Three HOA structures, a CDD, and new construction pricing — the full cost picture before you sign with Toll Brothers.
Regency at Waterset opened in May 2024 as Toll Brothers' flagship 55+ active adult offering in the Tampa Bay market. The Cove amenity center opened in December 2025. Pricing starts from the low $400s but climbs quickly with Toll Brothers' Design Studio upgrades — buyers commonly add $50,000–$100,000 to the base price before closing.
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Talk to a Specialist →This is the most important thing to understand about Regency's cost structure. The three collections — Teal, Vine, and Wren — have dramatically different HOA fees because they cover different things:
| Collection | Home Type | Size Range | HOA/Month | What HOA Covers |
|---|---|---|---|---|
| Teal | Attached villas (duet) | 1,602–1,801 sq ft | ~$441 | Lawn, exterior maintenance, roof reserves, amenities |
| Vine | Single-family | 1,661–1,979 sq ft | ~$35 | Amenity access only — you maintain your own lawn |
| Wren | Single-family | 2,261–2,596 sq ft | ~$35 | Amenity access only — you maintain your own lawn |
No mortgage assumed. Includes HOA, CDD estimate, property taxes with homestead, insurance, and lawn care estimate for Vine/Wren. Upgrade package costs not included in purchase price assumption.
| Cost Item | Monthly | Annual | Notes |
|---|---|---|---|
| HOA (Wren collection) | ~$35 | ~$420 | Amenity access only, no lawn |
| Lawn care (your responsibility) | ~$100–$130 | ~$1,200–$1,560 | Professional service estimate |
| CDD maintenance assessment | ~$118 | ~$1,416 | Wren collection estimate; verify at contract |
| CDD debt service | ~$40–$60 | ~$480–$720 | Bond repayment; phase-dependent |
| Property taxes (assessed ~$430K w/ homestead) | ~$320 | ~$3,840 | Hillsborough unincorporated ~17.9 mills |
| Homeowners insurance | ~$280–$360 | ~$3,360–$4,320 | Apollo Beach coastal proximity; shop early |
| Flood insurance (check parcel zone) | ~$80–$150 | ~$960–$1,800 | Apollo Beach has mixed FEMA zones |
| Total estimated monthly | ~$991–$1,173 | ~$11,892–$14,076 | Before utilities, mortgage, or upgrade financing |
Regency at Waterset opened in 2024. That means the CDD bonds are brand new — buyers in 2025 are starting a 20–30 year repayment clock. This is structurally different from buying resale at Valencia Lakes, where the bonds have been paying down since the community opened in the early 2010s.
The CDD assessment appears on your November property tax bill as a Non-Ad Valorem Assessment — separate from your HOA statement. Toll Brothers' sales team may mention it, but they are not required to emphasize it. Ask for the specific CDD district documentation and annual assessment schedule at contract signing.
The operations and maintenance portion of the CDD continues indefinitely — only the debt service portion retires with the bond.
We connect buyers with agents who know this market from the inside — real cost math, honest comparisons, and what's actually happening right now. Every agent is personally vetted by the Nova55Living founder. No scripts, no pressure.
New construction creates a first-year tax trap that buyers often miss:
| Year | Situation | Taxable Value | Annual Tax Est. ($480K home) |
|---|---|---|---|
| Year 1 | Assessed on land only (during construction) | Lower — but only if incomplete at Jan 1 | Varies significantly |
| Year 2 | First full assessment, no homestead yet | ~$480,000 | ~$8,592 |
| Year 3+ | Homestead applied (file by March 1) | ~$430,000 | ~$7,697 |
| Year 3+ (senior exemption) | 65+, income below ~$36,600 | ~$380,000 | ~$6,802 |
| Annual Cost | Regency (Wren, $480K) | Southshore Falls ($360K resale) |
|---|---|---|
| HOA | ~$420 + $1,560 lawn | ~$3,840 (lawn included) |
| CDD | ~$1,900–$2,100 | $0 |
| Property taxes | ~$7,697 | ~$5,549 |
| Insurance | ~$3,800 | ~$3,200 |
| Annual total | ~$15,377 | ~$12,589 |
Regency costs ~$2,800/yr more annually at these price points — offset by new construction condition and Toll Brothers warranty. Whether that's worth it is a personal calculation.
Understanding which collection fits your budget and lifestyle before you visit the sales center puts you in a much stronger position.
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