Good advise Greg. HOAs are even taking a hit from the empty units as a result of foreclosures, but liability keeps them on their toes. They HAVE to spend a certain amount of money just to keep from getting sued. Although they are often annoying to deal with, I'm always thankful for their existence when construction slows.
It's kind of scary out there. Even people that are not taking a hit from the economy are pulling back the reins when it comes to spending. People are afraid of the economic misery they are seeing around them, and are less likely to buy what they don't "need".
This is one of those times when being dynamic and flexible is so important. The strong and the lucky will survive.
Good luck out there!
