This is a perfect example of an association not acting in the best wishes of the homeowners. The HOA president is quoted as saying "Would you sell your house over $350 a year, I can't imagine someone doing that,"
The president of the HOA says purchasing the 160-acre golf course will help save already weak home values, and he is concerned that if the purchase does not go through, the course will go unkempt.
Simply buying a golf course is not going help property values. In certain markets, home values are not "weak", but are simply returning to an equilibrium price, but because homeowners experienced a significant bump in recent years, a return to higher property values and perceived increased returns on an investment, HOA Boards are partaking in poor fiscal action, violating their fiduciary duty to the homeowners.
Post a Comment
Please share your thoughts and experiences in relation to this post. Remember to be respectful in your posting. Comments that that are deemed inappropriate will be deleted.