L.H. from San Francisco County, California writes: Dear Mister Condo, I live in a 3-unit building in San Francisco, CA whereby there is one master meter water bill. The units are the following sizes: Unit 1: 1575 square feet 2-person occupancy, Unit 2: 667 square feet 1-person occupancy, Unit 3: 2533 square feet 4-person occupancy. Each owner…
Tag: Financial
Why Are Condo Monthly Assessments the Way They Are?
Z.G. from Cook County, Illinois writes: Dear Mister Condo, Can you clarify why condo monthly assessments are based upon percentage of ownership, rather than divided equally among the homeowners (like HOA fees)? The reason I ask is because all fees go towards common area items, such as staff, amenities, building utilities, etc. Percentage of “ownership”…
Shared Condo Elevator Expense
M.G. from New York, New York writes: Dear Mister Condo, We leave in 4 apartments building condo. 3 of the apartments are equally the same with a maintenance of $300.00 per month and one apartment penthouse with maintenance $450.00 per month. The building has an elevator. This year Schindler Elevator Corporation estimated to do some…
Condo Board Seeks Emergency Funds Approval
V.M. from Miami-Dade County, Florida writes: Dear Mister Condo, I was chosen as chair to revise our condo documents; my committee (8) and I chose 6 new amendments that were presented to the board prior to the board’s delivery to the attorney for review. At the moment our condo association has 2 existing bank loans…