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Saturday, December 6, 2014

Why Condo Associations Should Hold Reserve Funds (for Future Repairs)

Click Here for a Story on Nolo, the Internet's Leading Legal Website

Click Here for an Attorney's Opinion



"If a building does not have funds to make repairs, it's a common practice for the board to vote against a special assessment and delay critical repairs. " 

"The building in the video below (not La Bonne Vie) delayed concrete restoration for years and the rebar (metal rods in concrete) continued to rust and the damage traveled inside most of the units.  When the board finally voted to make repairs, they had to jack-hammer up the concrete 1-2 feet INSIDE most of the condos to repair the rebar.   A plywood wall was built inside the condo and remained in place for months."   

"The number one question from condo buyers is does the association hold reserves because they want to be confident a building will be properly maintained and that it can be financed. 
Comment by Kevin Dickenson with Berkshire Hathaway Home Services FL Realty

VIDEO FROM THE 2600 BUILDING IN JULY 2017 (NOT LA BONNE VIE)

TURN UP THE VOLUME



La Bonne Vie was built in 1967 and concrete restoration and a new roof were completed in 2009.


At the time, La Bonne Vie did not have reserve funds and the special assessments ranged from $30K to $60K per unit depending upon the size.  The repairs took several years to complete because the town of Palm Beach does not allow noisy work during season.

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