|Re: Foreclosures||<– Date –> <– Thread –>|
|From: Kay Wilson Fisk (caseyjacketsgmail.com)|
|Date: Thu, 5 Jan 2012 11:46:02 -0800 (PST)|
We have had five units "in distress" over the past two years - three owners walked away, and two who needed to leave have been unable to sell theirs: * Two units sat empty until they were finally sold this last fall. * Three units have been rented out, and still have renters living in them. * A parent of one of our owners is trying to buy one of the rental units, but the bank does not appear to be in a hurry to make this happen. The effects on the community of losing 5 of 25 resident owners (20%) have been tough. * Fortunately, no units have fallen behind in paying their monthly assessments. * However, the loss of community involvement of resident owners has resulted in a lack of community participation for which we are still paying the price. * At present we have 9 units being rented: 7 rentals under our rental ceiling, plus 2 rentals with 1 year special exceptions that have been given annual renewals. * We have just lowered our rental ceiling from 7 to 5, as two owners want to sell their units, but existing rentals are grandfathered in, so they are likely to remain rentals until the housing market improves. * Some renters participate in work parties, committees, and meals, but others do not, so this leaves less people to get the community's work done. This is the biggest, most troublesome impact. It has been amazing and wonderful to see what a big difference it is making to have 2 new resident owners (4 new people). The amount of energy this is adding to the community is truly gratifying! Kay Wilson Meadow Wood www.mwcondo.com -----Original Message----- From: Sharon Villines [mailto:sharon [at] sharonvillines.com] Sent: Wednesday, January 04, 2012 3:19 PM To: Cohousing-L Cohousing-L Subject: [C-L]_ Foreclosures Have any communities had a recent foreclosure - last 2 years or so? If so, what was the effect on the community? On ability to sell units? Thanks, Sharon ---- Sharon Villines Takoma Village Cohousing, Washington DC http://www.takomavillage.org _________________________________________________________________ Cohousing-L mailing list -- Unsubscribe, archives and other info at: http://www.cohousing.org/cohousing-L/
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