Longer subdivision construction time frames force shift in expenses - to homeowners!: "Residential construction slowdowns that extend subdivision build-outs are forcing developers to absorb expenses typically turned over to homeowner associations. In some cases, experts said, developer bankruptcy or foreclosure is shifting the burden to the new homeowners or residential builders for maintenance costs - such as landscaping and care for common areas - typically borne by developers. 'We're starting to see these problems now, and we're looking at the tip of the iceberg,' said Michelle Harrell, attorney with Maddin, Hauser, Wartell, Roth & Heller PC. 'We're on the edge of the cliff.'
In the best cases, solvent and surviving developers foster relationships with the fledgling associations or new homeowners until they get to the tipping point where the association can manage the communities, even when the building timeline has stretched beyond what they anticipated...But not every development goes so smoothly. In the worst cases, financially strapped builders and developers neglect the maintenance and development of common areas and stormwater detention ponds, leaving the homeowners to pay for those services out of pocket with little to no chance of being reimbursed."
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So rush right out and buy those CID properties today, so you too can play the "Special Assessment Lottery" in which you have a chance to pay a one-time-only sum of $10,000, or $20,000, or even $30,000, that your developer or your fellow owners should have paid. Act now, and our gift to you is a free beach towel that you can cry in.