Sadly I fear that I was right. The stories are just beginning. Many Condo Associations are teetering on Bankrupcy and the same is for many HOA's.
The following article was published in the local news Paper.
Foreclosures burden owners at Coral Lakes
Home and condo owners at the Cape Coral gated community Coral Lakes may have to pay $650 by year's end to offset expenses the association owes because of the number of foreclosed homes.
A meeting to decide if homeowners would have to pay the assessment ended without a decision Tuesday when the head of the association's board declared the meeting adjourned.
"Everybody here wants to point the finger at the developer tonight," said Jay Coughlin, who works for the developer Engle Homes, during the meeting when shouts from homeowners frequently interrupted his answers. "But look at your neighbor who owes $220,000."
Read the rest of the article...
Realtor's you owe it to your client to place them in communities that are healthy!
St.Cert.Res. REA RD4424