I’ve heard lately of a number of older Homeowner Associations (HOA’s) voting to reduce or limit for the first time, the number of homes in a community that can be offered for rental. The impetus behind this movement is to stave off the slide of home values perceived by having rental properties in the neighborhood. However, I have personal experience with a client where this has had an unintended consequence.
In my client’s community, she needed to sell her home, but owned more on the property than the market would bring. She got on the waiting list to rent her home, because there were already too many rented in the neighborhood as per the local covenants. While she was “waiting”, she purchased another home and moved because of a job change and marriage. After being unable to sell the home (because of market) or rent the home (because of HOA rules), she just chose to let the home go back to the bank. Of course, the foreclosed property hurt local values much more than a rented property. So, that could be the double-edged result of being “smart” about rental limits. Choose carefully, HOA boards. If you need some expert advice, I’m always available to give you the local numbers.
I was curious about the top selling mid-range communities in Forsyth County, so I ran a search in FMLS for subdivisions in Cumming, Georgia with home sales during the 2011 calendar year, having 4+ bedrooms and selling between $200,000 and $400,000. Here’s the top 5 (with ties):
1) Windermere – 15 Sales
2) Fieldstone (all sections) – 13 Sales
3) Polo Golf & Country Club (all sections) – 11 Sales
3) Thorngate – 11 Sales
4) Evans Farm – 10 Sales
5) Green Summers – 9 Sales
5) Jamestown – 9 Sales
Each of these communities had foreclosures and short sales as part of the volume.
Posted in Business, Forsyth County, Real Estate
Tagged active adult communities, agent, broker, buyer's agent, country club, cumming, cumming ga, cumming homes for sale, cumming houses for sale, cumming real estate, days on market, economy, for sale by owner, foreclosure, forsyth co, forsyth co ga, forsyth county, forsyth county ga, forsyth county georgia, forsyth county homes for sale, forsyth county houses for sale, forsyth county real estate, forsyth county schools, ga, georgia, golf communities, home for sale, homes, homes for sale, house for sale, houses, houses for sale, housing economy, housing market, lake homes, lake houses, lake lanier foreclosure, lake lanier homes, lake lanier houses, land for sale, lanier foreclosure, listing agent, lots for sale, market statistics, market stats, new construction, new construction for sale, new homes, new homes for sale, new houses, new houses for sale, pool, real estate, real estate agent, real estate broker, real estate market, realtor, redistricting, relocation, rental properties, resale, seller's agent, short sale, short sales, tennis courts