My apartment complex is hit hard by recession

Discussion in 'Politics and Religion' started by Folster, Mar 6, 2009.

  1. Folster

    Folster The system doesn't work.

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    http://www.azcentral.com/business/articles/2009/03/02/20090302biz-apartments0303.html
    I live in the Coves at Newport Landing in Glendale, managed by Bethany Group. Management used to be solid. Landscaping and maintenance was daily and the the common grounds were always clean and in order. There was even roving parking lot security.

    I figured something was wrong in the fall when landscaping didn't seed the winter rye. Landscaping and maintenance has been gradually declining to the point where, the pool is green, dead leaves are everywhere, the grass is dead, weeds are knee high, and light fixtures are busted. A month ago, every resident received a notice that water was going to be shut off due to non-payment (water services are included in rent). Rivals complexes have caught wind and have been soliciting residents with specials for our complex.

    Our lease expires in October 2009, so we might be stuck here for a while unless they violate the landlord/tenant act. In my mind they have already by not keeping up the complex (we pay for a clean well-kept complex that it used to be). We'll probably talk to one of the rival complexes. I'm sure they would be more than happy to inform us of what are rights are. There is supposedly an informational meeting Sunday morning at my complex, so we shall see.
     
    Last edited: Mar 6, 2009
  2. Avondale Red Rage

    Avondale Red Rage Just wondering...

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    I'm guessing since they stopped paying the service providers (landscape, pool, etc.) they reduced your rent-right? :sarcasm:
     
  3. Divide Et Impera

    Divide Et Impera Registered User

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    You're probably right that they have already violated your contract. Be careful with other complexes, though. This is not an isolated problem. You might want to do some deep research into the solvency of the ownership group of any potential complexes. Right now, it sucks to be a homeowner and it sucks to be a renter - apartment or house. Shantytowns II is coming around the corner....
     
  4. Gaddabout

    Gaddabout Plucky Comic Relief Contributor

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    I would call the State Department of Real Estate and ask for the Landlord/Tenant hotline. Seek advice to see if there's a way out now. Better to move now than to wait for the thing to collapse.
     
  5. ajcardfan

    ajcardfan I see you. Contributor

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    I don't know. I still like having a house.
     
  6. Divide Et Impera

    Divide Et Impera Registered User

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    I should condition that. If you are in a buying position to purchase a primary residence, this is a good spot. If you are an investor or you are in a home you have owned for more than a year or if you are in a position where you need to sell your home and you have a note on it, it's a sucky place to be....
     
  7. 40yearfan

    40yearfan DEFENSE!!!! Contributor

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    If you have a second home and you can possibly hang onto it, do so. Rent it out.

    When this thing turns around again, property values will be the first thing to go back up. If you can hang on for a year or two, you might get your money back. If you can hang onto it for 4 or 5 years, you'll make a tidy little profit. Hopefully, that is. :crossesfingers:
     
  8. LVG

    LVG Who?! Contributor

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    I hope you're right, 40. I think this is going to go on for another 3 years. Property prices to recover in 7-9.
     
  9. Divide Et Impera

    Divide Et Impera Registered User

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    :yeahthat:
     
  10. Southpaw

    Southpaw Provocateur aka Wallyburger Contributor

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    Maybe the renters can organize and treat the place like a commune. Pool their resources and self maintain. I really believe that the good old days are gone. No one will take care of you but yourself. Novel idea, but the caretakers are the first "luxury" to go.
     
  11. Brian in Mesa

    Brian in Mesa BIM™ Contributor

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    :confused:

    Why would that suck?
     
  12. nidan

    nidan Oscar Contributor

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    Folster in a commune, whats next ... Russ agreeing GW is real :)
     
  13. bankybruce

    bankybruce She is stronger than you! Contributor

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    If you are going to rent, rent a house through a property management company. You have a lease with them not the home owner, so if the home owner gets foreclosed, the property management was the one holding your deposits and will refund them the moment the house is foreclosed on. Happened to the wife and I and was very easy to deal with. The only that sucked was we only had 30 days to get out once we got the notice from the bank. Not loosing $2000 made it worth it. We have since purchased a house that is the same size and cheaper than renting.
     
  14. 40yearfan

    40yearfan DEFENSE!!!! Contributor

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    Good going bb. If anyone is contemplating buying a home, the pricing will never get much better than it is right now. If you have the means and you are willing to look hard and do some fix-up, there are teriffic bargains out there.

    Sure beats putting your money in the stock market.;)
     
  15. Divide Et Impera

    Divide Et Impera Registered User

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    Because if you bought at that point or before in the market, you are seriously underwater right now....
     

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