Prospective Buyers Should Do Their Homework Before Buying Here.
Prospective Buyers Should Do Their Homework Before Buying Here. I have owned a home in Park Place Townhome Association since 2020. Park Place is a Windsor Homes community incorporated in 2005 and turned over from developer control to homeowners in October 2018. One of my biggest concerns is the Association’s financial history. The first published homeowner board meeting minutes, from May 2019, stated: “Going forward repairs will be on hold, only urgent matters will be handled as there are no funds.” I haven’t seen documentation showing that subsequent boards developed and implemented a long-term plan to correct the financial condition identified at turnover. Had I known the Association was in that financial condition, it would have materially affected my decision to purchase here. I believe an HOA’s financial condition is an absolutely material fact for a prospective buyer. There is visible deferred maintenance, along with maintenance decisions I question. Most recently, homeowners replacing roofs were required to use architectural shingles, resulting in architectural shingles being married to existing standard three-tab shingles on attached townhomes. That’s something I would strongly encourage a prospective buyer to investigate with a qualified roofer and their insurance company. The community pool is another example of my concerns about how the property is managed. During the years I’ve lived here, I’ve repeatedly observed the pool operating in ways inconsistent with the Association’s published rules. I’ve personally observed recurring trespassing, circumvention of the security system, alcohol consumption, vaping, cigarette smoking, loud music and horseplay, all conduct addressed or prohibited by the pool rules. Management turnover is worth noting. In the six years I’ve lived here, Park Place has had four property management companies: HOAM, Priestley Management, Cedar Management, and now Associa HRW. I’ve also had concerns about governance, financial oversight and transparency. The Bylaws require the Board to maintain complete records of its acts and corporate affairs and give homeowners the right to inspect Association books and records. In my experience, getting information and meaningful answers has often been unnecessarily difficult. If you’re considering buying in Park Place, do your homework before closing. Review the financial statements, reserves, budgets, meeting minutes, maintenance history, roofing requirements, insurance and governing documents. You’re not just buying a townhome. You’re buying into the financial, physical and governance condition of the association responsible for maintaining it.