Sunday, September 05, 2010

Bridgewater HOA takes charge and tackles difficult issues

Bridgewater is a Wesley Chapel community that certainly has faced some difficult times since the housing market crashed.  With a very high percentage of owners who were investors, it suddenly was confronted with a flood of distressed properties (Short Sales & Foreclosures) in the 760 home community.  We all know that not only do distressed properties affect market value because of the lower sales prices, typically they also are not maintained causing further market value erosion within a community.  These issues along with sometimes years of unpaid HOA fees by owners, forced the Bridgewater Homeowners Association to get tough to regain some control of its community.  Can you blame the association?

In today's Tampa Tribune there is an article about how some homebuyers in Bridgewater are finding out that there are additional fees that must be paid at closing for transfer fees and also to satisfy liens placed against such properties by the homeowners association, etc.  Here's the link to the full article in today's paper.

This is not an HOA solely dealing with financial issues.  Bridgewater has made other efforts to turn around the image of the community, such as marketing the community and holding the annual Bridgewater Fall Festival (which is planned for October 23, 2010 this year) at the Bridgewater Community Park.


Anonymous said...

The article in the Tribune certainly paints an unfavorable picture of the Bridgewater community. I wouldn't look to buy a house in that neighborhood. It is unfortunate that people paid way too much money at the peak of the market for a house that couldn't support that value. But to punish new homebuyers is unfair. The Bridgewater association will soon find fewer and fewer buyers interested in their neighborhood.

Anonymous said...

That is exactly correct ... Bridgewater has become the big joke of Pasco County and the President himself is responsible for the mess.
Nice people are coming in and trying to buy some of these distressed homes and BW is placing all kinds of fines and fees in the hands of the new potential buyer , (google bridgewater extortion)
Its a shame that our state has no governing of HOA's- power hungry guys like this who never had any power in their lives are making the lives of many people very difficult.
I really dont know how they sleep at night.

Russ Perlowski, People's Choice Realty said...

Unfortunately HOA's have a tough time trying to manage all these issues in some very difficult times. Like most things, there is no way you can make everyone happy. I am sure they are doing what they consider to be in the best interest of the community.