I moved in to my condo in May 2018. We have had three increases to our condo dues since Feb 2018. We received a president's report stating we need $2.6 million dollars in building/property repairs/updates. This property was built in 1979/80. The unit owners have been informed that a special assessment(s) would be necessary in order to make this happen. None of us are clear as to why these repairs have been neglected for so many years. I have an email from the president of our condo association board stating the FIRST special assessment will be approximately $2k, and that we will most likely see a second special assessment later this year, and, quite possibly in 2022. The board also admitted in Nov/Dec 2020 time frame that there has never been a reserve fund, and they need cash flow. There are 185 units. I am puzzled as to how $55,500/month in condo dues cannot help with some of these repairs. I cannot seem to get a clear cut answer.
Please drag open the comment box from right bottom corner to make it larger.
Please note that blog comments and postings are not legal advice, rather only the opinions of our readers.