With 2007 gone, what is in store for 2008?

2007 brought with it many interesting events that unfolded throughout the Country. Condominium and community associations were certainly not exempt from the tumultuous conditions as they found themselves struggling to manage through the loss of assessment revenue as many homeowners lost their homes to foreclosure.

On the legal front, however, condominium association boards breathed a little easier after the Twin Rivers case was decided wherein the New Jersey Supreme Court ruled that the association was acting as a municipality. While individual constitutional rights are fundamental, they are not absolute as citizens may waive or curtail those rights.  Such a case exists in a common interest ownership community where the court stated that owners enter into a contractual relationship with the association in which they agree voluntarily to abide by its rules. 

2007 also saw many communities splashed on the local evening news as neighbors bickered and squabbled back and forth over various issues.  Such a case that gained local attention in Genesee County involved an association board which is suing a group of co-owners over a pseudo association website.  As these types of issues carry over into 2008, one writer put the outlook this way, “This will be another bad year for the image of community associations.” 

Will 2008 be a bad year for condominium and community associations?  It does not have to be.  It is imperative that board members and co-owners stay informed and on the cutting edge of economic reports, legal news, and trends in condominium and homeowner association communities.  A well-informed society has the power to make 2008 a fantastic year to remember!

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