Tag Archives: HOA Embezzlement
Cypress Woods in Palm Beach County Is Going Wild Over Wilbur
(link to WPTV story on Wilbur)
(link to pet pig petition)
What’s A Developer To Do?
A massive monkey wrench has been thrown into the field of real estate development with a 55 million dollar verdict against developers of a condo conversion project in South Carolina.
Developers are the people we homeowners all love to hate. They’re the bane of our existence. Their rotten reconstruction work has led to the financial ruin of hundreds of thousands, even millions of American homeowners. So we generally stand and cheer when a jury hands down a huge verdict against a developer.
Well, let’s stand back and give this one a little reflection.
There are about 200 residents of the East Bridge Town Lofts in Charleston, South Carolina. They all bought into the idea of buying an apartment that was converted to a condominium. Sloppy work. Unlicensed building inspector, all the usual jazz. But including all the legal costs, each of these property owners will theoretically get about 300 to 400 thousand dollars. So far, so good.
But…
…when the bankruptcy filings start filling the courts like an overflowing sugar bowl, where will those homeowners all be? When the delays and appeals to higher courts start piling up even higher costs, where will those homeowners be?
The American legal system was originally meant to provide justice for the injured. Sadly, that’s not the way things turned out. Oh, the lawyers on both sides will claim victory, of course. But the homeowners? The ones who’ve had to declare personal bankruptcy? The ones who’ve died or divorced or moved on to try to repair their lives elsewhere, what happens to them? Will they look back with great fondness on how the legal system treated them?
What’ll The Tipping Point Be?
Yes, once again here’s the old bloviator talking about an impending crash in the housing market.
Economists have been predicting a mortgage and financial collapse many times greater than the nightmare of 2008-2009. The indicators are there. The national budget is raging out of control. Interest rates are far too low to sustain the banking industry. Investors are losing their shirts betting on the U.S. economy. China now owns a huge percentage of America’s debt. Mortgage companies at some point will have to massively raise the requirements on all new mortgages. If this happens the value of homes, starting with all those in Homeowners Associations, will crash.
In a recent blog I mentioned that this whole cascade of events will start with a minor story, a pebble being dislodged from an already unsteady dam.
The story linked below is more than a loose pebble. And it should be read and absorbed by absolutely every person with even a minor link to the Homeowners Association industry.
(Las Vegas running out of water)
1001 Reasons Not To Buy
My Dear Friends, I’ve told you over and over that the absolute worst home investment you can make is in a Homeowners Association. Your Realtor buddy looks you warmly in the eye, puts his hand on your shoulder and says, “You know, of course, that HOAs were created to protect your investment?”
If you’ve read my book or follow this blog then you know what the truth is. HOAs were created to keep out Negroes, Orientals and Jews. The documentation goes back fifty years! In later years, HOA rules were used to keep out Hispanics, single moms, children with Down’s Syndrome and a fistful of other ‘unwashed and unwanted.’
The link below shows you another reason you’re legally and financially naked. Once again a rich investor is intentionally forcing a housing project into bankruptcy so he can scoop up the dregs and make a fortune all over again. This kind of scam is going on all over the country, wherever people were unwise enough to buy private government housing.
(link to case in Osceola County)
(link to another case in Clearwater)
If you think it can’t happen to you, you’re fooling yourself. In 2006 the U.S. Supreme Court made the seizure of private homes for private development completely legal. The landmark Kelo Case turned the U.S. Constitution on its head.
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