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12/31/2014 - On Buying a Condo in Green Cay Village

I used to say that buying a condo here has been a financial disaster for anybody who bought in 2007 when Green Cay Village first opened. But in fact it has worked out quite well for me.

Yes, I bought at the peak of the housing market, only to see the price for similar units cut to 1/3 of what I paid, as the Great Recession rolled on.

But as a result of the Great Recession, I was able to refinance my mortgage from 6.25 % to 3.625% and cut my mortgage payments by about $4,500 a year. And when property values plummeted, my property taxes plummeted as well - to the point that I am saving about $3,500 a year in taxes, with increases limited at most to 3% a year by the Florida Save Our Homes amendment of 1995.

So now I’m paying about $8,000 a year less to live here than I was when I first bought here.

Bottom line - I bought what was affordable to me in 2007 and living here now is even more affordable, with the only downside being that I’d take a financial hit if I sold now – something I have no interest in doing as I like living in Florida and I like living here because of the location and because this is a safe, civil, clean, well maintained, and affordable community to live in.

Peter Schulz - Editor - Email TCMS1S3

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