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  #4061  
Old Posted Feb 19, 2019, 10:50 PM
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That about sums it up. Those special assessments are a hard pill to swallow.

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  #4062  
Old Posted Feb 21, 2019, 9:22 PM
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Originally Posted by thegoodlife View Post
It’s not just getting developer, it’s the contractor, possibly the architect and possibly the city. Could be everybody taking a share of the blame, either way it’s not good.
That’s one of the beefs I have with condo projects or multi family projects, too many things to go wrong, and then there is a lot of finger-pointing afterwards.

With a detached home, the developer can screw up but the cost of the mistake is not near as much and can generally be fixed or compensated for easily. With multi family, and error can be so costly that it can put the company out of business, that’s why they do these separate shell companies.

Last edited by Bad Grizzly; Feb 22, 2019 at 12:59 AM.
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  #4063  
Old Posted Feb 21, 2019, 11:45 PM
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Originally Posted by Bad Grizzly View Post
That’s one of the beef so I have a condo projects or multi family projects, too many things to go wrong, and then there is a lot of finger-pointing afterwards.

With a detached home, the developer can screw up but the cost of the mistake is not near as much and can generally be fixed or compensated for easily. With multi family, and air can be so costly that I can put the company out of business, that’s why they do these separate shell companies.
Absolutely. And don't forget that with a condo you are given the perception that the condo board and property manager are looking out for you, but as this example shows, they are not. Nothing happened till a decade down the road, at a point it will be very difficult to catch the culprit's tail.
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  #4064  
Old Posted Feb 22, 2019, 12:36 AM
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Originally Posted by suburbia View Post
Absolutely. And don't forget that with a condo you are given the perception that the condo board and property manager are looking out for you, but as this example shows, they are not. Nothing happened till a decade down the road, at a point it will be very difficult to catch the culprit's tail.
Why would people on the condo board screw themselves over?
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  #4065  
Old Posted Feb 22, 2019, 12:41 AM
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Originally Posted by Corndogger View Post
Why would people on the condo board screw themselves over?
Perhaps because they don't know any better, and possibly because it allows them more time and opportunity with the cookie jar. Fact of the matter is, with a condo, no one checks over the entire complex when it is handed over, and the initial board assumes all must be well. In fact, for the first while, often the developer takes care of management costs, making it "easier" for all of the new owners.

At the end of the day, however the above is cut, one thing we know is that every year, condo owners have equal opportunity on 500 chances to win a $20K+ special assessment.
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  #4066  
Old Posted Feb 22, 2019, 1:07 AM
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Originally Posted by Corndogger View Post
Why would people on the condo board screw themselves over?
The condo board wouldn’t screw themselves over on purpose, but as Suburbia mentioned, the board members aren’t experts at managing buildings ir properties (though many of them think they are) and they don’t know any better.
Ancient Chinese proverb - Nothing’s more dangerous than a group of people who have just enough knowledge on a subject to believe themselves experts.
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