Subject: RE: Roof
From: Jim Thomas (jthomas@math.niu.edu)
Date: Mon Dec 29 2008 - 18:39:00 CST
> I understand that we are concerned about our reserve amount so why
> haven't we discussed or proposed a special assessement for the roof
> instead of raising our monthly assessments? The units on the 7th floor
> are being damaged due to the roof and no one seems to care.
To keep things in perspective, we all care, and the current Board has
been discussing this for over a year. To try to deal with the problem
over the short term, we contracted with a roof company to periodically
inspect and maintain the roof, but the problems with the roof aren't
easily contained, making it necessary to be reactive rather than
pro-active. The reserve study, commissioned in 2001, anticipated
a new roof around 2015, but the problems escalated. We have also
discussed whether the roof should be paid for with a special assessment,
which could be several thousand dollars at one hit, or with gradual
building up of the reserves to make payment far less painful. The
overwhelming feeling of the Board and of residents who were at various
meetings, was assessments.
> I also
> know when people go to sell thier condos due to the higher monthly
> assessment the value will be affected. Our building has a lot higher
> assessments than most buildings in the west loop area and we don't
> even have a doorman, exercise room, etc.
If there is evidence of this actually happening, perhaps somebody could
share it. From what we've dug up, our assessments are in line with
comparable condos. Also remember:
1) Some of those "low assessments" are in buildings that are fairly
new and haven't faced maintenance issues, or haven't begun the
stage of raising assessments
2) Some building opt for special assessments rather than montly
assessments.
Perhaps somebody could volunteer to do a formal study of other condos in
our general area.
Thing is, stuff has to be maintained, planned out for the future (see
the reserve study at:
http://1250westvanburen.com/private/docs/vg_reserveStudy_05072001.pdf
Thanks to Chris and Brian, we've been able save considerable money
because of their skills and the volunteers they've recruited for various
projects.
Jim
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