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1097 Santo Antonio Dr. Unit
69, Colton, CA 92324
ralph@r-a-l-p-h.com (909)
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Hi, you are at my web page with information
on the following subject:
Exodus from Park Mediterrania after gloomy
budget analysis
EXODUS FROM PARK
MEDITERRANIA AFTER GLOOMY BUDGET ANALYSIS
As
you know Alex Taylor's Budget Analysis dated 2/29/04 was mailed out just before
the 4/29/04 Board of Directors meeting by the swimming pool that was attended
by a much larger number of owners than usual.
Remember in the Budget Analysis he discussed Park Mediterrania was over
budget and money in the operating and reserve accounts would not cover the
current spending patterns of the board.
Alex Taylor gave recommendations such as raising the association dues
and spending less money by closing the pool and spa.
Ever
since I moved in here three years ago I have been following the Press
Enterprise listings of Home Sales for Park Mediterrania. On 9/12/04, a Sunday,
the listing covered home sales from 6/24/04 to 7/29/04. I have never seen so
many Park Mediterrania condos sold. Apparently Alex Taylor's Budget Analysis
recommendations and his admitting at the meeting that the board mismanaged the
money, did spur an increase in owners putting their condos up for sale. In that short period of time 5 of our 142
condos sold with prices ranging from $117,500 to $175,000. I also have never
seen such a big difference in sale prices. I heard back then that a few condos
dropped out of escrow and other buyers had to be found. I wonder if the sellers
were forced to lower their asking prices after the first escrows failed. A rumor that I heard was a buyer's income
was not enough after the association dues went up. Remember our $319
association dues means this amount is taken away from whatever the maximum
mortgage a buyer pre-qualifies for so when the association dues went up $53 the
maximum mortgage went down $53 and the pool of qualified buyers decreased.
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