Development agreement creates extra expense for HOA, future homeowners

Hand shake development agreement contract

By Deborah Goonan, Independent American Communities Today’s featured article highlights problems that occur when local governments engage in poorly thought out contracts with real estate developers, commonly known as developement agreements. Homeowners in McCormick Creek recently learned that they could be legally obligated — via their homeowners’ association — to pay for maintenance of a new public parking lot, even though residents of the community won’t benefit from the added parking. According to the News Continue ReadingDevelopment agreement creates extra expense for HOA, future homeowners

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Homeowners of Lamplight Village fear fallout from $20M verdict

By Deborah Goonan, Independent American Communities   In a follow up report on Lamplight Village, KTNV’s Darcy Spears interviews an attorney representing homeowners who were blindsided by the February verdict of $20 million against their HOA. You read that right. Homeowners say they were completely unaware of the lawsuit until they began reading about it on social media.   Homeowners under cloud of $20M swing set verdict demand answers from HOA (KTNV) Darcy Spears 10:45 PM, Continue ReadingHomeowners of Lamplight Village fear fallout from $20M verdict

Anyone can sue an HOA, and it can cost homeowners millions

Lamplight Village at Centennial Springs HOA must pay $20 million awarded to Plaintiff in personal injury lawsuit involving playground equipment By Deborah Goonan, Independent American Communities   Many housing consumers don’t understand the hidden risks of buying into a mandatory membership homeowners,’ property owners,’ condominium, or cooperative association. One substantial risk is that owners and shareholders assume financial liability for legal expenses of their association, whether the HOA sues or finds itself as a named Continue ReadingAnyone can sue an HOA, and it can cost homeowners millions

Some HOA amenities falling out of favor, disappearing for good

Homeowners lament loss of their favorite hobbies – and property values By Deborah Goonan, Independent American Communities   Quite often I hear from homeowners who tell me that, while they are frustrated with their homeowners’ association, they are reluctant to move because they enjoy their community amenities. On the other hand, I also hear from HOA residents who tell me that they made their purchase decision based upon enticing recreational amenities, only to rarely enjoy Continue ReadingSome HOA amenities falling out of favor, disappearing for good