We paid off our MR in Stonebridge about 5 years ago. We were in two CFD districts, one was at $2500 and another close to $3000. The combined pay off was $59k.
Because of the built in annual 2% increase, ROI was about 10 years.
My friend in a different tract of Stonebridge with just slightly larger acreage and sqft but with a home about 3-4 years older reported payoff of $70k just a couple of months ago.
Just like mortgages, the principal doesn’t change much over the first 10 years as you are just paying interest.
2000 sqft homes in Del Sur should have a MR burden of roughly $5000 +/- $500. Very shocked to see the payoff as reported here. That is about 2.5 times the payoff for similar yearly burden.
Why the difference?
Find out the individual interest rate for each CFD.
Find out what was the original bond maturity date, and find out if the maturity date was extended due to additional money raised. (Yes, they can decide to generate more funds by extending maturity date).
