Contemplating $10M condo repair

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

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 the costly 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.) When I asked my agent about it she said that agents have nothing to do with the disclosures -- the seller was responsible for giving me this information in the minutes. She was my friend and I feel betrayed that she did not take more...