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Old 06-28-2011, 01:18 PM
 
150 posts, read 110,540 times
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Default Monthly HOA

I plan to relocate to the OC/SD area soon and I have to say that these +$300 HOA monthly dues completely eliminate any interest in those properties. Should we be seeing reductions in HOA dues as home prices slide?

Maybe there should be more competition between HOA management companies because in this economy, I think very few prospective homeowners are eager to pay those rates for lawn care, trimming hedges, and pool maintenance. I know there is more services provided, but again, why do communities continue to pay 2005-2007 HOA rates when there properties have depreciated 20-30% since then?

Let me know if I'm missing something...
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Old 06-28-2011, 01:45 PM
 
Location: California
24,461 posts, read 14,816,823 times
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I don't know. HOA fees aren't based on what the palces are worth, they are based on what it costs to pay for whatever they do whether it be lawn care, building maintenance, insurance, etc.
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Old 06-28-2011, 01:57 PM
 
Location: Las Flores, Orange County, CA
26,365 posts, read 51,661,319 times
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Actually the HOA fees may go up because of so many deadbeat owners who aren't paying their amount. With that, the remainder of the HOA must pay.

"It has been difficult for associations to collect dues from pre-foreclosure homeowners because the courts and lenders are so backed up with foreclosure matters that homeowners have been staying in their homes for up to a year without paying their mortgage payments or their HOA dues. Other owners have had to pitch in and pay higher dues or assessments in order to keep their associations solvent so they can maintain the common areas of the building and make repairs. "

from

What Can Happen if I Don't Pay My HOA Dues? | RealEstateLawyers.com

By the way, I started a thread or two on HOAs.

Orange County Subdivisions HOA, Mello Roos, Amenities
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Old 06-28-2011, 03:23 PM
 
Location: Columbia, California
6,516 posts, read 13,497,270 times
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My HOA is $205, added up and I am saving what I would pay on my own. Water, trash, property insurance, pool maintenance, landscaping, security, etc.
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Old 06-28-2011, 03:44 PM
 
454 posts, read 705,780 times
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Many homeowners are defaulting and not paying their HOA dues in this economy. I know several people with leins from the HOA on their home because they haven't paid their dues and hence everybody else is having to cover for them. Some homeowners associations will also foreclose.
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Old 06-28-2011, 03:59 PM
 
11,728 posts, read 22,912,448 times
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Quote:
Originally Posted by coo77 View Post
Many homeowners are defaulting and not paying their HOA dues in this economy. I know several people with leins from the HOA on their home because they haven't paid their dues and hence everybody else is having to cover for them. Some homeowners associations will also foreclose.
They'll have to wait in line behind the tax man and the bank.
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Old 06-28-2011, 04:31 PM
 
394 posts, read 462,393 times
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Quote:
Originally Posted by Ceece View Post
I don't know. HOA fees aren't based on what the palces are worth, they are based on what it costs to pay for whatever they do whether it be lawn care, building maintenance, insurance, etc.
...and to put a few bucks in their pockets, no doubt...
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Old 06-28-2011, 04:52 PM
 
11,728 posts, read 22,912,448 times
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Quote:
Originally Posted by robbybee View Post
...and to put a few bucks in their pockets, no doubt...
Or they underfund accounts for major expenditures, then smack you with a $5000 special assessment when it comes time to re-roof.
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Old 06-28-2011, 05:06 PM
 
2,648 posts, read 2,934,489 times
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Quote:
Originally Posted by cjawalt View Post
I plan to relocate to the OC/SD area soon and I have to say that these +$300 HOA monthly dues completely eliminate any interest in those properties. Should we be seeing reductions in HOA dues as home prices slide?

Maybe there should be more competition between HOA management companies because in this economy, I think very few prospective homeowners are eager to pay those rates for lawn care, trimming hedges, and pool maintenance. I know there is more services provided, but again, why do communities continue to pay 2005-2007 HOA rates when there properties have depreciated 20-30% since then?

Let me know if I'm missing something...

HOA dues have nothing to do with the price of the property. They are determined by the cost of maintaining the common areas (landscaping, maintainence, painting, reserves to cover future replacement or rennovations, etc.) cost of amenities & services (Lifeguards for community pools, parking enforcement, maybe mow your front lawn, etc.) and in some attached housing things like roof maintainence and some insurances, possibly some utilities.

If the houses in a neighborhood depreciates 30% these costs do not change, therefore the dues do not. Having said that, I have seen some pretty big differences in dues and what the homeowners get for them. Some nighborhoods I know pay like $70. month and have HOA's that offer a ton of services. Other charge like $300 and do little but keep up the landscaping. What you get for your dues dollars should be a point of comparison but is not always deal breaker. Someone who has kids may see the value in a neighborhood with $300 dues that has a few pools, offers affordable swimming lessons, playgrounds and parks, where as an empty nester might not appreciate it as much. Free market at work.
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Old 06-28-2011, 05:42 PM
 
590 posts, read 585,133 times
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Quote:
Originally Posted by EscapeCalifornia View Post
Or they underfund accounts for major expenditures, then smack you with a $5000 special assessment when it comes time to re-roof.

we own two homes in the Ca desert..one a condo of 365 homes ...our HOA dues are 495 there...for that we get absolutely gorgeous surroundings (golf course is privately owned)...11 pools, recently reroofed,,and stucco repainted..

our SFR is in an over 55 community..HOA are 275..1200 homes...we actually get much less there..

as for crooked HOA boards...great reason to keep active,,,offer to work on the board...AND read each and every piece of paper they send out...our budget has always had appropriate reserves...tho we did get hit with an assessment of 5K a few years ago when we were sued..and lost...that happens

again..keep an eye on your board!!!

and..yes..the dues NEVER go down..regardless of what happens to the value of the homes..as someone said...the price of the services ONLY go up....
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