Article from the Wall
Street Journal titled “As Dues Dry Up, The Neighbors Pay.” (Click on the article name to open
and read it.)
This article talks about homeowner associations where a significant number of foreclosures can result in less money available for services normally provided. The only alternative to cutting back on services is to raise fees.
In my judgment, the types of associations described in the article really do not apply to our situation in Kings
Point. We are well established, while the article generally talks about newer
developments. Further, in Villeroy I have seen no evidence of delinquency concerning
payment of condo dues, nor have there been any foreclosures. Nevertheless, it
may be necessary in the future to build up some general reserves in case we face financial trouble in the future.
Frank Slesnick
President, Villeroy Condominium Association
