Salamonie Lake Topics: Watch out
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Name:   muddauber The author of this post is registered as a member - Email Member
Subject:   Watch out
Date:   4/27/2013 11:06:04 AM

Regarding Stoneview Summit. The banks (now 5) lawyer "owns" the condos. After the original bankruptcy settled several years ago, the banks could not legally purchase them, so their lawyer did. Stoneview Summit has not been in bankruptcy for sometime. They turned the association over to the owners, so the banks really have no say on the daily operations nor budget nor reserves. However, they via their lawyer are responsible for all the land not yet developed.

The thing about condo associations "health"  is not just the budget but the reserves. A healthy association should be putting at least 15% of its budget into reserves which is something I do not believe most of them do not do. Most do the required min of 10%. Those will very likely have special assessments in the future especially as so many do not do a lot of the annual maintenance to cut down their fees.

The StillWaters fire dues are really a tax. $100/yr for home owners (includes condos).

My 2 cents worth. In StillWaters, I'd recommend only one association. Villas on the Harbor. Yep, the oldest one around here. Yet the association is run well and Ralph Hudson built em right.
Other messages in this thread:View Entire Thread
Need some help with condos - Bamajedi - 4/25/2013 12:37:50 AM
     Need some help with condos - John C - 4/25/2013 9:42:59 AM
          Need some help with condos - GoneFishin - 4/25/2013 10:51:14 AM
               Need some help with condos - John C - 4/25/2013 1:05:42 PM
     Need some help with condos - Weatherly - 4/25/2013 12:35:53 PM
     Need some help with condos - lucky67 - 4/25/2013 4:49:58 PM
     Need some help with condos - Bamajedi - 4/25/2013 5:49:36 PM
          Need some help with condos - Jim Dandy - 4/25/2013 7:01:03 PM
               Need some help with condos - itisd - 4/25/2013 8:37:36 PM
          [Message deleted by author] - Ulysses E. McGill - 4/26/2013 3:49:04 AM
          Need some help with condos - bhamtiger - 4/26/2013 1:32:20 PM
               Need some help with condos - Bamajedi - 4/26/2013 3:08:07 PM
                    Need some help with condos - bhamtiger - 4/26/2013 3:16:28 PM
                    Need some help with condos - bhamtiger - 4/26/2013 3:22:10 PM
                         Need some help with condos - Bamajedi - 4/26/2013 5:13:03 PM
     Watch out - wix - 4/25/2013 9:39:57 PM
          Watch out - John C - 4/25/2013 9:56:56 PM
               Watch out - muddauber - 4/27/2013 11:06:04 AM
     IMHO - roswellric - 4/25/2013 9:54:18 PM
     Need some help with condos - TotheLake - 4/26/2013 7:58:47 AM
          Need some help with condos - Whatever - 4/26/2013 8:38:27 AM
               Need some help with condos - wix - 4/26/2013 9:54:44 AM
                    Need some help with condos - Whatever - 4/26/2013 10:11:07 PM
                         Need some help with condos - leebo - 4/28/2013 9:29:30 AM
                              Need some help with condos - cstewa - 4/29/2013 3:46:28 PM
                                   thx cstewa ! /eom - John C - 5/7/2013 1:45:47 PM


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