Thursday, May 11, 2006

Special assessments

I just heard of the largest condominium special assessment of my legal career...$27,000 per unit. Wow! Can anyone top that? And it's so sad for unit owners in that type of building. If I were buying or representing a Buyer I sure wouldn't buy into that building, probably even if the special assessment were paid pre-closing by the Seller. Doesn't this sort of lay a whole negative light on the building as a whole? And then the flip side is that the association will likely file suit against a developer or whomever so now there will be this pending litigation that will hit unit owners too for legal fees.

My advice: NEVER BUY A NEW CONDO OR CONDO CONVERSION STRAIGHT FROM A DEVELOPER!

If you want a newish place, buy a newish place but buy it two to three years old so that the condo association has turned over from the developer and you can see the health of the association more effectively.

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