AliciaE (Georgia)
Posts: 4
Posts: 4
Posted:
I live in a partially developed subdivision in Atlanta, GA. There are 50 lots in the neighborhood but only 3 homes. The original builder filed the CCR's at the beginning of building in 2007 but did not incorporate the HOA before losing the property to the bank in 2010. Since that time, the three homeowner's have been "acting" as the HOA (e.g., paying out of our pocket to have the common areas maintained). A few months ago, we learned that a new builder was interested in purchasing the 47 vacant lots from the bank. This particular builder builds home in the high $100k - low $200k. Our homes are close to being custom and in a thriving economy would have sold for between $500k and $600k. In the current economy, the value of our homes has decreased to somewhere in the $300k range. The original covenants specifically say that no home can cost less than $300,000. When we learned of this new builder's interest in the lots, we (3 homeowners) formally incorporated the HOA and filed bylaws and articles of incorporation. Did we have the right to do this? Is there any recourse we have against this new builder who plans to build homes that will drive down our home values even further?