Weekly Condo/Loft Market Report - City of St Louis - March 14, 2008

Here is some in interesting news heard about Michelson Organization - the developers of Mill Crossing Condominiums in Creve Coeur, Missouri.  Michelson, which still retains controlling interest in the condominium association, has been mismanaging the association's budget here for at least the last three years and the owners here feel quite taken advantage of.  

Michelson has failed to practice minimum accountability to unit owners in regard to how condo association monies have been spent. This year they presented a budget which raised condo dues by a whopping 4o percent over 2007!  Once unit owners demanded an accounting, more than $90,000 in efficiencies were removed from the budget.

Further, Michelson has imposed a special assessment of $77,000 against owners for building repairs which is unauthorized and improper according to the Missouri Uniform Condominium Act (UCA).  Further, Michelson is guilty of breach of By-Laws of the Association by maintaining a sales office in the clubhouse (unrelated to condominium association matters) and adding clubhouse rental fees to condo association dues.

Michelson has made no offer to meet with the owners. Their attorney's response to these issues and several others that have been raised reflects a dismissive, arrogant attitude that the owners' concerns have no merit and are not worthy of further discussion. At this time, it appears that legal action is the only recourse.