Tucked away off of 29th Street in Palmetto Florida is a little community called The Carpentras. I came across it while showing homes to one of my buyers one day. There are some unique qualities to this neighborhood I thought I would share with you. My buyers decided they wanted to purchase a home in The Carpentras so we wrote a contract on the one they liked best. As we are going through the process we get a call stating the buyers had to fill out an application and pay an application fee before we can close on the property. Hmm, this is strange I think to myself, this isn’t a condo or villa community, this is a single family home community. Well I contact my buyer and we go through the application process.
We find out a new rule has been passed that does not allow leasing of the property. The developers of The Carpentras in Palmetto Florida decided after a year into developing the community that they didn’t want the homeowners to have the option to lease their homes so they changed the rules, this rule wasn’t in place when the community first opened so there are several homes that are currently being leased as they were grandfathered into the new decision. So you may want to keep this in the back of your mind if you are looking for investment property. Developers may be starting a new trend with single family homes in addition to condos and villas. Make sure you always ask if you will be allowed to lease the property if you think this will be an option you will ever want to exercise while owning that particular property.
The Carpentras in Palmetto Florida is a great option if you are a buyer looking for that first home, it just isn’t a good fit for investors.