Rising Condo Association Fees???

Replies to This Discussion

Permalink Reply by Alex (MUL) on January 11, 2009 at 7:40pm

I received the payment coupons for 2009 and the new rate for my 2 bedroom is $982.67.

Hopefully that will be reduced.

lovedowntown said:

If you don't mind me asking, how much is the association fees for a 2 bedroom in this building? and what will be the new monthly fee for 2009?
Thanks

Permalink Reply by Antonios on January 11, 2009 at 7:48pm

Well that's odd because the paperwork announcing the 2009 budget stated $916.04 as the highest rate on a two bedroom. I really can't believe how it can cost $4M a year to operate this building. I was told they wanted to vote on only collecting 20% of the reserves which would mean the maximum 2bed fee should not raise to more than $817.14

Did you get the budget paperwork? it should have been mailed out in November. When I return from a business trip this week I'm going to start talking to them about the financial statements. They are required by law to have audited financial statements available for review by owners.

Permalink Reply by lovedowntown on January 11, 2009 at 11:12pm

We have another condo at the loft 2 and we were paying 476 for a 2 bed 2 bath. the payments for 2009 came in 485. Increase was less then 20 per month. I do understand that 50 biscayne has much more amenities but the increase was a lot. Can it be because of the empty units? But 50 Byscayne is one of my favorite building.

Permalink Reply by Antonios on January 11, 2009 at 11:59pm

There are no developer units, all units have been sold and the owners should be paying their condo fees.

Permalink Reply by Alex (MUL) on January 12, 2009 at 7:45am

This is correct. All units have been sold and they have to pay maintenance fees just like every other owner. I do have the 2009 budget, but I have not had a chance to review it in detail.

Antonios said:

There are no developer units, all units have been sold and the owners should be paying their condo fees.

Permalink Reply by Alex (MUL) on March 19, 2009 at 2:59pm

There is going to be a meeting on March 23, 2009 to vote on waiving the reserves in the association fees. All owners who want to keep their maintenance fees down, must vote to waive the reserves!

If you need additional information or you can't make the meeting, please stop by the front desk or contact the management office. Paperwork was also mailed out to all owners.

Permalink Reply by Abraham Ash on March 19, 2009 at 3:07pm

It would be nice if someone would bring up the speedbumps in the garage. Everyone I spoke to in the building would like to have them removed.

Permalink Reply by Antonios on March 19, 2009 at 10:37pm

if you are in town please come to the meeting, the last one was very poorly attended, maybe 5 people. It looks like you need to be there if you have a concern because no one is going to do it for you.

Abraham Ash said:

It would be nice if someone would bring up the speedbumps in the garage. Everyone I spoke to in the building would like to have them removed.

Permalink Reply by Antonios on March 19, 2009 at 10:38pm

If you do not have a copy call the management office and have them email it to you. I have an electronic copy as well in case you can not get in touch with them or get a response from them. I'll help anyone vote that is voting against the reserves

Permalink Reply by Alex (MUL) on March 25, 2009 at 1:10pm

So it was approved for reserves not to be collected in 2009. Thank you everyone for voting!

Someone mentioned to me that some banks don't want to loan money for buildings that do not collect reserves. Management assured me that this would not be an issue since this is such a new building. Have you heard about these problems with some of the newer buildings?

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