Recurring Membership Costs Can Add Up In Palm Beach County Gated Communities
When someone is considering purchasing a home in Jonathan’s Landing or another of south Florida’s gated communities, there are several factors that should play into the “buying decision”. Many people look solely at the acquisition cost and how much will need to be spent on the physical structure in order to make it their “home”. These are important considerations, however, many people don’t seem to consider the reoccurring “annual costs” after the purchase.
Jonathan’s Landing is somewhat unique in that “no membership is required” in order to purchase a home. Most of the surrounding gated communities with amenities require the purchase of some form of membership upon purchasing a home. In golf club communities like Ballenisles, a social membership, which is the lowest form is $25,000 with a non-refundable initiation fee of $35,000 up front and annual membership dues of approximately $11,000. Admirals Cove has a social membership cost of $86,250, with a non-refundable initiation fee of $62,250 up front and annual dues of approximately $16,000. These examples are for the lowest rung of membership and both of these communities require that if the home you’ve chosen has a higher membership, such as tennis or golf, the buyer is required to purchase that same level of membership. Generally speaking, the membership provides some form of equity and therefore the buyer is entitled to some sort of partial refund upon the sale of their home. These costs can be significant and in many cases entirely useless if a buyer doesn’t play golf or tennis and yet is required to buy one of those memberships.
Some people think that housing values are not as great in Jonathan’s Landing as contrasted against other gated communities such as Ballenisles. On a purely dollar for dollar basis in the “cost of the home”, this is hard to argue. However, when you factor in the membership cost both initially and on an ongoing annual basis thereafter, Jonathan’s Landing starts to look pretty attractive due to the lack of any membership requirements.
Jonathan’s Landings Memberships are Affordably Priced Compared to the Competition
Additionally, for the buyer that wishes to have a membership, Jonathan’s Landings memberships are priced very low and have reasonable rates when compared to the competition. It is the job of the realtor to make clients aware of these financial considerations.
Preferred Residential Properties provides this kind of information and much more to their clients, so they can make an informed buying decision. This is just one of the reasons that everyone should consider using Preferred Residential Properties when buying or selling Palm Beach County real estate in the future.
If you are interested in buying or selling property in Jonathan’s Landing or any of the wonderful Jupiter, Florida country club communities, give us a call at 561-747-8987 for additional information.