guest blog by Sara Benson
Last night’s post on Neighbors At War referred to a Chicago high rise condo building where many homeowners are about to lose their shirts. Once the developer has control of 75% of the units he can begin to put the remaining owners out of their homes.
The frightening thing is that the American Bankers Association stopped tracking foreclosure rates in condos. We have documented severe erosion of values in condo associations–as high as 77 percent in one building alone where 100 percent of the condos went into foreclosure. The average special assessment in older high rise buildings that were converted in the 1970s and 80s is a whopping $50,000 per door. And we’ve seen some special assessments that high in buildings that were converted in the mid-2000s due to faulty construction. One owner reported a special of $150,000. All this in addition to the “regular” monthly fee.
It’s a nightmare out there.
An excellent follow up, Sara Benson! Thank you so very much for informing us, and especially, concerning the information on the American Bankers Association not tracking foreclosure rates in condos! Should we be surprised, though? You are right, it is frightening!
I’m underwater $65,000. If I got a special assessment over $5000 I’d walk away. I’ll never buy a condo again.
I live in Swallows Nest HOA in Sacramento, CA We are having horrible experiences with the “self-appointed gods.” Is there any group or organization currently that can join forces to correct these injustices??. The Board is fighting me on every issue that is in my favor, breaking the California Civil Code and our C&Rs. We have been to Small Claims Court two times without a solution to our problems.
An example of the hated that exists with the Board Members:
For 26 years we have had a pond just outside of my patio populated by ducks and geese. Someone (I know who) left Greta (Mother Goose) who had been here many years, on my patio with a broken neck on Christmas Eve. How cruel and hard-hearted can you become??? Where can I go for help??
I would like to form a group to protest HOA violations and harassments by the Board and improve my community to a safe and secure place to live. We are fortunate to have 24 hour manned security but the threats are from within. Please help me and all other homeowners!!!