A high-rise residential tower in Baltimore is filing for bankruptcy after a homeowner won a lawsuit against the condo association. Instead of repairing his mold problems they fought him all the way through the court system. In the process, this idiotic condo board discovered the mold problems were real and now they’re having to do repairs on the entire high-rise. Their claimed losses are anywhere from ten million to fifty million dollars.
Anybody want to buy a ritzy Maryland apartment? Dirt cheap?
(link to Baltimore Sun)
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If you believe that, then you’re visiting the wrong shrink!
No, Your HOA absolutely does not protect your property values. Your HOA is there to keep track of your net worth. Your net worth (not just your home value) is pledged to a community pool which can be used whenever necessary to cover the cost of lawsuits, repairs, maintenance, insurance, embezzling board members.
All neighborhoods age, that’s just a fact of life. But developers get special breaks for cramming more homes into smaller spaces, and often those developers are just self-centered and financially motivated to cut corners. Meanwhile, building inspectors look the other way knowing it’ll be years before construction problems start becoming apparent.
OK, OK, so I do occasionally go off on a wild goose chase. I admit it. Hopefully you’ll forgive me.
For the past two days I’ve been absolutely addicted to something on the web. Can’t take my eyes off of it. The Minnesota Department of Natural Resources has placed a high quality live camera right next to a nest of bald eagles, that grand symbol of America.
Just a couple days ago they hatched a chick. I think there are two more eggs in the nest but I can’t tell for sure. Dad is usually off hunting.
I have enormous sympathy for people who buy into an HOA. Heck, I was dumb enough to do the same thing. Three times! But in retrospect, I was STOOPID! I was a lamb among the wolves. Never had a clue.
The biggest unreported financial crime in America is embezzlement from an HOA. The following story isn’t even extraordinary, it happens in city after city, day after day. But homeowners (like me) are just too witless to ‘get it.’ The HOA scam is beyond any reasonable explanation. If you’ve bought an HOA property you’ve just donated your life savings to a massive national criminal enterprise that the government will never investigate, expose, or end. Kiss your life savings, ‘Goodbye.’
Egads! I’ve never met Sara Benson, never even talked to her on the phone, but I’d have an affair with her in an instant, if she’d agree! (Yep, I’m not very classy, but I’m sincere!)
This incredible Illinois Realtor has discovered that up to 80% of Illinois Homeowners Associations are unknown and untracked by the state! The implications are massive. It means that huge numbers of Americans have signed away their access to rights conferred by the U.S. Constitution by buying homes in private corporations where they’re lying naked in front of all their fellow homeowners. They think they’ve bought private homes, but what they’ve actually bought is shares in unregulated corporations in which they can be taxed, liened, sued and bankrupted with their life savings going into a common pot owned by all their fellow neighbors.