I know what the problem is overall but just wondering if a pipe had burst somewhere or if the plumbing guys had come out to fix something and forgot to turn the boiler back on like before.....well at least its some consolation to know this is on its way to be fixed right?? isnt that why we passed the $750.00assesment? unit 125
I'm pretty sure the $750 was to replenish the depleted reserves that were down to about $4,000. Multiplied by roughly 120 units equals only $90,000. I understand the plumbing repairs will be upwards of 1 million...with an "M". 1M Divided by the 120ish units comes out to over $8,000 per. Sorry my friend, I'm afraid we are going to have to dig deep to protect our investments.
For the record, I will be against borrowing this 1M. I feel that every owner should pay up and get their own financing if necessary. Howard #60
howard you are killing me! each unit pay 8k???? jikes! I'd have to disagree with you on that one. I just hope this market turns around ASAP..as soon as I can break even on this place I am outta here...thanks for the clarification on the assesment... unit #125
If you are waiting to "break even" my friend you just might be here long enough to have to make that investment decision or at least weigh in on it.
Let's assume you owe $300,000 for a 2 bedroom here at Parkridge like many do. Currently there is a 2b2b for sale for $250. If the market dropped 20% already and drops another 20% which many would say is conservative that sale price would be $200 in 2009 or 2010. After that if the market started rising again at 5% or even 10% annually it would be 2014 or 2015 before you get back to the $300 range. Then the buyer would be smart to ask for an $8,000 discount if they do their homework. That is 6 or 7 years. If there is no hot water or even running water by then how many of us would still be living here? Would some governing body consider such conditions "uninhabitable"?
I agree these are daunting but not uncommon challenges for many home owner associations everywhere.
I read yesterday that the majority of HOA's are under funded currently at 50+ percent of needed reserves for maintenance and capitol improvements to keep up the current standard of living.
Then why did we waste money on fence repair??? That was more like smokescreen work. I am sure that cut into our reserves??? Two years is the turn around on the market going back up, basiclly one year after the president is elected, and it dosen't matter who because McCain is to liberal to be full republican, so democrat or republican, in this election it really dosen't matter....Unit ???
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I also had no hot water last night at 10PM. Again this morning at 6AM. We all know what the problem is, just not todays symptom.
I know what the problem is overall but just wondering if a pipe had burst somewhere or if the plumbing guys had come out to fix something and forgot to turn the boiler back on like before.....well at least its some consolation to know this is on its way to be fixed right?? isnt that why we passed the $750.00assesment?
unit 125
I'm pretty sure the $750 was to replenish the depleted reserves that were down to about $4,000. Multiplied by roughly 120 units equals only $90,000. I understand the plumbing repairs will be upwards of 1 million...with an "M". 1M Divided by the 120ish units comes out to over $8,000 per. Sorry my friend, I'm afraid we are going to have to dig deep to protect our investments.
For the record, I will be against borrowing this 1M. I feel that every owner should pay up and get their own financing if necessary.
Howard #60
howard you are killing me! each unit pay 8k???? jikes! I'd have to disagree with you on that one. I just hope this market turns around ASAP..as soon as I can break even on this place I am outta here...thanks for the clarification on the assesment...
unit #125
If you are waiting to "break even" my friend you just might be here long enough to have to make that investment decision or at least weigh in on it.
Let's assume you owe $300,000 for a 2 bedroom here at Parkridge like many do. Currently there is a 2b2b for sale for $250. If the market dropped 20% already and drops another 20% which many would say is conservative that sale price would be $200 in 2009 or 2010. After that if the market started rising again at 5% or even 10% annually it would be 2014 or 2015 before you get back to the $300 range. Then the buyer would be smart to ask for an $8,000 discount if they do their homework. That is 6 or 7 years. If there is no hot water or even running water by then how many of us would still be living here? Would some governing body consider such conditions "uninhabitable"?
I agree these are daunting but not uncommon challenges for many home owner associations everywhere.
I read yesterday that the majority of HOA's are under funded currently at 50+ percent of needed reserves for maintenance and capitol improvements to keep up the current standard of living.
Howard #60
Then why did we waste money on fence repair??? That was more like smokescreen work. I am sure that cut into our reserves??? Two years is the turn around on the market going back up, basiclly one year after the president is elected, and it dosen't matter who because McCain is to liberal to be full republican, so democrat or republican, in this election it really dosen't matter....Unit ???
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