Bank Owned Condo - Problem #2

Bank Owned Condo - Problem #2

First the HOA did an assessment of $5000 on every unit. Then the next year they doubled the dues on everyone!

13759 NE 69th St #719, Redmond 98052
This is the 60-01, one of the largest condo complexes in our area.

In 1999 the association hired a company to give them a thorough review of all that needed to be done to the area. A list of priority repairs and upgrades was made. The total price tag was around $4,000,000! (Yes - Four MILLION!)

The next year the HOA levied an assessment against every single condo to replace the plumbing. It was $5,000 to $6,000 on each unit. That caused a lot of hardship for a lot of people, and there was a lot of howling over that one.

The board was not finished. The list of things to do included replacing all the elevators, redoing the landscaping, resurfacing all the roads, painting the entire complex and some siding issues.

So in 2001 the dues were pretty much doubled on every single unit. The amount of dues depended on the size of the unit, so the 16 larger three bedroom units were especially hard hit - with dues approaching $700 per month. A large proportion of those units have gone to foreclosure since then.

At one point there were 4 lawsuits against the HOA, and there was an investor who owned 20 or more units who simply refused to pay.

We received this one bedroom condo for sale this year. It seemed like we had to lower the price dramatically to sell it, but we did sell it, finally, for all cash.

 

 phillengteam.com

The Phil Leng Team

206-409-6600

pleng@kw.com

http://www.ilovekirkland.org

http://www.kirklandhomevalues.com

 
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Phil Leng Team Residential Real Estate Experts & Bank Owned Property Experts, Your Best Interests Are Priority One 206-409-6600 (Keller Williams Eastside Market Center) Rainmaker_large

Phil Leng Team Residential Real Estate Experts & Bank Owned Property Experts

Your Best Interests Are Priority One 206-409-6600

Kirkland, WA

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Keller Williams Eastside Market Center

Address: Kirkland,Redmond,Yarrow Point,Overlake, Medina, Clyde Hill, Bellevue, Mercer Island, Kirkland, WA, 98033

Office Phone: (206) 409-6600

Cell Phone: (206) 317-3300

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