Posted:
I've been trying to figure it out, too. But there is no other place to go when these out of town investors SAY it is because of the BoD, and they feel at a serious disadvantage with the BoD's open hostility to renters and feeling forced to sell in a down market. Because of the crowded dorm conditions at Coastal University, a number of parents bought units for their kids to live in and share with buddies. I used the same sales angle when working for Portrait. Bob knew that. The last owner/investor put his on the market when his renter came out to find his car on the tow truck. His tire was three inches off his drive into the grass. You can't park on the grass.
It's a shame. My attorney is preparing a letter to go out next week, asking for the minutes, a members list, a reiteration of the reasons I desire to spend a thousand on a patio to correct a defect... I hope to use the minutes to find the truth behind the vote on the patio and what the requests were of others seeking modifications, a members list because (in part) the BoD doesn't give anyone whose asked a specific on then number of investor units we have, and a second request to be nice. AFter all, all they can do is to turn it down. We've just discovered since the last go round that the BoD is in fact aware of standing water problems and the sub out to fix it in common areas, and that another community has sued the developer for similar defects by the same sub. I'd rather just repair the patio at my expense.
In the preseident's possible defense, the sales agent here used a number of tactics and made conversation during sales presentations he should not have as he set up unreal expectations. He would say things such as "most are buying second homes." That would change to a reference of to most being "cash buyers." Others would be to people buying ten units in a block. The only legal thing one can say about a clientele is to invite someone to drive around, look at the community and decide for yourself, unless, of course, it IS a 55+ community. Then, you can play it up all you want. But if you see toys, work trucks, cars with school insgnias, maybe you shouldmove on if you can't live with it. But there is nothing in our paperwork that positively identifies our community as another other than one you can buy into if you qualify... The prices started in the 70K, and these people are acting as if they bought in the Grand Dunes. This isn't to say that anyone should be exempt from observing the rules and that there shouldn't be decorum and the like, but, if anything, who would that price point appeal to? Possibly first time buyers, people wanting an inexpensive second home, investors buying up blocks to flip... Many of us hail from the Upper Northeast where the prices sounded like bargain basement opportuities. All of our BoD are from CT, NJ, and NY. I was the only Southerner (MD) and just a committee member.
I want to be involved. In fact, I was on three committees at first. I hope to be again. It will take work and I hope not to be discouraged. Ironic that I have a place in Surfside, two blocks from the ocean, and these are selling in the mid 500k. Their HOA runs like clockwork. So, I DO know there is hope! In fact, my renter there is thinking of moving on, so that might be the thing for me. But it still doesn't change the fact that I do need to remedy my physical problem with my home.
I'll get a copy of the Act.