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HOA scared to raise condo fees, as some units are still not sold


Question:

Our HOA is only 24 units we are supposed to have 32. Because of economic times the other units have not been built. I moved in three years ago and assessment fees were $118.00 per month. Within one year they went to 149.00. Our property management company want us to go up 10 to 15 percent. We still have 9 units not sold and I am afraid we wont sell any more units if we raise our rates that high. Is that out of line or should I raise the rates that high?


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