Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 12-18-2008, 02:25 AM   #41
Thinks s/he gets paid by the post
Koolau's Avatar
 
Join Date: Jul 2008
Location: Leeward Oahu
Posts: 3,244
I'd rather be lucky than good, any day. When we bought our condo, 25 years ago, we trusted our realtor when she told us how good our condo complex, HOA, MGMT, Co., resident manager and typical neighbors were. Our trust appears to have been well placed. We rented the place out while working on FIRE and moved in a year ago.

True, our condo fees have doubled in 25 years, but that's actually better than the underlying rate of inflation. I'd also quibble with the way some of the HOA money is spent - e.g., is it really important to keep the lawn that well manicured?

True, there are a fair number of rentals in the complex, but, generally, the issues of rentals haven't been huge.

Also true that no condo is going to be as quiet as a stand-alone house.

In short, there are plenty of reasons not to buy into a condo, but there are also some reasons to go the condo route.

When we FIREd, we were tired of climbing up on roofs, into attics and through crawl spaces to fix things. We hate lawn work and don't garden. We liked the "apartment" life style with the added benefit of ownership.

Here on Oahu, condos are roughly 2/3 the cost of a SFD and their prices/sales have generally held up a little better than SFD.

So, overall, I think we made the right choice.

Babe, wish I had your HOA fees. Ours are more than double yours!
Best luck with your decision. I hope it works out well for you.
__________________

__________________
Ko'olau's Law -

Anything which can be used can be misused. Anything which can be misused will be.
Koolau is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 12-26-2008, 07:25 PM   #42
Thinks s/he gets paid by the post
 
Join Date: Oct 2005
Posts: 4,898
UPDATE: after mulling over the situation and talking seriously with my realtor I decided to put off listing the condo. The main reason: I doubt I could find similar housing rented or purchased that would satisfy me. I am attached to my location and giving up my home has been really difficult to accept emotionally. Also, I have a family member who is at death's door now and don't want to deal with the stress of selling my home, and finding a new one right now.

So, I'm prepared to take my medicine should the fates decide to serve it to me. But I'm also preparing for the best too. Wish me luck in the new year!
__________________

__________________
Zoocat is offline   Reply With Quote
Old 12-26-2008, 09:23 PM   #43
Recycles dryer sheets
mews's Avatar
 
Join Date: May 2008
Posts: 477
Luck, and chocolate!

mew
__________________
mews is offline   Reply With Quote
Old 12-26-2008, 10:13 PM   #44
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,950
Good luck, OldBabe!! It sounds like you thought this through and came to a sensible decision, especially given your situation right now.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is online now   Reply With Quote
Old 12-27-2008, 07:51 AM   #45
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,492
Good luck. Hope things work out to your favor in '09

Michael
__________________
MichaelB is offline   Reply With Quote
Old 12-27-2008, 12:34 PM   #46
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,387
Quote:
Originally Posted by Oldbabe View Post
So, I'm prepared to take my medicine should the fates decide to serve it to me. But I'm also preparing for the best too. Wish me luck in the new year!
Good Luck Oldbabe; you will likely be fine.

Ha
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
haha is offline   Reply With Quote
Old 12-27-2008, 03:13 PM   #47
Thinks s/he gets paid by the post
 
Join Date: Oct 2005
Posts: 4,898
Thanks! And the best of luck to you all as well.
__________________
Zoocat is offline   Reply With Quote
Old 01-08-2009, 03:47 PM   #48
Thinks s/he gets paid by the post
 
Join Date: Oct 2005
Posts: 4,898
Update! I decided to refinance a new 30 yr mortgage. My new rate 4.87! I'm saving $200/mo. YAY! If my HOA goes up, I'm even. If not, I can pay down the mortgage. It's all good.
__________________
Zoocat is offline   Reply With Quote
Old 01-08-2009, 03:52 PM   #49
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,151
Quote:
Originally Posted by Oldbabe View Post
Update! I decided to refinance a new 30 yr mortgage. My new rate 4.87! I'm saving $200/mo. YAY! If my HOA goes up, I'm even. If not, I can pay down the mortgage. It's all good.
Congratulations, that's a nice rate.

We've seen several posts about how backed up the refi-ers are. Let us know how the closing process goes.
__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 04-17-2010, 01:27 PM   #50
Thinks s/he gets paid by the post
 
Join Date: Oct 2005
Posts: 4,898
Thought I would update this thread. Last year I was ready to sell but my father died and I had to sell his house and help with the estate and it was very difficult emotionally. So I refinanced.

Then things with the HOA continued to look bad so I decided I would try to sell this year. I put the townhome on the market in Jan, hoping to attract a first time home buyer wanting the $8K tax credit. In Feb my HOA sued the builder for construction defects. Ugh. At the meeting the situation looked dire. The attorneys expressed some pessimism about any of the owners being able to sell.

But I kept my home on the market and, through some ups and downs that made the process very stressful, finally a buyer came along who loved the place and was willing to overlook the HOA suit. For a price.

I sold for about 3% below market. I still think I have made a very good decision, especially when viewing the larger economy.

So, after that experience, I am loathe to buy real estate any time soon. I have rented a condo in a great neighborhood and will wait out this hideous economy for a year and see what it looks like next year. Frankly, at my age, 60, I would really like to have a very small mortgage. Not possible where I currently live. So another move might be in the future.

Since the suit started I have learned that several other newer HOA condo communities have construction defect problems. And if you include those in other states, the problem is widespread in construction from the current decade.

Hope this thread will be educational to others who are looking to downsize their housing and thinking about buying into a condo/townhome community with a HOA.
__________________
Zoocat is offline   Reply With Quote
Old 04-17-2010, 01:43 PM   #51
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 16,538
What does the HOA have to do with lawsuits against developers and/or construction companies? Or the construction defects for that matter? An individual homeowner would have to seek redress on their own if there weren't a larger group that could take on such a task.

Audrey
__________________
Well, I thought I was retired. But it seems that now I'm working as a travel agent instead!
audreyh1 is online now   Reply With Quote
Old 04-17-2010, 01:54 PM   #52
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Brat's Avatar
 
Join Date: Feb 2004
Location: Portland, Oregon
Posts: 5,914
The issues aren't limited to HOAs, single family dwellings are having the same problems. There is a grief trade off- dealing with them as an individual, or with a committee.

We have just made an offer on a unit in a building built in 1959 of concrete & steel. Dated, yes, but solid as a rock. Another friend of mine just purchased a condo in a wood frame structure built in the 80s. Good, solid, building.

There are several reasons why we like seasoned buildings, one important one is that construction defects have been discovered. Life-style wise we don't like open floor plans that are in fashion today.

Most strong condo associations severely limit renters but if you can rent in a building you might buy in it is a great 'try before you buy' approach.
__________________
Duck bjorn.
Brat is offline   Reply With Quote
Old 04-17-2010, 02:06 PM   #53
Moderator Emeritus
Martha's Avatar
 
Join Date: Feb 2004
Location: minnesota
Posts: 13,212
Quote:
Originally Posted by audreyh1 View Post
What does the HOA have to do with lawsuits against developers and/or construction companies? Or the construction defects for that matter? An individual homeowner would have to seek redress on their own if there weren't a larger group that could take on such a task.

Audrey
IIRC, her HOA was under-capitalized with owners not willing to allow assessments to increase. Suits cost money and if the suit isn't successful, repairs cost money.
__________________
.


No more lawyer stuff, no more political stuff, so no more CYA

Martha is offline   Reply With Quote
Old 04-17-2010, 02:10 PM   #54
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 16,538
Oh - thanks for the clarification. I thought she was talking about defects in new construction in general:
Quote:
Since the suit started I have learned that several other newer communities have construction defect problems. And if you include those in other states, the problem is widespread in construction from the current decade.
Audrey
__________________
Well, I thought I was retired. But it seems that now I'm working as a travel agent instead!
audreyh1 is online now   Reply With Quote
Old 04-17-2010, 02:41 PM   #55
Thinks s/he gets paid by the post
 
Join Date: Oct 2005
Posts: 4,898
My HOA would never be able to pay for the repairs needed, even with the right assessment fees all these years. The repairs needed are extensive. My conclusion, after reading about the results of other successful HOA suits against builders, is that after arbitration and after the attorneys take their cut, the HOA is left with less than needed to do the repairs and the HOA must assess the owners to make up the difference. But , who knows? My former HOA might turn out fine. I absolutely hope so.
__________________
Zoocat is offline   Reply With Quote
Old 04-18-2010, 06:43 AM   #56
Moderator
Ronstar's Avatar
 
Join Date: Aug 2007
Location: A little ways southwest of Chicago
Posts: 9,373
Quote:
Originally Posted by audreyh1 View Post
Oh - thanks for the clarification. I thought she was talking about defects in new construction in general:

Audrey
A HOA can sue for general defects - most common areas in condo developments - pools, roads, even building exteriors are actually owned by HOA's
__________________
Ronstar is online now   Reply With Quote
Old 04-29-2010, 05:00 PM   #57
Thinks s/he gets paid by the post
 
Join Date: Oct 2005
Posts: 4,898
Here's some info about a complex in Redmond, WA that has structural defects but the HOA cannot sue the builder because he/she has devested and moved to the caribbean. The HOA has decided to give up and urge mass default.

Redmond, WA Condo Association Votes to Mass Default | FavStocks
__________________
Zoocat is offline   Reply With Quote
Old 04-29-2010, 11:50 PM   #58
Thinks s/he gets paid by the post
kyounge1956's Avatar
 
Join Date: Sep 2008
Posts: 2,171
Quote:
Originally Posted by Oldbabe View Post
Here's some info about a complex in Redmond, WA that has structural defects but the HOA cannot sue the builder because he/she has devested and moved to the caribbean. The HOA has decided to give up and urge mass default.

Redmond, WA Condo Association Votes to Mass Default | FavStocks
I wonder if that builder had anything to do with the McGuire Apartments.
__________________
kyounge1956 is offline   Reply With Quote
Old 05-01-2010, 10:43 AM   #59
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
kcowan's Avatar
 
Join Date: Jul 2006
Location: Pacific latitude 20/49
Posts: 5,741
Send a message via Skype™ to kcowan
Quote:
Originally Posted by Oldbabe View Post
...the HOA cannot sue the builder because he/she has devested and moved to the caribbean.
But does the builder have any assets in the US? It may still be possible to get a default judgement and attach his assets.
__________________
For the fun of it...Keith
kcowan is offline   Reply With Quote
Old 05-01-2010, 02:07 PM   #60
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Brat's Avatar
 
Join Date: Feb 2004
Location: Portland, Oregon
Posts: 5,914
For those interested in Seattle area real estate this is a great source of scuttlebutt: Seattle Bubble • local real estate news, statistics, and commentary without the sales spin.

Their counterpart in Portland doesn't have a strong leader and the Oregonian re blog (Front Porch) was just shutdown by the paper. Could it be that it started pulled back the veil a bit to much on local movers & shakers?
__________________

__________________
Duck bjorn.
Brat is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
dallas x marriedw/children x csi miami x desperate housewives.. life in a FL HOA ladelfina Other topics 4 03-23-2007 03:08 PM
Question for HOA Officers and others Sundance Kid Other topics 12 09-28-2006 11:51 AM
my situation tikitoast Hi, I am... 15 04-08-2006 05:21 PM

 

 
All times are GMT -6. The time now is 11:17 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.