The Real Deal Miami

Associations face crunch

By Robyn A. Friedman | April 18, 2008 03:11PM

From the April issue: When Ellen Levy plunked down $363,530 two years ago to purchase a three-bedroom, three-and-one-half-bath townhouse at Carriage Pointe in Boynton Beach, she envisioned living in a vibrant, stable community filled with children and young professionals who would exhibit pride of ownership. Today, however, tenants occupy many of the units and nearly 15 percent of the unit owners are in arrears or foreclosure. The homeowners’ association is feeling the impact of losing close to $5,000 per month in assessment income that it desperately needs to balance its operating budget and properly maintain the association property. “We have people in survival mode who are fighting to keep their houses and food on their table,” says Levy.