Sunday, December 21, 2008

Unfinished subdivisions stuck with underfunded HOAs

Unfinished subdivisions stuck with underfunded HOAs: "When the San Tan Heights Homeowners Association switched from developer control to homeowner-elected leaders in August, its new board members and management company learned that the HOA was practically DOA.

Its problems included nearly $1.6 million in unpaid dues that the previous HOA board in the Queen Creek-area community had made no effort to collect.

The biggest individual delinquencies belong to bankrupt home builders.

Developer abandonment is likely to become a serious issue in the coming year for as many as 200 of the more than 10,000 Arizona communities under HOA control, both opponents and supporters of Arizona's HOA policies say. both"

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This is only the beginning.

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