South Waterfront joys are unlimited
| Posted at 9:31 PM | Permalink |
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This page contains a single entry from the blog posted on November 9, 2011 9:31 PM.
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Comments (7)
Capricious HOA boards make life difficult for scumbag renters in the high-rent district. LOL
Posted by Harry | November 9, 2011 10:06 PM
Condo boards will price out renters, unit owners won't be able to make payments, more foreclosures, condo values continue to fall as a result
Great way to protect your investment, unit owners!!
Posted by t | November 10, 2011 8:02 AM
The owners could always pay part of the fee, but I suspect they're not the kind of folks who think fees and taxes are for other folks...just noting they paid 615k(!!!) for one of those and then hire a lawyer when they don't like the condo association? Who's really to blame here? Where's the "responsibility card" now?
Posted by observer | November 10, 2011 8:28 AM
oops..remove the "not" in the first line..
Posted by observer | November 10, 2011 8:30 AM
Link two is the reason condos and timeshares were dogs on the market for years and years. Why buy a "home" and continue to pay more each month than you would if you were renting?
Yet it's hard to feel sorry for feckless people like this with multiple homes. I noticed this trend growing in the last few years . . . families or individual investors buying up condos on special tax abatement deals or several homes in the west hills just to host family and friends when they came through town, not necessarily as rental property. I could mention some big names but notice in the story that they are quick to engage lawyers.
Posted by NW Portlander | November 10, 2011 9:00 AM
They seem to believe they should be able to rent the condo for more than it costs them to carry it. Sounds like they don't know much about investment property: positive cash flow usually requires limited leverage.
If you paid too much/borrowed too much, and the market has declined significantly, the folks buying the foreclosures in the same building will be able to profitably rent their units at a much lower price. Your full price condo, with a 130% loan to value is never going to be cash flow positive. The nuisance fees just make it worse.
Posted by Mister Tee | November 10, 2011 9:56 AM
This is the single weirdest paragraph in the article:
"The Bethany residents were moving to Phoenix, Ariz., but planned to move back to Portland after their kids graduated from high school. With prices and interest rates low, they paid $615,000 for the unit and rented it out in the interim."
So what's the story there? Schools not good enough in Oregon? Pretty clever way to force the kids out after they graduate, however.
Posted by NW Portlander | November 10, 2011 11:45 AM