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03-25-2012, 05:52 AM
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Join Date: Dec 2007
Location: SC & CA
Posts: 907
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My 2 cents...
The desire to live on an airpark has always been a push-pull thing with me. I am not a realtor or attorney however I recommend that you closely examine the airpark HOA financials for any pending issues, particularly issues involving common use property. Also have the HOA disclose if there are any pending legal issues against the association, homeowner delinquencies or foreclosures, etc. Another very important consideration is the status of the Association’s actual Reserve Account balance and how that balance compares to the independently commissioned Reserve Study that the association uses as a long term budgeting tool for future repairs and expenses. Does the association pay its bills on time or is the association incurring late fees because the accounts payable are not being managed properly. Another element to look at is how stable the monthly association fees have been during the past 10 years. If there has been significant increases in fees find out why. Has there ever been any special assessments to the property owners? Be careful that you are not about to buy into an upcoming special assessment. Does the property have any known flood or drainage issues. Also review the property / casualty / flood / hail & wind / and liability insurance that the association carries on its common properties. Do your homework then enjoy…JMHO!
Regards,
__________________
Tom Valenzia
RV8 (Sold)
RV12 Jabiru 2200 Powered (Sold)
Dues contributor since 2007
Learn from the mistakes of others. You won't live long enough to make all of them yourself...Anonymous
Last edited by TomVal : 03-25-2012 at 05:57 AM.
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03-25-2012, 07:09 AM
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Join Date: Sep 2010
Location: Charlotte NC
Posts: 1,166
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Quote:
Originally Posted by woodmanrog
As I will be retiring this year and our present hanger rents are going to take a BIG jump in costs ($636 per mo) I suggested to my wife that if we lived on an airpark, that amount would be a big part of a mortgage and might be a practical alternative. We visited 2 airparks and found that:
1. Apparently the homeowners don't know that property values have taken a dump in the past few years.
2. We would have to travel much further for ammenties such as shopping, hospitals, etc.
We saw several homes that we really liked but decided that the cost of moving, leaving all of our present friends and the inconvience wouldn't be worth the trade. I personally would do it in a minute if the home costs were brought into perspective with the rest of the market but for now, it will be cheaper to stay put.
As a side note I was told by a pilot/real estate agent it makes more sense to buy a home NEAR an airport than one ON an airport. Mainly because it will be easier to sell when it becomes time for change.
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I have looked a bit in the last few months and noted pricing. For the most part it appears to me the air parks have taken a hit however not as bad as what most homes have dropped. When you mentioned the owners were overpricing the homes did you have any comps? How long had the houses been on the market? While Airparks, golf and waterfront lots have all dropped they have done better then average. I took a look at homes on the market in Spruce Creek and there were some real values available there. For me I would get the additional savings of no state income tax. I will probably head down to FL next month to look around. Any ideas in the JAX area on airparks?
George
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03-25-2012, 10:13 AM
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Join Date: Oct 2009
Location: Fort Myers
Posts: 370
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If you attend Sun N Fun, visit Aviation Homes and Land Booth, they have a lot of info on air parks throughout FL as well as a free publication. They also do a seminar at the show. Having had 3 homes on air parks for the last 25 years I've found that most have good financials and reasonable hoa fees/rules. Housing prices tend to be more stable and if homes are properly priced they tend to sell quickly even in bad times. The big issue for me is in how well the people living there all get along. By our very nature, some pilots can be huge thickheads and cause all kinds of problems. Ask about lawsuits, etc and how well everyone gets along, do they do things together, etc. most are stable communities and thoroughly enjoyed by all residents.
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03-25-2012, 11:13 AM
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Join Date: Jan 2005
Location: Chandler, AZ
Posts: 2,904
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Nothing like it!!!!
There was some very good advice given about checking with the status of the HOA, Fees, etc.... The diversity of air parks is amazing. Having searched many I learned there is no perfect place. You are either too far away from infrastructure of shopping and restaurants, or the weather is to extreme. So, I recommend a compromise between all of the issues important to you.
My airpark is very unusual in that it is very urban. We are only minutes from two major freeways, a World Class shopping mall and every conceivable restaurant. (I'm 5 minutes garage to parking space at the theaters at the Mall).
It may not be for everyone, but the sense of community in an air park is amazing. You need 3 people to help with something, you'll get 6. It is great.
I've attached a picture of you newly resurfaced runway at Stellar air park in Chandler, AZ (P19). Looking North, the West side is residential. There are two neighborhoods separated by a ramp, FBO and fuel. The neighborhood in the foreground is a gated community that started about 12 years ago. It has it's own HOA. There have been no major problems.
My house is on the first street and next to the house with the open garage door in the new section. There is house across the street for sale at around $700K. The house is 2100 sq ft with 1800 sq ft attached hangar. The prices go up from there to over 5 million. The older North section has several homes for sale now from $600K to $1.5 million.
The East side of the air park is all commercial and is the home of Rotorway. The area North of the air park is mixed commercial with residential on each side of that. South of the airpark and South of the East/West freeway is Indian Reservation and is all open and undeveloped. Lots of space if things go bad.
This is a beautiful place with great people. I bought in 2001 and the house was completed in 2002. I could not afford it now!!! Right place at the right time. For me, it was the best financial decision I've ever made. Air parks hold their value far better than normal housing. If you can do it, go for it!!!
[IMG]  [/IMG]
__________________
Darwin N. Barrie
Chandler AZ
www.JDair.com
RV-7 N717EE-Flying (Sold)
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EMS Bell 407,
Eurocopter 350 A-Star Driver
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03-25-2012, 12:41 PM
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Join Date: Jan 2005
Location: 57AZ - NW Tucson area
Posts: 10,011
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Stellar is nice, but they have some unique financial circumstances...
In 2009 the airport once again went through a major renovation. Two of it’s members Ron Pratte and Jeff Mark offered to completely reconstruct the entire airport runway, taxiways, infields and ramps, at no cost to the membership.
http://www.chandleraz.gov/content/St...irpark_web.pdf
Our runway rebuild cost $250,000 ten years ago - If you can find an airpark financed like Stellar - go for it... 
__________________
Gil Alexander
EAA Technical Counselor, Airframe Mechanic
Half completed RV-10 QB purchased
RV-6A N61GX - finally flying
Grumman Tiger N12GA - flying
La Cholla Airpark (57AZ) Tucson AZ
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03-25-2012, 09:00 PM
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Join Date: Jan 2005
Location: Hicks Airfield, Fort Worth,Texas
Posts: 1,728
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$250,000 !!!!
$250,000
I think this is a lot of money!!!
In Texas there is a lot of land for sale that would make a grass strip in your back yard ,, 20 + acers for less than that. Buy a bulldozer and make it happen for you...Leval the land and plant grass...
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Jay Pratt VAF #2
RV Central - Builder Assistance
Paul Revere, Borrowed Horse, & Shooter
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03-25-2012, 11:14 PM
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Join Date: Jan 2005
Location: 57AZ - NW Tucson area
Posts: 10,011
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Quote:
Originally Posted by Jaypratt
$250,000
I think this is a lot of money!!!
In Texas there is a lot of land for sale that would make a grass strip in your back yard ,, 20 + acers for less than that. Buy a bulldozer and make it happen for you...Leval the land and plant grass...
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Grass doesn't grow well in Arizona...
Asphalt is at least $2 per sq. ft. if you want a good base under it.
This months price for a 4000 ft x 50 ft asphalt runway is at least $400,000 - and with oil prices going up, asphalt is following....
This shows some of an airparks money issues if it's a small sized community...
__________________
Gil Alexander
EAA Technical Counselor, Airframe Mechanic
Half completed RV-10 QB purchased
RV-6A N61GX - finally flying
Grumman Tiger N12GA - flying
La Cholla Airpark (57AZ) Tucson AZ
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03-26-2012, 01:58 AM
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Join Date: Jun 2010
Location: Horsham, Victoria, Australia
Posts: 83
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More Photos of Air Park homes
I love the idea of the air park estates in the USA and dream of owning a "holiday" home in one of these estates one day. I would appreciate if the group woul post more photos of thier homes, hangars, community's for me to look at aql the vdifferent airparks.
Thanks guys
Paul
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Rv 7A
Rv 6
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03-26-2012, 09:19 AM
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Join Date: Jan 2007
Location: Battleground
Posts: 4,348
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I wouldn't trade it for the world. I have lived at Parkside Airpark, about 30 minutes from downtown Portland, for 11 years. I could not imagine living anywhere else. It is unique in its proximity to a major metro area, yet it is walking distance to the largest county park in Washington State and a wild river with a robust Steelhead winter run. You can be hiking/hunting in true wilderness in less than an hour (Mt. St. Helens), or have a night on the town in the big city in half that time.
There are lots of positives. Having immediate access to my aircraft means I fly more, simple as that. Your neighbors share interests, experienced airplane people some AI/AP's to help out, every tool or machine you could ever ask for, and helping hands. Some of my best friends live there.
This is one of the nicest airparks you will ever see. It is a beautiful park like setting with very nice properties and good HOA's to protect everyones interests. We have our own community water/well system, no chemicals, and it tastes better than any bottled or spring water you have ever tasted. Parallel paved and grass runway, community owned 4 acre park with shelter and tables that gets used often for get togethers. Simply put, nice!
With that said, there are five homes for sale out of 27 on the airpark currently. They are not selling. You can buy an identical home for 30-50% less on the same amount of property in the same area off the airpark. They are pricey properties and hard to sell.
Still, it did not stop me from investing heavily in a remodel to my home. I had to make the decision that I would live here for another 20 years so I could feel like I spent my money wisely. I doubt it will ever return the investment for me, but I don't care. This is my home and where I am going to plant myself for the foreseable future.
Airpark properties are not good investments if you discount what it means to you to live there. They are priceless for those of us that have made this lifestyle choice.
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Smart People do Stupid things all the time. I know, I've seen me do'em.
RV6 - Builder/Flying
Bucker Jungmann
Fiat G.46 -(restoration in progress, if I have enough life left in me)
RV1 - Proud Pilot.
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