00, but needed some TLC. The mid level units were in the 145-160,000.00 range. Our last few trips we rented a ground level unit from a very nice owner from California. She offered her unit to us, but we never discussed price. I think either 45 or 46, ground level sold for $150,000.00 a couple of years ago.

Aruba4ever
01-29-2017, 01:14 PM
Here is my thought on waiting. Lets say it does go up by 21k did you really lose money? Well that depends. Lets say you were putting down the required 40% as a down payment which amounts to 80k. If you invest that 80k and earn 6% return on your money you wont lose a penny it will be basically a wash. You will have 107k minus any taxes due which again would be a wash. All that said, just think of the fun you could have if you purchased now.


Thanks for all of that, 43 does happen to be the one i've had my eye on! Currently listed for 179. Still doing some research and trying to decide if it is worth the purchase. The market seems to be growing, and I don't see it slowing down anytime soon. My thought is if I wait another 5 years, will it be listed for 200k+?

schexc
01-30-2017, 02:22 PM
Certainly...hope it helped.
I do know that initially she was asking $189,00.00 for the unit when we looked at it last March, so she's lowered the price, which might be good for you.

As far as the market growing...when we first started looking back in 2010 it didn't seem like the US recessionary period had really taken hold in Aruba. It wasn't until 2012-2013 did we realize that a number of properties that we'd seen listed in the past were still for sale. Some of them for two plus years. In 2013 the pricing seemed to fall considerably. One bedroom units in Palma Real dropped from asking prices of 195-205,000.00 as much as 30-40%. That would have been the ideal time to buy. Since then asking prices have gradually started to creep up. I don't think they've reached their peak as before but they're getting closer. One bedroom new construction pricing inland for gated communities have been from $225,000 on up. PalmAruba is a good example of the upper end of the range. So as you said, it looks like it's only going up from here. How much can be demanded from an older property like Palma Real is a good question. I know a couple of the properties have already been redone. Add this to their continued maintenance sure sounds like a recipe for appreciation. JMHumbleO:)


Thanks for all of that, 43 does happen to be the one i've had my eye on! Currently listed for 179. Still doing some research and trying to decide if it is worth the purchase. The market seems to be growing, and I don't see it slowing down anytime soon. My thought is if I wait another 5 years, will it be listed for 200k+?

Jacki
01-30-2017, 02:31 PM
Just wanted to add a thank you - this thread continues to be extremely interesting :)

Oliveira
03-07-2017, 10:36 PM
Im glad I found this thread, as this subject also interests me. Can anyone share some numbers, in terms of rental income X property value, for reference? Say a $200k condo, how much one could expect to get in rental income per week (considering a 50% vacancy), etc.

How much are property taxes?

act1966
03-08-2017, 12:00 AM
We approached it like this; if it rented it reduced our expenses, if we didn't it was an investetment in a place we call home.

That's the prudent approach to real estate: worst case scenario... Can you carry it if it never rents? Hope for the best but plan for the worst.

crdavies
05-16-2017, 04:59 PM
Im glad I found this thread, as this subject also interests me. Can anyone share some numbers, in terms of rental income X property value, for reference? Say a $200k condo, how much one could expect to get in rental income per week (considering a 50% vacancy), etc.

How much are property taxes?

It differs depending on what the unit offers, pool, beachfront, concierge, etc. Your best bet is to go on a website like vrbo.com or airbnb.com and search for a similar property to see what they are getting as a nightly rate. The condo I was looking at was a 1 bedroom with pool and gated community. Looked like I could get more then $100 per night. Vacancy is hard to determine, but again the websites I've listed show "availability" which I found helpful in getting a feel for how often the units were getting rented out. Property taxes are very cheap comparative to here in the states. I don't have an exact number, I want to say the realtor told me something like $1200 a year!

robin
05-17-2017, 12:01 AM
We purchased a condo recently in Aruba-at Oceania. We never thought we could afford to purchase one there because of the price point; and it was not on our list of places to view; however that changed once we started going on viewing of homes and condos. At least 2/3 of the properties we saw were Venezuelan owned and were eager to sell due to the economic climate in their country. There are a lot of good deals now in Aruba. We ended up purchasing a unit at the very top of our price range and got more than we ever thought for the price we paid. We did not use a lawyer and relied on the realtor. We use Johnson's for closing and everything went smoothly. We will be renting the condo when we are not there, but since we plan on being there for Jan.-March, we don't expect to make tons of money on the condo-whatever we get we will be happy with it to offset our expenses. We did have all the condo documents to review prior to our purchase. The closing paperwork was in Dutch, but Johnson's sent the translation with it. The deed is in Dutch, and they did orally translate it at settlement. We don't have the actual copy yet because we left the island before it was ready. Oceania has a reserve fund that we pay into, but they can also have special assessments.

We own a condo at the shore near us(Ocean City, NJ) and we have a healthy reserve, but do to an unexpected erosion issue (over $40,000) we had expenses that would wipe out the reserve, so we did a special assessment. Unexpected issues crop up and you should always be prepared for special assessment.

bornbrit1
06-05-2017, 02:02 PM
The Pearl is much closer to the beach than Palma Real, where we lived for two years. We didn't have too many complaints, except for the fact there are a lot of young children at Palma Real who are allowed to use the pools without adult supervision, day and night. There were quite a few condos broken into while we were there, with several items stolen, but since the are now actually using the gate that problem should have been alleviated. They have replaced all the pool furniture with nice chaise lounges and maintenance is fairly good there. Either place would be a great investment, but I like being closer to Eagle beach so I don't have to drive there.

Oliveira
01-05-2018, 01:18 PM
Would anyone be able to chime in, regarding current values?



If if my memory is correct then #42 an #43 are for sale. There is another one that backs up to Palm Aruba too, maybe #48? I think #47 recently sold. We've stayed in 42 and 43. Of the one's we stayed in #43 was in the best condition. I don't think either of them had updated inverter A/C units. From what we experienced 175-185,000.00 seems to be fair market value. Number 47 could have been purchased for less, maybe 150-160,000.00, but needed some TLC. The mid level units were in the 145-160,000.00 range. Our last few trips we rented a ground level unit from a very nice owner from California. She offered her unit to us, but we never discussed price. I think either 45 or 46, ground level sold for $150,000.00 a couple of years ago.

Oliveira
01-05-2018, 05:21 PM
Would anyone be able to chime in, regarding current values?

Answered my my own question (about the Pearl - still trying to get an idea about Palm Aruba)... currently, 1 bedroom units at the Pearl are listed at 203k USD, and 2 bed/2 baths start at 242k USD.

hineskl
01-06-2018, 02:09 PM
We own a townhouse in Gold Coast. We purchased just over 4 years ago. Banking and purchasing in Aruba is different. Be prepared for the 40% down and then all of the front end loaded fees at the closing. Was not impressed with our notary and I had to do it again I would use an attorney. Was finally given the taxes and fees due at closing only a few months prior to closing and it was a much larger amount than expected as they front end load the taxes on the purchase.

Rental. We started with out doing a long term renter over the prime season. Plus was that it was guaranteed rent and they were not hard on the home and furniture. Down side is the rent was substantially under what you would get in high season. We have moved on to another property manager and have moved away from long term rental. We set our rental pricing in the middle of the pricing. We set the home up with the quality of furniture that we want when we are there and all the things you want in a home. So we don't necessarily want to attract the folks looking at the cheapest rental price. There are certain areas that you have to be careful renting to people from. You can set up a rental for 2 couples and have management show up and they have a dozen people in your place. That is how your home gets trashed.

Things we have learned. The airlines control the flow of people to Aruba. If they set airfares to high, people don't come. This last summer, airfares did not drop and it was the toughest off season since we purchased. The banks in Aruba suck and you are a non belonger and they treat you like you are an ATM machine. They will charge a fee for everything they can and the monthly fee for banking with them is absurd even they hold your loan.

Happy to answer questions that are more specific if you like.

ovidiu77
07-05-2018, 09:57 AM
The HOA at Palma Real is competitively priced. We can't speak from our own experience but all of the owners that we spoke to told us that there was a very strong HOA board there. There is quite a mix of owners in the development, which lends itself to varied amounts of discussion as to how funds get appropriated, but I imagine you'll find that in most situations. Since we've been watching the property and staying there they've painted the exterior, updated the exterior lighting and replaced the seating around the pools. We never experienced any delay in trash pickup and the grounds and pools are taken care of regularly. They've always had 24hr gated security, but had never used the gate, which we though was a little unsecure, but last trip they had installed a functional gate. The security guard makes rounds throughout the property every couple of hours too. We don't know the status of their reserve fund, but we were told that the owners contribute a few dollars extra on top of the HOA to cover the unexpected.

Hi, I know this is an older post but what a great one! I was wondering if you knew the HOA and any other fees that would apply for purchasing a unit at the Pearl Condo complex. Looking for a two bedroom and I'm trying to figure out what to expect in terms of purchase, closing cost, monthly fees, etc. It seems a 50% vacancy is the norm so having the math done right is important :) Thank you!

Jacki
07-05-2018, 10:07 AM
Welcome to the posting side! :)

schexc
07-05-2018, 02:06 PM
The HOA IS $2.95 US per meter squared. This includes grounds and exterior building maintenance, trash pickup and Ethernet connection. We proved our own wireless router and purchased all of our furniture locally.
Government collects a 6% transfer tax at closing Annual property taxes and insurance are very inexpensive, compared to where we live in NYS. Figure another 2% for associated fees for closing.
Utilities are very reasonable when not occupied, our water and electric cost roughly $25-30 a month when vacant. We are very happy with our rental activity. We wish we had done it sooner...

Feel free to PM if you have any questions.

Mohair
07-05-2018, 09:06 PM
There is a 6% tax on the purchase price, so a 250,000 condo will be $15,000. Closing costs 2k to 4k.

ovidiu77
07-06-2018, 09:33 AM
Thanks.

manasr
11-21-2018, 11:55 PM
Thank you for a lot of very useful and interesting information. I am considering to purchase at The Pearl. Would you recommend using Pearl property management for rental and management or other companies? What is Pearl's management fees (%). Do they have a rental pool or renting a specific unit? Thanks in advance.

Andrea J.
11-22-2018, 12:06 AM
hi and welcome to the posting side!

posting #52 is from forum member schexc.
he and his bride own at the "pearl" and I am sure he can answer questions for you.
click on his name at his post and then click private message.
you can ask all about the "pearl"

good luck and if you do not hear from him immediately, he is packing for aruba!

again, welcome!
Thank you for a lot of very useful and interesting information. I am considering to purchase at The Pearl. Would you recommend using Pearl property management for rental and management or other companies? What is Pearl's management fees (%). Do they have a rental pool or renting a specific unit? Thanks in advance.

schexc
11-22-2018, 02:33 AM
Like...

Absolutely send a PM if you have any questions. If I don’t know the answer I can certainly get it for you.


hi and welcome to the posting side!

posting #52 is from forum member schexc.
he and his bride own at the "pearl" and I am sure he can answer questions for you.
click on his name at his post and then click private message.
you can ask all about the "pearl"

good luck and if you do not hear from him immediately, he is packing for aruba!

again, welcome!

manasr
11-23-2018, 04:10 PM
sent, thank you

Like...

Absolutely send a PM if you have any questions. If I don’t know the answer I can certainly get it for you.

JohnMtl
01-18-2019, 08:49 AM
If they consider you a serious buyer there is absolutely no reason for them to deny you access to the bylaws.

You have to be able to do your due diligence.
Seeing the bylaws, the budget and the reserve schedule is an important part of that.

schexc
01-22-2019, 08:00 AM
We had full disclosure of the bylaws before we purchased.