structural damage/double monthly fee increase

lila lee said:

NJ

I live in a condo community of which 1/2 the units belong to a realtor/developer who rents units with a large turnover.

In the 10 years I've lived here, it is almost impossible to get any visible outside repair work done and no one seems to care because 1/2 are renters.

Recently told there is now $2,000,000 worth of structural damage from the roofs to the floors to the crawlspace. We were told we have to pay for the repairs and our monthly fees will more than double. $200 up to $500.

I don't see any visible damage in my unit in any areas.

They refuse to tell us what units have this damage, but I am responsible for the repairs of all units they say.


I do know that the developer who owns 1/2 the units has close ties to the association management and am wondering how much monetary responsibility he will be sharing..

Several questions:
Isn't there supposed to be money set aside in escrow for this?

**A: no, the cost should be a HOA reserve item. And your HOA does not have the proper reserves set aside for those repairs.
****

Isn't this a kind of negligence on the part of management for neglect?

**A: yes, if there was neglect and no if the management company did not know about the damages.
*****

Do I have any options?

**A: yes. See below. Demand to see in writing the reserve study, engineers inspection reports, contractors estimates, the HOA budget for operating expense and reserves, all acounting records etc.
Can they double my condo fees to such an hugh amount just like that?.

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