CMA President and CEO Judi Phares recently spoke to a group of realtors about association living and summarized these insights from more than 29 years of managing HOA associations.
· Long-term studies have shown that properties located in HOA’s retain their value in an economic downturn
· Associations
1. Protect property values
2. Provide a life style
3. Permit access to amenities
· How do they protect property values?
1. Require maintenance of property
2. Ensure aesthetic consistency
3. Maintain surrounding common areas
· How do they provide a life style?
1. Generally, Associations are designed for:
o Singles
o Young Marrieds
o Families
o Empty Nesters
o Retirees, or
o A combination of all of the above
2. Owners have value systems, needs and beliefs in common
3. Shared amenities such as pools, tennis courts or simple green space lower costs of access, and increase community participation
4. Vehicle for meeting neighbors
5. Develop pride in community
· Associations are neighborhood governance in action
1. Owners have closer control on dollars spent
2. New laws have required more transparency
o Boards are required to meet in open forums
o Homes cannot be foreclosed unless there is a hearing before a judge
o Voting by electronic means is permitted
o Certain religious displays are protected
o The ability to fly flags (under conditions) is protected
o Owners can now have rain water harvesting devices
· Consumer advocacy – What we can do together
1. Embrace the concept of Association living
2. Educate your potential buyer – help them evaluate the Association
3. Ensure they obtain a Resale Certificate
Realtors and HOA professionals are closely in touch with home-buying consumers. They can make a positive impact on buyer’s expectations, involvement, and ultimate satisfaction with the many benefits of their community association lifestyle.
