Thoughts on Bella Trae at Champions Gate?

[Tiffany]

Hi,
Looking for thoughts on the development at Bella Trae at Champions Gate. We are looking to buy a vacation condo in central FL and there are some great deals in this development right now. Things look good on line and I am coming down this coming weekend to see things in person, but looking for any first hand opinions.

 

[arminnie]

I know nothing about this development - but will share a few condo issues I've come across. I currently own two condos. I bought the Little Rock one a few months ago. I bought the New Orleans one 10 days before Katrina.

You WILL be affected by ownership issues - even more than in a subdivision. I've been thru good and bad markets.

Biggest question is who else will be owning there? Is it established? Is there a good ratio of owners to renters, etc. How much is HOA fee? Is there a reserve? Are people renting out by the week.

I was SO glad I had a condo not a house after Katrina. Not the least reason being that I was on the 6th floor. But we have a great management team and owners who really want to take care of the place. They made sure all repairs were made and most importantly that we had great insurance.

Here are some real life problems that have happened to others:
New development - builders goes bankrupt, common areas not finished, some units sitting half finished. The pool is half finished - or even worse full of algae.

Too many renters - most banks (especially in today's market) will not write a loan if the ratio of owners to tenants is too low. Even if you are paying cash and have no intention of selling, this can affect you. Someone who is trapped and cannot sell may just walk away. They may not pay HOA fee. The recourse is to get it back when it sells, but if it is underwater that is not going to net anything. Meanwhile the people paying their dues may face an assessment to keep things up or maintenance just doesn't happen. That's how developments get seedy.

I was paying cash in Arkansas and passed up a total steal of a great condo in a lovely neighborhood. Much bigger than the one I bought with an attached garage for about half the price. The seller was absolutely desperate as no bank would finance a loan. It was just too risky for me.

Short-term rentals
My New Orleans condo is right on the parade route. I could make a fortune renting it out for Mardi Gras or Superbowl. But it is enough of a zoo around here then without having a zillion strangers wandering around. Our HOA prohibits rentals for less than 3 months.

Are you looking to rent it out? or do you prefer a more owner occupied development? If this is in a development with rentals is there a central management office or does each owner do it individually. Never underestimate what a strapped owner may resort to.

 

[Tiffany]

I know nothing about this development - but will share a few condo issues I've come across. I currently own two condos. I bought the Little Rock one a few months ago. I bought the New Orleans one 10 days before Katrina.

You WILL be affected by ownership issues - even more than in a subdivision. I've been thru good and bad markets.

Biggest question is who else will be owning there? Is it established? Is there a good ratio of owners to renters, etc. How much is HOA fee? Is there a reserve? Are people renting out by the week.

I was SO glad I had a condo not a house after Katrina. Not the least reason being that I was on the 6th floor. But we have a great management team and owners who really want to take care of the place. They made sure all repairs were made and most importantly that we had great insurance.

Here are some real life problems that have happened to others:
New development - builders goes bankrupt, common areas not finished, some units sitting half finished. The pool is half finished - or even worse full of algae.

Too many renters - most banks (especially in today's market) will not write a loan if the ratio of owners to tenants is too low. Even if you are paying cash and have no intention of selling, this can affect you. Someone who is trapped and cannot sell may just walk away. They may not pay HOA fee. The recourse is to get it back when it sells, but if it is underwater that is not going to net anything. Meanwhile the people paying their dues may face an assessment to keep things up or maintenance just doesn't happen. That's how developments get seedy.

I was paying cash in Arkansas and passed up a total steal of a great condo in a lovely neighborhood. Much bigger than the one I bought with an attached garage for about half the price. The seller was absolutely desperate as no bank would finance a loan. It was just too risky for me.

Short-term rentals
My New Orleans condo is right on the parade route. I could make a fortune renting it out for Mardi Gras or Superbowl. But it is enough of a zoo around here then without having a zillion strangers wandering around. Our HOA prohibits rentals for less than 3 months.

Are you looking to rent it out? or do you prefer a more owner occupied development? If this is in a development with rentals is there a central management office or does each owner do it individually. Never underestimate what a strapped owner may resort to.

Thank you for all of the insight. We are looking for a place that we will live in from January through April and then come back up north just visiting maybe for a week in Sept and for long weekends in other months.

Bella Trae at Champions Gate does not allow short term rentals and is literally gated in that you need a remote to get past the gate. I will be seeing things in person this coming weekend and will check out all of the common areas to see where they are in development from what I have seen on line the main clubhouse, pool activities area has been up and running for a while now.

Thanks again.

 

[bxmartin]

I own a place at Bella Trae. We really enjoy the community, although we are only there a few weeks a year and sporadic weekends. As in most of these communities, there are a few residents that seem to "run" everything. Pulte, the developer just started turning over the HOA's to the homeowners. There have been some issues with bankruptcies, but I think that is common everywhere in this economic climate. They do restrict access to the ammenities to only those who are current on their HOA fees. Let me know if you have any other questions!

 

[Tiffany]

I own a place at Bella Trae. We really enjoy the community, although we are only there a few weeks a year and sporadic weekends. As in most of these communities, there are a few residents that seem to "run" everything. Pulte, the developer just started turning over the HOA's to the homeowners. There have been some issues with bankruptcies, but I think that is common everywhere in this economic climate. They do restrict access to the ammenities to only those who are current on their HOA fees. Let me know if you have any other questions!

Hi,
You are using the place just as we are planning on using the unit. We like the idea of people keeping things in line. I am coming down on Saturday and Sunday and will mainly be looking at bank owned and or short sale units.

Does the HOA have a reserve so that we won't get hit with special assesments? Is there a copy of the HOA rules that you could email to me or post a link to.

Things look very good on line I just hope it is the same in person.

Do you have any regrets?

 

[SandrA9810]

Just remember you will not be able to get a loan for a condo in florida. They're too big of a risk to the banks, that they won't allow it.

Champions Gate is still under developed, so getting to some stores is a pain and far away. But there is a nice Publix there. And now there's the Target on 192 at the end of Old Lake Wilson Rd, which isn't a bad drive.

I stayed with a friend for a while down there. Her biggest complaint about purchasing a town home there, was the noisy and inconsiderate "vacationers" renting out the home next to hers.

Ohh and cell phone reception seems to spotty out there, on all carriers. Dunno if they've fixed that problem or not.

 

[bxmartin]

Hi Tiffany. I sent you a PM.

 

[suzrobi]

Hi Tiffany,

Just bought a condo in Mandalay at Bella Trae after researching the area for 4 years! Finally, the timing is right for us. It'll be for our personal use only - just family and friends - no rentals. It'll be such fun to be in Mickey's backyard.

What did you decide - did you buy a unit? We are from MA too. Would be nice to be in touch.

suz

 

[Tiffany]

Hi all,

Here is an update. So I went down and looked at the development last weekend and it is a great place. We put an offer in on a short sale located at 1353 Venezia Ct. Now we are just waiting to see if the bank accepts and they have 45days to come back and tell us so now we wait. We thought the grounds and clubhouse were amazing. It would just be for our personal use and maybe my brother or sister might come down for a week during the year. I keep saying that the prices right now are too good to be true.

 

[suzrobi]

Hi Tiffany,

Hope your short sale purchase is successful. We are looking forward to settling into our Mandalay unit in the spring.

We think Bella Trae is the best - so close to Disney, safe/gated community, great clubhouse/pool, activities/social director, golf community with restaurant, NOT restricted to 55+ so no restrictions on visiting grandchildren, Omni right outside gates, Publix, restaurants, shops, gas stations only blocks away.

Hopefully the economy will swing back one day soon so that Champions Gate Lifestyle Downtown Village will begin construction.

Suz

 

[Tiffany]

Hi Tiffany,

Hope your short sale purchase is successful. We are looking forward to settling into our Mandalay unit in the spring.

We think Bella Trae is the best - so close to Disney, safe/gated community, great clubhouse/pool, activities/social director, golf community with restaurant, NOT restricted to 55+ so no restrictions on visiting grandchildren, Omni right outside gates, Publix, restaurants, shops, gas stations only blocks away.

Hopefully the economy will swing back one day soon so that Champions Gate Lifestyle Downtown Village will begin construction.

Suz

Thanks so much. The home inspection went very well earlier this week now we are just waiting for the financing to be officially approved but we are still on target for closing by Dec 1st. We are very excited.

 

[suzrobi]

...I envy your being able to enjoy the Christmas season at Bella Trae this year. We love the Candlelight Processional, Grand Floridian lobby for night music, tea at the Garden View Lounge - I could go on forever, as you know. Happy Holidays. Maybe I'll see you at clubhouse next year!

Suzanne

 

[Tiffany]

...I envy your being able to enjoy the Christmas season at Bella Trae this year. We love the Candlelight Processional, Grand Floridian lobby for night music, tea at the Garden View Lounge - I could go on forever, as you know. Happy Holidays. Maybe I'll see you at clubhouse next year!

Suzanne

Thanks very much. Hopefully everything will stay on track for the Nov 30th closing. So far so good.

 

[JonathanB]

My wife and I visited last week and loved Mandalay at Bella Trae. We're thinking about making an offer, and I've been reading the association documents. I just noticed where gas grills aren't allowed anywhere. Is this rule generally enforced by the association? I could have sworn we saw grills on some of the lanais. In addition, I only have the CCRs, articles, and bylaws - could someone send me a copy of the current rules and regulations for Mandalay? Thanks!

 

[Tiffany]

We ended up buying in the Ventura section. We are very happy with Bella Trae. The grounds are amazing along with the clubhouse. We use our condo there as a vacation home and are very happy that we bought. Are you buying new? We were able to get a great deal on a short sale.

 

[JonathanB]

We're looking at two units - one's a foreclosure, and the other's a short sale, so information is hard to come by, but the prices are pretty attractive. We also looked at new, but it's tough to justify with the resale market so soft. Like you, we intend to use it as a vacation home for a few more years until we're ready for retirement.

Thanks for your response, and congratulations on buying your unit!

 

[kidsister]

I've looked (online) at some of the amazing bargains at Bella Trae.
My only concern, as a single senior on fixed income, is the high HOA fees.
What are the current ranges of HOAs for a 3bd townhome? And what are teh property taxes?

 

[JonathanB]

HOA fees are $561 per month. Property taxes are about $5000 per year including CDD fee.

 

[migel]

Hi there. I'm looking to revise the thread on Bella Trae. I'm Canadian and have been watching the condo market near Disney for the past half a year. Although originally leaning towards a short term rental, I'm now considering Bella Trae. I was down in September and looked at several resorts, including Bella Trae, Tuscana, Bahama Bay, Caribe Cove, Legacy Dunes and Windsor Palms.

I very much like Bella Trae, just wondering how high annual fees will be. The last poster (in April) quoted HOA at $561 and taxes over $5000? For a 2 bed condo, I'm currently looking at numbers around $454 HOA, and about $2600 property tax (CDD included). Can anyone advise if this sounds right.

Also very much interested in general thoughts about Bella Trae.

Thanks for reading.

 

[a1tinkfans]