By Deborah Goonan, Independent American Communinities
Yesterday’s blog covered the topic of pending south Carolina legislation to regulate developer control of homeowners, condominium, and cooperative associations.
Today’s blog highlights yet another example of the risks for homeowners when a developer/homebuilder/Realtor retains control over your association’s board of directors.
Homeowners of La Bota Ranch HOA, Laredo, Texas, are reeling in disbelief, after the developer-controlled board doubled HOA assessments for the gated community. According to a report from KGNS -TV, fees have increased from $100 per month to nearly $200 per month.
Homes in the Laredo community are currently priced between $175,000 – $275,000. But many homeowners who stretched to obtain affordable mortgages within the past decade are now finding they can no longer afford the increased assessments. Some have put their homes on the market, but without any buyers, some homeowners are now facing foreclosure by La Bota Ranch HOA.
And, not only have fees increased, but, according to residents – who fear revealing their identities on television – nighttime security staff has been cut, and the pool and common lawns are not being maintained.
Homeowners Association Causing Financial Burden On La Bota Ranch Residents
By Yocelin Gallardo | Posted: Mon 6:42 PM, Jan 16, 2017 | Updated: Tue 10:45 AM, Jan 17, 2017
LAREDO, Texas (KGNS) – A homeowner is speaking out about the financial burden, her homeowners association is causing for not only her but many other La Bota Ranch residents.
A home turned into a financial nightmare for many residents at La Bota Ranch.
One home owner is opening up about her fear of losing a home due to the high homeowner association fees.
The association manages the neighborhood and is supposed to use the money from the fees to maintain the neighborhood.
Residents say they were paying a little over $300 a quarter, and then in May of 2016 it went up to almost $600 dollars, which is causing a financial strain on residents.
A La Bota Ranch resident says, she questions where her money is going to, since all she sees is her bill getting higher, and her community not improving.
Read more (VIDEO):
According to a very minimal web page, La Bota Ranch consists of 6 separate neighborhoods with a 24/7 guarded, gated entry, a Junior sized “Olympic swimming pool, tennis court, jogging trails, equestrian stables, and numerous other amenities.”
According to another web page, homes are marketed and sold by Virginia C. Muller of La Bota Ranch Realty, Laredo, Texas.
Hopefully, there will be a follow up report, and homeowners will find out why their HOA assessments have been increased, while services are being decreased.