Background Homeowners associations have become an increasingly important part of the American housing system. They oversee shared infrastructure, collect assessments, maintain common property, enforce community rules, hire management companies and vendors, and make decisions that can directly affect quality of life and property values. Yet the information systems surrounding HOAs have not evolved at the… Continue reading The HOA Industry Has a Trust Deficit
If you are buying an HOA or condominium management company, you already know what to look at first: revenue, EBITDA, retention, customer concentration, manager turnover, geographic density, growth and ancillary-service opportunities. The Wall Street Journal recently reported that private-equity firms are increasingly targeting this fragmented industry. The investment thesis is understandable. HOA management offers recurring… Continue reading WHAT IS A 5-STAR HOA PROPERTY MANAGEMENT COMPANY WORTH?
A beautiful condo can tell you a lot. You can see the view, the kitchen, the pool, the gym, the sales price, and almost every detail about the home itself. But there is one thing buyers often cannot see clearly: the financial and operating health of the HOA. That matters because when you buy a… Continue reading A $20 Million Miami Condo Can Still Hide Serious HOA Risk
Housing Information Infrastructure and the Next Chapter of American Housing Policy Executive Summary This paper began as a search for a single letter. Researching a letter reportedly written in 1992 by two founders of the homeowners association movement, discussed in Section 5, led to a much larger question: whether the housing system those founders helped… Continue reading The Missing Layer
LESSON #3: THE MISSING ACCOUNTABILITY LAYER Why Every HOA Has Reserve Studies and Audits, But No Stewardship Measurement Most institutions responsible for managing significant assets, delivering important services, or exercising public trust operate within systems of measurement and accountability. Public companies publish financial statements, municipal governments disclose budgets, hospitals track patient outcomes, and schools are… Continue reading HOAs UNMASKED
LESSON #2: THE GREAT HOA INFORMATION GAP Why We Know More About Houses Than the Communities Governing Them Modern real estate is built on information. A prospective homebuyer can access an extraordinary amount of data before making a purchase decision. Property records reveal ownership history, tax assessments, square footage, lot dimensions, sales history, mortgage information,… Continue reading HOAs UNMASKED™
LESSON #1: THE BIG BEAUTIFUL HOA INFRASTRUCTURE BILL What If America’s Housing Affordability Problem Is Also an Infrastructure Problem? Housing affordability has become one of the few issues capable of generating broad bipartisan agreement in Washington. Policymakers continue to debate ways to increase housing supply through zoning reform, faster permitting, expanded lending programs, and incentives… Continue reading HOAs UNMASKED™
Why One of America’s Largest Residential Governance Systems Still Operates with Limited Operational Visibility The HOA system has quietly become one of the largest residential governance structures in the United States. Today, approximately 77 million Americans live inside HOA-governed communities spanning roughly 375,000 associations and more than $11 trillion in residential property value. Yet despite… Continue reading The HOA System Evolved Without a Comparison Layer
HOA Transparency and the Missing Visibility Layer in American Housing America has spent decades debating roads, bridges, airports, water systems, and public infrastructure. But one of the largest infrastructure systems in the country has remained almost completely invisible: The HOA system. Today, approximately 77 million Americans live inside HOA-governed communities spanning roughly 375,000 associations and… Continue reading America’s Hidden Housing Infrastructure Problem:
INTRODUCTION – THE ASSUMPTION THAT HID THE REAL PROBLEM For years, one quiet assumption has shaped the culture of homeowners associations across America. Homeowners are apathetic. They do not come to meetings. They do not vote. They do not read the documents. They do not participate until they are angry, and by then it is… Continue reading WHY HOMEOWNERS DON’T ENGAGE AND WHY THAT’S ABOUT TO CHANGE
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