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Old 02-11-2015, 01:25 PM
 
Location: Southport
4,639 posts, read 4,807,131 times
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Quote:
Originally Posted by SandyJet View Post
My point is 20% of county may live in a HOA but it is concentrated in a few states. Some states have tons of them some do not.

My Aunts Condo I only brought up as it was new in NY on vacant land a massive new gated community, they built streets, they have the pond for rain run off, club house, all homes are pretty much 3-4 bedroom homes with 2-4 baths and range from 2,000 to 4,000 square feet driveways, backyards, the whole deal. But they are condos. In NY you dont see HOAs as much.

Sandy does have to do with HOAs somewhat. FEMA is way way outdated. Their manuals have condos and single family homes, condos and HOAs are a weird bird. No mention in manual.

My point is if I was to buy a second home in a flood zone. It appears in a condo I would fall under associaton policy and would not pay extra high rates for being a second home or rental property. But if I bought a HOA I would have to buy my own policy and tag my place as a second home. I was trying to think of a downside.
I don't think communities with HOA's are as rare or geographically concentrated as you think.

It appears you are taking the term "Home Owners Association" way too literally. Developments that consist of condominiums (which is a type of fee simple ownership) have HOA's, too. I'm sure your aunt's community has an HOA, or the equivalent of it. You seem to differentiate between a "condo association" and an HOA. I'm not sure there is any difference. What do you think the difference is?

I still don't understand you point about flood insurance. I don't think a "condo association" is going to insure your condo against flood. It may insure the commonly held amenities against flood, but not your individual unit.
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Old 02-11-2015, 03:01 PM
 
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Now Playing on America's Golf Courses: Meth Cooks and Rattlesnakes - Bloomberg Business

HOA Golf course gone to pot.

A condo is REQUIRED to have insurance on individual units if the condo is in a flood zone. Otherwise folks cant get conforming mortgages unless they buy it themselves. Condos also insure individual units for Casualty Damage. However it is a sheetrock out policy. Everything sheetrock back we fix, everything in front of sheet rock youfix.

We had ten units distroyed in our complex in 2012. We gutted, mold remediated, put in new windows, doors, HVAC, Water Heaters, Electrical Panels, Sheetrocked etc. all on Condo Flood policy. Some folks did not buy their own Betterments and Improvements policy and got stuck replacing own kitchen cabinets, painting, lighting, appliances etc. That is why a condo maint is higher cause it always includes insurance.

My condo has ZERO common areas requiring flood insurance. We have land, grass, parking spots, dumpsters etc. But we have no "buildings" on common areas so need for flood insurance. My condo very smartly built it two blocks from public beach, one block from public Tennis facility and 1.2 block from a public park with basketball hoops and handball etc. Smart Condo develpers build next to public parks as your units sell for more but you dont have to build them and the condo units have lower maint as we aint maintaining them. I am treasurer.

If my buildings I have five burnt to ground I have them insured by condo association to 100% of value to rebuild. Our bylaws say we then vote to rebuild or take checks and sell land. Individual Insurance would be a nightmare, imagine half the folks took checks and ran and left half distroyed units and other half wanted to rebuild. It is all or nothing. An HOA has that risk if six feet of salt water came flying through as some may rebuild some may not.

Look At Breezy Point after Sandy in Rockaways where fire swept through and distroyed all the house, many took check and ran and some rebuilt. It looks like a train wreck with New homes rising on blocks of charred embers.
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Old 02-11-2015, 03:05 PM
 
Location: Southport
4,639 posts, read 4,807,131 times
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Interesting. Must be a NY thing.
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Old 02-12-2015, 06:35 AM
 
4,539 posts, read 4,828,306 times
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Quote:
Originally Posted by carolinadawg2 View Post
Interesting. Must be a NY thing.
I like that. When if I ever retire I plan on buying a home in the South. It is a good way to meet neighbors.

New York City is soooooo funny with stuff like that. I owned a Coop apt for eight years and I sold it shortly after I married as I bought a house with my wife. My wife never lived in my Coop. Although she knew building somewhat as we were engaged for one year. When me and her went to do last walk through before I handed over keys to new owner. She saiys want to say goodbye to anyone? I thought for a second. I dont know a single person in building, done even know my next doors neighbors name. So you can imagine an HOA in a place where neighbors dont like to talk to each other at all is a very odd concept.

Our annual coop meeting I went to twice over eight years was just a hand full of people and stacks of proxies. In a 86 unit building once we had 12 people at meeting and 30 proxies. One short of a quorum, we all sat there while managing agent knocked on doors and found one more person to sign a proxy. Once a year interaction is way too much with neighbors. I stopped going to that meeting.
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