Cohousing-L Mailing List: Re: Foreclosures

[Kay Wilson Fisk (caseyjackets]

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




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