Contemplating $10M condo repair

Home Sale Hindsight

Q: I bought a condo from an agent and she gave me the packet of disclosures and told me to read everything, which I did. I saw that there was a special assessment for $7,000 coming up, and she gave me some notes that basically state that the board does not anticipate any increases in dues.

Needless to say, since I moved here the dues have gone up from $350 to $460! At the last board meeting I found out that there is a $10 million repair project slated for 2028. The board sued the builder over this problem, and settled out of court for $1 million. Why the board didn’t fix it then I do not know. They decided to wait 30 years to fix it when, due to inflation, it will cost $10 million! (The board has only $2.5 million in reserves right now.)