$70,000 to $90,000 per condo owner is what’s needed to repair major structural problems since the reserve account is bone dry.
Victor Salcana and his wife saved to purchase in Colina Condominium Complex in South San Francisco. She’s joined the board hoping to become a miracle worker and keep all 144 unit owners from having to write these checks…or go into foreclosure, if they don’t.
Richard Munson, President of the California Association of Homeowners Associations says, “Mismanagement of HOAs is widespread.” And since boards are generally lay people and property managers aren’t required to be licensed it’s the blind leading the blind. Who couldn’t have guessed that?
Once again, listen to the adage…the best day in an HOA is the day you move out!