I regularly run real estate web site search engines to check out potential investment properties and prices in the Denver metro. Recently I thought someone had made data entry mistakes for a southeast Denver condominium complex called "Woodstream Falls". $15,000 for a one bedroom with almost 1,000 square feet? Under $30,000 for two-bedroom condos with nearly 1,200 square feet? The monthly HOA dues also cover water, heating and air conditioning. How could this be? Woodstream Falls appeared to be the bargain of the century.

I decided to drive from my home in Castle Rock for a look. At the intersection of Illiff and Parker roads nostalgia came over me. Two decades ago I was single and lived in this part of town. The office buildings and shopping centers in the area are still beautiful. Caldonia's, perhaps the night spot during the 1980's, is still here, looking good with its outdoor patio full of patrons.

I continued west on Iliff just past Parker and approached Woodstream Falls, a place once considered cool; a place near the Highline Canal, near Cherry Creek Country Club; a place within a hub of shopping, dining, hanging out.

Though the entry waterfall is still operational, a glimpse of what once was, the rest of the complex presents a sad impression, an eyesore. Pavement is crumbling. Grass is dying. Signs are faded. Exterior paint is flaking. Balconies and parking garages are dilapidated. The mood appears somber. What happened?

I parked my car at the abandoned, boarded-up clubhouse to read notices posted on bulletin boards outside. They were minutes of HOA meetings, but offered no clue about what had made this once beautiful complex terminally ill.

I flagged down a man walking his dog and asked if he would share.

This man bought his condo in Woodstream Falls years ago with his Veterans Administration loan benefit. He explained the complex, built in the 1970's, includes a central HVAC system that is outdated and in desperate need of replacing. He said in order to replace this central, shared heating and cooling system, each condo was assessed a special fee by the homeowners' association to cover the costs, expected to approach $9,000,000. He and other one-bedroom owners were told their shares of the expense would be $15,000 each. Owners of two bedroom units have been assessed $20,000 to $25,000 each.

This man does not have $15,000 to pay his assessment. As he explained, "That is half what I make in a year."

Owners are bailing out in droves, the man told me. That would explain the real estate web sites showing so many HUD-owned units and why HUD is willing to sell for $15,000 to $30,000 (subject to buyers paying the special assessments).

This owner said he intends to hang on. However, he said, eventually the HOA will slap a lien on his home and he will be forced into foreclosure, as he predicts the majority of homeowners in Woodstream Falls will, unless they are able to locate suitable legal counsel and fight, which would surely be costly.

This is a travesty. Though I understand homeowners in these situations bear primary responsibility, surely the city of Denver bears a bit, as well as the county and state. What is happening in Woodstream Falls could have a devastating impact, and not just on the unfortunate owners who got stuck with a bad shared HVAC system. The demise of this once-beautiful complex will lower property values for miles around, attract crime, compromise the safety of citizens, diminish the vitality of a great corner of our metro.

As I approached an exit of the shell-shocked complex I spotted a pile of toys, notes and signs commemorating a child. A five-year-old boy was shot and killed by his father at Woodstream Falls this month; a deranged father who then turned the gun on himself. The despair this community must feel is astounding.

The owners and residents of Woodstream Falls are in crisis. If I lived there, I wouldn't miss an HOA meeting. I'd also be at city council meetings, and in contact with every grant-giving entity from city to federal levels. Letter writing campaigns to representatives at all levels of government can be highly effective. Picketing might be in order and attempts to organize investment groups to buy abandoned units. A thorough search for pro bono legal counsel could be effective. Resident task forces could search for answers as well as paint the deteriorating garages, decks and front doors while they wait. Maybe someone needs to tap on the door of the mayor.

Can Woodstream Falls be saved? Who cares?