Can anyone provide a source of information on the effect of abandoned HOA facilities on neighborhood property values? And also your opinions as agents would also be useful.
As in many communities, my farm is facing a number of new contruction foreclosures where all or most of the homes are builder foreclosures. That leaves existing facilities to be maintained by few homeowners. When this is simply not economically feasible the facilities get abandoned.
And then there are optional recreation associations, not governed by any HOA, that due to the economy are securing fewer members and are facing the same problem. Not enough funds to operate.
I have been asked to assist an optional association in becoming mandatory so that sufficient funding can be secured to keep the facilities open. I would appreciate any information you may have regarding the effect of abandoned facilities on value.