Windmill Village

The secret of good home living is in the management. In subdivision communities where residents purchase lots, management loses its control. Human nature being what it is, the community, made up of people—all with different ideas of what should be done, how things should be done, and how much money should be spent and on which items—soon gets bogged down in controversy. For example, in a lifetime leasehold community, rules and regulations assure minimum standards in the community, assure that all homes are well-maintained, and assure that no one will create an eyesore or disturb his neighbors. Incidentally, after the lot has been purchased with a considerable cash outlay, a monthly maintenance fee must still be paid to maintain the common areas. The fee in most good subdivision communities is comparable to our land lease except that there is no guarantee on the subdivision maintenance fee.

Can my rights as a land lessee be protected?

Yes, under Chapter 723 of the Florida Statutes, you are furnished a prospectus which has been approved by the State of Florida, and which sets forth in detail your lease rights, services furnished by the community management, any lease adjustment formula, plus other matters which result in a greater controlled community for homeowners in leasehold communities than those in subdivisions.

Can my lease rate be increased?

Yes. But unlike communities where you have no control over arbitrary and unjustified lease or rent increases, Palm Key Village has a Guaranteed Lifetime Lease program. Palm Key Village, too, is affected by inflation and must make periodic adjustments to offset operating costs and expenses which it must pay and are included in your leasehold. Palm Key Village lease guarantees, however, that these adjustments will never exceed the greater of 5% or the government Consumer Price Index (CPI). Without these justified increases it would be very difficult to maintain Palm Key Village's high standards of service and maintenance in an inflationary economy.

Can you show me an example of how this works?

Should the CPI go up 5% then your leasehold would go up no more than 5%. On a $365 per month lot, for example, this would amount to about $18. At the same time your Social Security check, and probably your pension check, should increase 5%.

Why is the price of homes at Palm Key so reasonable?

The homesite is held on a lifetime leasehold for which you pay a monthly leasehold payment to the developers. This leasehold payment is roughly the same as you would normally pay for homeowner association dues and property taxes on a site-built home. The leasehold payment at Palm Key will be $365 to $377 depending upon lot size.

What are the advantages of leasehold?

The main advantage is that you do not have to find or finance the land cost. This substantially reduces the capital required to owning your own Florida home, reducing mortgage payments, leaving more of your rental income to cover running and management costs. The leasehold arrangement also means that the developer has an ongoing interest in the development and in retaining its value.

What happens if I want to sell?

You can sell the home at anytime. The new owner will take out a new lease for the land. You can transfer the lease within your family at anytime.

What facilities are available on-site?

The development has a clubhouse, large heated swimming pool, tennis court and children's play area with unlimited use by residents and their guests. The maintenance cost of these common facilities and association fee is included in the monthly lease fee. The development is extensively landscaped with lush foliage which gives a feel of living in a tropical paradise. Maintenance of individual lot landscaping will be undertaken as part of the management of individual homes.

Will the homes require regular maintenance?

Yes, although maintenance is kept to a minimum through the use of low- maintenance materials ideal for rental homes. Internal wallboards are vinyl covered for ease of cleaning and repair. No repainting is required. Exterior walls are clad with maintenance-free vinyl siding...simply pressure wash to clean.

Will they withstand hurricanes?

It is very rare for hurricane force winds to reach this part of Florida, however State regulations ensure that each home is anchored to withstand winds of 110 m.p.h. All homes are built to ASCE 7-88, which exceeds the standard building code by 25%. Each home will be fully insured against hurricane damage as is standard for all Florida homes.

Are mortgages available?

Mortgages of up to 80% of the purchase price are available.

Are furniture packages available?

You may purchase your home completely furnished or furnish it yourself.

Can we rent the home out to vacationers?

The development is approved as a short-term rental community. Palm Key is the only development of its type to hold this approval. Onsite management company is available to assist you. See our rental page for more information.

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