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