A.D. from Broward County, Florida writes: Dear Mister Condo, I am a newly appointed at-large Board Member (filling a vacancy from a Board Member who has left the community). We have almost 300 units at our condominium. Reviewing the Monthly Financials at my first Board meeting, I can see that 20 unit owners are 30…
Tag: Assessments
Condo Owner Questions Potential Insurance Cost Inequity
F.D. from Dare County, North Carolina writes: Dear Mister Condo, Our HOA has 5 buildings (all duplexes). Each building has a 2 BR and a 3 BR unit. The 3 BR is larger in size and has a higher tax value. Our association pays insurance on the buildings and the cost is assessed equally among…
Questionable Rise in Condo Delinquency Noted by New Board Member
A.D. from Broward County, Florida writes: Dear Mister Condo, I am a newly appointed at-large Board Member (filling a vacancy from a Board Member who has left the community). We have almost 300 units at our condominium. Reviewing the Monthly Financials at my first Board meeting, I can see that 20 unit owners are 30…
Condo Association Debt Numbers
T.C. from Connecticut writes: Dear Mister Condo, What % of condo associations have debt? Is it unusual or common to have debt to finance deferred maintenance? What % of CT HOAs have debt? Is it 10 %, 50%, 90% or other? What % of a condo association’s annual revenues should be used to service debt…