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Condo Newz

Subcategories from this category: Condo Newz

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Published Date 7/7/2023

 

Big news hit the housing market this Wednesday July 5th! Heavy hitters of the housing world, Fannie Mae and Freddie Mac, unrolled some fresh updates. They're putting a sharper focus on their condominium and co-operative project standards policies. Why? To help bolster the safety of properties in desperate need of repairs and special assessments.

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A new appreciation of “home” was created during the COVID lockdown over the past few years.  Buyers and sellers became inspired to seek out comfortable, multi-purpose living environments they could work and play in while enjoying the comforts of their own familiar home environment.  As a result, not only seniors, but many new homeowners of all ages have moved into residential planned communities which offer recreational pleasures while providing a sense of safety, purpose and community.
 
Golfing, tennis, boating, fishing, fitness centers, equestrian activities, green spaces, dog parks, learning and hobby centers and classes, and community pools and spas are just some of the many recreational and stress-relieving amenities and activities planned communities offer to homeowners.  Active lifestyle seniors have known about this desirable homeownership opportunity for decades.  But with the isolation over the past few years, people of all ages have now seen the value of planned community living.
 
When companionship is needed, community with other homeowners in their community is readily available.  Yet a planned community can also offer a feeling of privacy and a quiet work environment that a homeowner can “reach and withdraw into” as needed when owning a property in a residential planned community.
 
An interesting additional layer of planned community living is the master planned community.  A master planned community is often defined as a mixed-use development that offers single family homes, condos, and townhomes as well as schools, businesses, apartments, and other commercial properties, while offering access to extensive, varied recreational, entertaining amenities.
 
Other convenient benefits of the planned community lifestyle include HOA management, less congested roads, better security and shared decision-making, maintenance costs, and responsibilities.  For example, gated communities help regulate who can come in and out of a community while reducing traffic moving within the community parameters, making the community streets less busy and more quiet and safe than ungated single family neighborhoods.  Exterior, common area and amenity maintenance is cared for by a homeowner association.  And governance and dispute resolution are set by covenants, rules and shared values that each homeowner consents to follow upon purchasing in the planned community or development.
 
The planned community lifestyle that was once thought to be the active seniors’ “blueprint for retirement,” has now become “destination home” for many at all ages and stages of life.
 
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Numerous reasons for the rising ownership costs in condominium developments and planned communities have been given lately in the media.  These recently mentioned costs are being attributed to inflation, rising interest rates and increased property management operations expenses.  The fact is many property management companies who provide such services as HOA accounting, reserve study inspections and preparation, and HOA management services have increased their fees significantly over the past few years.  But besides these operational costs, the biggest increased cost stressor to HOA community homeowners and boards involves the physical aspects of building reinforcement, maintenance, inspections, replacement and repairs.  This is due to the recognition of aging buildings and amenities that make up the community that were not previously anticipated in HOA financial planning.

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