Building 19 Refurbishment, Thanks to Special Assessment Paid in Full

Pictures and information provided by Property Management, July 29th

These pictures show the effects that water intrusion can have on the sub-structures of our buildings. Quite simply, studs in the exterior walls were rotted underneath moldy and rotted plywood sheathing.  

Although the wall was in terrible shape, the building is in pretty good shape, financially.  It is a four unit building with only one occupant.  That occupant paid their share of the estimated $27,000/unit repair bill. The property manager was able to get the non-occupant owners of the other three units (the bank) to pay their share. That is $81,000 collected from the banks. Because the full amount was collected, the building refurbishment could commence.  

The property manager reports that no other building has fully paid their special assessment. That is to say, even though some unit owners in a building may have paid their portion of a special assessment, others have not, making a full-building refurbishment economically unrealistic.