King East Condos (Lamb Development, Hyde Park, Sher Corp ) - Real Estate -

[TheKingEast]

If the maintenance fees are a mystery, run for the board

The board has been pretty good so far.

 

[DSC]

If the maintenance fees are a mystery, run for the board

Maintenance fees follow from a detailed budget so if the fees are a mystery you need to look at the detailed budget that your Board ought to have sent to you. Budgets are set by the Board and are not open to owner approval, they have two main parts "running the building' and building up a Reserve Fund based on the asumptions made in a Reserve Fund Study , The fees are divided among the Units by the percentages set in the Declaration.

 

[PinkLucy]

I'm on my board. We send out budgets but there is still a "mystery" component claimed by some owners as to why some costs are what they are (hey, can't we get cheaper window washing? why do we pay so much for garbage pickup?) -- I always encourage those people to run for the board, and when they do, they quickly discover what things cost.

 

[TheKingEast]

I'm on my board. We send out budgets but there is still a "mystery" component claimed by some owners as to why some costs are what they are (hey, can't we get cheaper window washing? why do we pay so much for garbage pickup?) -- I always encourage those people to run for the board, and when they do, they quickly discover what things cost.

The high fees are actually typical of this developer. I guess the benefit is the board will have a nice cushion for any repairs.

 

[PinkLucy]

If the developer has entered into contracts with over-priced suppliers, the board can always change those up. We've hired new property management, security, cleaning, garbage -- all with better service and lower fees than what our developer first saddled us with.

 

[DSC]

I'm on my board. We send out budgets but there is still a "mystery" component claimed by some owners as to why some costs are what they are (hey, can't we get cheaper window washing? why do we pay so much for garbage pickup?) -- I always encourage those people to run for the board, and when they do, they quickly discover what things cost.

Yes, I am on my Board too and this exactly describes the situation!

 

[TheKingEast]

If the developer has entered into contracts with over-priced suppliers, the board can always change those up. We've hired new property management, security, cleaning, garbage -- all with better service and lower fees than what our developer first saddled us with.

Yes. I'm pretty confident that the board will get things cleaned up.

 

[condavocat]

They seem to be OK. No issues, really. The maintenance fees will always be a mystery to me. That's not even including the heat pump rental. Did you end up buying?

I did; I like the building and unit a lot. Corner unit so my layout is different than the typical 1bdrm+den layout. Walking to the financial district is perfect - not too close and not too far for me. Now that it's warm I can start exploring the area.

Yes. I'm pretty confident that the board will get things cleaned up.

Did you attend the BBQ/Q&A session yesterday? Any useful info? PM me if it's easier.