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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Think4Yourself who wrote (104796)	2/13/2008 3:27:57 PM
From: inchingup	Respond to of 306849

Please don't put all condos in the same basket. I own a very comfortable condo at the top of a home that was converted some 12 years ago. There are a total of eight 2 and 3 bedroom units in the complex. The views from the condo and decks overlooking Lake Michigan (across the street) are incredible. I also am the head of the condo association and have been for 10 years. 8 years ago we raised our fees from $50 to $100 per month. Out of these fees we pay insurance, snow removal, electric, hot water for our FREE (no coin operated) washers and dryers, lawn care, garbage pick-up, improvements, and misc. maintenance. We have never had a special assessment even though we have paid $1000's for sidewalk replacement, driveway sealing, new washers and dryers, electrical and plumbing work, landscape improvements and other such items. This year we will pay $3000 for roof repairs (as you noted) and that will come out of funds we have saved. The building and landscaping are in "as new" condition inside and out. We have 5 garage doors that are always closed when not in use. I cannot even fathom how or why condo fees would be $300-1000 per month. The sad part is that I moved to this condo from a different one where the monthly fees were $25 and included all the above with the exception that there were no garages. "You get to pay your mortgage, association fees, taxes, and insurance. If you ever get ahead they whack you with an assessment for a bunch of new roofing in another part of the complex because the last contractor did shoddy work and no one checked who was qualified to know. Top that off with the fact that you have neighbors on the other side of two or three walls and can't change anything outside without written approval from the association. You might even be blessed with a common garage and senile old neighbors who leave their garage doors open for days at a time."