Jerry Ingmire
Freshman Member
- Joined
- Mar 20, 2002
I have been trying to gather some data on the effects of homeowners associations and the typical market buyer. A number of years ago we saw many homeowners associations with numerous covenants and restrictions, now these associations are not as effective as they once were. The idea behind covenants and restrictions were to maintain and improve property values, but as homes become older and the cost to maintain these restrictions and covenants become economically restrictive is there a move to not purchase homes in these assn. areas?
In my area a particular group representing a particular homeowners assn. came to me and complained that property values were not as high as in the next phase. As an appraiser I can find many reasons for this as the homes in the next phase are newer, it is a gated community and numerous other factors that have to be considered. Homes in this particualr subdivision are in the $125k-$190k, covenants are very restrictive, color, type and even the particualar maker of roofing materials, no sheds, swing sets, travel trailers, boats and other restrictive covenants govern many of the items throughout this assn. This assn. does have a pool which is in fair condition and a park area surrounding the pool, but other than that no other added amenities.
Any comments, suggestions or recommendations would be greatly appreciated.
Perplexed in Washington
In my area a particular group representing a particular homeowners assn. came to me and complained that property values were not as high as in the next phase. As an appraiser I can find many reasons for this as the homes in the next phase are newer, it is a gated community and numerous other factors that have to be considered. Homes in this particualr subdivision are in the $125k-$190k, covenants are very restrictive, color, type and even the particualar maker of roofing materials, no sheds, swing sets, travel trailers, boats and other restrictive covenants govern many of the items throughout this assn. This assn. does have a pool which is in fair condition and a park area surrounding the pool, but other than that no other added amenities.
Any comments, suggestions or recommendations would be greatly appreciated.
Perplexed in Washington