Reply to Advice selling coop townhouse, River Park

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[quote=Anonymous][quote=Anonymous]The reserve study for River Park suggests that special assessments of perhaps several hundred thousand dollars for the townhome units could eventually come due to take care of the deferred maintenance needs. This likely means they must triple the current already wildly excessive HOA fees or pay in large lump sum special assessments. New aluminum barrel roofs are needed at $150,000 each. New soffits are required. The HVAC chiller broke down last summer. The recently redone HVAC piping is leaking. TheHOA is essentially broke.  The project may no longer be economically viable.  This 62 year old coop development is essentially unmarketable.  [/quote]

I wonder if in the next 5-10 years the HOA sells the whole community to a developer for the land value?

People are already refusing to buy the units - this one has been on the market since March https://redf.in/SjhZgd

And if I was an owner, if faced with a $150k bill just for the roof (ignoring all of the other issues), in a place that’s impossible to sell, I’d vote to just sell the whole community.[/quote]

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