Reply to I need to raise Common Charges Again

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I would quit and sell.[/quote]

Agreed.

Would any lender issue a mortgage for someone to buy a condo in community that's in such bad financial shape?[/quote]

On paper we are in good financial shape. We closed a condo recently no problem, we have no units in arrears and $120,000 in bank as of 12-31-2024. Which is audited financials. That’s what banks get. Even if bank asked for month end balance 9-30-2025 looks good. Trouble is I got a $120,000 insurance bill due in October. Which brings it to zero.

Which is why we need to hike common charges to build up funds to pay 2026 insurance bill.

The insurance will be costing us $300
month per unit and rising.

We are not required to have reserve study or reserve account in NY and that is not an issue. These are garden apt style condos with no garages, no common areas. Owners liable own HVAC, water heaters, windows, doors, patios. Roof is only major repair we are liable for and we know their costs and lifespan.

But going forward high common charges with limited services will turn off new buyers. In past we had very low common charges and no one minded less services.

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