About 2 months ago , we heard
that the board president was no longer there . Apparently he had resigned. This
was just a rumor and we didn’t care to call Tina and verify. After all,, who cares
about a Board that its president was not even at the meeting when he was elected
about 4 years ago? Who cares about the makeup of a board that elects its member
by votes that can’t be verified, or only has one bids on many jobs.
The latest letter , suddenly announced
a new president. For most homeowners , this came as a surprise but for a big number
that we know, nobody cared. They stay on Board and lawyer up and spend our money
to defend their elections that cannot be confirmed independently and then hire many
contractors with only one bid. No others would need to apply. They then ,when they
can raise our maintenance fees.
Who knows what happens in a bunch
of common men who form a banana republic. We just have to do our own checking by
auditing and going over the individual checks issued by them.
Homeowner fight broadens
The homeowner fight
Florida, not of their own making continues. We posted a follow-up on June 29th
, which was a follow-up from Aril 6 posting. It showed how an investor
was trying to take properties away from homeowners at rock bottom prices.
Units that had been appraised for over $300,000 were being taken
away from homeowners for about $80,000, because that’s what the homestead value
or county value showed . Now there are some other condominiums that are trying to
repeal the law. With a determined investor, options are very limited. This is true
Please read the postings for complete
July 6, 2014
Board letter and cats and dogs
We all received a
letter form the Board full of advice on everything including cats and dogs . The
letter talks about city regulations and that you should always put leash on your
dogs and using phrases like “ no exceptions” and “that means you” .
This letter has been approved by the Board before being sent out. That’s
why it is so amazing that couple of Board members who have dogs, have never been
seen putting leash on their own dogs. This is the height of hypocrisy, to threaten
homeowners with fines and blaming them for being irresponsible dog owners, while
at the same time doing the same thing.
This is the continuation of what
we have here which is common man , in the form a of Board member making laws for
everybody else but not themselves.
The letter also addressed the new
company and a 5 year contract. We just don't believe the condos will be here in
5 years. What would happen to a broken contract? Would we have to pay to buy
the contract out? Would we get penalized for that?
June 29, 2014
Earlier in April
6 posting, we talked about a condo association that was taken over by an investor
Florida. The investor using a state
law, was trying to take
over all the condos and turn them into apartments. Some of the condos were purchased
recently . The price the investor was offering , was causing huge financial damage
for those homeowners , resulting from the fact that the offer would not have come
close to paying what was owed to the banks. This means they would owe deficiencies
to those banks , because if they accepted the money the investor was offering ,
it would not cover the money owed to the banks.
We just found out
that the investor has just filed a lawsuit against those homeowners, citing the
laws. This law was amended in 2007 to make it easier for condominiums to be terminated.
It needed more than 10% of homeowners to object. Before the law one homeowner could
stop the termination. We don’t have such an anti-homeowner law in
, but investors won’t run out of solutions in getting their projects going as we
have listed numerous examples in this site.
The first $150K condo for sale
We just found out about a homeowner
who put their 2-bedroom condo for sale with the asking price of $150,000. This,
with construction around us , barely getting off the ground. If you are planning
to sell your property, as favorable it is to have a jump in values, you have to
remember what you can replace it with. If Galleria living is what you are looking
for, it would be best to consider what your options are. If you are not in a rush
to sell , and with this being a seller’s market , you might be advised to consider
getting more for your condo located currently in prime area of Houston and construction
not even close to being half way done, but supposedly being done by January 2015.
We have also heard of some 2-bedroom condos listed above $100,000. It would all
depend on your own particular situation and your wants and needs.
This is what 2620 and 2630 look like now. Building is pretty much all over .
The latest news we have heard is that 2640 will be next to be demolished as part
of the 4 building construction. The County as one of the main renters over there
will be moving over to 2650.
Real estate agents
As you might be aware, we have recently
been receiving advertisements regarding specifically selling our properties.There
is no mention of buying anywhere. These advertisements have been in the forms of
mail and posting on our bulletin boards which until now with an unwritten law, were
forbidden. They usually would have been taken off about 15 minutes after they were
put on to send a message that only Board can put messages there. However, for some
reason, these ads are being accepted by the Board.
remains the same. Unless you are in a hurry to sell, or you ask $100K for your 1
bedroom ,or $150K for your 2-bedroom or $200K for your 3-bedroom, its best to hold
on. The construction nearby is just getting underway. These condos would look a
whole lot better and in a greater situation location wise, after the construction
is finished. With limited research available, and as far as we can tell based on
other condos in similar situations, people who hold on to the very last can expect
to get the most for their condos, but situations can vary.
May 2, 2014
As posted here earlier, we have
been asking for the original insurance files for Hurricane Ike to be sent to us,
unredacted and unopened direct from the insurance company. After asking with emails
to the management company, we sent a certified letter to the Board asking them to
us directly from the insurance company. They had this ridiculous assertion that
the ones we got , indirectly , was a result of copy machine malfunction all 500
pages or so! We are posting a sample here again to refresh your memory.
In this recent letter, we asked
to send us a brand new one , direct from then insurance company. This letter was
sent in March , 2014 , well ahead of their April monthly meeting. They had their
April meeting and we are now in May. Its safe to assume they don’t want to send
that to us. This adds to the fact , that the election cannot be monitored independently,
the contractor in reality is only one and the energy company was the only one solicited
and is one floor above our management company. Lets stand together that with this
lack of competitive bidding and lack of transparency, we don’t pay more in maintenance
fees this coming year.
Apartments across the street
As many of you know, we are the only apartment complex
between Burgoyne and San Felipe , that is multi-owned. In this hotbed of construction
activity, the latest rumor is that the apartment complex across the street from
us, could be next to be sold . The area is about the same size as ours. Details
are not known yet but we will keep you posted when we know more
April 6 ,2014
Another bully tactic by an investor
This is what is happening
Florida. Apparently under a law passed in 2007 if the mortgages are under water, the biggest
owner can buy the rest of the units whether they like it or not (it didn’t specify
the percentage ownership). The HOA is dissolving itself and basically lying doormat
for the biggest owner which is a company. The law has never been used and this is
the first time. More interesting is that, it was not indented to be used for solvent
condos as this is one.
Now presumably this does not apply
to us, but it shows that a big investor , with many resources can find ways to get
what they want.
It also brings up some questions:
Do we have in
a similar law? Would it matter?
The company that lost the bids
finally heard from the owner of the company that lost the last 3 bids . Let us remind
you that he is the owner of a company that only has an answering machine and we
could not find any websites associated with his company. Since then however, we
could find a website for him. He acknowledged that he had placed a bid and well,
he is basically on a 3-bid losing streak with us. He sounded very nice.
1. why does the Board puts out the bids valued at about $75,000 for only 2 companies?
2. why doesn’t the Board , announce its intentions in a newsletter and with at least
5 verifiable bids so interested homeowners will be able to check and verify?