To Buy or Not To Buy, That Is the Question

[housingcrashsurvivor]

Re: To Buy or Not To Buy, That Is the Question

Earlier on in the crisis we used to get more stories like these:

http://blogs.trb.com/community/news/..._stays_on.html

"...to the 168-unit community....City Manager Mike Mahaney had pledged to cut the water off if residents didn’t pay $90,000 in back-due water bills...The community’s management office, in turn, failed to pay because too many residents had simply walked away from ballooning mortgages"

I still remember so many years ago the condo association trying to get rid of my ol' man's jeep wagoneer so he put a huge sign in the window "THIS IS NOT A TRUCK".

I don't see myself buying into one of those places, neither for the current risk nor the ongoing regulations. Even stand alone housing in Florida is often subject to association rules. I prefer a normal, urban neighborhood where I simply call code enforcement if a neighbor gets too outrageous. Just as effective as an association though without the so-called prestige, without the stress of conformity and without the monthly dues.

[Thailandnotes]

Re: To Buy or Not To Buy, That Is the Question

Owned a condo in my 20's. A guy I'd known in elementary school moved in and became president of the HOA. He was an unsuccessful lawyer. A month later residents were asked to vote for one of three landscaping proposals. Everyone voted for the cheapest. These two and three level condos were built in the forties and many owners had put their souls into landscaping around their units. The HOA ignored the residents and went for the most expensive deal. Beautiful old azaleas were replaced with small sickly ones. New draconian rules were pasted to the doors. All bikes must be stored in the washroom areas. Only three colors of flowerpots were allowed on porches and balconies. To enforce the rules, a posse with clipboards walked around writing up violators. My second warning said, “The scone on your balcony wall is in violation of HOA rules. Please remove it.” They meant sconce. I sold and moved soon after. This was in the age before transfer fees...
http://www.canadianbusiness.com/mark...tent=D9LSDOQG1