What is the name of your state (only U.S. law)? Arizona
We purchased a condo in Phx in 2007 when the developer was converting apartments into condominiums. In approximately 2009, the developer sold the complex and the units are no longer being converted to condos and the majority of the complex now consists of rental apartments. Our property value plunged to 1/4 of our purchase price and the complex owers are renting the units at a severely discounted rate, making it difficult for us to rent our condo at a reasonable amount.
In addition, owners are still required to pay the HOA of $148/month. I have heard through the grapevine (since we do not have homeowners' meetings) that many of the owners are refusing to pay the HOA.
Are we still required, legally, to pay that HOA? And, do the condo owners have any legal recourse concerning the drastic drop in property value - the condos are impossible to sell when the complex has become a low income rental property.
Thank you.
We purchased a condo in Phx in 2007 when the developer was converting apartments into condominiums. In approximately 2009, the developer sold the complex and the units are no longer being converted to condos and the majority of the complex now consists of rental apartments. Our property value plunged to 1/4 of our purchase price and the complex owers are renting the units at a severely discounted rate, making it difficult for us to rent our condo at a reasonable amount.
In addition, owners are still required to pay the HOA of $148/month. I have heard through the grapevine (since we do not have homeowners' meetings) that many of the owners are refusing to pay the HOA.
Are we still required, legally, to pay that HOA? And, do the condo owners have any legal recourse concerning the drastic drop in property value - the condos are impossible to sell when the complex has become a low income rental property.
Thank you.