Condominiums in crisis: Financial troubles put many communities at risk (MD)

For five summers, a tarp has covered the swimming pool at Grand Bel II, a condominium community in Silver Spring that has no money for lifeguards, chemicals or insurance. The Vistas at Washingtonian Woods in Gaithersburg faces $600,000 in repairs but has just $400,000 in cash reserves.  At Saxony Square in Alexandria, an unemployed man nine months behind on his mortgage negotiates with lenders to keep his two-bedroom condo. His neighbors struggle to pay their monthly fees; since 2010, Saxony’s board of directors has filed more than 80 court actions to try to collect such assessments.   Read the article………….


Related Articles

Anthem (AZ) homeowners fuming over proposed HOA plan to hire investigator to monitor street parking

For now, a homeowners’ association in Anthem will not employ a private investigator to stalk its streets looking for parking

Sex offender, HOA at odds over residency arrangement (OK)

A registered sex offender is challenging attempts to keep him from moving into a local housing addition