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    Default Condo associations dying as fees dry up

    Glen Crest, a former condominium complex in New Port Richey, experienced so many delinquencies and foreclosures that the remaining owners could not pay the maintenance. Pretty soon they all fell into foreclosure as well, and now the place is deserted.

    Homeowner associations, the de facto local government in much of Florida, are getting desperate.

    Assessment payments are as low as 50 percent in some communities, causing some board members to consider measures that might include publicly shaming those who are delinquent.

    "When I tell you it is an unadulterated nightmare out there, I mean it," said Harry Burnard, who owns Qualified Property Management in New Port Richey, plus a side business that fronts the dues and collects the debts.

    The problem exists nationwide, most notably in communities built during the boom years.

    "I haven't seen bake sales yet or carwashes," said association attorney Robert Tankel of Dunedin. "But I have suggested that people who don't pay need to consider doing that. Sell their flat-screen TVs."

    Read more ...

    Jenny


 

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