Follow up: What happens when your Condo Association or HOA goes Bankrupt.

Real Estate Appraiser with Kathleen Bryce, Inc.

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!

Kathleen Bryce
St.Cert.Res. REA RD4424

Comments (3)

Home Loan Search.Online
Home Loan Search Online - Newnan, GA

With the way the economy is in a lot of the country, nobody wants to pay those assessments / fees either even if they are not in foreclosure.

Dec 17, 2008 01:10 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Wow, this trickle down effect does not stop --- condos and townhomes with HOAs are the first to go into foreclosure, so would stand to reason, the HOAs are not healthy!    Thanks for bringing this to our attention!


Joan Cox

Metro Brokers - Turning Point RE


Dec 17, 2008 01:14 AM
Tim Bradley
Contour Investment Properties - Jackson Hole, WY
Commercial Real Estate Expert in Jackson Hole, WY

I always advise my buyers to review thre years of HOA operating statements AND balance sheets. That will tell the story...

Dec 17, 2008 01:25 AM