I blogged about this earlier: Homeowners Associations in many parts of the country are seeing property values trashed because cities are taking over water drainage systems that the original developer built incorrectly. But that means ALL homeowners, not just those living in the rarified gated HOA atmosphere, will end up paying the costs. HOA residents will get slaughtered of course, with highly escalated fees. But all non-HOA taxpayers should be angry as well because their taxes will go up because of misfeasance and malfeasance in the HOA system.
The two pictures below are of a beautiful little pond in an HOA near Wichita. Homeowners bought here because the pond was a gorgeous community asset. But when HOA leaders improperly maintained the pond, they inadvertently drained it. Now the beautiful little pond is an overgrown bug-infested swamp. How do you think HOA property values are holding up now?
A pretty community asset.
Thanks for our new view!
Yes, Homeowner Association boards and managers can thoughtlessly cause amazing damage to property values. And it happens in city after city. But home buyers are beginning to get wise. Wise Realtors are making sure their clients research the lawsuits and turmoil in a specific neighborhood before buying there. A lot of turmoil means home values are plummeting.