Friday, September 9, 2011

Investor Owning 57 Of 112 Apartments In Rapidly-Deteriorating Condo Complex Stiffs HOA Out Of $335K In Dues, Leaving Other Unit Owners Holding The Bag

In Nashville, Tennessee, The Tennessean reports:

  • Residents of a West Nashville condominium complex could soon be forced to search for new homes because of a complicated dispute between absentee real estate investors and their homeowners association.

  • The West Meade Condominium complex, located off Charlotte Pike next to the Nashville West shopping center, has become dangerously rundown because the homeowners association doesn’t have enough money to pay for repairs.

  • A metal staircase to one of the buildings has nearly rusted through. External support beams have completely separated from the roof hanging above. Roofs to at least three of the buildings are crumbling away. During this summer’s record heat, there wasn’t even enough money to open the community pool.

  • But despite a June court ruling saying the homeowners association is owed $335,000 by Landis Ventures, which owns 57 of the 112 condos, residents say they were told at a recent board meeting that it may soon be time to search for a new place to live. Lack of funds could force the association to declare bankruptcy and sell the condo property, according to the summary of a recent board meeting.


  • A summary of the emergency meeting uncovered by The Tennessean showed that the association soon may not have enough funds to pay for its liability insurance or utility bills.

For more, see Dispute could force out residents of rundown condo (Investors owe $335,000 to homeowners association).

No comments: