Gorgeous Club House & Laundry Room

Wow, I just went into the club house for the first time in a while and wow. I think what I felt was pride. Next I felt grateful to Sally, Kelly and Jerry for all of their thankless and dedicated work. I wonder how many hours they have donated to our improvements & our enjoyment of Parkridge not to mention our vastly improved property values (or rents). Thanks to the others who have served with them along the way too.

When this team took over our complex/association we were broke and didn't feel like a community at all. All of the issues of the day were a combined distant second place to the water/hot water issue. Simply solving that issue (without an $8,000 - $10,000 special assessment I might add) would have been plenty to call their tenure hugely successful. Parkridge has undergone more beautification and modernization than I will attempt to list here. OK, a few items were the Pool, Spa and balconies.

Except for a contractor who neglected to cover a work in progress when the world knew it was about to rain the past few years have seen nothing but progress. Well, a renegade "neighbor" who does not realize that "they" are "us" and that the rules apply to all.

Our leaders have been approached by the management company to find out how we were able to build a reserve of funds and get all this work done at the same time when other HOA's are going under.

Thank you so very much!
Howard

Locked Bathrooms

Is it just me, or is it the more that gets done around here, the less we are told about it. I am sure there is a good explanation as to why OUR restrooms are now locked, but it would be nice if the information went out. I am not welcome at the monthly meetings, so I don't get to partake in the conversations that happen there, but we do have two sources of web interaction and one source of mail. Where are the updates? What is going on? Why is it that 3/4 of our complex on lock down? Again, I am sure there is a reason, but it is frustrating to just find things this way.

Kevin

Lost iphone in Parking Lot

An iphone was lost recently in the parking lot. If found please call Joel at 619 823-9790.

Commercial Vehicle Parking

I was under the impression that work trucks are not allowed to park in this complex. I have noticed a white work van that is very big parked here. It looks like the owner moves it every couple of days. What can we do to have this vehicle removed to allow parking for residence vehicles only. I parked a work vehicle her for a weekend in the past and had tow stickers put on it. What is the deal?

Thank You Board

Hello, I just want to say thank you to Park Ridge board members and volunteers for keeping trash areas cleaner, for the pool, roofs, and very happy know the watter issues and more, thank you is not easy to run for any kind of board you get many accomplishments, but also some times desagrements with decissions made. Not alwas get what you want but sure enough with this board I've got more.
Please if you hear some gossip going around and some one is asking you to sing some kind of petition my response is simple sorry, no signature just run for the board, don't forget next elections April.
My name is Golda and you can reach me at johnlguerito @aol.com be happy to hear from you.
Thanks
6:47 PM

#87 in Pre-Foreclosure

#87 in Parkridge has shown up on RealtyTrac as a "Pre-foreclosure.

Large Item Disposal in Park Ridge

Large Item Disposal in Park Ridge
Tuesday, July 13. Large items are not permitted in the six numbered common disposal areas. Please call MG Disposal to schedule a FREE pickup of large items, such as mattresses and box springs, etc. MG Disposal: (714) 871-1434.

1 Bedroom 1 Bath Parkridge Condo For Rent $1,050

I have a 1 bedroom Condo in ParkRidge for rent. Asking $1050. per month. Recently remodeled kitchen, floors, paint, ceilings, downstairs
greggan@aol.com

Looking for Carport to Rent!

If anyone who has a carport and doesnt use it much would like to rent the carport space for me to use. Please reply to this thread and we can work out a deal.

In California, bidding wars are One of the nuttier elements of the real estate boom has returned. Tess Vigeland explains.

Found on "The Housing Bubble Blog" which is a great source for housing & real estate information and articles.

From NPR http://marketplace.publicradio.org/display/web/2010/03/19/mm-multipleoffers/ “One of the nuttier elements of the real estate boom has returned. Tess Vigeland explains. ‘Kelly Frambach and her husband, Andy, moved into their first home just a few months ago. She’s a 32-year-old office manager for a construction company; he’s 29 and works in tire repair. This California ranch-style home in Chino Hills, just east of Los Angeles, boasts three bedrooms and two baths, 1,200 square feet for them and their seven and nine-year-old kids. They started going to open houses back in mid-2008, just as the market was collapsing.”

“They paid $285,000 for it — ten grand over the asking price — with an FHA-backed 30-year mortgage. Kelly: ‘And we thought it would be easy, because there were sooo many houses for sale. That’s what everybody thinks, but every house we put an offer on, there were so many offers.’”

What are the rules about leaving your garage open?

Anonymous said...
What are the rules about leaving your garage open? I have noticed one garage open every night for long periods of time. I was under the impression that your garage must be closed when not in use.

11:56 AM

HOAs suffer during recession

HOAs suffer during recession
Dispute continues with investors

By Buck Wargo (contact), In Business reporter
Fri, Mar 12, 2010 (3 a.m.)

Foreclosures are taking a toll on some Las Vegas homeowner associations, some of which are closing pools and deferring maintenance as they deal with a drop in revenue.

The financial woes faced by the associations come as they are locked in legal and legislative battles with investors in foreclosed homes who complain they are overcharged for fines and fees by the associations and their collection agencies.

Associations are struggling with their budgets and some have closed pools and clubhouses and cut back on maintenance, including landscaping, said Nicholas Haley, the education and information officer of the state ombudsmen for the owners of common-interest communities and condo hotels office.

Haley’s office takes complaints from homeowners and handles mediation.

“People have complained about the maintenance and what’s been closed down and questioned what are they paying for,” Haley said. “Associations have to balance their budgets, given their communities have faced a lot of foreclosures. Sometimes it is a temporary measure until people start paying their assessments. But you have many people who are retired or out of work and they can’t make up the difference, so the community has to scale back.”

Foreclosures Still Seen Hitting Prices from Wall Street Journal

By JAMES R. HAGERTY

More waves of foreclosures will keep downward pressure on home prices in parts of the U.S. over the next several years, two new studies project.

The studies—by John Burns Real Estate Consulting Inc. and Standard & Poor's Financial Services LLC—both conclude that most efforts to modify loans with easier terms will delay, not prevent, the loss of homes to foreclosure.

The Treasury Department is expected to give its latest update this week on government efforts to avert foreclosures.

The John Burns study estimates that five million houses and condominiums on which mortgages are now delinquent will go through foreclosure or related procedures that put them on the market over the next few years. That would represent the bulk of the estimated 7.7 million households behind on their mortgage payments.

Orange County Register On Loan Modifications

The Orange County Register. “Are all these loan modifications we keep hearing about actually helping homeowners avoid foreclosure, and thus helping the housing market and economy? Tom Mitchell, a senior analyst who covers financial stocks at Miller Tabak & Co., agreed that banks’ modified loans may be skewing the picture.”

“‘We now have to consider the [modified loans] as a kind of shadow group of nonperforming assets,’ Mitchell said. ‘It’s reasonable to say that for most banks, if the loans had not been [restructured], they would have been nonperformers.’”

Gates & Laundry Doors

An Email to Desiree,

I am concerned that there is not proper communication to our
community. Yesterday there was an event occurring in our community
that everyone should have been made aware of. Apparently the police
were looking for loose individuals most likely living in our complex.
Things like this that could be a danger to our residents should be
communicated through email and postings on the locked community board
in the laundry room that I installed just for this purpose. Also, we
have an official community web page that seems not to get updated.
Either it should be taken down or, kept up to date. Otherwise, the
announcements are misleading as to the current state of your
community.

Also, I believe that matters like the one yesterday are a direct
result of our gate always being broken. Also, posting the fact on the
gate instead of a controlled forum such as the ones listed above, only
advises those individuals trespassing as to the current state of your
security. Maybe it is time that the gate are updated with a type that
is more suitable to the kind of use that they see.

Speaking of security, the two doors to the laundry room are not
secured. It does not cost that much to have two steel doors with
PROPER locks installed. We have been battling this issue for at least
4 years. They should just be replaced with commercial steel doors with
commercial locks.

I realize that this all costs money. We have a new budget for 2010 and
I am hoping that these kinds of issues are addressed. As a community,
we have an obligation to budget for and maintain the complex to a
standard that gives way to safety and to hold or increase property
value.

Your company has done an amazing job thus far and has always responded
to any concerns I have had. I hope that your experience has an impact
on the residence, with moderate experience, that make up the board.
Thank you as always for your understanding and professionalism.

Yours,

Kevin Sharp
#32

Lost Social Security Cards

I think I dropped a black card case carring my entire families Social security cards in them if anyone finds them please let me know or call my cell 714-801-0103 Thanks Deanna

Gate Fixed

Anonymous has left a new comment on your post "Rental of Car Port?":

I would like to thank those you finally fixed the front gate. In the future it would be great if the gate would be fixed as soon as it has a problem. I have witnessed people from the complex south of us parking in this complex. Maybe we should start a parking permit program here. Not charged, just so we know those who live here can park here. Say 2 permits per unit, maybe 3 for the 2 bedrooms if needed.

#136 on Foreclosure Report from Realty Track

It has been some time since a Parkridge condo showed up on this report. Perhaps the wave of bad loans swept through at that phase of the downturn and current defaults are more tied to unemployment issues.

Rental of Car Port?

I have been noticing lately the parking problems. I work very late at night and come home here to no parking spaces. Yet, I see many of the covered spaces open. Is there any way I can get one those spaces to park my car? I don't care if it costs a little. Can anyone help me?

New, Stricter FHA Condominium Lending Guidelines Coming Nov. 2: First Time Buyers Affected

Originally posted on the Massachusetts Real Estate Law Blog

Breaking News: 10/1/09–The FHA Has Delayed Implementation Of New Rules Until November 2, 2009 To Coincide With Expiration of First Time Home Buyer $8,000 Tax Credit

Under revised guidelines which were to be effective October 1, 2009 but now delayed until November 2, 2009, the Federal Housing Administration (FHA) is implementing a new stricter approval process for condominiums to be eligible for FHA financing. Like the Fannie Mae regulations issued earlier in the year, the new FHA guidelines will surely slow down condominium mortgage financing, and negatively impact first time home buyers for condominium units.

For those who don’t know, FHA is a government program designed to help more people buy homes, and more borrowers will qualify with FHA financing than with conventional. It is a low down payment (3.5% down) program and the credit standards are much looser. The mortgage rates are typically better, as well.

To obtain a FHA mortgage on a condominium, the project must be FHA approved. Prior to these changes, there were two ways a condominium could be FHA approved: (1) full project approval, and (2) “spot” approval. Full project approval means that FHA has already done the approval on the entire condominium. Spot approvals were performed on non-FHA approved projects on a loan by loan basis, and were a way to make FHA loans available to home buyers in well run condo projects even if they haven’t gone through the full approval process.

No More Spot Approvals

Under the new guidelines, the popular spot approval process will no longer be available and will be replaced with something called a Direct Endorsement Lender Review and Approval Process (DELRA). FHA claims the DELRA process is more uniform and streamlined that the former spot loan approval process. Also, full project approvals expire every two years, so condominiums will have to re-certify every 2 years.

New Project Eligibility Guidelines

Under the new project eligibility requirements, all condominiums (consisting of 2 or more units) must meet the following requirements:

* At least 50% of the units of a project must be owner-occupied or sold to owners who intend to occupy the units. For proposed, under construction or projects still in their initial marketing phase, FHA will allow a minimum owner occupancy amount equal to 50 % of the number of presold units (the minimum presale requirement of 50 percent still applies).
* Projects must be covered by hazard and liability insurance and, when applicable, flood insurance.
* At least 50% of the total units must be sold prior to endorsement of any mortgage on a unit. Valid presales include an executed sales agreement and evidence that a lender is willing to make the loan.
* No more than 15% of the total units can be in arrears (more than 30 days past due) of their condominium association fee payment.
* No more than 25% of the property’s total floor area in a project can be used for commercial purposes. The commercial portion of the project must be of a nature that is homogeneous with residential use, which is free of adverse conditions to the occupants of the individual condominium units.
* Reserve Study - a current reserve study must be performed to assure that adequate funds are available for the funding of capital expenditures and maintenance. A current reserve study must be no more than 12 months old – if recent events or market conditions have affected the finished condition of the property that information must be included. When reviewing the reserve study, consideration must be given to items that have been replaced after the time that the reserve study was completed. The regulations don't definition of what is "adequate," however. Guidance may be found in the new Fannie Mae guidelines which mandate at least 10% of annual operating budget in reserves.
* No more than 10% of the units may be owned by one investor. This will apply to developers/builders that subsequently rent vacant and unsold units. For two and three unit condominium projects, no single entity may own more than one unit within the project; all units, common elements, and facilities within the project must be 100% complete; and only one unit can be conveyed to non-owner occupants.
* Rights of first refusal are permitted unless they violate discriminatory conduct under the Fair Housing Act.

Buried in the fine print is a requirement for an affirmative action-type housing plan. For both new construction and conversions, if the developer intends to market 5 or more units within the next 12 months with FHA mortgage insurance (that would be most), an Affirmative Fair Housing Marketing Plan (AFHMP) or a Voluntary Affirmative Marketing Agreement (VAMA) must be in place. An affirmative fair housing marketing plan requires that the racial, socioeconomic, and ethnic composition of the condominium residents closely mirror that of the neighboring area, to the greatest extent possible. Most new condominiums don’t have these in place.

Click here for the new FHA condominium guidelines. You can look to see whether a condominium is approved on the HUD Homes & Communities website located here. Here is the FHA Condominium Mortgage webpage.

The Impact: More Work For Lenders, Condominium Associations/Managers And Attorneys

I expect FHA lenders will approach condominium association boards and managers, asking for certain information, certifications, and even legal opinions regarding compliance with FHA (and Fannie Mae) legal requirements. If a condominium is not on the FHA-approved list, or has lost its approval, condominium associations should consider applying for approval (or re-approval). Reportedly, FHA/HUD is backlogged a month or more in reviewing submitted applications. Thus, should your condominium need to be submitted for approval, keep in mind the process may take some time. Also keep in mind that the work to compile and complete the application package itself can take weeks, and require the board, its manager, and legal counsel to gather data, documents, and expert opinions required for FHA approval. The package of materials that must be submitted can vary from condominium to condominium, and often requires an updated reserve study and certain legal opinions.

Having issued numerous opinion letters and certifications under the similar Fannie Mae condominium regulations, our office is well equipped to assist lenders and buyers with FHA loan compliance issues. Contact rvetstein@vetsteinlawgroup.com for more information.

Pool & Spa

Anonymous has left a new comment on your post "Coyote Spotted in Parkridge":

Does anyone know when the jacuzzi will be working? I tried to use it last week but the water is cold and the jets don't work. Also, does anyone pay attention to the Rules for the pool area? Kids seem to be down there all the time on weekends (No Children under 18 permitted after 1 pm on weekends and Holidays) with toys and water guns which are prohibited. Are we suppose to run and find a Board member? wait for them to leave and follow them to their unit to report them? Asking people to leave results in "they aren't hurting anyone, what's the problem?" I would be fine with that if the adults would say something when they were being loud and annoying, but they don't.

Then you have the 18ish kids that come down with their friends, being loud, using inappropriate language and jumping (doing "canonballs") in the pool. They technically are okay to be there since they are 18 but should be supervised since they are obviously children. Not sure what to do about that since asking them to stop results in more bad language and the "F- off".

We were a long time without the pool, I would like to enjoy it now that it's open again.

Coyote Spotted in Parkridge

While walking my dogs late Friday night/early Saturday morning (1:15 am), I spotted a coyote wandering through the complex. The open gate made it easy for the coyote to get in....and out. Just want to give a "heads up" to all those with small pets, especially the outdoor cats.

Tim #40

Towed

My wife's car was towed today by our new towing vendor, Tow Zone Inc., she left our car in front of our garage for less than 5 minutes to carry our groceries up to the house, she even left her hazard lights on.

A neighbor saw a tow truck sitting in the carport area by the backside garages before this happened, so the guy basically waited for someone to park in the alley and swooped in and towed the car in less than 5 minutes. This does not seem like a legal practice to me, although I realize that we're not supposed to park in front of our garages, if it is for unloading/loading of a vehicle, and it is only 5 minutes, how can a tow truck company do this??? Is this authorized activity by our board or the mgmt. company??? Has anyone else had this happen to them?

My car was towed about 5 miles, and was picked up from the tow company in less than 3 hours, and it cost me $175. I find it hard to believe that this is what our board or mgmt. company had in mind when they hired this company.

-Greg, #86

#7 in Pre Foreclosure Process

This notice was just posted on Realtytrac.com

#58 For Sale 2b 2b in 3000 Building $195,000

This 2 bedroom 2 bathroom was foreclosed on recently and appeared on Realtor.com just recently.