What is the name of your state (only U.S. law)? Louisiana
We bought a house a little less than two years ago in a subdivision where the developer still held ownership of many of the empty lots. He went bankrupt. The lots were recently sold to another developer who now, because he holds a high percentage of lots, has changed the covenants. The houses in this subdivision are all large and expensive. This developer sells cheaper houses (less than half the price of the ones that already exist here) and they are smaller. The covenants were changed to accommodate the square footage of the smaller houses. Everyone is upset and feels that our property values will be very much decreased as a result.
When we bought our house here in 2012, we had no idea that covenants could be changed and that smaller, cheaper houses could be built here. Is this legal? We are having a homeowner's association meeting next month. Today was the first we heard of this issue.
We bought a house a little less than two years ago in a subdivision where the developer still held ownership of many of the empty lots. He went bankrupt. The lots were recently sold to another developer who now, because he holds a high percentage of lots, has changed the covenants. The houses in this subdivision are all large and expensive. This developer sells cheaper houses (less than half the price of the ones that already exist here) and they are smaller. The covenants were changed to accommodate the square footage of the smaller houses. Everyone is upset and feels that our property values will be very much decreased as a result.
When we bought our house here in 2012, we had no idea that covenants could be changed and that smaller, cheaper houses could be built here. Is this legal? We are having a homeowner's association meeting next month. Today was the first we heard of this issue.