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They just jacked up our HOA to $330/month and offered us the consolation that we are still lower then most Condos in Central NJ!!!
Wondering what do you pay?
Facts:
-We have 220 condo units in Belle Mead 08502
-Snow removal, landscaping is included
-Yes we do have a pool but it is shared with other sections including single family homes, townhouses, apartments, and luxury apartments.
-Exterior maintenance is covered including roof
In 2008, our 2 bedroom condo's HOA was $180/month
In 2011, it was $303/month
somehow economy is worse and HOA is now $333/month
They just jacked up our HOA to $330/month and offered us the consolation that we are still lower then most Condos in Central NJ!!!
Wondering what do you pay?
Facts:
-We have 220 condo units in Belle Mead 08502
-Snow removal, landscaping is included
-Yes we do have a pool but it is shared with other sections including single family homes, townhouses, apartments, and luxury apartments.
-Exterior maintenance is covered including roof
In 2008, our 2 bedroom condo's HOA was $180/month
In 2011, it was $303/month
somehow economy is worse and HOA is now $333/month
now that I picked my jaw up off the floor, I can type more.
have you gone to the meetings or contacted anyone on the board? budgets are discussed and you are entitled to look at them.
my guess part of the reason for the increase is the insufficient funding of a "bad debt" bucket. with foreclosures increasing, you probably have owners not paying their fees. since the amount of money to run everything doesn't change when people don't pay, unfortunately the ones who pay are left holding the bag.
also, was the developer paying part of the fees in 2008 and that funding was never accounted for when the association is turned over to the homeowners? i don't know how old your development is.
bottom line, contact the board members and the mgmt agency and ask for a copy of the budget.
We have a new management company this year and it was supposed to go DOWN not UP.
We've contacted the board and they have a 1,000 excuses for anything you bring up.
We are also supposed to be done with transition by now...but that's still ongoing and carrying a very hefty pricetag for lawyers etc. I believe the lawyer gets $90-100k alone.
They also botched some fire sprinkler replacement on us recently. They replaced every single head when only a few needed to be replaced...not all. Cut holes in our walls and all. What a fiasco that was. Everyone I know would love to sell and get out- if they could afford to, but home prices can't justify leaving right now. It sucks.
We have a new management company this year and it was supposed to go DOWN not UP.
We've contacted the board and they have a 1,000 excuses for anything you bring up.
We are also supposed to be done with transition by now...but that's still ongoing and carrying a very hefty pricetag for lawyers etc. I believe the lawyer gets $90-100k alone.
They also botched some fire sprinkler replacement on us recently. They replaced every single head when only a few needed to be replaced...not all. Cut holes in our walls and all. What a fiasco that was. Everyone I know would love to sell and get out- if they could afford to, but home prices can't justify leaving right now. It sucks.
The Board has to answer to the shareholders (home owners). Get a copy of the budget which they have to supply and review it.
Question what looks out of place and you might want to consider legal action against the Board if things don't seem right or if they still give you a hard time.
I've heard that this a common problem in Florida. Many empty units in condo buildings / town home communities etc. that have home owner associations, but still have the same operating expense equals higher H.O.A fees. I wonder if that's whats happening in your case?
I've heard that this a common problem in Florida. Many empty units in condo buildings / town home communities etc. that have home owner associations, but still have the same operating expense equals higher H.O.A fees. I wonder if that's whats happening in your case?
Yes that's what's happening, when others don't pay or when units are empty the fees are still there. Also, the salaries of the workers go up and so do the fees.
Wow! That's high! I live in a condo community in Somerset County with 400 condos.
In 2008 we paid $195, '09: $205, '10: $215, '11: 220 and we just found out that there isn't an increase for 2012!
We have the same amenities you, outdoor pool and tennis courts.
We're older than Pike Run, 20 years old, our reserves our funded for the new roofs that we'll have to replace in the next 2 - 5 years. We've repaved our roads 5 years ago, that was an expensive project and our tennis courts last year.
We brought in a new management company in early 2011 who cleaned house with all of our contractors except for our landscaper/ snow removal. You'd be surprised how much money was saved through these new contracts, plus our new lawyer is bringing in much more money from our delinquent accounts.
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