Waterfront property...

So wise men/women of Tundras.com, what do I need to know about living off a lake or pond?

I figure added wildlife, BUGS, and a little more danger with kids. The home I'm seriously considering to buy has a HOA controlled pond that is stocked annually. This is a man made pond, so flood insurance is not needed.

This is an idea of what I am looking at.

 

My biggest concern stems from the 2015 floods in SC

Several private or HOA controlled ponds/lakes had their dams breech or completely wash away...who's responsible if this happens? will you have to pony up a large sum to repair should this happen or does the HOA maintain a large balance in the event of such a bad thing? Turns out to rebuild a dam is gonna cost a quarter of a million or so depending on size, road etc

 

This is why I put this question out there.

So this is what I know:

HOA pond, does have fishing and can eat. Pond HOA dues are 700.00 per year, or 58.00 per month. From some of the locals, it is a great fishing hole.

No motorized boats/watercraft allowed, and I agree with @Patriot, that can get crowded and loud.

Now what I am concerned about is a little bit of the 2.9 acres is in the 100 year floodplain. I will have to check out FEMA and see what they have to say about it. Nonetheless, a lender could require flood insurance and then I would cancel the contract.

This isn't a bad place, and being inside Colorado Springs is pretty rare. Each bedroom (4) has its own walk in closet and full bathroom, and a half bath upstairs.

The carpet is just hideous inside (cranberry), but the old couple that own it think it is the bomb and worth 25k dollars. Lol.

The decks are just amazing....amazing that someone can stand on them and it not collapse. I would say whom ever built these decks should be hung by them, but there is a really good chance they would fall over and live.




The pole barn is a nice add on (28x40') with a concrete pad next to it for my flatbed equipment hauler. There just so happens to be a Tractor and brush hog inside the shop right now. I will see how this one plays out.

 

Personally it looks like a great spot but again refer back to what happens if a dam disappears and you no longer have a pond

your property value can seriously suffer should the day come that the pond washes away

I may have stalked a bit on google maps and it looks like it's mostly natural/earthen dams...so probably cheaper to repair than a concrete spillway/dam but still



Also, that red carpet is INCREDIBL-----Y BAD

 

Start filling your sandbags now



On the plus side, I don't think OP sees many hurricanes in Colorado

 

Oh tell me about it. That carpet is horrible.

I'm not worried about if a pond disappears. Hell I've looked at 1/2 acre lots without a pond and 1200 sq ft smaller for more. I still think that 569,000.00 is a bit much. I know what they paid for it on a foreclosure in 2010 (400,000) and really haven't done shit to it.

This is a for sale by owner and it will be a PITA. If we like the outcome of our questions, I will most likely offer 545,000.00, Kubota tractor stays, I will re-do the decks. He is obviously a do-it-yourself kind of guy, but if you don't know what to do and by code, one is looking for an ass kicking down the road. In these pictures, the joists are pulling away and the 14 penny nail is an added bonus.

 

QUALITY

I'm in the home buying process myself, and the things people do just amazes me...however I'm at a MUCH lower price point

 

Surprisingly enough, we do see flooding though. With all the fires in the past years, the water from hard storms has done some huge damage to neighborhoods.

 

Thanks for the LOMA information. That will be very helpful on this property and another we are contemplating.

At this price point (5-600k), I feel we should be getting a much nicer home. So far, in Colorado Springs we have only seen two homes that needed nothing, had custom kitchens, 2.5 acres, shop/RV parking, 3-4 car attached garage.

Then we see stuff like this and we get pissed off. Great home, just a short commute. Maybe it is time to sell the Lexus and purchase a Corrolla.

https://www.zillow.com/homedetails/1905-Swigert-Way-Colorado-Springs-CO-80929/71718764_zpid/

 

Here is another one we drove by, the 20 acres, side apartment (shift work sleeping), radiant heat, killer views, and no HOA.

However (why is there always the "however"), the interior looks like an 80's episode off Miami Vise in Sunny's home. Pure white tile all over is just....wow. So I would need to either rip up the tile and install different tile or hardwood. That gets a little spendy in an already spendy home. Kitchen sucks.

Check out this home at Realtor.com
$595,000
5beds · 5baths
18375 Highland Estates Dr, Colorado Springs
http://www.realtor.com/realestatean...tes-Dr_Colorado-Springs_CO_80908_M23080-50913

I'm almost to the point of just saying screw it, take 250k and buying a toterhome.
Baller
http://www.racingjunk.com/Toterhome...ster-bedroom-2012.html?categoryId=48&offset=2

http://www.racingjunk.com/Toterhome...4-Slide-Motorhome.html?categoryId=48&offset=9

 

That is the plan bud. I'm not making a 500k dollar mistake. We are moving stuff up to our storage unit and then driving out to see the other house linked in post 19.

Yes, Colorado home price's in the mountains is very high on the Front Range (I25 corridor from Fort Collins to south of Colorado Springs) and places like Cascade, Woodland Park, west on I70, Estes Park, Boulder...etc.

If you want some land, plan on retirement, and do not have to run into town every day, I would recommend looking into Glen Vista Estates. This is my view...

 

Yep, and that is why we are passing. The selling history of this place is very long and failed every time.

 

So this is actually getting comical now.

We got on regional building and pulled permits on this water front property.

-Large deck passes final inspection. I was very shocked at that.
-smaller deck, no permit. Go figure. Looks like it as well.
-The 28'x40' RV shop had no permit for anything. So pretty much if I ever had issues with the shop (falling down, on a gas main and had to tear down, electrical fire, etc) I would take full responsibility.

So this property is most likely a no go. Well, guess you can call me white trailer trash after the 21st of this month. No house, no contract on another home, no rental. RV time...lol. It is actually a huge benefit that we own an RV and can live out of it for a bit. Monthly RV sites are 375-600.00. Guess taxes are going to look a little different this year. No more writing off my TT on taxes as a second home.