About - History of Green Cay Village

Green Cay Village - 2007 - 2009 - The Great Recession

Foreclosures - By 2009 foreclosures were rampant all across America. Some homeowners had overextended themselves for years by taking out one second mortgage after another to support an otherwise unaffordable life style. As a new community, Green cay Village was spared this fate. And because the Developer had included an anti speculation clause in the townhome and condo documents, few if any homes were bought by speculators.

Still, 2006 and 2007 were dangerous times for home buyers and particularly first time home buyers trying live the American dream and catch the train before it left the station. So here and elsewhere, some reached beyond their means. And some later fell on hard times, often through no fault of their own.

By the end of 2009, 9 out of 70 owned townhomes (13%) and 12 out of 94 owned condos (13%) were in some stage of the foreclosure process.

HOA Delinquencies - HOA fees are the lifeblood of association communities. Without these fees the lawn would not be mowed, the pool would not be cleaned, the property would not be maintained, and a myriad of bills would not be paid including the TV bill, the water bill, and the electric bill for the common areas. In quick order the community would collapse into an uninhabitable  collection of buildings.

Unfortunately, people who are not able to pay their mortgages are often not able to pay their monthly HOA fees which range in 2010 from $263.18 per month for townhomes and $244.00 to $301.00 per month for condos depending on the size of the unit.

By the end of 2009, 14 out of 70 owned townhomes (13%) and 18 out of 94 owned condos (19%) were delinquent in the payment of their HOA fees by more than one month.

Green Cay Village Foreclosures & HOA Delinquencies
2007 - 2010

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