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Whew...so glad we sold our condo!
So, you may recall that our condo took about 10 months to sell (the new owner took possession last Sept). My worst case scenario was that we would be stuck with it and have to rent it out to cover the mortgage, taxes and condo fees. I was relived when it finally sold.
Anyhoodles, in the 5 years we lived there, we spend about $15k renovating the inside andother $5k on the outside, the condo fees progressively went from $192 to $430, then back down to $319 when we sold it, and the taxes were over $3500/year...not to mention that we paid over $20k in special assessments! Yeh, it was a money pit, the board were morons, and the management company were crooks...we were glad to be rid of it.
When we got the last big special assessment for $13k we were told by the management company that the work being done was part of a 5 year maintenance plan and that there would be no increases to condo fees or any special assessments for that same 5 year period...that was in Nov/08. Well, guess what? Turns out that ALL of the money we paid is GONE, only a few of the jobs were done, the management company isn't returning phone calls, the condo fees just got hiked up to $425, taxes are up another $150/year, and they were just served notice of a special assessment for $5500!
Apparently, the last condo association meeting spilled out into the common areas of the complex, lots of nasty things were said, threats...it was a bad scene. I am SO glad that we no longer have to deal with that. Sounds like a bunch of the residents are getting lawyers...big drama. I have never been so happy not to live there anymore! lol
Re: Whew...so glad we sold our condo!
wow! that's horrible. We never paid more than $196 for our condo fees, and that included gas. And we had $120k in a contingency fund, and everything was well taken care of. Great landscaping, nature walk on a creek, lots of "community" rooms including a library, weight room, sauna, hot tub, etc. No special assessments ever.
I'm shocked that a strata council could be so poorly run! If I lived there I would be demanding to know what happened to my money... sounds like someone might have their fingers in the pot.
Wow!! I have a friend who is paying more then that in condo fees because of ongoing issues, he's not happy either. He wants to sell but knows he won't get anyone to buy right now. There is even a lawsuit against the developer.
What a relief you managed to sell before this crazy hike!
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That sounds like a nightmare!
We are so lucky to be in the complex that we are in now. They have a lot of money in reserves, haven't needed a special assessment in years, and the condo fees are low.
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With condos it is really hit or miss.
The first place I bought was a tiny 400 sq ft studio. My condo fees were $125 a month. I was on the board with a bunch of morons and horribly run property mgmt firm. We had no money in reserves because it was a condo conversion and the realtor basically lied to us all. Before I sold my condo fees were raised to $175 and I had a special assessment of $600. I knew there was another one coming in a couple months of $800 and told the buyer that. Well I ran into a person who still lives there a couple months ago and she told me that they have all been assessed $10K and up and that only the first out of 3 planned. The building was old and needed alot of work. I was soooooooooo grateful that I sold.
On the other hand my dads townhouse that he rents out has over half of million dollars in the reserve and are continually updating the complex and has very low fees of $150 for a townhouse!
I always recommend to my friends before they buy a condo that they do serious research into the board and property mgmt firm before buying!