HOA Fees at Las Polomas and other Sandy Beach Properties

brokenwave

brokenwave

Guest
A friend of mine is considering buying a 2-3BR condo, (Not an investor) :p she would like to know what the real monthly HOA fees are. She has been told it is about $220 mo for a 2BR at Las Polomas and less at Sonoran Sun/Sky/Sea. I have heard they are much more in reality.
Any info would be helpful.
Thx
 
dry heat

dry heat

Pigeon coup coordinator
I believe the fees start around $285 for a 2 bedroom in phase 2.
Fee's at LP provide for such things as: filtered water, water and sewer, cable, internet, security, common ground maintenance.
 
E

ernesto

Guest
But only for you. Not for anyone you want to invite onto their............oops I mean your property. Look into it. Carefully.
 
az-dan

az-dan

Guest
Sonoran Sea 3 br $405.00 per month. I have no restrictions on who I let use my condo. The HOA just wants to verify that I am in fact letting someone use my condo and not receiving any money for it. I have never had a problem at this resort.

AZ-Rob has a great 1 br for sale at the Sonoran Spa with a very low down payment (small risk).
 
brokenwave

brokenwave

Guest
Thanks for all the helpful info, I am really happy the this didn't turn into a 40 pager, since it had HOA and Las Palomas together in the subject block.
 
P

playa

Guest
I know this was posted a few months ago. Just a bit of advice that your friend can take or leave. Las Palomas has drastically decreased in quality and there is plenty of talk that it will soon crumble. The property is beautiful, but it is poorly mismanaged (vast understatement, I realize) and many owners have lost their shirts as a result. The new management is significantly smaller in number, but I find them to be equally corrupt.

If it does miraculously survive, and although your friend is not an investor, her future potential purchasers might be. She will limit the pool of potential buyers by sticking with a place that restricts owners from renting on their own (unless they pay all kinds of fees, and give Operadora a cut of the rent).

Good luck, either way.
 
rockyptjoe

rockyptjoe

Guest
I just saw an ad for a 3Br condo at Las Palomas for $195K, and I believe another one for $175K.....weren't those going for over $300K
 
brokenwave

brokenwave

Guest
$300K to 395K was the market just 2 years ago. The drop in prices has been amazing, just as the rise was.
A friend who bought a house in Cholla near me, was going to buy in LP for $195K when the first unit was going up. Great deal at the time.

Back to original post. After 3 months, my friend is going to only rent at the Sonoran or Las Polomas properties.
Buying with the HOA fees probably rising more in the future makes renting a better choice for her. She spends about 2 weeks a year there 2-3 days at a time.
Not an investor, just wants to enjoy Penasco without all the maintence
costs associated with a house or condo.
 
rockyptjoe

rockyptjoe

Guest
Has anyone sat down and calculated how many rental days they would have to get to break even on the costs of ownership? That is, if the management compay was paying to the owners???
 
az-dan

az-dan

Guest
rockyptjoe said:
Has anyone sat down and calculated how many rental days they would have to get to break even on the costs of ownership? That is, if the management compay was paying to the owners???
Click to expand...
Yes. At this time I doubt anyone is getting any ROI. We get some value out of using our units and any losses can be used to offset profits (if any) from other investments. I looked at purchasing another unit at the Sea a 1 bedroom. Total rental income minus total cost you would lose about $200.00 per month and either no ROI (if paid cash) or cost of borrowing the money $600 - $1,000 per month. This was an average for 2 years 2009 and 2010, 84 total rental nights but the owner did use it 68 nights.
 
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