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Matt J

SWGB
May 9, 2007
24,646
9,496
Cork,

To clarify on budgeting and financial short falls, the dues are generally the same across the board for each owner. That said you can't budget for owners that aren't paying. Most associations will have a budget line for incidentals. Apparently in some associations this budget item is getting bigger, while others are simply foreclosing on the owners that aren't paying.
 

Cork On the Ocean

directionally challenged
Hey Handsome :love:,

You're absolutely right. Maybe I wasn't clear. They can't just up dues on owners without a vote but the money has to come from somewhere and I know many communities have faced the decision of whether to raise association dues to cover it. Mine for one.

There's always foreclosure or leins but there's more money to pay for legal fees which you may not get back for some time. The point is that defaults on dues is one reason that a community might not be maintained properly. The defaults have been going on for a couple of years now and in some communities are as high as 50% so the incidentals line item have to be increased. The money has to either come from the remaining owners or the community goes down. Unfortunately, we can't just make more money like the government :rotfl:



Cork,

To clarify on budgeting and financial short falls, the dues are generally the same across the board for each owner. That said you can't budget for owners that aren't paying. Most associations will have a budget line for incidentals. Apparently in some associations this budget item is getting bigger, while others are simply foreclosing on the owners that aren't paying.
 

Matt J

SWGB
May 9, 2007
24,646
9,496
Hey Handsome :love:,

You're absolutely right. Maybe I wasn't clear. They can't just up dues on owners without a vote but the money has to come from somewhere and I know many communities have faced the decision of whether to raise association dues to cover it. Mine for one.

There's always foreclosure or leins but there's more money to pay for legal fees which you may not get back for some time. The point is that defaults on dues is one reason that a community might not be maintained properly. The defaults have been going on for a couple of years now and in some communities are as high as 50% so the incidentals line item have to be increased. The money has to either come from the remaining owners or the community goes down. Unfortunately, we can't just make more money like the government :rotfl:

Very true, but I'd love to meet the person that started the anti-lien movement. It does cost money, but it will recoup the money eventually. Even a bank can't sell a foreclosure without satisfying the liens on it first. It also shows an active HOA that will come after you and some people like that as opposed to an HOA that will let the neighborhood crumble.
 

Cork On the Ocean

directionally challenged
Very true, but I'd love to meet the person that started the anti-lien movement. It does cost money, but it will recoup the money eventually. Even a bank can't sell a foreclosure without satisfying the liens on it first. It also shows an active HOA that will come after you and some people like that as opposed to an HOA that will let the neighborhood crumble.

You're absolutely right about the HOA aggressively pursuing collections. It's just got to be. The sad thing is that in this economy, people defaulting aren't just deadbeats but many are our neighbors and good hard working people that have just hit hard times.
 

Matt J

SWGB
May 9, 2007
24,646
9,496
You're absolutely right about the HOA aggressively pursuing collections. It's just got to be. The sad thing is that in this economy, people defaulting aren't just deadbeats but many are our neighbors and good hard working people that have just hit hard times.

Okay, if that's the case then step up and pay their dues. Otherwise the HOA should follow it's legal duty and go through the lien process.
 

Cork On the Ocean

directionally challenged
Okay, if that's the case then step up and pay their dues. Otherwise the HOA should follow it's legal duty and go through the lien process.

You're such a hard a$$ :rotfl: You know me, flowers and peace signs and everybody gets along :love: But I do know it's the HOA's duty, just sad. (where's the sad face?)
 

heartbren

Beach Fanatic
Sep 6, 2009
769
18
67
Blue Mountain Beach
Sensible Response

Hi beautiful Sunny's mom!! Now that is what I call a sensible response instead of all of the squablling. I am moving down to Blue Mountain Beach because I found a great little cottage there. Santa Rosa is an area I like also. I think I know what condos you are talking about and I drove through there many times and I just did not see the kind of devestation to it that some area saying. I think what is said in this response is much more sensible. Then you can get the information you really need to make you own decision instead of getting what are just opinions from different people who know the area and everyone has different opinions about how they feel about places and what their standards are. I personally did not see anything wrong with the place and was trying find a condo to rent there. I think things are picking up in the area and hopefully will be improving everywhere. Change has to start somewhere and we are the only ones who can make that happen. I looked at many different areas and am very happy I ended up where I did. It is not in the condos you are speaking of but I did end up in Blue Mountain Beach in a very simple little house and I am thrilled. I am relocating there because you will not find friendlier people anywhere. It is nice to have the most beautiful beach nearby also, but the people are what really make the place what it is so no matter where you buy, vacationers will be happy as will you. If the place is taken care of and is well equipped for their comfort you can't go wrong. That is my opinion only. I wish you the best of luck. :D I cannot wait till my move which should be around April 1. :D


The 2 large parcels in the front that are common area (where I believe the commercial was supposed to be) is now bank owned. There are also a lot of foreclosures in the community which generally means a lot of people not paying their HOA/COA fees - the funds required for maintenance. What happens of course is that either the community has to spend less on taking care of the community or they have to raise association fees and the paying members have to make up for the non-paying ones. The Village of Blue Mountain is not the only community on 30A where the bank has taken over common grounds. The Village of South Walton is in the same situation. Hotel Saba is not bank owned but sure seems to be at a standstill. So in this day, it's not surprising but still a cause for concern. The prices are great (or should be) but the future is uncertain.

You said that you are looking at a condo. If so, you are by law entitled to see the association financial records as well as the condo docs.

Section 718.503(2) (a), Florida Statues, provides ?? each prospective purchaser who has entered into a contract for the purchase of a condominium unit is entitled, at the seller?s expense, to a current copy of declaration of condominium, articles of incorporation of the association, bylaws and rules of the association, financial information required by section (s.) 718.111

Notice that you have to have a contract but you have 3 days to rescind after receiving the required documents if you don't like what you see.

If you are serious about putting an offer in on a unit, I would have your realtor request a copy of the BOD minutes and the listing agent may give them in advance of a contract. These are generally vague by design but can give you quite a bit of information regarding the problems that the association is having. There is certainly nothing wrong with a prospective buyer wanting full disclosure before making such a big decision. Don't be afraid to get the information that you need rather than rely on hearsay. And certainly don't go into it blind.
 

Cork On the Ocean

directionally challenged
You are very sweet Heart (love your name :love:). You will love 30A. As you found, it's not just a place - it's a "community" of wonderful and diverse people.

Regarding the condos at Blue Mountain Beach or any community. All of the information that one needs is out there somewhere and now more than ever, with so many developers going bankrupt and so many homes going into foreclosure - it's more important than ever to know what you're getting into. There's many things that can affect the enjoyment of one's property and potential buyers should know them.

I made a conscious decision to be an exclusive buyer's agent and not take any listings. In that way, I have no responsibilities to any seller and I am free to disclose as much information as needed to help the buyer make an informed decision. My agents have no financial interest in selling any particular property so they are equally motivated to show all properties regardless of who has the listing. They give "on demand" attention and I do the research and investment consulting. It works and professional listing agents such as those on this board understand that it's not personal. We're both trying to do the best we can for our clients.

In a previous life, I was an investigator so I am just very good at finding information that many can't find and I use that expertise to create a profile of the seller and their potential motivations. Before we placed a contract on the Grayton home, we had a very good picture of the sellers net worth, history and motivations for selling the home and how much he could bear as far as a loss went. I don't like that sellers are losing money but it's my job to do everything I can to make sure that my client doesn't.

Blue Mountain isn't devastated but unfortunately it was a little late coming into the market so a lot of people bought at the top. I did confirm that the commercial area is bank owned. In fact, it is now available as a bank owned property or REO. I believe that it will come back once someone comes in and develops that commercial area.

Enjoy sowal and let me know when you're settled. We'll get together.
 

AtTheBeach

Beach Comber
Aug 20, 2009
11
2
Cork, your business plan is impressive. I've been watching the market in Sowal for the last several months and it's amazing what you can learn with a little online research. It had occurred to me that being an agent with a plan such as yours could be really cool. Good on you for thinking out of the box!
 
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