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Answers (3)
- Alise Roberts
- Contributions:2236
The building suffers from deferred maintenance. For years the HOA ignored problems. Finally they hired a professional management company to take over. The management company found out the siding, roofing and many other items were in need of major repair. The assessment is in the realm of $5 million dollars. The issue is that the HOA is having major trouble finding a bank to loan the money to repair this. Should they find financing, this will result in about a $88,000 assessment for this future unit owner to pay. Because of this impending fee, the price has been lowered to $99,000.00 for a purchase. However, sometime in the future, there WILL be a large assessment the homeowner will have to pay. Whether this is financed over a period of time or paid up front remains unknown for now. A future buyer needs to weigh this investment wisely.
- NTETS, "Mr Caveat"
- Contributions:6436
you may want to wait until after the rennovations to buy, if alot of condos cant come up with the money and a several forclosures in the building occur, your assessment may go up, or worse, the building could be taken from the association if they fail to raise all necessary funds. if that happens your claim to the condo and the associations community property becomes disputed and the outcome is case by case
- Geordy Rostad, "geordy"
- Contributions:991
Anyone not mentioning the assessment is not telling the whole story. It appears the building is about to undergo a major exterior remodel. I've briefly looked through other MLS listings in that building and found several of the others mention various assessment amounts all in that range.
If you want to purchase the condo, add the assessment on top of the asking price and that is essentially what you need to pay. It may be a little more difficult to finance but it is probably worth the effort judging by the building's location and proximity to the water. You should email the listing agent directly if you want the whole scoop. You can reach her at:
alise @ aliseandbrit.com
If you want to purchase the condo, add the assessment on top of the asking price and that is essentially what you need to pay. It may be a little more difficult to finance but it is probably worth the effort judging by the building's location and proximity to the water. You should email the listing agent directly if you want the whole scoop. You can reach her at:
alise @ aliseandbrit.com
Why $99k cash and $88k future investment? Please explain
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