Many specially designed community based fully enclosed gated neighborhoods are deteriorating due to the subprime lending fallout. Why is this happening and how could it be any worse than new housing tracts with foreclosures on every street? Well, in some cases it is not worse, but just as bad. In other places it is quite serious and far worse. How is this happening in these prized and desired neighborhoods?

What has happened is that in these gated communities there may be as many as 10 homes for sale with the exact same floor plan. If the gated community only has 4-5 different floor plans and 600 to 3500 homes inside those gates, then they buyers will low-ball until one of the homes with the floor plan they want decides to sell. In several gated communities in areas such as Sacramento, South Florida, Riverside County CA, Phoenix and Texas that we studied, the entire HOA was worried about community collapse.

What do I mean by community collapse, well we noted less than desirable gate guards, no gate guards, graffiti, broken sprinklers, empty residences; foreclosures, walk-aways and seasonal residents, with run down yards. We witnessed club houses in a state of disrepair and homes simply not selling, those that did sell sold for speculation and for much less than they should have.

Of course, this is a supply and demand issue. And the bank owned properties, well they are not interested in putting more money into these units, when they are ready to hit the auctioning block. Gated Communities in crisis!

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