[recordsclerk]

It is true that most units just need paint and carpet. There is a new listing today for 52K.
If you were to invest in this unit it would cost you about $590 a month.
100% loan at 5.7% $300 a month
taxes 50 a month
HOA $240 a month ($199 in listing)
Total $590 a month

This unit would rent for $700+

The plumbing problems were not in the units. It was a shared line. There was more than one leak. They replaced the lines running outside the west end of the main complex. There was also standing water near the pool/end units in the main complex. There was also work done in the older complex west of the main complex.
This complex has destroyed comps for this area, but it’s not the only one to blame. I think any condo conversion done between 2004-2007 will have an affect on prices in all areas.

[recordsclerk]

It is true that most units just need paint and carpet. There is a new listing today for 52K.
If you were to invest in this unit it would cost you about $590 a month.
100% loan at 5.7% $300 a month
taxes 50 a month
HOA $240 a month ($199 in listing)
Total $590 a month

This unit would rent for $700+

The plumbing problems were not in the units. It was a shared line. There was more than one leak. They replaced the lines running outside the west end of the main complex. There was also standing water near the pool/end units in the main complex. There was also work done in the older complex west of the main complex.
This complex has destroyed comps for this area, but it’s not the only one to blame. I think any condo conversion done between 2004-2007 will have an affect on prices in all areas.

[recordsclerk]

I’m just guessing that the 20K would be the risk associated with purchasing a condo at that complex. Not the fact that they owe 40K to venders. Currently there are between 20-30 units that have been re-purchased, so I’m not sure how the special assessments will be divided between the owners and also if the banks will pay any of those assessments. HOAs are also responsible for reserves. The reserves should cover any necessary repairs and should be up to date for future maintenance schedules. If it’s been seven years since the roof has been replaced and a roof life is 15yrs, then the reserves should have seven of the 15yrs of reserves for the cost of replacing the roof. I believe there has to be at least 70% reserves for future maintenance schedules to be solvent. There are four separate buildings and the older one looks like it needs a new roof.

[recordsclerk]

I’m just guessing that the 20K would be the risk associated with purchasing a condo at that complex. Not the fact that they owe 40K to venders. Currently there are between 20-30 units that have been re-purchased, so I’m not sure how the special assessments will be divided between the owners and also if the banks will pay any of those assessments. HOAs are also responsible for reserves. The reserves should cover any necessary repairs and should be up to date for future maintenance schedules. If it’s been seven years since the roof has been replaced and a roof life is 15yrs, then the reserves should have seven of the 15yrs of reserves for the cost of replacing the roof. I believe there has to be at least 70% reserves for future maintenance schedules to be solvent. There are four separate buildings and the older one looks like it needs a new roof.

[recordsclerk]

I’m just guessing that the 20K would be the risk associated with purchasing a condo at that complex. Not the fact that they owe 40K to venders. Currently there are between 20-30 units that have been re-purchased, so I’m not sure how the special assessments will be divided between the owners and also if the banks will pay any of those assessments. HOAs are also responsible for reserves. The reserves should cover any necessary repairs and should be up to date for future maintenance schedules. If it’s been seven years since the roof has been replaced and a roof life is 15yrs, then the reserves should have seven of the 15yrs of reserves for the cost of replacing the roof. I believe there has to be at least 70% reserves for future maintenance schedules to be solvent. There are four separate buildings and the older one looks like it needs a new roof.

[recordsclerk]

I’m just guessing that the 20K would be the risk associated with purchasing a condo at that complex. Not the fact that they owe 40K to venders. Currently there are between 20-30 units that have been re-purchased, so I’m not sure how the special assessments will be divided between the owners and also if the banks will pay any of those assessments. HOAs are also responsible for reserves. The reserves should cover any necessary repairs and should be up to date for future maintenance schedules. If it’s been seven years since the roof has been replaced and a roof life is 15yrs, then the reserves should have seven of the 15yrs of reserves for the cost of replacing the roof. I believe there has to be at least 70% reserves for future maintenance schedules to be solvent. There are four separate buildings and the older one looks like it needs a new roof.

[recordsclerk]

I’m just guessing that the 20K would be the risk associated with purchasing a condo at that complex. Not the fact that they owe 40K to venders. Currently there are between 20-30 units that have been re-purchased, so I’m not sure how the special assessments will be divided between the owners and also if the banks will pay any of those assessments. HOAs are also responsible for reserves. The reserves should cover any necessary repairs and should be up to date for future maintenance schedules. If it’s been seven years since the roof has been replaced and a roof life is 15yrs, then the reserves should have seven of the 15yrs of reserves for the cost of replacing the roof. I believe there has to be at least 70% reserves for future maintenance schedules to be solvent. There are four separate buildings and the older one looks like it needs a new roof.

[recordsclerk]

I spoke to a renter of a 2bed/2bth. He is paying $900 a month. It was a complete ghost town a few months ago. There are several occupied units and there will be more as more sales close. I think there are about 20+ units that have been purchased by new owners and will eventually be occupied by tenants.
At one point I was willing to pay $50K for 1bd/1bth and 70K for 2bd/2bth. I still think that is the fair market value with all it’s problems.
I’m not sure how much it would take to make the HOA solvent. There are 70 units total. Sometimes getting owners to vote or pay for special assessments is like pulling teeth. I think your estimate of about 20K seems about right.

[recordsclerk]

I spoke to a renter of a 2bed/2bth. He is paying $900 a month. It was a complete ghost town a few months ago. There are several occupied units and there will be more as more sales close. I think there are about 20+ units that have been purchased by new owners and will eventually be occupied by tenants.
At one point I was willing to pay $50K for 1bd/1bth and 70K for 2bd/2bth. I still think that is the fair market value with all it’s problems.
I’m not sure how much it would take to make the HOA solvent. There are 70 units total. Sometimes getting owners to vote or pay for special assessments is like pulling teeth. I think your estimate of about 20K seems about right.

[recordsclerk]

I spoke to a renter of a 2bed/2bth. He is paying $900 a month. It was a complete ghost town a few months ago. There are several occupied units and there will be more as more sales close. I think there are about 20+ units that have been purchased by new owners and will eventually be occupied by tenants.
At one point I was willing to pay $50K for 1bd/1bth and 70K for 2bd/2bth. I still think that is the fair market value with all it’s problems.
I’m not sure how much it would take to make the HOA solvent. There are 70 units total. Sometimes getting owners to vote or pay for special assessments is like pulling teeth. I think your estimate of about 20K seems about right.

[recordsclerk]

I spoke to a renter of a 2bed/2bth. He is paying $900 a month. It was a complete ghost town a few months ago. There are several occupied units and there will be more as more sales close. I think there are about 20+ units that have been purchased by new owners and will eventually be occupied by tenants.
At one point I was willing to pay $50K for 1bd/1bth and 70K for 2bd/2bth. I still think that is the fair market value with all it’s problems.
I’m not sure how much it would take to make the HOA solvent. There are 70 units total. Sometimes getting owners to vote or pay for special assessments is like pulling teeth. I think your estimate of about 20K seems about right.

[recordsclerk]

I spoke to a renter of a 2bed/2bth. He is paying $900 a month. It was a complete ghost town a few months ago. There are several occupied units and there will be more as more sales close. I think there are about 20+ units that have been purchased by new owners and will eventually be occupied by tenants.
At one point I was willing to pay $50K for 1bd/1bth and 70K for 2bd/2bth. I still think that is the fair market value with all it’s problems.
I’m not sure how much it would take to make the HOA solvent. There are 70 units total. Sometimes getting owners to vote or pay for special assessments is like pulling teeth. I think your estimate of about 20K seems about right.

[recordsclerk]

I’ve been watching this condo complex since last June. This is one of the condos that I was refering to about HOAs underwater. This would be a good investment, but there are too many things wrong with the complex. There have been some improvements done. The problem now is the amount of units being rented out. There will only be a few owner occupied units for the next 5yrs+. The HOA is still insolvent and the article states that they owe 40k.

[recordsclerk]

I’ve been watching this condo complex since last June. This is one of the condos that I was refering to about HOAs underwater. This would be a good investment, but there are too many things wrong with the complex. There have been some improvements done. The problem now is the amount of units being rented out. There will only be a few owner occupied units for the next 5yrs+. The HOA is still insolvent and the article states that they owe 40k.

[recordsclerk]

I’ve been watching this condo complex since last June. This is one of the condos that I was refering to about HOAs underwater. This would be a good investment, but there are too many things wrong with the complex. There have been some improvements done. The problem now is the amount of units being rented out. There will only be a few owner occupied units for the next 5yrs+. The HOA is still insolvent and the article states that they owe 40k.

[Author]

Posts