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I was going to just update my last post but thanks to Brian and Mashimel27 this is on a whole new level. I'm sure we have all felt some sort of deception since moving into MV but this one takes the cake. Brian posted this craiglist link, http://orangecounty.craigslist.org/apa/588075766.html. That's right, they are trying to attract renters to the empty condos. As Mashimel27 pointed out this is a "No, No." How can we expect this place to get better if we let the converters turn parts of it into an apartment complex? I was going to say that the board shouldn't allow this but I realized that the converter is the board! Please voice your disapproval on this matter.
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Wednesday, February 27, 2008
Timeout!!! Converters Trying to Fill Empty Condos with Renters
Posted by Cyrus at 2:21 PM
Labels: FYI, The Converter
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16 COMMENTS:
Yeah, this is not good. It was pretty bad for us who were around when the conversion was just starting. You have the new proud homeowners hoping that the community / property would increase in value and the "renters" who really don't care much about the property. Not good at all.
On the other hand, you do have people who buy these units and rent them out. Though, I would like to think that homeowners who rent their unit out would exercise better judgement when selecting tenants than the converters.
This is terrible news. However given the character and poor track record of the converter I am not suprised.
So then will the converter be paying the association fees on those 14 units? I would hate to think that we are all going to pay for the renters to enjoy all of our association perks while the converter collects his check without paying itno the pot...
Cyrus and MV Residents,
Spencer here (a Santiago Street Lofts resident). My day job is in real estate sales, so I know a little about this subject.
Can one of you review your CC&Rs document? It may have some clause in there regarding renters.
I know here at SSL, we are not supposed to rent out our units (however, many of us know of units that have been rented out and for some reason this clause is not being enforced).
SH
Also, most HOAs have a ratio for homeowners vs investors that is not supposed to be surpassed.
Sometimes this is just in the beginning of the sales phase and sometimes it is indefinate.
SH
This is very disappointing to hear that a place that we call home kept in such poor conditions. Does this mean that dumpter will still be occupying the parking lot as long as the converter is renting places out?
I'm a lawyer and will take a look at the CC&Rs and see if it says anything about this. I'll also check what it says about the converter's presence on the board as well.
I am not happy about this, and it especially stings when I saw the rent they're charging for a 2 BR/2 BA is less than I pay for my 1 BR/1 BA mortgage! But I vaguely remember reading something about the converter retaining the right to change their mind about rentals in the mountain of papers I signed when I purchased. Convenient that they can just change the rules.
Spencer,
Thanks for the tip and Sarah hopefully you can get to the bottom of this.
Just to add something to think about since I introduced this whole thing: would you rather have the converter rent a small number of units out for 6 months or would you rather see them sold for 50-100k less than what you paid not so long ago? I personally am more upset by the foreclosures occuring in our community.
Yup - I called and they are renting them out. Is there anything we can do? All we can do is go to the next HOA meeting and voice our concerns. But, what remedy do we have?
It's funny how you all have only negative comments about RENTERS. I do seem to recall a recent post which complained about "THE POOP SHOOT BALCONY" which if I am not mistaken (based upon the post it was in)is a HOMEOWNER and another that says to "AVOID THE VOLLEYBALL COURT AREA, LOTS OF POOP THERE" - again, HOMEOWNERS.
But yet its RENTERS that are lowering your home value? Hmmmm, last I heard in the news, the whole real estate market is on it's way downhill. Hence the foreclosures you mentioned occurring in the complex.
Please, stop blaming RENTERS for the problems, sometimes HOMEOWNERS are just as bad if not worse because they feel they have a right to do whatever they want because they pay assoc fees. Just because they are HOMEOWNERS doesn't automatically mean they care any more than anyone else about the community in which they live. Believe it or not, some RENTERS really do care about where they live & that is exactly the reason some choose to live in a community such as this. Unfortunately, not everyone can afford to purchase a condo/home but still want to live in a nice community. Is that so wrong?
And I'm sure you have not gone door knocking and surveyed each and every unit to see if the resident is a HOMEOWNER or RENTER. There are many people who buy condos specifically as an investment property/rental. You just may be surprised at the actual number of RENTERS who live there in peaceful co-exsistence with you.
And gman, how do you know that "the converters" are not being discerning about who they approve as a tenant? Sometimes HOMEOWNERS/landlords only care about getting their rent check on time. Doesn't always mean a good, responsible, caring neighbor.
Anonymous Renter,
I understand where you are coming from being that most of us were once "renters" at some point. I hope that the generalizations about renters inspires you to prove others wrong.
The fact that you read and participate in this blog shows that you have pride in where you live and for that, I commend you.
But the sad fact is that you are an anomaly in the world of renters.
Think about the last you rented a car and didn't care if you hit the curb or pulled a "Dukes of Hazzard" move in it. It's because at the end of the day, you give the car back and it's someone else's problem.
We here at the Santiago Street Lofts have our fair share of renters. One couple renting out of ten that were renting here (at the time) took part in the community; striving to make it a better place for all.
I was very excited and happy when I got word that they decided to buy here. They really do make a positive difference.
But the other 9 units were occupied with folks who don't socialize or take part in the community. They didn't pick up their dog's poo, bring in their trash cans or bother to meet any of the other amazing people that live here (The aLoft folks were also an exception).
It's like that everywhere you go. But don't let generalizations draw lines in the sand between you and homeowners.
I just recently found out that the converters are renting the available units. I met one of the renters because I greeted and asked if they are our new neighbors. The guy said that they are only renting from the converters. To my surprise, I asked who is their contact. The guy said to call AISHA at (951) 218-7712. I did that and spoke with Aisha who confirmed the fact. I was left speechless and upset. I am very concerned about the maintenance and safety of MV.
Can someone please tell me if we, as homeowners, have a say on this? Thanks!
WHAT? WHAT? WHAT? RENTERS??? I AM NOT AGAINST RENTERS BUT THIS IS SUPPOSED TO BE AN EXCLUSIVE COMMUNITY OF HOMEOWNERS. IT WOULD BE UNFAIR FOR HOMEOWNERS THAT PAYS HOA MONTHLY AND HAVE RENTERS USE OUR COMMON AREAS. FYI RENTERS CAN GET AWAY WITH ALOT OF THINGS BECAUSE THEY DO NOT HAVE A CONTRACT AGREEMENT WITH RULES AND REGULATIONS JUST LIKE HOMEOWNERS DO WHEN WE PURCHASED OUR PROPERTY. VOTE NO TO RENTERS....CONVERTERS ARE OBVOUSLY INSANE FOR DOING THIS!
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