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Prime Properties Property Management Informative - Looking for advice...

Review by sunshine619 on 2008-02-20
SAN DIEGO, CALIFORNIA -- I was hoping some of you smart people could guide me in the right direction!

We purchased a condo in San Diego last year, it is a brand new complex of 16 units. We were the first to buy and it has since only sold 6 additionl units, leaving 9 still unsold. Well...we pay $200/mo HOA fee's which just covers the structure, water, trash and maintenance. However our property management company sucks! They do nothing! Us homeowners handle most of the groundskeeping and problems, as they are impossible to get ahold of. I realize we are not their biggest fish (our 2br/2ba condos are around $300k while the medium home price in S.D. is around $800k) but still we all own our homes and pay what I consider to be a big hoa payment! I have been told that once we are at 50% compacity we can fire our HOA company and hire a new one or even run it ourselves. But then I recently heard that hoa fees cannot be charged until the complex is at 50% capacity. Part of me may not believe this but I recently found out the developer himself is purchasing 2 units (which he will rent out, ugh) to put our complex over 50% so that they can start rightfully collecting hoa fees?

Well what about the money we've already paid into the hoa? I work in cars, not realestate and it just seems like so many different stories are going on. We have an HOA meeting tomorrow in which the developer, sellers, and property management will be present. I would like some advice so that I can attend the meeting as educated as possible. Thanks all!
Comments:2 Replies - Latest reply on 2008-02-20
Posted by Anonymous on 2008-02-20:
You need to read all the paperwork that you signed. Somewhere there will be items regarding the HOA fees and who is responsible for maintenance.
Posted by moneybags on 2008-02-20:
Go online to the probate court records. Somewhere you should find the condo by-laws, articles of incorporation, restrictions and covenants, etc. that were filed by the developers. You should have received these prior to or at closing of your unit. The other units will eventually sell and you will then be able to vote out management. In the meantime, get hold of the paperwork, make copies and get a hi-liter. Go over it thoroughly with any other residents coming tomorrow. The covenants may restrict the developers from renting til a certain number are sold. Good luck.

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