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Old 10-07-2013, 03:08 PM
 
1 posts, read 784 times
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If someone out there has some insight on this issue, I sure would appreciate your input. Permit me to explain - This is a before and after Katrina property - all owned by the same owners - 13 shareholders. Everyone owns a certain percentile of the property - that's a given.

The property is now more than 50% rental. There are only three resident owners left - which means not only are the owners harvesting rents but we all pay the same fee each month which is, in my opinion, totally unfair.

If you live in a condo and have an insight on this situation, could you spare some of your knowledge.

Thanks.
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Old 10-07-2013, 03:29 PM
 
Location: New Orleans
2,311 posts, read 4,414,447 times
Reputation: 1442
I live in a condo and our fees are on a square foot basis. Not sure that I would consider it unfair for the units being used as rentals to be charged the same rate, but the way it's done in my building makes sense. We also have a mix of rentals and owners. If one of the renters damages a common area, though, I'd imagine that owner could be assessed for the repair. That would probably depend on the wording of your condominium documents. It would probably also be worth reading the Louisiana Revised Statutes on condominiums, which can be found at the Louisiana Legislature website. I read through those before I bought mine.

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Last edited by Neworleansisprettygood; 10-07-2013 at 04:08 PM..
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