Since January 2011, there have been 13 homes either foreclosed upon or a part of a short sale, with more likely to come. YOUR HOME'S VALUE DROPS 1% FOR EVERY FORECLOSURE WITHIN 1/8th OF A MILE!! Had there been more opportunity for homeowners to rent out thier home rather than short sale or foreclose, our property values may not have plummetted like they have.
It is time for a change! Amendment 5 to the Covenents was proposed and passed in 2007, limiting the number of homes that may be rented to 15% of the total homes in the community. The amendment was put in place to help keep up the value of all of our homes in the neighborhood by not being a predominantly tenant occupied community. I appreciate the fact that the board was looking out for all of our best interest, but times have changed and other factors are hurting the value of our homes.