Many large condo associations are facing special assessments. Unfortunately, no condo associations that I know of have enough money in their reserves. It is possible to hire a consultant that will let you know how much money a condo association will need in the future. That analysis will show that even a really good association is underfunded by as much as 80%.
There are 2 conflicting truths. First is -- that if you put $25,000 into your condo, your condo will be worth far more than the $25,000 invested. The Second truth is, not only in this market, but any market, 3/4 of the owners won't have the $25,000 to put in. With construction costs being at a low, now is the ideal time to complete much needed, deferrred maintenance. Even so, the 100 owners of a condominium complex would all rather go to the dentist than face a special assessment.
My advice is, don't let your kids grow up to be condominium managers. If you're on the side that wants an upgrade, have you entire project layed out if you want to have any chance of getting it passsed.
In our office, Kevin and Peter really have a lot of wisdom about this subject. Don't minimize the impact of cancer on a loved one or the human drama of a special assessment movement.
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