CALIFORNIA – Condo owners to pay $145K special assessment to fund $5.2M renovation
Imagine scraping together the down payment to buy a half-million dollar condo, only to be hit with a $145,000 special assessment a year later.
That’s the nightmare for several homeowners in Pinnacle Condominium Association, a 36-unit, 8-building complex in San Rafael, originally constructed in 1980, managed by RealManage.
According to a report in the Marin Independent Journal, the recently approved $5.22 M exterior renovation project breaks down as follows:
- $2.2 million for replacement of worn out cedar shake siding
- $752,000 for replacement of 37 roof decks
- $916,000, or 17.5% in soft costs, including “project management, legal costs, permits and architectural and engineering work,” with $600,000 reportedly going to project manager CIDology
- $1.352 million in additional exterior improvements
Also, according to the report, votes representing 18 units approved the special assessment. Specifically, the Association recorded 12 votes opposed, 3 votes thrown out for technical reasons, and 3 non-votes. Read more: