Westside Commons Rental Rules Should Change With the Times
Dear Fellow Homeowners, Due to the current market, it has become nearly impossible to sell our homes at the value they were purchased at. For example, the current comparable value for 2 bedroom condos in this area is $70,000-$80,000. As we know, our 2 bedroom condos were originally sold in the $150,000-$180,000 range. That is a drastic difference. Due to the current economy, many homes (including a good number of homes in our community) have gone into foreclosure. Whether it was due to a job loss or the simple fact that a family has grown out of the space, foreclosure or short sale are our only options. This is due to the bylaws in our HOA that mandates a 10% cap on how many units are rented at one time. There is a long list of homeowners on the waiting list, and it has been that way for years. The purpose of the cap is a good one. In a good economy, it will help to maintain the value of our homes. Unfortunately, those times have changed. Many of us feel frustrated, if not trapped by our homes, and would like options and the ability to "get out" of our homes. While the easy solution is to just "walk away", I propose that we vote to increase the 10% cap to accommodate our homeowners. Many other condominium communities have done the same thing in order to help their homeowners. Increasing our rental capacity would have a much better impact on our community compared to adding to the foreclosure list. Please consider this option, and sign our petition to help our homeowners.
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