What is going to happen to the values of condominiums when the homeowners association goes bankrupt? We hear about foreclosures, but those are just the tip of the iceberg. As developers begin to walk away from unfinished communities, or refuse to continue to contribute to the HOA many condo owners are going to be facing enormous costs to continue to maintain their common elements.
Is your appraiser examining the condominium budgets or doing the research necessary to determine if there is any pending or ongoing litigation? Make sure your buyers are getting a sound investment and look carefully at not only the condo, and it's market but the health of it's Association.
Condos cause conundrum
By DICK HOGAN • firstname.lastname@example.org • September 25, 2008
Unit owners resist paying extra expense
Buzz up! The developer of half-built Prentiss Pointe at Winkler and Summerlin roads in south Fort Myers wants the 50 condo owners to pay for all the community's operating expenses.
They're fighting back with protests to the state Division of Condominiums, saying that developer Prentiss Pointe Ltd. is obligated to pay its share of the expenses.
Gary Howe, managing partner of Prentiss Pointe, couldn't be reached for comment but condo owner Marilyn Boyer - who has the only non-developer seat on the condo association board - said he's told residents he's broke and can't pay. Click here for the rest of the story
Kathleen M Bryce