I've heard that the residents of Park Lane were about to get hit with a $3MM total assesment by the COA. Said funds to be used to replace all of the windows as well as the entire fire escape. Has anyone else heard that?
I heard it was the elevator that needed to be replaced, according to the State agency in charge of regulating elevators.
I think they already replaced all the windows a dozen+ years back.
It is the elevator as well as the fire escape. My sister's in-laws were having to pay 60 grand for their part.
That is crazy. Thats one reason Id never live in a condo. You can get hit with an assesment anytime.
The Park Lane Condo is one of the few towers where there are only what, 34 residences? So a high assessment will hit WAY harder than say, a highrise that has 200+ units. :-\
Of course a smaller building means you get to know all your neighbors and disputes tend to get resolved amicably (since you know you'll have to see them everyday). A simple check of the mandated reserve study will let you know what expenses are expected in the next 5-10 years so you can avoid having to pay for them (or negotiate your purchase price down). While a new high rise may seem to spread the expenses out by more units, the charm of a smaller, older building far outweighs that concept IMHO. Having said that, $66k is a lot of dough - but if the HOA was run properly, they should have been saving a bit of money every year to put towards the expense. (but if they were like most they didn't want to pay any more than the minimum and then will act outraged at such a large expense).