08-04-2024, 11:20 AM
(08-04-2024, 08:36 AM)tomh009 Wrote:(08-04-2024, 01:17 AM)Momo26 Wrote: Went from about 0.51 to 0.87/sqft. Fired the concierge and it still went up that much. Management changed and did not get any clear Answer justifying the jump.
$0.87! The reserve contributions were probably much too low initially, was this after a reserve fund study was done? The budget should answer a lot of questions, did you get a copy of that?
Looking at my condo fee data, $0.87 is definitely high end locally, and, without a concierge, it's not clear to me why it should be. Kaufman Lofts is higher, but they are dealing with a lot of maintenance issues. Roughly speaking, you should expect the condo corporation to spend maybe 20-25% for each of operations, maintenance and utilities, and probably 25-30% for reserve fund contributions.
(I was a bit out of date on my initial fee comment, I don't see any building below $0.50 any more, ours is now almost $0.60.)
Apparently $744k shortfall.
Let me try this - check your DM.