The fees—through the roof
“It's the duty of a good shepherd to shear his sheep, but not to skin them.” —Tiberius Caesar

Common element maintenance fees
The condo fees went up during Mr. Atrens’ administration. The total common element fees were:
2005  $4,728,775    previous year
2006  $5,116,648
2007  $5,796,140
2008  $5,762,011
2009  $5,619,961
2010  $6,304,110

Special assessments
In October 2006, the administrator levied a $1.4 million special assessment over six equal payments to raise needed cash to pay the outstanding bills and get the repairs started.

In June 2007, the administrator levied a second special assessment for $12 million to be paid over 30 months. The two special assessments raised:
2005   $1,500,000   previous year
2006   $1,400,001
2007   $2,799,999
2008   $4,152,008
2009   $2,771,995
2010   $2,864,391

Total $13,988,394

Community devastated
Condo activists claim that, during the administrator’s six-year tenure, 300 owners lost their units because they could not pay the special assessments on top of their common maintenance fees, taxes and mortgages.

Result
In the main, small-time investors bought the low-priced units to rent them out. The number of absentee owners steadily grew and the owner-occupants became a minority.

Finances
Even with the administrator raising millions more in fees and assessments, the corporation, for the first five of the six  years it was in administration, remained in debt.

Balance at the end of the year
(red ink means a negative)
2005   $1,264,049   previous year
2006   $  605,012
2007   $  354,688
2008   $  739,616
2009   $  975,122
2010   $  620,848
2011   $  513,765   1st five months


top  contents  chapter  previous  next