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By William P. McMahon and Jeff Evans

This article first appeared in The Communicator, Spring 2021. To read more, click here.  

Amenities for any community are important as they define a community’s purpose, its mission and what residents it is attempting to attract. If a community is trying to appeal to families, seniors, etc., it will offer a variety of amenities, such as dining, recreation, health care access, social programs, etc. For most communities, maintaining and continually updating facilities and programs is a never-ending challenge.

The original developer of a community will freely invest in amenities that will attract first-time homeowners. And, the marketplace demands highend amenities to be successful. The trouble is that in 10 or 20 years these amenities deteriorate and consequently depreciate. Few residents get excited about spending money on worn out amenities. So the value of properties begins to decline as the amenities...