Tuesday, June 11, 2013

Lennar Development: Another CDD. By Geniusofdespair

Approximate location of Lennar's Bellagio Development. Looks like a lot of land is headed for development to the North.

This is what you see in the newspaper.  Look at the description, I should get a medal for finding this property.

I can't even tell if it is near our wellfield which is between NW 90th Street and NW 74 Street.  I would suppose it is far enough away.  Is this development even inside the UDB? Appears to be. Someone with information please post. I am tired of doing research.  Apparently Shoma Homes owned this land, buying it in 2003, Lennar got it 9/2012 ($100? sale price). It will be a 501 homes development on 73.65 acres. The CDD infrastruture cost almost $10,000,000. That means the 501 homeowners will be assessed about $10 Milllion dollars separate from their housing cost (added on).

I guess this explains the $100.

I don't like CDD's.  It puts the burden of cost for a development's infrastructure on the homeowners over a long period of time. When the economy tanked the CDD's defaulted ($5.1 billion in Florida). That costs us all.  This is the second one I reported recently.

How is the County letting them just print a floating piece of land NOT ON A MAP? This notice was useless. I think County Commissioners should rethink doing CDD's. They are a boon to the developer.

What is a CDD? From the Property Appraiser's website:
"The Community Development District- CDD" - means a local unit of special-purpose government.  A community development district may charge separate non-ad valorem special assessments for satisfying the debt obligations of the District related to financing, constructing, maintaining and servicing the District's improvements and/or services.


Anonymous said...

That is 7 homes per acre. Lennar is making a bundle on the investment. I should have bought stock.

Helvia said...

Don't forget the 1,500 autos that will join the clogged roadways out there.

Geniusofdespair said...

There are more like 10 houses per acre. There has to be roads etc.

Anonymous said...

CDDs should be illegal. They are a way for the developer to put in infrastructure on your dime. What ever happened to the cost of doing business? The Villages in Central Florida are being under investigation for their "bonds" which are just CDDs. People who buy in a CDD area need their head examined. If people refused maybe developers would stop using them. Steve Shiver loved them.

Anonymous said...

Lennar. A Great Destroyer.

Anonymous said...

They probably purchased the note prior to foreclosure sale then had the court documents & bid assigned to them. There is no purchase price disclosure for these transactions.

These big builders are really making out across FLA - buying up all the REO land for pennies, and convincing our Commission's that they still can't afford Impact Fees (Brevard).

No problem Lennar & DR Horton - we'll pay for your development AGAIN! The Corp welfare never ends.