There probably isn’t a tourist in history who’s visited a resort in Mexico or the Bahamas and hasn’t been approached by a hyped up HOA salesman. You can buy a condo in La Paz, or an apartment in a proposed new resort in the Bahamas for pennies on the dollar. It sure is tempting with all that warm sun and salty air.
But beware! As bad as American HOAs are, they don’t compare to the problems you face when investing your money in another country.
Homeowners and developers are at odds in the construction of Oceania Heights, a ‘luxury’ vacation paradise in the Bahamas. A Bahamian attorney and a Canadian zillionaire are behind the project. The operable phrase is the ‘troubled’ project. It’s at a standstill with hundreds of thousands of dollars being bled out of property owners for legal fees, and what-zit fees, and whatever other money has to be passed back and forth under-the-table.
Hundreds of vacationers threw their money at the proposed resort homes. But Oceania Heights just can’t seem to get itself built.
If you think HOAs in America are plagued with problems, wait until you’re dealing with an HOA in a third world country.