Woodland Homes/Walden Preserve (Madison: transplants, condo, appliances)

[sodasales]

I'd agree with Nicole on her post. Oftentimes, a builder or developer is subsidizing the HOA early on. Even with 50 homes (or even 100), the cost to maintain the common areas, upkeep of the pool & clubhouse, management fees (they don't provide the service for free), property taxes and insurance probably exceeds the budget (or yearly cash intake from xx number of homes), and the developer likely put his own money into the HOA account, some point at which he is entitled to get paid back. However, you still should (and are likely entitled to) a copy of not only the current budget, but, if the HOA owes money, copies of previous budgets, leins or mortages to verify current status. I'd agree; go to the initial meeting and find out; far too many homeowners are clueless about their HOA workings, and I speak with some authority; I've been the President of an HOA for 4 years! I'd also agree with "Southeastern"; there are going to be annual expenses in the future (painting, resurfacing the pool, replacing the clubhouse A/C, etc.) that will be unanticipated; keep the dues the same, and begin to escrow money for that inevitable expense (and it will come!). But, first, get representation on the Board and understand all of the financials.

[ionlife]

As an HOA President, I can tell you it's a good idea to have cash in the bank in bonds/stocks (well maybe buried in a sock behind the clubhouse ever since Bear Sterns crisis hit) so the community can offset large damages as well as maintain the existing propery. This year at my HOA we've spent money cleaning a drainage pond, power washing our front entrance, fixing our gazebo etc... it was time and long over due (last board before I came on did NOTHING but nitpick the architectural guideline rules to death), landscaping changes that kind of stuff. We dn't have a pool, but we have a lot of common ground and our HOA fees cover snow removal/winter stuff and garbage pick up.

We sold our house last week--a miracle! We signed our paperwork Tuesday and the buyer's sign on Friday--we rent back for a month and then go into corporate here--till my daughter finishes 8th grade. We're probably going down in May to hunt seriusly for a house.

Soon we will be in the driver's seat again--want to see some fair pricing down there!

[NicoleC]

Congrats on selling your house! Your best bets in Huntsville are not for new homes. There are many newer resales available... often $20k less than the new construction house going in across the street -- same house, same builder.

In May, the market will likely have picked up for spring and you may have some competition. If you can shop earlier, you may be able to save a little cash. Many homeowners (myself included) are feeling pretty down with the horrible slow pace of winter sales here and might be more likely to accept a lower offer than they would if they have have 5 people look at their house the same week.

My experience with HOAs, other than professionally, is on the condo side. No well run condo complex would NOT have serious cash on the books, most of it earmarked for maintenance expenses that may be years down the road. This is precisely so that homeowners don't get hit with special assessments for things which are 100% not a surprise.

You may have to do it a year early or a year late, but you know about when you are going to have to resurface the parking lot, replace the fences, replace the pumps in the pool, etc., etc. Better to have the money in the bank. There's no way I would even conceive of buying into an HOA that doesn't have a plan for addressing those expenses.

[Ctag]

Yes I have heard about the same thing. Me and my Wife Recently considered buying a new home in Indian Creek Townhome and Condo Subdivision (a little cheaper than the others), and WOW what a BIG MESS. Someone outside their office who knows some people on the inside learned that Woodland homes maybe having major financial woes due to their owner's own creation of problems with various people (not sure if with the County or City). Buyer beware there are a lot of hidden nightmare issues when buying a home in Indian Creek Townhome and Condo subdivision (something about garbage service, public v. Private within the County and needed services you will not have access to, I noticed very poor and substandard work with regards to the plumbing, appliances, and construction (looked inside one of the homes that was not quite finished yet). After this we spoke with an actual home buyer in another subdivision of Woodland Home's and they told us not to buy in that one due to all of the ongoing problems with the homes and the builder (The association is still trying to fix all of the problems, which are major, created by the builder or owner of the development company). I think Woodland Homes is probably taking a major loss on all sides, especially with Indian Creek Townhome and Condo Subdivision, and as a result using substandard materials and work to finish the projects, and yes maybe in major financial trouble. I have heard the large subdivisions are higher and this is most likely due to some type of financial loss being had in other areas.

[Sunny576]

Originally Posted by HsvMike

Cglover, I just checked the MLS and all the active listings, the HOA fee is still set at $450 / yr. I have not heard anything about Woodland Homes being in a money crunch, but some builders are feeling the market right now. I am not sure if Woodland homes even runs the HOA anymore, typically after a set number of homes are built, the HOA gets turned over to the homeowners.

What info would you like about Cedar Springs and Chapel Hill?

Hey Mike,

They do still have one, they are collecting HOA fees (so maybe they are not feeling to much of a crunch right now), and I would like to know what is the typical set number of homes, which have to be sold before the HOA is turned over to the homeowner's so they maybe 100% in control of thier community (While researching I found it maybe half of the homes must be sold, not sure)? Our subdivision is about 3/4 sold (only 2 or 3 left), and we are more than ready to take over and make changes that will only improve our quality of life here.

[HsvMike]

Typically from what I have heard and seen, 3/4 is usually right around the magic number. Just remember when it is turned over, the HOA becomes responsible, so make sure the developer has everything done they are supposed to or get it in writing that it will be done. Also find out about the funds from the dues, debt and all of that. It is a process.

[ionlife]

Originally Posted by sodasales

For clarification, Woodland Homes WAS NOT the developer of Walden; Joe Murphy was. Joe did, however, sell out many of the lots to Woodland, who build the majority of homes. Woodland did not, however, build ALL of the homes in Walden. I live here, and mine and about 25 others are not Woodland homes.
Walden is indeed established, and fully built out. The homeowners have complete control of every aspect of the HOA. The Walden HOA has absolutely no debt, with 26 acres of common area, to include pool, chubhouse, wooded conservancy areas and pond area. The HOA is run completely by volunteer efforts and is extremely well managed, with escrow funds in the bank. HOA dues are only $350 annually, which includes pool use and 1 free clubhouse rental per year; subsequent clubhouse is only $50 per event.
Regardless of where you buy, DO YOUR HOMEOWRK!! Who controls the HOA? What is the pool/clubhouse policies? Most importantly, how much debt does the HOA have? Don't know or can't find out? Move on! And get it in writing!
Just my 2 cents from someone who has been there, done that.....

If only this link/thread had lived till 2008... again... here we go again.

[ionlife]

Originally Posted by HsvMike

Typically from what I have heard and seen, 3/4 is usually right around the magic number. Just remember when it is turned over, the HOA becomes responsible, so make sure the developer has everything done they are supposed to or get it in writing that it will be done. Also find out about the funds from the dues, debt and all of that. It is a process.

I read the HOA docs posted by the developer (no bylaws posted other than WP and not any other WH sub), and I read 2/3 majority and in article 3, 2b the declarant did have the option included to surrender rights. Why question that?If only we had but based on NoVA info/background with HOAs we had no reason to question.

Now people do--again--amazing how that happens.

[ionlife]

Originally Posted by HsvMike

Cglover, I just checked the MLS and all the active listings, the HOA fee is still set at $450 / yr. I have not heard anything about Woodland Homes being in a money crunch, but some builders are feeling the market right now. I am not sure if Woodland homes even runs the HOA anymore, typically after a set number of homes are built, the HOA gets turned over to the homeowners.

What info would you like about Cedar Springs and Chapel Hill?

Here we are two years later--what is the deal? WH doesn't run an HOA anymore? Huh? Till they turn it over, they do.

Well, the docs were not all posted...

[ionlife]

Originally Posted by Sunny576

Hey Mike,

They do still have one, they are collecting HOA fees (so maybe they are not feeling to much of a crunch right now), and I would like to know what is the typical set number of homes, which have to be sold before the HOA is turned over to the homeowner's so they maybe 100% in control of thier community (While researching I found it maybe half of the homes must be sold, not sure)? Our subdivision is about 3/4 sold (only 2 or 3 left), and we are more than ready to take over and make changes that will only improve our quality of life here.

And here we are -- not willing to turn over the HOA ... hmmm.... guess they need our money??