The real problem is that... will the properties that we are paying for, be still here when the bonds are paid off?
I did not know when I bought here that I owed $18,000 debt for the common areas and would be paying for them through my amenities fees for the next 30 years. I did not realize that 1/2 of my ammenities fees goes toward paying off bonds!
Take for example the Savannah Performing center. Will it be still functionong in 30 years? Look what happened to Paradise Center.. It was temite infested and ready to fall down, before they gutted it and rebuilt it!
If they take away the favored tax status for these bonds and we (the residents) have to pay a higher interest rate, will it take away from the maintenance of our common properties? Will we get a special assessment to cover the shortfall? I think the increase in the ammenity fee is tied to CPI so that can't be changed
Will this situation result in home prices going down as prospective buyers are turned off by the negative practices of the developer?
Time will tell
Quote:
Originally Posted by graciegirl
I appreciate your taking the time to tell us this.
Lauren. I do believe that most of us are aware of the bond debt before we buy. I certainly hope so. We discuss it here a lot I know.
What do others think?
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