Originally Posted by
TBS
HOAs are the norm for subdivisions in my little slice of Paradise.
There's a buttload of common greenspace here, and the City does not plow or maintain our streets so an HOA is essential
About half of the homes in our 'hood are vacation homes. STRs are verboten
Only problem is the board is not at all sophisticated. They did a shitty job of holding the developer's feet to the fire at handoff four years ago, so now the HOA is stuck with future costs the builder should have covered.
And they haven't done a reserve study - ever. Only one ever done was 10 years ago, when the developers sold the first homes. A bunch of changes have occurred since then.
Further, they haven't prepared audited financial statements, despite it being required under the HOA bylaws
And now they want to do a bunch of common area landscape improvements. They say the (as yet undisclosed) costs for said improvements will come from the "well funded reserves". I'm a little skeptical given the lack of a recent reserve study, the lack of financial statements (their monthly compilations are worthless) and the fact that the reserves declined by 33% this year due to some unanticipated repairs.
The Board was not pleased when I brought these issues up. Annual meeting is Dec 9, will see what happens then.