208 N R Street Lompoc CA 93436 MLS #26000904

See attached documents – Winchester Village Condominium Large bedrooms with big closet in a nice community of 59. Condos has had some upgrades and is clean inside, in good conditions.. Price reflects poor HOA financial condition not unit’s condition. . Associations reserves grossly underfunded because of poor management of years. Complex was neglected for many years. Two major projects needed in community without funds to do them. Many buildings have roof leaks. Several buildings have termite issues. Some were fumigated years ago, but many were not. This one was fumigated. Reserve Study suggested special assessment to owners of $13,000 split in 2 payments starting in 2024 but management neglected to do anything about it. New BOD since Oct doing good job trying to bring conditions back but have hands tied with $627,000 in major projects with zero in reserve account to pay for them. Insurance costs have stressed budget to the brink of not being able to meet monthly obligations. Some community owners have donated time and money to help HOA out of hole but not enough. Price reflects state of HOA finances. Currently HOA is self-managed to cut cost of having two previous poor Community Management companies (in my opinion). Last Management company took $9,242.26 from the operating account without BOD approval leaving HOA not able to meet monthly obligations. That was Blue Horizon Management in Santa Barbara AKA Virtual HOA. They were the last management of 4 months and was a bad choice. . A lot of neglected maintenance but has started to get better. 12 buildings need roof replacement & have active leaks. Many units have failing fences that need replacement (almost all). HOA has new plan to bring conditions back where they should be but will takes years. Sale subject to buyer participating with seller doing a 1031 exchange at no cost to buyer. Long-term tenants would like to stay. Good rent and payment record excellent.

Seller is a license Real Estate Broker

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