Quote:
Originally Posted by I-Hate-Hulse
Yeah, that's a tough one. Personally I'd rather the Board Special Assess a reasonable lump sum amount to keep fees at a reasonable amount. The reality is that there will be a lot of people that either 1) Can't afford it 2) Don't want to as they plan on selling in the next year.
Is also kind of moot as anyone doing their homework reads the minutes and sees a history of special assessment.
Finally - it's not like Boards jack fees for fun. Clearly something expensive has occurred. Could be an underfunded reserve report (elevators usually clobber Boards) - that'd be my guess.
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This isnt always legal. The condo fee has to be set based on the reserve fund study plus operating expenses. I also think that by the second year of regular special assessments you would kill resale more than high fees. The only way you can really do it is to find a way to sandbag the reserve fund study when it is done. This is done by doing resolutions to say that windows and doors are owner responsibility. Or just by pushing the company doing the study to use he lower end of the range for inflation.