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Waterfront property...

Discussion in 'Off-Topic Discussion' started by ColoradoTJ, Sep 3, 2017.

  1. Sep 3, 2017 at 7:24 AM
    #1
    ColoradoTJ

    ColoradoTJ [OP] Moderator Staff Member

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    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.
    IMG_2232.jpg
     
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  2. Sep 3, 2017 at 7:27 AM
    #2
    smslavin

    smslavin Behind a lens...

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    Some stuff
    Looks like a great little spot. :thumbsup:
     
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  3. Sep 3, 2017 at 7:54 AM
    #3
    Black Wolf

    Black Wolf INCOGNITO undercover toyomafia

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    Go for it. Living next a lake is more safer than living next to any busy street. In AK it's the norm. People would fly their float planes year-round from their back yard and not to mention the fishing.....and grizzlies....and large ass moose.....that think your back yard is theirs.
     
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  4. Sep 3, 2017 at 11:07 AM
    #4
    COMiamiFan

    COMiamiFan SSEM #3. Don't forget to try the search bar. #PSL

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    Do it!
     
    ColoradoTJ [OP] likes this.
  5. Sep 3, 2017 at 12:28 PM
    #5
    GoHuskers

    GoHuskers New Member

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    I had the chance the buy a 4-acres lot next to a HOA controlled pond with 100 years guarantee its existence. I loved it but my wife turned it down because of the reasons you listed above..3 young boys.

    So, while it may sound awesome it is a constant worry if you have going kids.
     
    ColoradoTJ [OP] likes this.
  6. Sep 3, 2017 at 1:06 PM
    #6
    Patriot

    Patriot Member

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    Kinda a long...
    Chris, My wife and I presently live on a 1700 acre lake, up high on a ridge, no flood risk at all. I have a decent view of the lake in the fall. We are not keen about living on the waters edge for many of the reasons I will mention. Depending on the size of the lake, boats and water craft can be super noisy in the summer. When people are loud and partying like the Kenndy's, lol..you may be hearing it. My recommendation is that you carefully consider amd really read all HOA covenants and restrictions throughly before you buy. Also who owns the lake? Is it a source of drinking water? Is it controlled (water level) by the county or state? Is it clean, can you eat fish out of it? There are many states that have really polluted lakes, worth checking water quaility. Can you eat fish from it is a good sign as to the health of the lake.The lake we live on has no marinas, so minimal pollution from fuel. It's a fresh water supply.
    A few things to consider-
    How many acres of water, 50 acres and below are usually considered a large pond, not really a lake.
    Are their restrictions to the water craft engine size restrictions?
    restrictions if you want to pump lake water onto your yard from the lake?
    Does your home now require flood insurance?
    Are you buying or building in a flood plain?
    Does the lake level fluctuate spring due to winter snow melts?
    Will this fluctuation impact your homes well, septic system/leach field?
    The last 20 acre pond we lived on had a flood a year after we sold our home there.
    It flooded several homes that were on a 100 yr flood plan including the home we sold. Really sad.
    We were required to have flood insurance at the time and we did. I don't know if the new owners did, but think they were required. New owners of our old home had 4 ft of water in the basement.

    No expert here, but you are wise to do your due diligence. Some builders will build anywhere for a $$$.
    Hope this helps. PM me if I can help with other questions.
     
    Last edited: Sep 4, 2017
  7. Sep 3, 2017 at 1:13 PM
    #7
    landphil

    landphil A bottom line is a butt crack. Don’t prove it.

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    I'd be more concerned about those three letters "HOA", and what that entails.
     
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  8. Sep 3, 2017 at 1:31 PM
    #8
    JimBeam

    JimBeam Moderator Staff Member

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    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
     
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  9. Sep 3, 2017 at 2:21 PM
    #9
    Patriot

    Patriot Member

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    Very important! Great point!
     
  10. Sep 3, 2017 at 6:59 PM
    #10
    ColoradoTJ

    ColoradoTJ [OP] Moderator Staff Member

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    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. IMG_2239.jpgIMG_2238.jpg

    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.

    IMG_2240.jpg
    IMG_2241.jpg IMG_2242.jpg

    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.
     
  11. Sep 3, 2017 at 7:11 PM
    #11
    JimBeam

    JimBeam Moderator Staff Member

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    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
     
  12. Sep 3, 2017 at 7:26 PM
    #12
    mdavis

    mdavis I need a beer.

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    I just went through the whole flood insurance thing with the house I just built. Since there is a creek at the back of the property, the back is zoned AE flood. Bank required I get flood insurance so I did knowing where I built the house was waaay out of the flood plain. Before I was able to buy flood insurance I had to have a surveyor come out and do an elevation certificate stating how high and far the house was from the flood plain. Well it came up I was 14 feet above the 100 year flood plain line. Even though the bank saw this they still required flood insurance.

    The elevation certificate got me thinking a lot and I finally (2 months ago) contacted FEMA and they told me what to do to apply for a LOMA (letter of map amendment). This is a letter from FEMA stating my house is not in the flood plain and is not required to carry flood insurance. Process took about 5 weeks and I was finally able to cancel the insurance policy 2 weeks ago.

    Moral of the story is if any part of your land is zoned AE, the bank will require flood insurance. But if you can prove your house is not in the flood plain, you can get a LOMA and provide that to the bank so they can drop the requirement.
     
  13. Sep 3, 2017 at 7:31 PM
    #13
    mdavis

    mdavis I need a beer.

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    I do not know if it is a bad sign that the week I cancel the policy, the country sees the worst flooding disaster yet and another hurricane looks to be headed right for us. :anonymous:
     
  14. Sep 3, 2017 at 7:34 PM
    #14
    JimBeam

    JimBeam Moderator Staff Member

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    Start filling your sandbags now



    On the plus side, I don't think OP sees many hurricanes in Colorado
     
  15. Sep 3, 2017 at 7:39 PM
    #15
    ColoradoTJ

    ColoradoTJ [OP] Moderator Staff Member

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    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.

    IMG_2235.jpg
    IMG_2233.jpg
     
  16. Sep 3, 2017 at 7:40 PM
    #16
    mdavis

    mdavis I need a beer.

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    Here is my property (the wooded lot that has the LOMA on it) for reference. My house is about even with the others.
    IMG_1772.jpg
     
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  17. Sep 3, 2017 at 7:41 PM
    #17
    JimBeam

    JimBeam Moderator Staff Member

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    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
     
    ColoradoTJ [OP] likes this.
  18. Sep 3, 2017 at 7:41 PM
    #18
    ColoradoTJ

    ColoradoTJ [OP] Moderator Staff Member

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    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.
     
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  19. Sep 3, 2017 at 11:05 PM
    #19
    ColoradoTJ

    ColoradoTJ [OP] Moderator Staff Member

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    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/
     
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  20. Sep 4, 2017 at 4:54 AM
    #20
    Bear

    Bear Fargin' Iceholes

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    You had me right up until H.O.A.

    !$&!&$ all that noise.
     
  21. Sep 4, 2017 at 6:53 AM
    #21
    ColoradoTJ

    ColoradoTJ [OP] Moderator Staff Member

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    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
     
  22. Sep 4, 2017 at 7:21 AM
    #22
    NoDak

    NoDak New Member

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    It looks like this home has synthetic stucco, commonly referred to as EIFS. Recommend you have a separate EIFS inspection done to look for potential moisture problems. This stuff requires routine maintenance to ensure the stucco is water-tight.

    I had it on my last house and it was a huge PITA, and I'll never buy or look at another house that uses it.
     
  23. Sep 4, 2017 at 7:34 AM
    #23
    Tundra_mike89

    Tundra_mike89 New Member

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    I live right off the Gulf of Mexico. I can see the water from my house. Everything rusts and it floods. And sometimes it stinks real bad. And taxes are thru the roof
     
  24. Sep 4, 2017 at 8:10 AM
    #24
    Patriot

    Patriot Member

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    You sir are honest. I don't know you, but already like your honesty.:thumbsup:
     
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  25. Sep 4, 2017 at 8:54 AM
    #25
    COMiamiFan

    COMiamiFan SSEM #3. Don't forget to try the search bar. #PSL

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    This one is nice. Corolla SE, baby!
     
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  26. Sep 4, 2017 at 10:48 AM
    #26
    Tacogrande

    Tacogrande New Member

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    Here just to say good luck and i hope you get exactly what you want. My one piece of advice is to be patient if your time allows. It took us over a year to find our house which was over 10 years ago and even back then most houses seemed way overpriced and most had problems too.
    Home prices in CO have went way up? I always wanted to live in CO near the mountains.
     
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  27. Sep 4, 2017 at 11:22 AM
    #27
    ColoradoTJ

    ColoradoTJ [OP] Moderator Staff Member

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    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...
    IMG_2244.jpg
     
  28. Sep 4, 2017 at 12:53 PM
    #28
    PermaFrostTRD

    PermaFrostTRD Tumescent Member

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    Yikes. Go ahead and add about $150k to that home. The white tile ( and the red :eek::puke:) need to go. Along with total redo of the bathrooms.
    And this is just a personal thing, because it really is a pretty pic of that mountain, but I'd rather be on it than stare at it. I can pull that pic up on a windows 95 screensaver. (I know it's different in person).
    20 acres is nice but I'd keep looking if it were me.
     
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  29. Sep 4, 2017 at 2:28 PM
    #29
    ColoradoTJ

    ColoradoTJ [OP] Moderator Staff Member

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    Yep, and that is why we are passing. The selling history of this place is very long and failed every time.
     
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  30. Sep 4, 2017 at 4:04 PM
    #30
    ColoradoTJ

    ColoradoTJ [OP] Moderator Staff Member

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    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.
     
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