The information below is a summary of some of the
important rules and qualifications you need to know before considering the
purchase of a condominium apartment in Hollybrook as represented in the purchase packet
supplied by Hollybrook Golf & Tennis Club Condominium, Inc. The complete
set of documents are contained in a "documents' book that is supplied to each buyer by the seller.
Click here for "Hollybrook Rules & Regulations"
Hollybrook is a community of 1902 condominium units, administered by a single
Board of Administration consisting of 20 Directors and 5 officers.
Age Requirements
Hollybrook is a legal " Over 55 Community " Apartments must be occupied by at
least one person over the age of 55. No one under 18 years of age can
permanently live in or occupy an apartment in Hollybrook.
Maintenance
Maintenance is paid quarterly. Phases 1-5: $1369.00/quarter ($456.00/mo.)
Phase 6: $1689/Quarter ($563.00/Mo.)
Recreation Leases
Most of the units in Hollybrook have the rec lease paid off and have no
monthly payments. About 10% of the units still pay a rec lease. This is paid
quarterly and is currently about $689.00/Quarter ($230.00/Mo.) These units
are priced about $25,000-$35,000 less than a similar unit that has the rec lease
paid off. Click
here for more info
Income Requirements
A purchaser must have two years consecutive income equal to or greater than 10
times the annual maintenance assessment for the subject unit, or a certified net
worth of not less than $250,000. If the unit does not own its own Recreation lease,
an additional five (5) times the annual recreation lease will be added to the
income requirement. Currently the annual income requirements are:
$54,761.00 for Phases 1-5 & Towers or $68,540.00 with a rec lease,and $67,560.00 for Phase 6.
All persons on the deed or lease must qualify individually,
except a husband and wife are considered one person and their income may be combined.
Down Payment
No unit in Hollybrook can have financing in excess of 80% of the appraised value
of the premises purchased. Normally a 20% down payment will be sufficient.
Security Deposit
Purchasers must deposit, in escrow, an amount equal to one year's maintenance in
advance of closing, which will be held for three (3) years and then returned with nominal interest. Currently this
amounts to $5476.00 for phases 1-5 and $6756.00 for phase 6 apartments and $6854.00 for rec lease apartments.
Restaurant
Each owner is required to purchase a Hollybrook Restaurant
card each year for $200.00 per apartment. This card can be be used at the
restaurant throughout the year for $200.00 worth of purchases. The
restaurant is open every day for breakfast and lunch and for dinner on Wednesday
and Friday evenings (and special occasions and holidays).
Pets
You may move in with one dog or cat which cannot weigh more than 15 pounds.
Vehicles
Overnight parking of Pick-up trucks, motorcycles, campers, trailers, etc listed
in Hollybrook's Rules & Regulations is prohibited
Renting
Once you have owned a unit for 9 months you may then rent your apartment only once in each calendar year for a period of not
less than two (2) months. If you purchase an apartment with a leased tenant, the tenant is grandfathered in to the end of the lease.
Sub-leasing is prohibited
Monitoring
The Association now requires that a person be assigned to monitor your apartment for leaks, damage etc. if it is vacant for more than one month at a time
Application and Interview
The application processing fee and background check is $155.00 per applicant (husband and wife are
deemed to be one (1) applicant. Each owner must apply. Out of state and Florida residents with less
than two (2) years of residency must pay a $50.00 surcharge for background
check. After applying you will be notified to meet with the Screening Committee
for a personal interview. Non-Florida residents may request a telephone
interview.
Credit Score
The association documents indicate that they require a FICO credit score of 700
or more. It is highly recommended that you check your FICO score (make sure it is FICO) before applying.