This query is on the behalf of myself and other owners whose association
board has persuaded slightly over 50% of the owners to approve a complete renovation of all units costing a $1,000,00 and imposing a $37,500 special assessment to be paid by raising the monthly dues from $225 to $525 because we believe the board mispresented the facts of the case to win approval. And we want to know if we have actionable case.
The board's sales pitch was that
1. some units have substantial damage to their siding that has to be repaired (due, of course, to the failure of the board, for years, to fulfill their obligation for maintenance
2. for the sake of uniformity all units will have to be redone, whether their actual state warrants it or not.
3. the project, costing $37,500 per unit and an increase of $300 in dues to $525 per month will actually increase the value of the units
4. the engineering company hired by the management company put on a very emotionally loaded powerpoint show for this as the only reasonable solution (no other choices analyzed).
The first issue is that 3 and 4 above are misrepresentations. The board has not presented impartial expertise on their allegations and realtors that I have consulted have opined that the project is not only irrational but insane because the location does not support a prices of around $237,500, and a condo with monthly dues of $525 is probably not even marketable.
My stake in this is that I own a condo with no maintenance needs, with a current market value, at best $200,000 and mortgages
totaling $184,000. I 81 years old and retired. I cannot afford this assessment - and probably, in view of the project — which fortunately has yet to be funded by a bank — can no longer sell it even at its current value. Others in this group are in the same situation.
My name is***** please call me at XXX XXX XXXX