What the P.U.D.?

So you want a condo, or townhouse? Not really interested in doing yard maintenance...you are on the hunt for that perfect spot. Each time you ask your REALTOR® about a cool spot you found on Trulia.com, Zillow, or Realtor.com;  you realize it cannot be financed because it is a condo! You get annoyed with your mortgage lender because you keep hearing  'NO!' They tell you, "If it's a P.U.D., its a go!" Instead of asking, "What exactly is a P.U.D.?" you say, "Oh, ok, I'll look for a P.U.D. then."

Bewildered and a bit confused, you set out on the hunt. You are searching Trulia, Zillow, and Realtor.com to find that perfect P.U.D. Full of excitement, you email it to your realtor and she says, "No can do, its a condo!" Finally, in a fit of rage you say, "What the PUD?!?!?!?!" Shockingly, your realtor realizes that you have no idea what a P.U.D. is although you spoke so eloquently about them merely repeating the words of the loan officer. Are you ready to intelligently speak of a PUD? Good.

P.U.D. is an acronym for Planned Unit Development

Frequently, P.U.D.s take on a variety of forms ranging from small clusters of houses combined with open spaces to new and developing towns with thousands of residents and various land uses. However, the definition of a P.U.D. does not take into consideration these types of developments unless they fit into a category of size ranging from 100 to 200 acres (40 to 81 ha). In a P.U.D., the property owner owns the land the dwelling sits on.

Here's the secret, you cannot really look at property and determine whether it is a P.U.D. However, you can look at the legal description. If it says CONDOMINIUM, it is not a P.U.D. You will see PB or LOT # in P.U.D. legal descriptions. Sometimes, if CONDOMINIUM is the name of the subdivision. It is not a PUD. However, it is always best to look at the legal description or ask your lender or REALTOR® to double check for you. It makes no sense in falling in financially forbidden love! Don't get me wrong, if you have the 20% to put down and the ability to make the payments including HOA fees. Please by all means get the condo of your choice, if you can find an institution who is willing to finance one.

In Gainesville and surrounding areas there are several P.U.D.s to choose from in your house hunt, and thanks to Zodie Green-Harper, REALTOR® for her contribution to the P.U.D. list:

Blues Creek

Boardwalk

Cedar Creek

Courtyards

Creek wood Villas

Cumberland circle

Cypress Pointe

Forest of the Unicorn (The Lakes)

Haystacks

Hobbits Glen

Hobbits Glen

HP Quail Court

HP/Magnolia Walk

HP/Plantation Villas

Las Pampas

Lenox Place

Meadowbrook (Hills of Santa Fe)

Meadowbrook (Williamsburg)

Mile Run

Mill Pond (Monticello)

Mill Run

Mossy Oaks

Pebble Creek Villas

Phoenix

Serenola Manor

Shell Rock Villas

The Courtyards

Tiffany

Timber way

Tower Oaks Manor

Tower Oaks Ridge

Town homes at the Lakes

Turkey Creek (St. Alban's Wood)

Villas of West End

Vintage View

Wood Creek Village

 

Although this list is not exhaustive. You will have a good running start. Talk to your REALTOR®, if it's me-you have my number, about what they can find in your price point. Don't forget to ask about the HOA fees, covenants and restrictions, and bylaws. It would be good to know if your neighborhood has banned your best buddy, Benny the Boxer, because he was perceived as an aggressive breed. These are great questions to ask because they can make or break a deal. Hope this helps....