UT weekend article on CityScape: smart bottom fisher?

[recordsclerk]

I spoke to a renter of a 2bed/2bth. He is paying $900 a month. It was a complete ghost town a few months ago. There are several occupied units and there will be more as more sales close. I think there are about 20+ units that have been purchased by new owners and will eventually be occupied by tenants.
At one point I was willing to pay $50K for 1bd/1bth and 70K for 2bd/2bth. I still think that is the fair market value with all it’s problems.
I’m not sure how much it would take to make the HOA solvent. There are 70 units total. Sometimes getting owners to vote or pay for special assessments is like pulling teeth. I think your estimate of about 20K seems about right.

[cv2]

I totally agree with you about the fair market value of $50K and $70K. Add on the $20K reserve repletion cost, that’s the current market value of $70K and $90K 🙂

[cv2]

I totally agree with you about the fair market value of $50K and $70K. Add on the $20K reserve repletion cost, that’s the current market value of $70K and $90K 🙂

[cv2]

I totally agree with you about the fair market value of $50K and $70K. Add on the $20K reserve repletion cost, that’s the current market value of $70K and $90K 🙂

[cv2]

I totally agree with you about the fair market value of $50K and $70K. Add on the $20K reserve repletion cost, that’s the current market value of $70K and $90K 🙂

[cv2]

I totally agree with you about the fair market value of $50K and $70K. Add on the $20K reserve repletion cost, that’s the current market value of $70K and $90K 🙂

[urbanrealtor]

I don’t recall the exact number of units there.

It is very confusing because the project developers included like 4 apartment buildings.

But assuming it is at least 70, that would mean an assessment of 1000 would add 70k to the complex portfolio.

Further, I don’t think that new buyers have a very high likelihood of going delinquent or being unable to pay assessments.

My point here is that sometimes these meltdowns can bring a measure of stability to broken projects.

Using the 20k number referenced above, that would mean that 1.4M would be needed to catch up on bills and then still need to pay the 240 fees.

That seems high to me.

Do some of the posters here know more than they are letting on?

Is there some piece of this I am not seeing?

[urbanrealtor]

I don’t recall the exact number of units there.

It is very confusing because the project developers included like 4 apartment buildings.

But assuming it is at least 70, that would mean an assessment of 1000 would add 70k to the complex portfolio.

Further, I don’t think that new buyers have a very high likelihood of going delinquent or being unable to pay assessments.

My point here is that sometimes these meltdowns can bring a measure of stability to broken projects.

Using the 20k number referenced above, that would mean that 1.4M would be needed to catch up on bills and then still need to pay the 240 fees.

That seems high to me.

Do some of the posters here know more than they are letting on?

Is there some piece of this I am not seeing?

[urbanrealtor]

I don’t recall the exact number of units there.

It is very confusing because the project developers included like 4 apartment buildings.

But assuming it is at least 70, that would mean an assessment of 1000 would add 70k to the complex portfolio.

Further, I don’t think that new buyers have a very high likelihood of going delinquent or being unable to pay assessments.

My point here is that sometimes these meltdowns can bring a measure of stability to broken projects.

Using the 20k number referenced above, that would mean that 1.4M would be needed to catch up on bills and then still need to pay the 240 fees.

That seems high to me.

Do some of the posters here know more than they are letting on?

Is there some piece of this I am not seeing?

[urbanrealtor]

I don’t recall the exact number of units there.

It is very confusing because the project developers included like 4 apartment buildings.

But assuming it is at least 70, that would mean an assessment of 1000 would add 70k to the complex portfolio.

Further, I don’t think that new buyers have a very high likelihood of going delinquent or being unable to pay assessments.

My point here is that sometimes these meltdowns can bring a measure of stability to broken projects.

Using the 20k number referenced above, that would mean that 1.4M would be needed to catch up on bills and then still need to pay the 240 fees.

That seems high to me.

Do some of the posters here know more than they are letting on?

Is there some piece of this I am not seeing?

[urbanrealtor]

I don’t recall the exact number of units there.

It is very confusing because the project developers included like 4 apartment buildings.

But assuming it is at least 70, that would mean an assessment of 1000 would add 70k to the complex portfolio.

Further, I don’t think that new buyers have a very high likelihood of going delinquent or being unable to pay assessments.

My point here is that sometimes these meltdowns can bring a measure of stability to broken projects.

Using the 20k number referenced above, that would mean that 1.4M would be needed to catch up on bills and then still need to pay the 240 fees.

That seems high to me.

Do some of the posters here know more than they are letting on?

Is there some piece of this I am not seeing?

[recordsclerk]

I’m just guessing that the 20K would be the risk associated with purchasing a condo at that complex. Not the fact that they owe 40K to venders. Currently there are between 20-30 units that have been re-purchased, so I’m not sure how the special assessments will be divided between the owners and also if the banks will pay any of those assessments. HOAs are also responsible for reserves. The reserves should cover any necessary repairs and should be up to date for future maintenance schedules. If it’s been seven years since the roof has been replaced and a roof life is 15yrs, then the reserves should have seven of the 15yrs of reserves for the cost of replacing the roof. I believe there has to be at least 70% reserves for future maintenance schedules to be solvent. There are four separate buildings and the older one looks like it needs a new roof.

[recordsclerk]

I’m just guessing that the 20K would be the risk associated with purchasing a condo at that complex. Not the fact that they owe 40K to venders. Currently there are between 20-30 units that have been re-purchased, so I’m not sure how the special assessments will be divided between the owners and also if the banks will pay any of those assessments. HOAs are also responsible for reserves. The reserves should cover any necessary repairs and should be up to date for future maintenance schedules. If it’s been seven years since the roof has been replaced and a roof life is 15yrs, then the reserves should have seven of the 15yrs of reserves for the cost of replacing the roof. I believe there has to be at least 70% reserves for future maintenance schedules to be solvent. There are four separate buildings and the older one looks like it needs a new roof.

[recordsclerk]

I’m just guessing that the 20K would be the risk associated with purchasing a condo at that complex. Not the fact that they owe 40K to venders. Currently there are between 20-30 units that have been re-purchased, so I’m not sure how the special assessments will be divided between the owners and also if the banks will pay any of those assessments. HOAs are also responsible for reserves. The reserves should cover any necessary repairs and should be up to date for future maintenance schedules. If it’s been seven years since the roof has been replaced and a roof life is 15yrs, then the reserves should have seven of the 15yrs of reserves for the cost of replacing the roof. I believe there has to be at least 70% reserves for future maintenance schedules to be solvent. There are four separate buildings and the older one looks like it needs a new roof.

[recordsclerk]

I’m just guessing that the 20K would be the risk associated with purchasing a condo at that complex. Not the fact that they owe 40K to venders. Currently there are between 20-30 units that have been re-purchased, so I’m not sure how the special assessments will be divided between the owners and also if the banks will pay any of those assessments. HOAs are also responsible for reserves. The reserves should cover any necessary repairs and should be up to date for future maintenance schedules. If it’s been seven years since the roof has been replaced and a roof life is 15yrs, then the reserves should have seven of the 15yrs of reserves for the cost of replacing the roof. I believe there has to be at least 70% reserves for future maintenance schedules to be solvent. There are four separate buildings and the older one looks like it needs a new roof.

[Author]

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