Realty, er, Reality Check

One picture is worth a thousand words, they say. So here is an interesting graph:

Source: Zillow.com

We've had a few owners complain about sales in the area. Median prices for condominiums in Wheaton are at the same level as they were at the end of 2003. This is clear in the above chart. The median price is the middle price in Wheaton. 50% of the condominiums are above the median price and 50% are below the median price.

Overall, in Wheaton, the foreclosure rate is currently 2.3%. This is the number of foreclosures compared to the number of households, per popular real estate web sites.

It might not be obvious, but prices have stabilized over the past 6 months. According to RealtyTrac the values in Wheaton have increased 3.3% over the past 12 months (as of 7/31/10). This is the first significant increase since 2008. This might be a good time to purchase and could be a sign of a market "bottom".

At an Association meeting in May, our Communications Director stated that "someone had suggested the association help unit owners attempting to sell by providing a marketing or sales brochure." She went on to state that was "a good idea'. However, there has been no further public discussion and no further action. Too bad! Whose idea was that? In April 2010 I made the following post:

 How Would We Stimulate Unit Owner Sales?



Comments, Corrections, Omissions, References
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I have been told repeatedly, by various members of the board "I don't read your blog". So I must assume that a concerned unit owner made this suggestion to the CD, possibly after reading my blog.

I was recently reminded of this lack of interest by a board member. This is usually communicated with a smile. Or is that a smirk? This is, I suppose, a means of telling me "don't bother with your blog, we don't read it, we will never read it, and you are wasting your time." I've stated in response "I understand and that is your privilege." It's all a choice. On a personal level, I do want to make a contribution. But there are a lot of places one can make a contribution. This association is on one level, merely a place to hang my hat. Certainly, I have no interest in making anyone do anything beyond their will, possible exception is the social compact a unit owner makes when he or she purchases, and of course there are the Bylaws and Rules and Regulations. As I once told a neighbor, this blog might ultimately become the basis of a book. However, making a contribution seems to be something that is not a demand, or is even a request here.  In an association where about half the unit owners don't vote, I suppose that the current state of affairs is exactly what the unit owners want. It's a form of collusion. We drive into our garages, sequester ourselves in front of the TV or whatever, and we pay our monthly fees; "We've done our part, so leave us alone."

The question I must ask is "Who loses and who benefits, or, what are the benefits to Unit Owners by this stand taken by the overall Board?" The next question is "What is the real commitment of the members of the Board of Managers of BLMH?"  I suggest that the association and the unit owners lose in the current arrangement.