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By CondoAssociation.com • February 17, 2021

We never seem to cover our repair bills with monthly dues

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.

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