Condo ownership not so affordable in Darien (CT)

piggy_bank-affordable-housing

By Deborah Goonan, Independent American Communities According to an article in Darien News, owners of 30 units at Clock Hill Condominiums can barely afford to pay their condo and land lease fees, as they struggle to maintain their common property. Condo owners pay $70 per month to lease land from the City of Darien, and an extra $300 per month in condo association fees for maintenance. Most of the residents are living on Social Security Continue ReadingCondo ownership not so affordable in Darien (CT)

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HOA Issue #11: Political influence of real estate developers: the heart of the HOA beast

By Deborah Goonan, Independent American Communities   Real estate developers figured out a long time ago how to exert political influence over government officials and housing policy makers, from the local to the federal levels. For the past three years, IAC has provided more than 1,000 posts citing thousands of references to prove a point: The U.S. housing market is not determined by public need or consumer demand, but instead is heavily influenced by interested Continue ReadingHOA Issue #11: Political influence of real estate developers: the heart of the HOA beast

HOA, condo & co-op corruption and fraud roundup (Dec 2018)

Arrest handcuff fraud theft

By Deborah Goonan, Independent American Communities This month’s roundup includes some high level corruption implicating real estate developers, some of them working for local housing authorities, as well as suspected money laundering in Boston. Developer charged Wilmington residents thousands for HOA that doesn’t really exist. So, where’s the money? (NC) Telesis is a for-profit developer that specializes in public-private housing projects; through its management company, Telesis allegedly charged residents of Wilmington’s Jervay Communities tens of Continue ReadingHOA, condo & co-op corruption and fraud roundup (Dec 2018)

Boulder’s “Permanently Affordable” condos unaffordable

No money empty pockets poor

By Deborah Goonan, Independent American Communities In Devner, there’s a huge disconnect between cost of housing and wages. So the City decided to make housing Permanently Affordable for people in low to middle-income brackets. Denver, Colorado is one of the most expensive housing markets in the U.S., with a median home price of $421,900, as of July 2018. Compare that to a nationwide median price of $216,200. In stark contrast, Denver wages are not increasing Continue ReadingBoulder’s “Permanently Affordable” condos unaffordable

The Condo – Home or Investment?