Comments on: Rising HOA Fees http://www.mytucsonblog.com/home-buying/rising-hoa-fees/ Everything you need to know about Tucson and Real Estate - and then some Fri, 30 Jul 2010 17:05:44 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Joe 535 http://www.mytucsonblog.com/home-buying/rising-hoa-fees/comment-page-1/#comment-3278 Joe 535 Tue, 02 Feb 2010 14:41:53 +0000 http://www.mytucsonblog.com/?p=1379#comment-3278 HOA finances even with a financial report may not clearly show how fit it is to maintain a facility, for the HOA has the option to provide gross financial numbers, which may be generally accurate, they provide no specificity on spending in some areas, only general amounts to certain categories, such as furniture, petty cash (can be a few thousand including cell phone use, gas mileage, etc. More importantly, key infrastructure costs and maintenance may be delayed and not fixed in a timely manner necessitating increases of HOA fees. All in all it is a classic buyer beware situation which may hamper sales, for HOA fees which may be controllable, the fact is control is minimal. Unless the economy turns around condo sales may be severely effected by high HOA fees. HOA finances even with a financial report may not clearly show how fit it is to maintain a facility, for the HOA has the option to provide gross financial numbers, which may be generally accurate, they provide no specificity on spending in some areas, only general amounts to certain categories, such as furniture, petty cash (can be a few thousand including cell phone use, gas mileage, etc. More importantly, key infrastructure costs and maintenance may be delayed and not fixed in a timely manner necessitating increases of HOA fees. All in all it is a classic buyer beware situation which may hamper sales, for HOA fees which may be controllable, the fact is control is minimal. Unless the economy turns around condo sales may be severely effected by high HOA fees.

]]> By: Erika Eaton http://www.mytucsonblog.com/home-buying/rising-hoa-fees/comment-page-1/#comment-1892 Erika Eaton Tue, 21 Apr 2009 23:31:47 +0000 http://www.mytucsonblog.com/?p=1379#comment-1892 I don't know if the HOA was recently turned over by the developer. A lot of times the developer will artificially subsidize the HOA fees making them artificially low. As you said, look at the financials, is there any reserve fund? A lot of other HOAs play games with the reserve fund. Some don't even maintain one dime in the fund, but the roof will eventually need to be replaced. They'll assess for all capital projects, keeping the HOA fees low, which I believe is dishonest. Keep in mind with so many folks behind on the mortgages, especially condos, the HOA fees get neglected. The HOA has the authority to place a lien on the condo, but the lien will get wiped out after the foreclosure - leaving the remaining condo owners stuck with a larger slice of the pie. If you're ever in Atlanta, check out my <a href="http://searchingatlanta.com">Atlanta homes website.</a> I don’t know if the HOA was recently turned over by the developer. A lot of times the developer will artificially subsidize the HOA fees making them artificially low. As you said, look at the financials, is there any reserve fund?

A lot of other HOAs play games with the reserve fund. Some don’t even maintain one dime in the fund, but the roof will eventually need to be replaced. They’ll assess for all capital projects, keeping the HOA fees low, which I believe is dishonest.

Keep in mind with so many folks behind on the mortgages, especially condos, the HOA fees get neglected. The HOA has the authority to place a lien on the condo, but the lien will get wiped out after the foreclosure – leaving the remaining condo owners stuck with a larger slice of the pie.

If you’re ever in Atlanta, check out my Atlanta homes website.

]]> By: Kelley Koehler http://www.mytucsonblog.com/home-buying/rising-hoa-fees/comment-page-1/#comment-1621 Kelley Koehler Sun, 07 Dec 2008 17:00:19 +0000 http://www.mytucsonblog.com/?p=1379#comment-1621 Chris - most of our HOAs send their info out on disks, but there's a few yet that like to kill a ream of paper or two... Chris – most of our HOAs send their info out on disks, but there’s a few yet that like to kill a ream of paper or two…

]]> By: Chris Griffith http://www.mytucsonblog.com/home-buying/rising-hoa-fees/comment-page-1/#comment-1620 Chris Griffith Sun, 07 Dec 2008 16:53:15 +0000 http://www.mytucsonblog.com/?p=1379#comment-1620 I'm walking with dinosaurs, here. I'm trying to get HOA and title companies to put their data on disc instead of me mailing condo docs as thick as the Miami phone book. They think I'm from Mars or something. I’m walking with dinosaurs, here. I’m trying to get HOA and title companies to put their data on disc instead of me mailing condo docs as thick as the Miami phone book. They think I’m from Mars or something.

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