Paul Chernoff on Nostr: I once lived in a condo and was on the board. When buying a condo you need to ...

I once lived in a condo and was on the board.

When buying a condo you need to establish that it is fully funded. If reserves are not properly funded they you end up with special assessments. A $60,000 special assessment is not normal but that means that condo fees were too low for many years. Some investors love to underfund reserves to keep fees low and then plan on selling before the bill comes due.

I feel bad for the owners and the govt allowed this problem to continue.