The HOA Nightmare That’s Just Getting Started

Across the country, condo, HOA, and POA fees have skyrocketed, causing some communities to be exposed for extreme mismanagement.

In some cases, fees have increased more than 100%, despite repair costs only going up 50% in the last few years. Further, insurance costs make it worse, along with inexperienced volunteer Boards, fraud, and lack of controls. Sound familiar?

Local cases also show issues of townhouse and condo communities having underfunded reserves, lack of insurance, and frankly, mismanagement.

These issues are important to buyers of these communities, so that they know exactly what they’re walking into, and potential fee increases in future years.

Some communities already have $1,200+ fees PER MONTH. These increased fees are causing listings to stack up, with condo listings driving higher than 6 months of inventory (a balanced supply) — already.

What’s next around the corner? Will there be a buying opportunity or are these communities something to stay away from?

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