Posts in Condos And Townhomes

There was some hesitation in choosing to write about this topic until our most recent presentation we made for a local Condo Association in the Twin Cities.  We're often invited by Condo and Townhome Associations to present a 'State of the Real Estate Market' presentation specifically associated to the Condo or Townhome association residents.  We're also invited in to discuss their position to foreclose or not foreclose on their seemingly destined assets.

More often than not, the Association leadership is usually more concerned about appeasing their homeowners (particularly in a down market), than actually preserving or improving the residents ownership interests.  Validating or justifying fees and potential fee increases also seems to be a very high priority.  Yet, when it comes to any delinquent homeowners heading to foreclosure; many condo and townhome associations seem to leave a ton of opportunity on the table in both equity and reserves.  We're helping more associations realize that foreclosures are not only a reality of the over-inflated market in the roaring 2000's; foreclosures can also be an opportunity for the entire common interest community.  Part of the problem associations are experiencing with the somewhat over-correction on prices is that many Condo and Townhome Associations only focus on obtaining their rightful dues, penalties and potential assessments from the foreclosing firm when the asset is sold a