Bay Property Services
Assimilating the second wave
When the housing market crashed in 2008 many developing communities were forced to completely cease building new homes. As time went on and the market rebounded, unfinished housing developments began new phases, completing what the original development had planned.
For home values and overall funding of the association, these newer homes/townhomes/condos should help significantly. However, were issues arise - especially in condominium projects and townhouse projects - is when the new owners begin to assimilate onto the existing Boards.
How does the old guard handle the new blood? Well one way to not handle it is to hold any level of animosity towards the new homeowners. They too have an equal right to fulfill their role on the Board and direct the community's future. On the flip side, the new phase owners should absolutely respect the original homeowners,. These have lived the history of the association and have maintained association property over the years - many times on a very limited budget.
When the Board can approach every discussion with a mutual respect and listening, the unique issues facing a multi-phased property development community and difficult decisions that follow, can be handled without animosity or ego getting in the way.
Keep in mind the original homes will likely require more maintenance and upkeep than the newer phase homes. The newer owners must understand that their assessments and the overall community funds, even though it may seem like the funds are only being used on neighbor's issues, will eventually be there when they need them too. By keeping open minds, understanding everyone's needs, and accepting the unique nature of the multi-phased community, we've witnessed very productive and neighborly communities.
It all starts with a strong Board. The members don't always have to agree, but a sound approach and mutual respect are great building blocks for long term success.