MarieSkiis t1_j6b22zn wrote on January 29, 2023 at 1:29 AM

Beautiful homes, poorly built, annual assessments. A friend-of-a friend’s was assessed $250,000. It’s ongoing as plumbing is being completely replaced. We would do well to rent there (it’s cheap) and save up for a better situations. As others have mentioned. The storms, the river, the poor construction quality, etc.

#BuyerBeware

PrincipleOfMoments t1_j6basik wrote on January 29, 2023 at 2:37 AM

For whatever it is worth to the OP, the $250k number cited above is completely inaccurate. While there may have been recent assessments, and there may be assessments levied in the near future, nothing close to that number has ever been assessed or is being contemplated. It is a totally unfeasible number. Think about it - how many unit owners could even come close to affording that? And an assessment that no one can pay is worthless.

AWarTimeConsigliere t1_j6bn08u wrote on January 29, 2023 at 4:16 AM

This is correct. Live here now in Condo 1. There was a $30K assessment for repairs that most sellers are currently taking off purchase prices of their homes, but there will be additional assessments in the future as the $30K will be nowhere near enough.

Also, as mentioned elsewhere, there are monthly COA & HOA fees that total about $2K-$2500k per month on top of your mortgage/taxes.

In Condo 1, there are major leaking issues that are supposedly coming from the way the balconies were built. I live on the 7th (top) floor in a 2 floor condo and the leaking is occurring on the downstairs (6th) floor in the bedrooms anytime there is a significant rainstorm.

There is also a know rodent problem here that we seem to deal with every winter, and there has been significant mismanagement by the management company for a lot of issues.

MarieSkiis t1_j6bmwzh wrote on January 29, 2023 at 4:15 AM

It’s for one of the larger townhomes there. I didn’t personally review this person’s claim but based on another assessment for a property that I own, I can completely understand this number for plumbing replacement of the property. The figure that I heard for phase 1 of plumbing was $5m. Again, I don’t own there or attend the board meetings but I have no reason to doubt the validity of this info.