The HOUSING CRISIS has been a turbulent ride, as we enter year four, experts predict we may hit rock bottom. That’d be welcome news for homeowners and associations alike. Though the economy has challenged association budgets, many communities have shown the ability to persevere.
In hard-hit Florida, one Boca Raton association fares better than most thanks to good luck and a few smart changes. Boca Pointe Community Association, a 30-year-old, 1,000-acre mega-association, can thank its many longstanding residents who have either paid off their mortgages or refinanced prior to the boom of bad loans for a lower foreclosure rate than the 9.54 percent national average.
Meridiana, one of Boca Pointe’s 28 independently run villages, boasts around a 3 percent rate for its 174 townhouses. The association became proactive in dealing with foreclosures. It began initiatives like slightly increasing assessments, creating a bad debt reserve, becoming more aggressive in collection efforts and even renting out a foreclosed home to help cover costs. Despite those changes, the community manages to provide the same standard of living of more prosperous times.