CALIFORNIA – Condo owners to pay $145K special assessment to fund $5.2M renovation

INDEPENDENT AMERICAN COMMUNITIES:  Condo owners to pay $145K special assessment to fund $5.2M renovation
By Deborah Goonan
January 18, 2018

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:


https://independentamericancommunities.com/2018/01/18/condo-owners-to-pay-145k-special-assessment-to-fund-5-2m-renovation/

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