Tuesday, February 23, 2010

Condo Assessment Increase…

Can Chitown get a break????????

My condo assessments are increasing at least $30/month beginning April 1st. They may increase $60+/month due to my neighbors vacating their unit and subsequently declaring bankruptcy. We haven’t received any assessments since April 2009. So my monthly assessment of $225 will probably increase to approximately $285 by April 1st. Ugh!!! Our association is so convoluted. We have one main association and then I think 8 different associations for each building. So we collect monthly assessments from each unit owner and then write one check for the entire building to the mail association. My condo association consists of 8 units.

Since we didn’t get income from the unit for almost a year, our reserves are low. So, not only should each of the unit owners pay $30/month to cover the one unit until we receive payment, we really need to put up an additional $15-20/unit to put our reserves back to a reasonable level.

Our association of 8 units is meeting this Wednesday at my home and then the main association meeting is a few weeks away. Oh boy!!!

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