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only publishing my interpretation of my situation. You should seek your
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I just this week decided to pay off my judgment from the
Small Claims Court case for unpaid condo association fees this
week. That was a lot of money. I have not paid the judgment yet,
but I have sold enough stock to pay it in full. I now just have
to wait for the stock sale transaction to settle, then move the
money to my checking account and then write a check to the condo
association. I was going to do that next week. The money should
have time to clear and move by then. Now, of course, there is a
big hurricane storming through the Gulf of Mexico. Although the
latest tracks show it heading to New Orleans or west of New
Orleans, it still could very easily turn east. Hurricanes are
notoriously predicable only to a certain extent. The situation
reminds me a great deal of when I got wiped out by Hurricane
Ivan in 2004 which obviously has not helped a great deal for my
current financial distress.
Hurricane Ivan struck the
area in September of 2004. It did tremendous damage. The house
that I was living in at the time flooded to the light switches
on the first floor. The whole island was the same way, every
house. The even had to demolish one of the condo high rises on
the Gulf as its foundation had been washed away to such an
extent that it could not be saved - now that is a lot of money
when you have to knock down a high rise condo tower.
It took me about two
years before I could ever move back into my house after that
disaster. In the meanwhile, I had to live somewhere so I bought
my townhouse in Montgomery - three hours inland. I still have
that one and have it rented, too. I was so disgusted with the
condo association (the same condo association that took me to
Small Claims Court for unpaid association dues). They refused to
fix my condo and maybe five others in the complex due to
technicalities over insurance. I had to end up fixing my house
with my own contractor. I did have some insurance money to help
with the expense, but it was not very much. I did have some
money from FEMA as well - a whopping $438 (thanks FEMA).
Some people ask why
people in those situations move back to the same place that got
wiped out. It is very simple - money. You still have a mortgage
on that property whether you can live there or not. Plus, you
usually have ties to the area as far as employment, friends and
family. It is money, though, that is probably the biggest
determining factor.
I am sure that all of the
hurricanes that we have had in this area over the past few years
have not helped consumer confidence in local real estate
properties. Plus, Florida has some problems with outrageous
property taxes and insurance costs. These three factors on top
of the poor credit markets will probably keep the local real
estate market along the Gulf Coast depressed for longer than the
rest of the country. I cannot say that I have much confidence in
a quick recovery... and hurricanes only add to the delay.
I think I will hold on to
the money for the Small Claims Court judgment until after I see
where this hurricane is going to make landfall. Wish me luck...
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