Anonymous
08/17/2021 17:12
Subject: Signs of a dysfunctional condo association [DC]
Anonymous wrote:Anonymous wrote:A lot of rentals. Low condo fees.
DC condo assn't treasurer here. 20-unit building. We had low fees because owners voted and decided we'd rather handle larger projects through special assessments, instead of building huge reserves.
That's not the case at all associations, but be careful about making assumptions that low condo fees = bad management.
Good point, I would be concerned if the building looks neglected and the condo fees are large
Anonymous
08/17/2021 17:08
Subject: Signs of a dysfunctional condo association [DC]
Anonymous wrote:Anonymous wrote:Read the meeting minutes from the last two years of condo board meetings. You can request them.
Only way to do this is to put an offer on a property. You can't just willy-nilly request them and expect management to provide them to you otherwise.
OP here: true, I need to put an offer to request the documents. I believe they should also provide the financial documents so I can see the expenses
Anonymous
08/17/2021 17:06
Subject: Signs of a dysfunctional condo association [DC]
Anonymous wrote:A lot of rentals. Low condo fees.
DC condo assn't treasurer here. 20-unit building. We had low fees because owners voted and decided we'd rather handle larger projects through special assessments, instead of building huge reserves.
That's not the case at all associations, but be careful about making assumptions that low condo fees = bad management.
Anonymous
08/17/2021 17:06
Subject: Signs of a dysfunctional condo association [DC]
Anonymous wrote:Anonymous wrote:Anonymous wrote:A lot of rentals. Low condo fees.
I wouldn't say "a lot of rentals" is a red flag at all. Low condo fees I agree with.
OP here: why low fees is a red flag? for such small condo associations tthe expenses are small- no gyms/pools/gardens/ etc, no staff on call ...I would say the opposite if the condo fees are large- where the money are going to?
It's often a sign of deferred maintenance in an effort to "save money". This is not a good thing because those deferred projects can turn into big dollars when ignored. This is partly what happened in the FL condo collapse.
Anonymous
08/17/2021 17:05
Subject: Re:Signs of a dysfunctional condo association [DC]
Anonymous wrote:Have owned two different condos and have many friends who have owned condos as well.
Red flags:
Self-managed
Fees too low
Special assessments (indicates fees may have been too low to cover upkeep, poorly managed, or similar)
Also, look at upkeep of the building. Clean? Well maintained? Not a guarantee there’s nothing wrong if it’s clean, but can be a red flag of other deferred maintenance if you see obvious signs of wear and tear or neglect in the common areas.
Agree, 100%, I have toured a condo where the building looks neglected: old smelly carpet, chipping paint in the halls and outside, the doors of the trash area do not close and all rotten - could not believe the owner of the condo is asking 750K for one bedroom plus den
Anonymous
08/17/2021 17:00
Subject: Signs of a dysfunctional condo association [DC]
Anonymous wrote:Anonymous wrote:A lot of rentals. Low condo fees.
I wouldn't say "a lot of rentals" is a red flag at all. Low condo fees I agree with.
OP here: why low fees is a red flag? for such small condo associations tthe expenses are small- no gyms/pools/gardens/ etc, no staff on call ...I would say the opposite if the condo fees are large- where the money are going to?
Anonymous
08/17/2021 16:56
Subject: Re:Signs of a dysfunctional condo association [DC]
Have owned two different condos and have many friends who have owned condos as well.
Red flags:
Self-managed
Fees too low
Special assessments (indicates fees may have been too low to cover upkeep, poorly managed, or similar)
Also, look at upkeep of the building. Clean? Well maintained? Not a guarantee there’s nothing wrong if it’s clean, but can be a red flag of other deferred maintenance if you see obvious signs of wear and tear or neglect in the common areas.
Red flags:
Self-managed
Fees too low
Special assessments (indicates fees may have been too low to cover upkeep, poorly managed, or similar)
Also, look at upkeep of the building. Clean? Well maintained? Not a guarantee there’s nothing wrong if it’s clean, but can be a red flag of other deferred maintenance if you see obvious signs of wear and tear or neglect in the common areas.
Anonymous
08/17/2021 16:15
Subject: Signs of a dysfunctional condo association [DC]
Anonymous wrote:Read the meeting minutes from the last two years of condo board meetings. You can request them.
Only way to do this is to put an offer on a property. You can't just willy-nilly request them and expect management to provide them to you otherwise.
Anonymous
08/17/2021 16:14
Subject: Signs of a dysfunctional condo association [DC]
Anonymous wrote:A lot of rentals. Low condo fees.
I wouldn't say "a lot of rentals" is a red flag at all. Low condo fees I agree with.
Anonymous
08/17/2021 16:14
Subject: Signs of a dysfunctional condo association [DC]
Read the meeting minutes from the last two years of condo board meetings. You can request them.
Anonymous
08/17/2021 16:12
Subject: Signs of a dysfunctional condo association [DC]
A lot of rentals. Low condo fees.
Anonymous
08/17/2021 16:12
Subject: Signs of a dysfunctional condo association [DC]
Anonymous wrote:Talk to owners
This, plus high turnover of units.
Anonymous
08/17/2021 16:11
Subject: Re:Signs of a dysfunctional condo association [DC]
Professional management.
Anonymous
08/17/2021 16:09
Subject: Signs of a dysfunctional condo association [DC]
Talk to owners
Anonymous
08/17/2021 15:49
Subject: Signs of a dysfunctional condo association [DC]
I am looking for a condo in the historic DC rowhouses to buy. Most of them belong to condo associations of 4-6 units, self managed. I fear to end up in a dysfunctional condo association, can you please tell me what I should look for as red flags