Tag Archives: unsold

Is it time to begin building condos again?

News items of national interest regarding Condominium and Homeowner associations, compiled by the Community Associations Network

Turnberry Ltd., the Miami-based luxury condominium builder, began pre-selling units for its 26-story Rosslyn tower out of a sales office beside the construction site in 2005. More than five years later, 90 of the 247 Turnberry units are still unsold, and they are considered an augury for companies and investors weighing a return to condominium development.
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What happens to HOA when developer folds?

By Mike Huntermike_hunter

Attorney Michael Hunter specializes in community and condominium association law for the firm of Horack Talley

Question: We live in a condo subdivision planned for 56 units. The developer has fallen into financial difficulty and has only sold six units. There are now 16 completed units. The developer is renting the remaining 10 units. Even though the six homeowners are paying $155 monthly as association dues, the developer is not providing home maintenance. What legal recourse do we have? What would happen to our property if the developer declares bankruptcy or if all of the unsold property goes into foreclosure? Would the HOA, which only consists of six owners, be responsible for paying the mortgage on the clubhouse? Would we be responsible for paying property taxes on the unsold homes?

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